FX week in review: Saxo Australia sold, eToro confirms IPO, prop firm rebrand, Robinhood record results
Who has acquired Saxo Bank’s ASIC licensed Australia business?
What exactly did eToro confirm (and not confirm) about its planned IPO in the US?
Which prop trading firm has rebranded, and launched a new CFDs brokerage arm?
What drove Robinhood’s record Revenue and Profit figures in Q4 2024?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Top FX and CFDs industry news stories this week
Saxo Australia acquired by DMA South Africa. It looks like Saxo Bank might end up being sold in pieces. More than six months after hiring investment bank Goldman Sachs to oversee a sale of the company, while also indicating that it was reviewing “strategic opportunities” for its overall APAC region operations, Copenhagen based Retail FX and CFDs broker Saxo Bank has announced that it has sold its ASIC licensed Australia business to South Africa’s DMA.
eToro confirms IPO filing in the US. About a month after reports surfaced that Israel based, social trading focused online broker eToro was moving forward with an IPO, eToro itself has confirmed that the company has (confidentially) filed an “F-1” registration statement with US regulatory authorities. IPO registration statements typically take at least 30 days to “clear” the regulators.
Prop firm MyFundedFX rebrands as SeacrestFunded, restricts US customers. Retail prop trading firm MyFundedFX has announced a rebranding of the operation to SeacrestFunded. The website myfundedfx.com now redirects to funded.seacrestmarkets.io. The move comes as the Dallas, Texas based group also launched a CFDs brokerage operation called Seacrest Markets (at website seacrestmarkets.io), domiciled and licensed in South Africa.
Robinhood shares up 10%+ after record Q4-2024 results release. Shares of US neobroker Robinhood Markets Inc (NASDAQ:HOOD) hit a new 52 week high in after-hours trading Wednesday, following the release of the company’s Q4 and full-year 2024 results report indicating record quarterly Revenues and Net Profit at the company. Following a somewhat disappointing Q3 which saw Robinhood report Revenues of $637 million and Net Profit of $150 million, Robinhood Q4-2024 Revenues were up by a whopping 59% QoQ (and 115% YoY) to a record $1.01 billion.
DXtrade to offer Brokers and Prop Firms advanced data analytics solutions via AI BI. DXtrade, the flagship out-of-the-box white-label trading platform from global capital markets software developer Devexperts, has announced its integration with AI BI, a provider of AI-powered advanced data analytics automation solutions for brokers and prop firms. Via AI BI, brokers and prop firms can access sales strategy improvement and client behavior monitoring tools designed to help increase their revenue, whilst decreasing expenses.
Top FX industry executive moves this week
❑ Chris Demetriou rejoins Capital.com in Dubai to head MENA sales.
❑ Former Capital.com and IG exec Alessandro Capuano joins Moneyfarm.
❑ Trive marketing exec Doron Rozenberg joins Bitpanda.
❑ LMAX hires OMERS exec Daniel Lavigne to head Buy-Side Sales Canada.
❑ OneRoyal hires Tixee/easyMarkets alum James Trescothick to head Market Research.
