FX week in review: NAGA buys TRADE.com UK, Argentex troubles and buyout offer, executive moves
How much did social trading focused online broker NAGA Group pay to acquire TRADE.com UK? (And why?)
What led to the abrupt departure of Argentex CEO Jim Ormonde, and an offer to buy the company at a 94% discount to last week’s Argentex share price?
Where did Kama Capital CMO Elena Kupriianova leave to? IG Group CRO Joe McCaughran? Finalto and Markets.com Chief Market Analyst Neil Wilson?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Top FX and CFDs industry news stories this week
NAGA acquisition of TRADE.com UK: £1.24 million. Online brokerage firm NAGA Group (ETR:N4G) has issued a brief statement regarding its acquisition of Trade Capital UK (TCUK) Ltd – the London based, FCA regulated arm of the TRADE.com CFDs brokerage group – following FNG’s report from earlier that NAGA had indeed acquired the TRADE.com UK business.
IFX Payments offering 2.49p per Argentex share, provides £6.5M bridge loan. Embattled FX risk management company Argentex has provided an update to its discussions with IFX Payments regarding a possible acquisition offer, after Argentex earlier this week announced that it had seen a deterioration in its near term liquidity position due to significant volatility in Forex rates. The Board of Argentex Group plc (LON:AGFX) confirmed that it is in advanced discussions with IFX Payments regarding a possible offer for the company.
Exclusive: Kama Capital CMO Elena Kupriianova departs, launches Growth Inquisition. FNG Exclusive… FNG has learned that Elena Kupriianova, the Chief Marketing Officer (CMO) of Dubai based Retail FX and CFDs broker Kama Capital, has left her position with the company to launch a new CMO-as-a-service operation called Growth Inquisition. Elena describes Growth Inquisition as a solo CMO-for-hire service in which I audit your marketing spend, team structure, and performance, and then show you how to slash costs by 50–90% using AI and automation.
Aston Martin Aramco F1 takes equity stake in new US sponsor Public. Online investing provider Public.com has announced that the company has partnered with the Aston Martin Aramco Formula One team as part of a multi-year partnership, starting with the 2025 U.S. Grand Prix Campaign, spanning Miami, Austin, and Las Vegas. As the official US Investing partner, Public’s branding will be on the inside halo of the AMR25. The partnership will also see Aston Martin Aramco take an equity position in Public.
Taurex denies allegations of fraud and withdrawal issues. Retail FX and CFDs broker Taurex has issued a statement addressing what it calls false claims being made against it involving fraud and withdrawal issues, as well as naming a number of unauthorised websites falsely misrepresenting themselves as affiliated with Taurex.
Top FX industry executive moves this week
❑ Exclusive: Finalto alum Neil Wilson joins Saxo Bank as UK Investor Strategist.
❑ Jim Ormonde steps down as Argentex CEO.
❑ Exclusive: IG Group risk head Joe McCaughran leaves, joins ClearBank.
❑ Exclusive: Finalto Chairman Paul Hearn and Director Dan George depart.
❑ oneZero names Lynnette Yeo as SVP Global Relationship Management.
❑ CME Clearing hires Citi exec Vijay Albuquerque as Chief Risk Officer.
❑ Hantec hires INFINOX exec Allison Ubillus as Country Manager for LATAM.
❑ B2Prime hires State Street GlobalLink exec Fernando Wladdimiro to senior BizDev position.
