FX week in review: LoopFX launch, LMAX results, Eurotrader hires from Axi, PrimeXM COO leaves
What is new institutional peer-to-peer FX spot company LoopFX all about? And, who is behind the company?
What drove LMAX’s record 2021 results? What are the company’s priorities moving forward?
Which two executives left Axi for Exclusive Capital?
Where did PrimeXM COO Galin Georgiev head to?
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:
LoopFX plans launch of peer-to-peer Spot FX trading venue. A new company calling itself LoopFX (website: theloopfx.com) has announced the planned launch of a new institutional peer-to-peer FX spot market. The company plans to launch its pilot phase in December 2022, and to be operational at some point in 2023. LoopFX said that it aims to be the new liquidity venue for large spot FX trades by centralising Peer-To-Peer matching with bank interest. LoopFX enables traders to identify, in real-time, matches of large trades in excess of $10 million with other buyside institutions, whilst providing banks a new means to safely show their market axes.
LMAX reports Revenues of $118 million in 2021, up 79%. Institutional FX and crypto brokerage house LMAX Group has released its full year 2021 financial report, indicating a record year for the company – and justifying the $1 billion valuation garnered by LMAX in mid 2021, when private equity investor J.C. Flowers bought a 30% stake in the company. Overall, Revenues at LMAX came in at $118 million, up 79% from $66 million in 2020. The company reported EBITDA of $62 million in 2021, more than double 2020’s $30 million.
iBroker adds Turbos via Spectrum Markets. Spectrum Markets, the pan-European trading venue for securitised derivatives, has announced that it is welcoming Spain and Italy focused retail CFDs broker iBroker as its newest member. iBroker will extend its current offering to include securitised derivatives, with retail investor clients in Spain and Italy able to trade these via Spectrum. On joining Spectrum, iBroker will start by adding Turbos to its existing product range, which includes US and European listed derivatives (futures and options) as well as OTC products (CFDs and FX).
Public.com plans to expand internationally in 2023. Retail investing and trading platform Public.com has announced that it plans to expand internationally outside the US, making its services available for clients around the globe. The company didn’t give an exact date for its international launch, just stating that it would happen “in 2023”. The company didn’t specify from which countries it will be taking clients (and which countries not), or whether it plans to become licensed in jurisdictions outside the US.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Eurotrader hires Axi tech head Ben Swann as CTO.
❑ Exclusive: Eurotrader hires Axi exec Jack Beezer as Chief Product Officer.
❑ Exclusive: PrimeXM COO Galin Georgiev leaves to Ops head role at OANDA.
❑ Admirals’ CSO (and Mgmt Board member) Roman Krutyanskiy resigns.
❑ Exclusive: Match-Trade hires Vladimiros Spanos (BizDev), Alex Degtyarev (Sales).
❑ Exclusive: XTB adds Admirals’ DACH country manager Georg Frieske.
❑ Muinmos hires IG KYC exec Agnieszka Noworól as Customer Success Director.
❑ Exclusive: United Fintech hires Barclays exec Cameron Booth as Head of APAC.