FX week in review: HotForex rebrands, CEOs out at FXview and Capital.com, ATP gets FX sponsor
How is HotForex rebranding itself? How will it now be known?
Which Retail FX/CFDs broker became a sponsor of men’s professional tennis and the ATP Tour?
Which Cyprus based FX brokers saw the departure of their CEOs this week? (And, where did one of them land?)
How did institutional and retail trading volumes for April turn out?
Answers to these questions, and a whole lot more, appeared first or exclusively this past week at FNG. Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
HotForex rebranding offshore arms to HFM.com / HF Markets to match EU. Cyprus based Retail FX and CFDs brokerage group HotForex has announced that it will be phasing out the “HotForex” brand (and the hotforex.com url) this year, in favour of HFM (and hfm.com), short for HF Markets. HotForex already made that move last year in its EU business which uses the website url hfeu.com, as well as its FCA-licensed UK arm at hfmarkets.co.uk. It will now be bringing the same branding to its offshore operations domiciled in Seychelles and in St Vincent & The Grenadines, as well as licensed subsidiaries in Kenya, South Africa and Dubai.
Pepperstone sponsors ATP Tour with launch of Live Rankings. ATP, the global governing body of men’s professional tennis, has announced that Melbourne-based FX and CFD broker Pepperstone will become the global naming partner of the Pepperstone ATP Rankings and Official Online Trading Partner of the ATP Tour. The agreement sees Pepperstone join the Tour as Platinum Partner with a global on-site presence at 11 events across the ATP Tour season, culminating at the season-ending Nitto ATP Finals in Turin. Pepperstone will also receive year-round promotion via ATP’s social, digital and broadcast channels, delivering worldwide exposure to the brand and its innovative trading products.
Institutional FX volumes slow 11% in April 2022 despite strong last two weeks. Following what was a very strong Q1 for the leading institutional eFX players – with some setting volume records – things have slowed down somewhat in April 2022 as we head into Q2. Overall, trading volumes at the institutional ECNs surveyed – FXSpotStream, Cboe FX, EuronextFX and 360T – were down by an average of 11% in April as compared to March, with all players reporting a decrease in activity. However, the decline is somewhat misleading.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Capital.com CEO Jon Squires resigns.
❑ Exclusive: FXview exec Daniela Egli becomes Cyprus office head at Skilling.
❑ Exclusive: Nextmarkets boosts Cyprus presence hiring Jose Alves from Exclusive Capital.
❑ Invast hires Finalto exec Harry Fry as Director, Prime Services.
❑ Michael Aagaard appointed Managing Director of GCEX in Denmark.
❑ Saxo Markets appoints Sean Ma as Head of Saxo Institutional in Hong Kong.