This week’s Forex industry news featured some old faces in new places (and vice versa), as Retail FX brokers from around the globe continue to scramble and prepare for the end of the Brexit transition period at the end of 2020. And, as they deal with the new realities facing the sector of increased regulation but also growing interest in virtually everything done online.
Why did leading Australia based Retail FX broker Pepperstone apply for (and now receive) a license from CySEC in Cyprus?
Who is Saxo Bank’s latest partner in the MENA region?
Who did IG tap as its new China CEO?
Who did oneZero tap to expand its footprint in Australia and the APAC region?
Why did shares of CMC Markets hit an all-time high this week?
We’ve got answers to these questions and a whole lot more. Some of the top forex industry news items to appear on FNG this week included:
Exclusive: Pepperstone gets Cyprus CySEC license. FNG Exclusive… FNG has learned that leading Australia based Retail FX and CFDs broker Pepperstone has continued on its path of international expansion, and been granted a CIF license from Cyprus regulator CySEC. The company established Pepperstone EU Limited in Cyprus in mid 2019, and after going through what appears to be an increasingly rigorous review by the Cypriot regulator before granting new licenses, the firm was granted its CIF license in August 2020. As its corporate name implies, the new entity in Cyprus – home to more Retail FX brokers than any other country – is to secure certainty for European clients ahead of Brexit, and to use as a base to expand in Europe. After January 1, FX brokers will no longer be able to passport licenses between the UK and the EU.
Exclusive: Saxo Bank partners with Sarwa targeting young UAE traders. FNG Exclusive… FNG has learned that Copenhagen based Retail FX broker has agreed on a strategic partnership with Sarwa, a UAE-based fintech firm and the region’s first online investment advisory platform for young professionals, which will support Sarwas’s growth across the MENA region. The partnership utilizes Saxo Bank’s platform and technology, allowing Sarwa to add new asset classes to their offering, and provides flexibility to tailor products and services more effectively to clients. The collaboration will also add efficiency for Sarwa, allowing them to scale significantly in the future, both in terms of increasing their client base and product offering across multiple asset classes.
HotForex sponsors Paris Saint-Germain FC. As Forex broker sponsorships of top-league European soccer clubs continues to be hot, Retail FX and CFDs broker HotForex has announced that it has become Paris Saint-Germain’s Official Partner for the current 2020-21 season. Paris Saint-Germain, or PSG, are one of the most popular clubs in France and currently lead the country’s Ligue 1 standings. The club sports current players Neymar Jr and Mbappé, ranked amongst the top four players in the world. Sports sponsorships have become an increasingly important marketing and branding tool for Retail FX brokers.
CMC Markets shares hit all-time high after reporting record results. Shares of London based online trading firm CMC Markets crossed the £4 line for the first time ever on Thursday morning, after the company reported record results for the first half of its fiscal 2021 year, covering the six month period from April to September 2020 (CMC has a March 31 fiscal year end). CMC reported revenues of £230.9 million for the period and net income of £110.8 million – both by far records for the company. To put things in perspective, CMC 6-month revenues had never crossed the £100 million line – mind you the £200 million mark – before 2020. And its bottom line net profit so far this year surpassed even its greatest revenue result before 2020.
FX industry executive moves reported this week at FNG include:
❑ IG Group hires investment banker John Fei as China CEO.
❑ Exclusive: oneZero hires Invast’s Owen Tu to cover Australia/APAC
❑ Exclusive: Saxo Bank PR head Steffen Wegner Mortensen departs for Liberal Alliance.
❑ Afterpay names Anthony Eisen and Nick Molnar its Co-CEOs.
❑ Liquidnet appoints Steven Nichols as its Head of NLP and Unstructured Data.
❑ Frankfurt Stock Exchange appoints Paul Hilgers as member of Management Board.