Who has made a $6 billion takeover offer for UK online broker Hargreaves Lansdown?

Why did Australia regulator ASIC effectively shut down the operations of Retail FX and CFDs broker TMGM, halting TMGM (at least temporarily) from onboarding new clients or executing any new client trades?

What is unique about newly launched institutional ECN, MEX Exchange?

What new B2B partnerships were inked this week in the FX & CFDs sector?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:

Hargreaves Lansdown shares pop 14% after $6B takeover offer rejected. Shares of UK online brokerage firm Hargreaves Lansdown plc (LON:HL) traded up by more than 14% on Thursday, after a takeover attempt for Hargreaves was unveiled by private equity suitors CVC Capital, Nordic Capital, and the Abu Dhabi Investment Authority (ADIA) via its Platinum Ivy unit. Although the takeover offer was summarily rejected by Hargreaves’ board, it appears as though traders and shareholders are expecting some sort of takeover battle to ensue for Hargreaves, at above the initial offer price.

ASIC issues orders to protect retail investors from acquiring CFDs or FX from TMGM operator Trademax. The Australian Securities and Investments Commission (ASIC) has made two interim stop orders preventing Trademax Australia Limited from opening trading accounts or dealing in contracts for difference (CFDs) or margin foreign exchange contracts (margin FX) to retail investors. ASIC acted following concerns that Trademax failed to take reasonable steps likely to result in its retail product distribution conduct being consistent with two target market determinations (TMDs).

MultiBank launches MEX Exchange as first BRICS/GCC based global ECN. Leading online brokerage operator MultiBank Group has announced the commencement of the launch of a groundbreaking Institutional Investor Electronic Communications Network (ECN) called MEX Exchange. Based in Dubai, MultiBank said that MEX Exchange is the world’s first global Institutional Investor Electronic Communications Network (ECN) based in the BRICS and GCC countries, including Prime Brokerage facilities and other related infrastructure that is set to redefine the financial landscape.

FX & CFD industry B2B partnerships launched this past week include:

• Fortex integrates with Swissquote for enhanced liquidity.
• ADMISI implements Integral tech to expand global FX business.
• Muinmos and Blade Labs partner on KYC solutions for Web3.

Top FX industry executive moves reported at FNG this week included:

❑ Exclusive: Former Saxo Bank Markets head Claus Nielsen named Chair of neobroker Pluto.

❑ CobaltFX names Stephen Nelson COO, Daniel Evans CPO.

❑ NinjaTrader adds Ryan Pitylak, Aditya Nishandar, John O’Neil, Michael Krafft to exec team.

❑ Bitget appoints Gracy Chen as CEO.

❑ Exclusive: Euroclear’s Taskize sees Head of Sales Alan Samuel depart.