FX week in review: NAGA merger talks, IS Prime rebrand, ESMA/DFSA crackdowns
For the second week in a row a Retail FX and CFDs related company said it was in M&A discussions, as 2023 is starting to look like a year of change in the industry.
We also have two of the more important regulators for the sector, the EU’s ESMA and Dubai’s DFSA, making pronouncements about changes they are looking at to financial advertising rules, and more.
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
NAGA Group in discussions on merger with “multi-country brokerage firm”. Further to our article earlier this week that Germany/Cyprus based Retail FX and CFDs broker NAGA Group AG (ETR:N4G) saw its Revenues fall by more than 40% in the second half of 2022, the company has issued a formal (but brief) statement that it is in discussions to pursue a strategic transaction with a “multi-country brokerage firm”. From the text of the announcement it doesn’t seem as though NAGA would be acquired, but rather merge with the still-unnamed other broker.
Vantage unveils Supercar Blondie as Brand Ambassador. Multi-asset broker Vantage Markets has announced that it is pleased to unveil Alexandra Mary Hirschi, of Supercar Blondie, as its Brand Ambassador. This partnership marks a milestone between an online brokerage with a social media publisher, aimed to use their respective expertise to provide accessible and relevant financial education both on Vantage’s platforms and on Supercar Blondie’s online education channel, Xplained.
ESMA to check how investment firms apply MiFID II rules on marketing communications. The European Securities and Markets Authority (ESMA) is launching a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MiFID II disclosure rules with regard to marketing communications across the European Union (EU). The CSA will be conducted over the course of 2023.
ISAM Capital Markets rebrands as iSAM Securities. ISAM Capital Markets, which includes IS Prime Limited (FCA), IS Prime Hong Kong Limited (SFC), IS Risk Analytics Inc (CFTC) and IS Prime Markets Limited (CIMA), has announced a rebrand as iSAM Securities. The new group name leverages the close alignment between the individual entities and their parent company iSAM, a $4.8 billion CTA systematic hedge fund manager. It also paves the way for the introduction of a new suite of products.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: IG / DailyFX currency strategist Michael Boutros moves to FOREX.com.
❑ Exclusive: Matthew Cavallo leaves Reactive Markets for Ingenium.
❑ Exclusive: FXCM CIO Ryan Leonard departs.
❑ Exclusive: Simon Bird resigns from Board of Trive UK (ex GKFX / GKPro).
❑ Plus500 director Tami Gottlieb gets appointed at Novolog.