What led to the mutual decision of Retail FX and CFDs broker ThinkMarkets, and its erstwhile SPAC merger partner FG Acquisition Corp, to cancel ThinkMarkets’ IPO on the Toronto Stock Exchange?

Who did IG hire – from outside the company and the online trading industry – as its new CEO?

Where did NAGA Pay head Stelios Eleftheriou move to?

Who is the latest IG Group alum to join the C-Suite of Capital.com?

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

Exclusive: ThinkMarkets IPO via FG Acquisition SPAC merger cancelled. FNG Exclusive… FNG has learned that Australia/London based Retail FX and CFDs broker ThinkMarkets has decided to pull out of its planned merger with special purpose acquisition company FG Acquisition Corp (TSE:FGAA.U), ending ThinkMarkets’ IPO attempt, at least for the time being. The transaction, first unveiled in mid May, would have seen ThinkMarkets ‘go public’ on the Toronto Stock Exchange at a valuation of about USD $160 million, and would have brought more than $100 million in cash into ThinkMarkets’ coffers.

Exclusive: BidX Markets triples Revenues in 2023 to £1M. FNG Exclusive… FNG has learned via regulatory filings that London based, FCA regulated multi-asset liquidity solutions provider BidX Markets has continued to grow its business in its second full year of operation in FY2023 (year ended May 31, 2023), with its Revenues more than tripling from 2022. Revenues at BidX Markets came in at £1.o5 million in 2023, more than 3x the company’s Revenues of £297K in 2022. BidX managed to grow itself profitably, as Net Profit totaled £73K in 2023, up from £44K the previous year.

FP Markets secures FX Broker Licence in Kenya. Online Forex and CFD broker FP Markets has been granted a non-dealing Foreign Exchange Broker License by the Capital Markets Authority (CMA) of Kenya for its locally formed subsidiary FP Markets Limited. The Kenya regulation adds to FP Markets’ regulatory footprint in Africa having received a regulatory licence from the Financial Sector Conduct Authority (FSCA) of South Africa in May 2022 as it continues to strengthen its global regulatory presence across multiple continents.

ACY Securities launches demo Copy Trading, live in Q1-2024. Australia based multi-asset CFDs broker ACY Securities has announced the launch of an upgraded version of Tradingcup which introduces innovative features, including the exclusive beta of a copy trading service, providing users with unparalleled opportunities to explore and improve their trading strategies. Looking ahead, ACY Securities is excited to share that the full live copy trading functionality is scheduled for launch in Q1 of 2024.

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

❑ IG Group appoints Breon Corcoran as CEO.

❑ Exclusive: NAGA Pay Managing Director Stelios Eleftheriou leaves to join BVNK.

❑ Capital.com hires IG/LMAX alum John Austin as CSO.

❑ Exclusive: BidX Markets’ Institutional Sales head James Roddy departs.

❑ Exclusive: OneRoyal exec Syed Tanvir Ahmmed moves to Zara FX as Sales Director.

❑ Fedor Ragin to transition to exec position within Admirals Group.