FX week in review: NAGA Group sold, Prospero Markets loses license, eToro Italy head
Which Retail FX and CFD brokerage operator is merging with NAGA Group, and in the process taking over 75% ownership in the combined company?
Why did Australia based, China-focused Retail FX and CFDs broker Prospero Markets have its ASIC AFS license suspended?
Who is eToro’s new Regional Manager for Italy?
Where did CMC Markets’ APAC institutional sales head Andrew Wood move to?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Capex.com acquires NAGA Group in reverse merger. Retail FX and CFD brokers NAGA Group and Capex.com have announced a merger between the two groups, which will see Capex.com’s shareholders become majority owners of the combined company. The combination will be effected via a Reverse Merger between publicly traded The NAGA Group AG (ETR:N4G) and privately held Key Way Group Ltd, which operates the Capex.com brand.
Prospero Markets has its ASIC AFS license suspended. Following our FNG Exclusive report from last month that Australia police had raided the offices of ASIC licensed Retail FX and CFDs broker Prospero Markets, as part of a wider action taken against a China based money laundering ring, Australia financial regulator ASIC has announced that it has now suspended the Australian Financial Services (AFS) license of the company. Prospero Markets is an Australia based broker which services mainly Chinese speaking clients, both in Australia and across the Far East.
iSAM Securities’ new Crypto Margin Facility – chat with Sam Johnson. FNG Exclusive Interview… This September, London based prime-of-prime broker and liquidity solutions provider iSAM Securities made a leap into the world of cryptocurrency with the launch of its cutting-edge Crypto Margin Facility, enabling clients to deposit digital currencies as margin. Global Head of Business Development at iSAM, Sam Johnson, reveals the motivation behind this addition, his thoughts on the crypto space and how this fits into his vision for the future of iSAM Securities.
Exclusive: Finyard launch – chat with CEO Dmitrij Pruglo. FNG Exclusive Interview… Following our exclusive report from last week that Finyard had just launched in Cyprus as a new FX & CFD broker technology platform provider – and had added a number of high profile executives to its roster including former XM and Trading.com CMO Rachel Demosthenous, as well as Exness Affiliates head Sergey Yarovoy – we thought that it would be a good time to catch up with Finyard founder and CEO Dmitrij Pruglo.
Top FX industry executive moves reported at FNG this week included:
❑ eToro names Massimo Citoni as Regional Manager for Italy.
❑ CMC APAC institutional sales head Andrew Wood joins IG Prime.
❑ XS.com hires Fabian Frantz from INFINOX for South Africa BizDev.
❑ IG North America appoints new CFO and CTO.
❑ Plus500 proposes changes to terms of proposed election of Anne Grim.