FX week in review: Invast acquires UK broker, XTB shares rise, FXview ED leaves, sports sponsorships
Which FCA regulated broker did Australia’s Invast Global acquire, as it seeks to expand to the UK?
What led to an all-time high in XTB shares?
Which Retail FX brokers cemented new sports sponsorships this past week?
Where did Fxview Executive Director Despina Savvidou leave to? (Note: the second Executive Director to leave Fxview in the past 6 months.)
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:
Invast Global expands to the UK buying an FCA regulated FX broker. Reported First at FNG… Australia based institutional multi-asset broker Invast Global is expanding to the UK, announcing plans to acquire the FCA licensed, UK arm of a well known global Retail FX brokerage house. Invast Global established its first European office in Cyprus last year, as part of a strategic plan to build a global network of distribution channels in jurisdictions widely regarded for their regulatory standing. Who is Invast Global acquiring?
XTB shares hit all-time high after reporting Q3-2022 results. FNG Exclusive Analysis… Shares of publicly traded, Poland based online broker XTB SA (WSE:XTB) hit an all-time high on Friday, less than 48 hours after the company reported fairly strong financial and operating results for Q3-2022. XTB didn’t post any records in its Q3 report, but did see a third consecutive quarter where its trading volumes, revenues and profits were well above corresponding levels in 2021. The company’s Q3 Revenues of $83 million, and Net Profit of $50 million, compared very favorably to averages of $33 million and $13 million, respectively, in all of 2021.
CFI Financial Group sponsors Mubadala World Tennis Championship. Globally regulated trading provider CFI Financial Group has announced a new partnership with the Mubadala World Tennis Championship, taking place in Abu Dhabi, from the 16th – 18th December 2022. As well as being a world-class sporting event attracting the biggest names in tennis, the Mubadala World Tennis Championship is committed to the growth of tennis across the region and inspiring the next generation of tennis superstars.
eToro acquires provider of portfolio management tools Bullsheet. Online broker eToro has acquired Bullsheet, a provider of portfolio management tools designed exclusively for eToro users. Portuguese cousins Filipe Sommer and João Ramalho Carlos joined the eToro platform as users in 2020 and went on to join eToro’s Popular Investor program. Twelve months later they launched Bullsheet exclusively for eToro users. Bullsheet provides portfolio management tools which enable eToro users to analyse the diversification of their portfolio, in addition to a suite of other tools designed specifically for eToro users.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Match-Prime hires Fxview exec Despina Savvidou as Chief Risk Officer.
❑ Exclusive: Market analyst Sarkis Tchoporyan jumps from Equiti to Windsor Brokers.
❑ Exclusive: Molten Ventures’ Stuart Chapman joins Freetrade board.
❑ Exclusive: Integral hires KX/360T/Oanda alum Judy Goh as Head of Sales APAC.
❑ Exclusive: B2Broker BizDev Manager Omar Al-Ali joins DiFX.
❑ Exclusive: eToro’s Head of Sponsorships Dylan Holman jumps to McLaren.