FX week in review: LCG results, Saxo’s China partnership, RoboMarkets CMO and BDSwiss CPO leave
How did LCG’s latest results look? And who has now been brought in to run the company?
What new partnership did Saxo Bank sign with one of China’s leading investment firms?
Who did FXCM hire to oversee crypto related activity?
Which C-level executives left RoboMarkets and BDSwiss?
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:
Exclusive: LCG sees Revenues drop 86% in 2021, posts £1.7M loss. FNG Exclusive… FNG has learned via regulatory filings that FCA licensed Retail FX and CFDs broker London Capital Group (or as it is more commonly called, LCG) has seen a severe decline in its Revenues, as the company transitions to what it calls a “new business arrangement” with its parent company, Swiss neobank / neobroker FlowBank SA which is run by former LCG CEO Charles-Henri-Sabet. LCG, which as recently as 2018 was doing annual Revenues of more than £31 million, saw its Revenues in 2021 drop by 86% YoY from £11.3 million in 2020 to just £1.585 million in 2021.
Exclusive: Saxo Bank inks partnership with China’s Guotai Junan Securities. FNG Exclusive… FNG has learned that Copenhagen based Retail FX and CFDs broker Saxo Bank has signed a strategic partnership with Guotai Junan Securities, one of the largest investment banks and securities companies in the People’s Republic of China. The partnership was effected via Saxo’s Singapore branch, Saxo Markets Singapore. The partnership with see Guotai’s China based client base gain more access to global financial instruments and products, via Saxo Bank’s multi-asset offering.
eToro obtains New York BitLicense and Money Transmitter license. Online broker eToro announced today that the New York State Department of Financial Services (NYDFS) has approved its subsidiary, eToro NY LLC’s, application for its money transmitter and virtual currency licenses, the latter also known as the BitLicense. Once eToro NY LLC is operational, users in New York State will have access to eToro’s virtual portfolio, integrated social investing tools and be able to trade stocks, crypto and options.
FlexTrade and Blue Ocean launch Connectivity partnership. Multi-asset sell-side technology provider FlexTrade Systems and Blue Ocean Technologies, a unique capital markets fintech leader in global afterhours trading, have announced a connectivity partnership to broaden access to FlexTrade’s sell-side order management solutions for broker-dealer subscribers. As part of the partnership, FlexTrade is offering broker-dealer clients access to the Blue Ocean ATS trading platform for after-hours trading in US equities from 8:00 pm to 4:00 am EST, further driving development within the 24-hour global equities trading sector.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: RoboMarkets CMO Denis Golomedov resigns.
❑ Exclusive: BDSwiss HR head Natale Mastoroudes resigns.
❑ Exclusive: FXCM hires Smart Valor CTO Thomas Felber to head Crypto Projects.
❑ Offshore broker Kohle Capital adds Jason Lau and Tim Waterer to grow Australia operations.
❑ Invast hires CMC exec Johan Koo as Head of Prime Services APAC.