FX week in review: NAGA loss, Robinhood in Europe, Gold-i in Cyprus, ThinkMarkets IPO update
Why led NAGA Group to post a fairly large €37 million loss for 2022?
What are US neobroker Robinhood’s plans to expand in the UK and Europe?
How is popular MT4/MT5 tech developer Gold-i expanding in the key Cyprus market?
Why did FG Acquisition Corp withdraw its preliminary prospectus, for its planned merger with Retail FX and CFDs broker ThinkMarkets?
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
NAGA Group shares sink 15% to 52-week low following FNG report on 2022 results. Shares of publicly traded Retail FX and CFDs broker NAGA Group AG (ETR:N4G) dropped by 15% on Monday, falling to “penny stock” territory and setting a new 52-week low in the process. The share price drop came after our FNG Exclusive report from early Monday, that NAGA had completed its 2022 financial statements and Annual Report following a long delay caused by a restatement of previous results, and a switch in auditors from Ernst & Young to MSW GmbH. Our widely-shared report unveiled that NAGA posted a whopping net loss of €37 million (USD $40 million) in 2022.
Robinhood losses continue in Q3 as company looks to UK, EU expansion. Watch out UK and EU, here comes Robinhood. While US based neobroker Robinhood continued to disappoint investors with another poor quarter in Q3 2023 – Robinhood shares were down more than 8% in After Hours trading after the results were released – the company’s headline in its press release stated: “Company plans to launch UK Brokerage operations and EU Crypto trading in the coming weeks.”
Gold-i increases reach into Cyprus via DL Consulting partnership. FX broker tech solutions provider Gold-i has announced that it is strengthening its presence in Cyprus with the appointment of Cyprus-based fintech services consultancy DL Consulting for sales and implementation support. DL Consulting will work alongside Gold-i’s UK sales team as its representatives in Cyprus, reporting to Mark Alvarez-Buylla, Gold-i’s Chief Commercial Officer. The DL Consulting team have an in-depth understanding of all Gold-i’s products and will be able to meet brokers in person.
Exclusive: ThinkMarkets IPO – FG Acquisition withdraws prospectus. FNG Exclusive… FNG has learned via regulatory filings that FG Acquisition Corp, the special purpose acquisition company (SPAC) which agreed to a merger with Retail FX and CFDs broker ThinkMarkets, has withdrawn its preliminary prospectus related to the merger. According to Canadian securities rules, FG Acquisition had 180 days from the time it filed the original preliminary prospectus before either re-filing a new preliminary prospectus with updated information, or filing a final prospectus indicating completion of the transaction.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: AlpFin hires Chris de Sibert to head Sales and Marketing.
❑ Exclusive: BNP Paribas’ head of GBP trading Ioana Scripcaru moves to Citadel.
❑ LME Group appoints Alistair Baldwin as CTO.
❑ FlexTrade appoints Michael Kovach as Head of Fixed Income Sales.
❑ Equinix names Sandile Dube its Managing Director in South Africa.