FX week in review: ThinkMarkets SPAC (and losses), XTB shareholder sells, Admirals restructures
The past week provided another very good example of why FNG has become, far and away, the most-read and most-trusted FX and CFD industry news site, especially among senior industry decision-makers, as well as traders and investors who follow the sector.
This week brought an announcement from broker ThinkMarkets that they were “going public”, via a merger with a publicly traded special purpose acquisition company (SPAC) in Canada.
Pretty big news.
While other FX “news” sites basically repeated the glowing words and quotes put out in a press release by the parties, FNG dug in deep and uncovered tens of millions of dollars in losses at ThinkMarkets in the past two years (which was somehow left out of the press release), mounting debt, and a decline in revenues over the past two years.
As always, the FX and CFD community knows it can get virtually every exclusive news item, the “real story”, and proper analysis of what’s really going on behind the scenes in the industry, here at FNG.
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
ThinkMarkets IPO prospectus: tens of millions in losses, 99% in Australia. FNG Exclusive… Following our report yesterday that Australia/London based Retail FX and CFDs broker ThinkMarkets is planning to go public via the “SPAC route”, combining with Toronto Stock Exchange listed FG Acquisition Corp (TSE:FGAA.U), FNG has had the opportunity to view the Preliminary Prospectus filed with Canadian securities authorities by FG. The prospectus provides much more detail into ThinkMarkets’ financial and operating figures and plans, and reveals much more that wasn’t disclosed by the parties in the press release which went out announcing the transaction.
Exclusive: XTB’s Jakub Zablocki completes $64.5 million share sale. FNG Exclusive… Further to our exclusive report from last week that XTB S.A. (WSE:XTB) co-founder and shareholder Jakub Zablocki had filed to sell some of his controlling stake in the company, FNG has learned that Mr. Zablocki did indeed sell 7 million XTB shares on May 10, at a price of zł38.00 per share. The sale netted Mr. Zablocki’s holding company, XX ZW Investment Group, a total of zł266 million, or USD $64.5 million.
Admirals restructures, gives up Estonia license. Tallinn, Estonia based Retail FX and CFDs broker Admirals Group AS has announced plans to restructure the group, which will see the merger of corporate holding entities Admiral Markets AS and Admirals Group AS. As part of the restructuring, Admiral Markets AS intends to withdraw the investment company license granted to Admiral Markets AS in Estonia.
TRADE.com operator Trade Capital UK posts 200%+ rise in Revenue to £759K in 2022. Trade Capital UK (TCUK) Ltd, the UK based company which operates the TRADE.com Retail FX and CFDs brand, has released its financials for 2022 indicating significant growth and a return to profitability. TCUK posted Revenues of £759,000 in 2022, up by 216% from £240,000 in 2021. The company earned a net profit of £141,000 in 2022, versus a loss of £72,000 the previous year.
Top FX industry executive moves reported at FNG this week included:
❑ Jeremy Rose joins FXSpotStream as Head of Liquidity Management.
❑ Exclusive: CGS-CIMB eFX exec Ben Robson leaves for Swiss Finance Corp.
❑ Exclusive: Ex Samtrade exec Jimmie Goh Tjun Tsien joins LMAX for APAC sales.
❑ Exclusive: Christina Barbash resigns from regtech Point Nine.
❑ Exclusive: Exness’ Head of Trading Products Stanislav Bublik departs.
❑ Exclusive: Charlotte Eckermann Larsen rejoins Saxo Bank to head Procurement.