FX week in review: GoDo and Exinity launch; Swissquote’s record 1H; exec moves
In one of the busiest weeks for Forex Industry News in quite a while, we saw a number of new Retail FX brands formally launch, two Retail FX brokers sold, record results and an all-time-high share price for Swissquote, a leading Retail FX brand enter the US market, and a number of senior executive moves.
And as usual, all the key stories appeared exclusively at FNG. (Or first, before being copied elsewhere, again as usual).
Some of the top FX industry news stories to appear over the past seven days on FNG included:
Exclusive: New Retail FX broker GoDo started by former AvaTrade executives. FNG Exclusive… FNG has learned that two of AvaTrade’s most senior executives in the UAE have left the company, and started their own new Retail FX and CFDs brokerage brand called GoDo, at godofx.com. GoDo is starting out its existence as a Mauritius FSC regulated entity, although the brand will be based in and managed from Dubai. GoDo is offering trading on the MT4 platform, as well as via ZuluTrade copy trading and RoboX social trading.
Exinity launches in the UAE under ADGM license. Following a recent overhaul of senior management as was exclusively reported by FNG, Retail FX broker group Exinity has announced the launch of its first branded product, Exinity Trader PRO. Under an Abu Dhabi Global Market (ADGM) license, Exinity Trader PRO will initially be available exclusively in the UAE as the group prepares to launch its global growth ambitions from the Emirates. Exinity Trader PRO is the first product which Exinity Group is bringing to market. Exinity was formally launched in June 2020, as an umbrella group comprising the various retail businesses owned by serial Retail FX entrepreneur Andrey Dashin.
Swissquote shares up 12% to all-time-high after posting record 1H-2021 results. After early this morning indicating that it will post record Revenues and Profits for the first half of 2021, Swiss online trading leader Swissquote has seen its shares (SWX:SQN) rise by 12% Wednesday, hitting a new all-time high. After already trading up more than 50% so far in 2021, Swissquote shares hit a 52-week and all-time high of CHF 159.40 early Wednesday, before settling back as of the time of writing (14:30 CET) to CHF 152.20, up 12% on the day. At its current share price Swissquote carries a market valuation of CHF 2.33 billion (USD $2.59 billion).
GKFX parent Global Kapital gets US FINRA license. Turkey based financial services firm Global Kapital Group (GKG), parent of Retail FX broker GKFX, has announced that it has acquired a broker-dealer in the U.S., licensed by the Financial Industry Regulatory Authority (FINRA), granting the group the rights to serve clients in the United States. GKG’s licensed entity, GK TRADE New York LLC is registered with the SEC, enabling clients to trade securities and mutual funds. GKG said that its entry into the U.S. market is part of its strategy to expand significantly its global reach through acquisitions and new licenses around the world.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: ADSS alum Jason Hughes joins Exinity UAE.
❑ Exclusive: Salim Sebbata leaves roles at Trade.com and Livemarkets.
❑ Gold-i promotes Mark Alvarez-Buylla to Director of Operations.
❑ Edgewater Markets hires ex Tullett Prebon exec Michael Cleary as Director of Sales.
❑ United Fintech unveils Advisory Board including Bloomberg, Saxo, EQT execs.
❑ 24 Exchange hires Edgewater’s Michael Serpa to head Liquidity, Keith Sedergreen for Australia.
❑ FXSpotStream adds longtime GTX / 360T counsel Ross Smith.
❑ Broadridge appoints Ray Tierney as President of Itiviti.