FX week in review: OvalX problems, Scope Markets CEO, IX One platform launch
This past week provided another great set of examples as to why FNG has become the most-read and most-trusted FX/CFDs sector news site among both industry professionals and traders. All of the week’s top stories were first reported here as FNG Exclusive articles, before being copied in the hours/days that followed by other “news” sites. These included:
FNG Exclusive… What’s going on at FCA / CySEC licensed OvalX, formerly known as ETX Capital, which seems to include layoffs and discussions about selling key parts of the business?
FNG Exclusive… Who did Rostro Group name as the new CEO at CySEC licensed Scope Markets?
FNG Exclusive… Where did former Admirals Management Board member and CSO Roman Krutyanskiy move to?
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Exclusive: OvalX exploring asset sale, planning layoffs. FNG Exclusive… FNG has learned that some major changes are afoot at Monecor (London) Limited, the FCA licensed entity that operates the OvalX online trading brand. Monecor was acquired in late 2020 by Swiss fintech investment firm Guru Capital SA, run by ex Swissquote executives Ryan Nettles and Luca Merolla, with backing from US venture capital firm Jump Capital. In mid 2021 the group acquired Italy-based savings app Oval Money, and since has worked on merging the two businesses, eventually deciding last year to rebrand the entire business as OvalX.
INFINOX launches flagship all-in-one trading platform IX One. Global trading platform INFINOX has announced the launch of its all-in-one multi-asset trading platform, IX One. The user-friendly and fully-customisable platform is packed with essential tools and analysis for traders of any experience. IX One unifies and simplifies the trading experience so that users can have a single go-to destination for all their trading needs.
Swiss Finance Corp selects Integral’s eFX trading and workflow solution. Currency technology provider Integral Development has announced that brokerage firm Swiss Finance Corporation (SFC) has selected its cloud-based SaaS technology to modernize their offering and bring eFX trading to their customers. SFC benefits from access to Integral’s sophisticated end-to-end workflow and eFX trading technology, which was rolled out in a matter of weeks – allowing the firm to focus on growing their business and optimizing their yield.
IG Group registers increase in revenue in H1 FY23. Electronic trading major IG Group Holdings plc (LON:IGG) today announced its results for the six months ended 30 November 2022 (H1 FY23). On a statutory basis, net trading revenue from continuing operations was £494.9 million, up 5% on H1 FY22. The Group’s total revenue, which includes interest income, was £519.1 million, up 10%, reflecting the increasing interest rates during the period. Statutory operating costs were £279.9 million, 25% higher than H1 FY22. The Group’s statutory profit before tax for H1 FY23 was £240.5 million, down 2% on H1 FY22.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Scope Markets names Pavel Spirin as CEO.
❑ Exclusive: Trade Nation adds Will Hardy and Ben Nguyen to head Partnerships.
❑ Exclusive: Former Admirals CSO Roman Krutyanskiy joins MultiBank.
❑ SquaredFinancial hires ex ADSS exec Nour Hammoury as its Chief Market Analyst.
❑ Finalto appoints Klelia Orphanidou as B2B Head of Regulatory Compliance.