FX week in review: Spain CFD rules, Dukascopy revenues fall, XTB and Capital.com hire

Gerald Segal 0 Comments August 20, 2023

What do Spain’s new strict rules governing the marketing of CFDs mean, for both brokers and traders?

What different directions do brokers Dukascopy and Trade Nation seem to be taking?

Which new hires joined Capital.com, XTB, and Trading Technologies?

Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:

Spanish CFD Barbie-Clients and Fundamental EU Rights. FNG Thought Leadership Editorial… Following Spanish regulator CNMV’s decision to effectively ban CFD marketing, we’re pleased to present the following FNG Thought Leadership Editorial courtesy of Remonda Kirketerp-Møller, Founder and CEO of Muinmos on what the new rules mean, for both brokers and traders. For Remonda’s Spanish CFD Barbie-Clients and Fundamental EU Rights editorial, read on.

Exclusive: Dukascopy sees Revenues dip 22% in 1H 2023 to lowest level in 10+ years. FNG Exclusive… FNG has learned via regulatory filings made in Switzerland that Geneva and Riga based Retail FX and CFDs broker Dukascopy just saw (semi-annual) Revenues dip below the CHF 10 million mark for the first time in more than 10 years. By comparison, Dukascopy’s (much larger) Switzerland based rival Swissquote just posted record best-ever Revenues, and near-record profit, for the same January-to-June 2023 period.

Exclusive: Trade Nation UK posts 42% rise in 2022 Revenues to £14.1M. FNG Exclusive… FNG has learned via regulatory filings that FCA licensed FX, CFDs, and spreadbetting broker Trade Nation Financial UK Ltd has seen a healthy increase in both Revenues and Profits in 2022, following what was a very disappointing and loss-producing 2021 at Trade Nation. We would note, however, that the company still remains well below the pace it was on in 2020, when Trade Nation posted Revenues of £17.4 million and net profit of £6.2 million.

Plus500 registers 28% Y/Y drop in revenues in H1 2023. Online trading company Plus500 Ltd (LON:PLUS) today posted its interim results for the six month period ended 30 June 2023. The results showed improvement compared with the preceding six months. However, the comparison with the year-ago period was far from rosy. Total revenue in H1 2023 was $368.5m (H2 2022: $321.2m, H1 2022: $511.4m), comprising $346.2m in trading income and $22.3m in interest income, which is also included in EBITDA for the period, including revenue of $160.6m in Q2 2023 (Q2 2022: $240.5m).