The first full work week of 2023 was a very busy one in the FX and CFDs industry, with a number of companies making strategic moves to begin the new year – which included a change at the top of a few well-known FX sector brands.

What are Saxo Bank’s (new) thoughts on going public, after pulling the plug late last year on its planned merger with a SPAC?

Who are the new CEOs of Equiti Capital and FXSpotStream?

What led Catena Media to hire an investment bank as financial advisor?

Which former Binary Options executives face extradition to the US after being arrested in Israel?

Answers to these questions, and a whole lot more, appeared first or exclusively this past week at FNG. Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:

Saxo Bank eyeing local IPO following failed SPAC deal. Reuters is reporting that Copenhagen based Retail FX and CFDs broker Saxo Bank is considering going public locally, on the Nasdaq Copenhagen stock market. The transaction would be a traditional initial public offering, or IPO, to retail and institutional investors. The news comes a month after Saxo Bank pulled out of a merger transaction with a special purpose acquisition company, or SPAC, that would have seen Saxo become publicly traded on the Euronext Amsterdam exchange at a valuation of about $2 billion.

Rostro completes Scope Markets acquisition, eyes MENA/APAC expansion. Rostro Financials Group has announced that following last year’s acquisition of Retail FX broker Scope Markets, the change of control process has now been completed. The new ownership group said that Scope Markets is additionally evaluating further expansion into MENA and the wider Asian regions in 2023, and has engaged 3rd parties to progress these strategic initiatives.

US requests extradition of 6 additional Yukom binary options fraud suspects. Israel financial news source The Marker is reporting that the International Department of the U.S. Attorney General’s Office has requested the extradition of six Israeli citizens wanted for fraud, as part of the Yukom Communications binary options scandal. If extradited (and convicted), they could join Yukom CEO Lee Elbaz in jail – Elbaz is currently serving a 22 year sentence in the US (and was required to pay $28 million in restitution) following a 2019 conviction.

Catena Media hires advisers in possible sale of company. Malta based gaming and FX broker affiliate company Catena Media plc (STO:CTM) has announced that it has mandated Carnegie Investment Bank AB as financial adviser, to assist the company in assessing strategic options as part of conversations with third parties that have shown interest in acquiring certain assets, including all the remaining assets of the group. The company didn’t identify who the third parties are, nor if a specific amount or price range was offered or discussed.

Top FX industry executive moves reported at FNG this week included:

❑ Exclusive: Paul Webb replaces Nigel Holmes as interim CEO of Equiti UK.

❑ Exclusive: FXSpotStream names Tom San Pietro Interim CEO, replacing Alan Schwarz.

❑ Exclusive: CPT Markets CEO Sherif Sanad resigns.

❑ Exclusive: oneZero hires smartTrade exec Julian Gay for Institutional Sales EMEA.

❑ Exclusive: UniCredit eFX head Stephen Totten moves to oneZero.

❑ Harry Fry leaves Invast to head APAC for BidX Markets.

❑ John Murphy named Chief Revenue Officer at Scope Markets.