FX week in review: Real Madrid’s forex sponsor, Plus500’s new line, OANDA buys broker
Who is going to be Real Madrid‘s “Official Online Trading Partner” for the next three years?
What new product line is Plus500 looking to launch?
Which Retail FX broker did OANDA buy?
Why was USGFX put into immediate liquidation?
Answers to these questions and a whole lot more appeared first or exclusively this week at FNG. Some of the top forex industry news items to appear on the pages of FNG this past week included:
easyMarkets to sponsor Real Madrid: Official Online Trading Partner. Yet another Retail FX broker is sponsoring an elite European soccer squad. Cyprus based Retail FX and CFDs broker easyMarkets (formerly easyForex) has announced a three-year deal with iconic Spanish football team and reigning La Liga champion Real Madrid. The agreement will see easyMarkets become Real Madrid’s “Official Online Trading Partner” for the next three years, starting from the beginning of the upcoming 2020-21 season. Unlike some of the other recent sponsorship deals we have reported on – Samtrade FX-Cardiff City, eToro-AS Monaco, Plus500-Atalanta, Plus500-Legia Warsaw, and IC Markets-Inter Milan – this one won’t see the broker’s logo on the team’s jersey.
Plus500 looks to add share trading, acquisitions. It has been quite a year for Plus500, with still more than a third of it to go. The FCA regulated CFD broker, which has risen to take the #1 spot in the UK online, off-market financial trading sector posted a record $564 million in Revenue for the first six months of the year, with an equally eye-popping $320 million in net profit. The company has been among the most active firms of any kind when it comes to securing top-notch sports sponsorships for its brand, including recent front-of-shirt deals with Italy’s Atalanta BC, Poland’s Legia Warsaw FC, and Swiss Super League champion BSC Young Boys FC. Now comes word that Plus500 is looking to expand on new fronts.
OANDA buys Polish CFDs broker TMS. Consolidation in the Retail FX brokerage space is picking up. Canada based Retail FX brokerage group OANDA has announced that it has entered into an agreement to acquire 100% of the shares of leading Poland-based multi-asset class broker, Dom Maklerski TMS Brokers S.A. – known commercially as TMS Brokers. TMS is the second largest domestic Retail FX broker in Poland, to XTB. OANDA is buying TMS from Warsaw based alternative investment firm ForeVest Capital, which acquired control of TMS in 2011. No financial terms of the transaction were released. The deal is still subject to regulatory approval.
Exclusive: USGFX put into immediate liquidation due to uncooperative shareholder. FNG Exclusive… FNG has learned via regulatory filings made with the courts in Australia that the administrators for bankrupt Retail FX broker Union Standard International Group Pty Ltd, which operated the USGFX brand down under, have encountered difficulty in carrying out their duties due to the company’s shareholder Soe Hein Minn. The administrator, BRI Ferrier, noted in the filing that Mr. Soe and his representatives “have actively attempted to prevent us from dealing with the Company’s affairs and investigating its financial position, in particular by refusing our requests and orders of the Court for access to the MT4 and MT5 platforms through which the business is conducted.”