FX week in review: What FTMO paid for OANDA, cFinancial launch, City Index rebrand, IG layoffs, Valutrade rumors
In one of the busier news weeks of the year as we exit from summer holidays and head into the end-of-year stretch run in the online trading sector, we saw everything from…
What did prop firm FTMO pay to acquire OANDA? How much revenue does FTMO bring in? What is FTMO’s largest market?
Spotware Systems launches its third business unit after cTrader and cBridge – liquidity provider cFinancial. (Also, where did cBridge Managing Director Alexis Droussioti move to?)
How will City Index now be known, after a rebrand?
How did Valutrades respond to rumors that it is exiting certain markets, and/or looking to shut down altogether?
Where did former Spotware / cTrader CMO Lena Kuprian land a new role?
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
FTMO 2025 Revenues rise 31% to $422M, paid $422M for OANDA. There was some interesting symmetry in the 2025 financial statements disclosed by Prague based prop trading firm FTMO, indicating that the company’s 2025 Revenues almost exactly matched what the company paid to acquire CFDs broker OANDA. In partnership with OANDA, the United States has become FTMO’s second largest market after the United Kingdom.
Exclusive: Spotware launching cFinancial institutional liquidity provider for brokers and prop firms. FNG Exclusive… FNG has learned that leading broker technology provider Spotware Systems is getting set to launch a new business line and brand, called cFinancial. The cFinancial website (at cfinancial.com) is already live, and we understand that they have already started offering it privately to selected brokers.
City Index rebrands as StoneX Trading. One of the oldest online brokerage brands in the UK is about to go away. Institutional broker StoneX Group Inc (NASDAQ:SNEX) has announced that its City Index retail brokerage arm is relaunching as StoneX Trading. London based City Index was acquired by FOREX.com owner Gain Capital in 2015 for $77 million. The brand came under StoneX ownership when StoneX acquired FOREX.com and Gain Capital in 2020, for $236 million.
IG Group planning hundreds of layoffs. UK news website Sky News is reporting that leading UK online broker IG Group (LON:IGG) is planning to cut hundreds of jobs from its workforce of about 2,300 employees, as part of a major reorganisation of the company. We reported back in July that IG was carrying out plans to establish a new Group holding company incorporated in Jersey, as part of streamlining its operating model.
Valutrades denies market exit rumors, as it undergoes “strategic client portfolio review”. Responding to rumors being circulated by certain websites that it was exiting certain markets, and/or looking to shut down altogether, FCA regulated FX and CFDs broker Valutrades has issued a formal statement received by FNG entitled Valutrades Reaffirms Commitment to Global Operations, Announces Strategic Client Portfolio Review.
Top FX industry executive moves this week
❑ Exclusive: Lena Kuprian joins Trading Central as Marketing Director.
❑ cBridge head Alexis Droussiotis moves to Techysquad as COO.
❑ Former Deriv.com Cyprus office head Geo Nicolaidis joins FP Markets to lead AI transformation.
❑ Exclusive: TIOmarkets hires IC alum Andis Papageorgiou as CTO.
❑ IG Group hires Gemini and Grab/Uber alum Saad Ahmed as Managing Director APAC.
❑ RoboMarkets Poland CEO Mateusz Żelek and Head of Branch Piotr Szczygieł depart.
❑ Rob Cheeseman joins Marex as Head of Prime Services Asia.
❑ Exclusive: United Fintech hires Droit / IHS Markit alum Stuart Billingham as Head of APAC.
