What did ADSS have to say about its decision to leave the UK market?
Which ASIC licensed Retail FX and CFDs broker was acquired this week?
What major setback was dealt to ThinkMarkets in its attempt to go public?
Who was named as the new CEO of Spotware, maker of the cTrader trading platform?
What is NAGA’s new strategy under new CEO Michael Milonas, as the broker saw a 32% decline in Q2 Revenues?
We’ve got answers to these questions and a whole lot more – and it all appeared exclusively this week on FNG!
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Exclusive: ADSS withdrawing from UK market. FNG Exclusive… FNG has learned that Abu Dhabi based retail and institutional FX & CFDs broker ADSS has decided to shut down its London operation, and withdraw from the UK online trading market. ADS Securities London Limited, the group’s UK subsidiary, has been licensed by the FCA since 2012. However as part of the company’s departure from the UK we understand that ADSS has applied to cancel its FCA authorisation.
Exclusive: Fortune Prime acquires ASIC licensed CFDs broker GMT Markets. FNG Exclusive… FNG has learned that there has been an M&A deal completed in the Australia FX and CFD brokerage world, with Melbourne based Fortune Prime Global inking an agreement to take over ASIC licensed CFDs broker GMT Markets. GMT has been mainly focused on clients from the Far East having operations running across the Asia Pacific region including in Greater China, Hong Kong and Singapore.
Exclusive: ThinkMarkets IPO hits snag after SPAC shareholders demand cash back. FNG Exclusive… FNG has learned that virtually all of the public class A shareholders of special purpose acquisition company (SPAC) FG Acquisition Corp (TSE:FGAA.U) have elected to deposit their shares back with the company, and have them redeemed for cash, putting FG’s merger with Retail FX and CFDs broker ThinkMarkets in jeopardy.
New NAGA CEO Michael Milonas outlines strategy to shareholders. Newly installed NAGA Group AG (ETR:N4G) CEO Michael Milonas has issued a letter to shareholders, detailing his vision and plan going forward for the social-trading focused Retail FX and CFDs broker. The letter also hints at some of the problems which have been plaguing NAGA, which led to the ouster last month of company founder and longtime CEO Ben Bilski. NAGA shares (at €1.42) are down more than 80% since peaking near €9 in late 2021.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Ilia Iarovitcyn becomes CEO of cTrader developer Spotware.
❑ Exclusive: Exness’ Katina Messinis joins Exinity as VP Global Sales.
❑ Exclusive: M4Markets BizDev head Alexandra Dinu departs.
❑ Exclusive: Nick Jay leaves M4Markets.
❑ Exclusive: Scope Markets hires Eurotrader exec Brian Sandoval for BizDev.
❑ Exclusive: Stanislav Bublik joins Finery Markets as CPO.
❑ Exclusive: Trive Spain country manager Can Uyanik joins Scope Markets.
