Israeli social trading and multi-asset brokerage company eToro has expanded its service offering and trading products by incorporating new markets, namely Italian stocks listed at underlying exchanges.
In a recent statement, the broker informed its clients about the new additions. eToro already allows its users to trade stock CFDs for different Italian companies.
The case for adding more assets has been growing in recent years as the company’s clients from certain regions, including fund managers, hedge funds, and commodity trading advisors, are keen to actively trade local stocks.
The recent additions come on the heels of eToro allowing its US customers to trade options at no cost, ramping up the intensity of the brokers’ fight to eliminate trading commissions. The Israel-based firm says the launch will diversify its offering to US users, which is currently focused on stocks, exchange traded funds (ETFs) and cryptocurrency.
eToro, which is operating into a market dominated by both established players and high-flying apps, said more of its core products will soon be available for American customers.
Scaling eToro’s US business comes shortly after the firm secured the regulatory nod to acquire options trading app Gatsby for around $50 million. Co-founded by Jeff Myers and Ryan Belanger-Saleh in 2018, Gatsby is a commission-free options and stock-trading app aimed at younger traders.
eToro has seen senior hires and departures over the last few months. The broker parted ways in December with Dylan Holmani, who spent there nearly seven years as its head of Global Sponsorships. A month earlier, it promoted Orel Assia to the role of head of growth for its eToro Money program.
Most recently, the broker picked Meron Shani to take on the role of Chief Financial Officer. His promotion follows the resignation of its outgoing CFO and deputy CEO Shalom Berkovitz.
Meron has joined eToro back in 2019 as vice president of finance. At the company, he was involved in a suite of responsibilities including finance, legal, compliance, and risk management. He steps into his new role equipped with a lengthy resume in the igaming industry, where he has served in various finance positions for more than 19 years.
The exec moves came after eToro laid off 100 employees, half of them in Israel. This number represents around 6% of the company’s total workforce.
