FX week in review: IG CEO change, Admirals revenue falls, Pepperstone adds spread betting

Gerald Segal 0 Comments September 3, 2023

As financial and operating results from the past few months continue to trickle in from different brokers, it is becoming clear that a) things are slowing somewhat in the retail FX and CFDs world, and b) some brokers are doing better (and worse) than others in the current environment.

One of the brokers which seems to be having some problems of late is Estonia based Admirals, which has seen revenues drop precipitously for the second consecutive (semi-annual) period to less than half what they were at the time last year, leading to a substantial net loss.

There were also a number of senior industry executive moves to report, including a change at the top of leading UK based online broker IG Group.

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

Admirals Group revenues collapse 51% in 1H 2023, posts €4.8M loss. Estonia based Retail FX and CFDs broker Admirals Group A/S has reported its financial results for the first half of 2023, indicating a significant decline in Revenues from last year, leading to a net loss of almost €5 million for the six month period of January to June 2023. Admirals’ trading volume decreased 4% to EUR 448 billion (or about USD $81 billion in monthly trading volume) comparing to period 2022. The decline in results come amidst a restructuring at Admirals, announced this past May.

Pepperstone launches Spread Betting via the TradingView social charting platform. Leading Australia based Retail FX and CFDs broker Pepperstone has announced that it has augmented its TradingView offering, launching tax-free spread betting through the social charting platform. Screen switching has become a thing of the past for Pepperstone’s UK clients. From today, Pepperstone traders can spread bet Forex, Indices, Commodities, Shares and more directly on TradingView’s advanced and highly customisable charts.

Vantage unveils Copy Trading upgrade with adjustable profit-sharing feature. Leading online broker Vantage has announced the release of upgraded Copy Trading features on the Vantage App. With this upgrade, copy traders will be able to copy trades from signal providers at the click of a button or apply to become signal providers. The copy trading user interface is now more seamless, allowing traders to view both their copy trading and regular trading accounts on a single account management page.

CySEC announces €60,000 settlement with ISPASS TECHNOLOGIES. The Cyprus Securities and Exchange Commission (CySEC) today announced that it has reached a €60,000 settlement with ISPASS TECHNOLOGIES LIMITED. CySEC notes that, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, it has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.