Exclusive: OvalX exploring asset sale, planning layoffs
OvalX and its board are involved in active discussions regarding a merger or sale of much of OvalX’s assets to another broker.
ETX Capital is the operating brand name of FCA licensed Monecor (London) Limited.
ETX operates a retail forex and CFD brokerage business. The company brought in £32.2 million (USD $40 million) in Revenue in 2018 with profit coming in at £1.9 million, both figures fairly flat as compared to the previous year.
In June 2020 Switzerland based fintech investment fund Guru Capital SA announced a deal to acquire control of ETX Capital. That transaction closed in October 2020. Guru Capital is run by former Swissquote FX executive Ryan Nettles.
OvalX and its board are involved in active discussions regarding a merger or sale of much of OvalX’s assets to another broker.
Former CEO Philip Adler is stepping down from the position to pursue the role of Chief Business Development Officer at Oval Money.
John Wilson was Chairman and CEO of Retail FX and CFDs broker OvalX, then known as ETX Capital, throughout much of the 2010s.
Lawrence Jones spent six years in senior marketing positions at IG Group between 2015-2020, moving to Betfair last year.
Maria Turner has spent more than 25 years working for leading financial institutions in a variety of senior risk management roles.
Kyriakos Paisanos had joined OvalX (then called ETX) early last year, after previously working at IronFX and at FXTM.
Andrew Saks is an experienced and prominent industry professional with over 30 years of experience within the High Technology Sector.
Elena Giardino joins OvalX after four years at Amazon, where, based in Milan, she was Deals Marketing Manager – Italy.
Visitors to etxcapital.com are now redirected to the broker’s new website, ovalx.com
Chris Hawkes joins ATFX UK from ETX Capital, where he spent the past 14 years, as FX/Indices Risk Manager.