Retail Fx Archives - The Industry Spread

Senior Level Strategic Appointments at Society Financial and Offshore Broker IX Securities

January 21, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: Bitcoin, Blockchain, Brokers, Capital Markets, Cryptocurrencies, Cryptocurrency exchange, Fixi PLC, IX Security, Perfect Money, Retail Fx, Society Financial, trading platform, Western Union

Society Financial Appoints Veteran FX Executive Tom Tragett as its New Chief Market Analyst

UK-FCA regulated agency, Society Financial has appointed veteran FX executive Tom Tragett as its new Chief Market Analyst. Mr. Tragett will help the company to augment the broker’s market information capabilities specifically in relation to clients while helping to generate a diverse blend of market reports, updates and analysis of overall company clientele.

Mr. Tragett has over three decades of experience in the FX brokerage space and in other financial services sector. He has spent a major part of his career as a currency strategist, consultant, and premier researcher. He traded FX, commodities, futures, options, and indices for own account as well as advised private and retail clients on FX trading strategies.

He has joined Society Financial from Fixi Plc in December 2018 which ceased its operation following consultation with the FCA. Earlier, he has worked with Fleet Street Publications for almost ten years and most recently he has served as the group’s editor of ‘Currency Wars Alert’ where he was advising retail customers on G10 FX trading strategies. Other companies where he held roles are ODL Securities, RZB London. In the earlier part of his career, Mr. Tragett has worked as Chief FX Trader at Asahi Bank London from 1998 to 2001, managing a small team of six traders and was also tasked with overseeing FX sales function.

Peter Karsten has been Appointed CEO of Offshore Broker IX Securities

A new FX and CFD broker called IX Securities has appointed Peter Karsten as its CEO. IX Securities is based in the Bahamas and is regulated by the Securities Commission of The Bahamas. The brokerage is registered in Nassau and is a part of the growing number of new brokerage operations that entered offshore.

The change was reflected in Mr. Karsten’s LinkedIn profile. Mr. Karsten has a deep experience of managing the FX brokerage affairs and was CEO of BDSwiss between February 2014 and November 2015. He then joined Infinox Capital as Commercial Director and London Capital Group as a Sales Consultant.

Offshore brokers mainly face the challenges of payments, and IX Security is currently managing its affairs with bank wires, 2pay4you, Western Union, Vload, Bitcoin, Fasapay and Perfect Money.

cTrader Platform to Feature Crypto on New White Label Solution

January 19, 2019 by Ricardo Esteves Leave a Comment Filed Under: Company News, Industry News Tagged: CFD brokers, crypto, cryptocurrency, cTrader Platform, forex brokerage, James Glyde, Match-Trade Technologies, Michał Karczewski, Retail Fx, spot forex, Spotware Systems, trading platform, white label

The cTrader platform will feature additional tools such as extended Client office or cryptocurrency features on the white label solution.

Spotware Systems, the creator of leading retail FX trading platform cTrader, has partnered with FX and Crypto technology provider Match-Trade Technologies to launch a new breed of turnkey White Label solutions.

Forex and Crypto trading brokers everywhere will benefit from the alignment between Spotware’s cTrader platform and Match-Trade’s complementary high-tech services and technical support in the trading realm. The trading platform for Forex and CFD brokers, which is already packed with a full range of features, will feature additional tools such as extended Client office or cryptocurrency features on the white label solution.

James Glyde, Chief Commercial Officer at Spotware Systems

Match-Trade is a California-based forex and cryptocurrency technology provider that delivers turnkey matching engine solutions to all forex market participants looking to access the retail and institutional spot forex markets. The firm targets forex providers, such as Brokers, Prime Brokers, and other Liquidity Providers who wish to enter the independent ECN and Crypto market.

Optimal for brokers looking for intelligent technology that does not require a large investment, the solution offered by the partnership between Spotware and Match-Trade will feature integrated Client Office (expanded with CRM feature) appreciated by many brokers, crypto payment gateway or ultra-fast data feeds as well as seamless integration with any Liquidity Provider.

The solution is being marketed as a high-quality service for a relatively low entry threshold, affordable even for start-up brokers. Spotware and Match-Trade will also ensure that the entire set up process will run seamlessly so that brokers can focus on business development.

James Glyde, Chief Commercial Officer at Spotware Systems, commented:

Michał Karczewski, Head of Business Operations at Match-Trade Technologies

”Spotware has been integrated with Match-Trade’s technology for years. We are pleased that they have decided to extend our cooperation and include cTrader in their product offering alongside other well-known trading platforms. We see Match-Trade as an important sales support for us because of its high-quality complementary services that further enrich our core-offering. Also, their experts provide invaluable support for clients, both in a technical and consulting capacity to help them choose the optimal solution tailored to their needs. I believe we have chosen a trusted partner who will not only provide the best experience of the cTrader platform but also support the business development of their clients, just as we do.”

Michał Karczewski, Head of Business Operations at Match-Trade Technologies, said:

“To address the needs of the clients seeking a solution designed for web access we have decided to extend our portfolio of services with the cTrader White Label solution. Spotware is a reputable company that offers proven solutions of the highest quality and the industry recognizes cTrader as one of the best trading platforms available on the market. For those who are looking to start their Forex brokerage, we have created a unique and complex trading infrastructure with optimal start-up costs.”

Equiti Capital Reports Solid Turnover for Fiscal 2018, Turnover Increased by 285% to £17.95 Million

January 9, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: brokerage, Brokers, Capital Markets, economy, EQUITI GROUP, Financial markets, FOREX.com, FX trading, investment, Retail Fx, trading platform

UK-based FX and CFD broker, Equiti Capital UK Ltd., previously known as Divisa UK has ended fiscal 2018 with a bullish note, as it managed to quadruple its turnover compared to 2017. The group disclosed its fiscal 2018 annual report and financial statement on Tuesday.

The group maintains a financial year of April-March, and in the 12 months period ended March 31, 2018, the brokerage has reported a turnover of £17.95 million. It is an increase of 285 per cent compared to the company’s 2017 fiscal year, in which it achieved a turnover of £4.67 million.

With the increased turnover, the company’s cost of sales climbed more than fivefold from £1.17 million in 2017 to £7.37 million in 2018, an increase of 529 per cent. The gross profit during the year came in at £10.58 million, an increase of 203 per cent year-on-year from £3.5 million in 2017.

Despite achieving strong revenue growth, total comprehensive income after deducting the tax component came in at negative £607,858, compared to the profit of £60,613 in 2017.

Commenting on the financial results, Brian Myers, the CEO of Equiti Capital said:

“2018 was a hugely positive period of growth and investment for Equiti Capital UK. The circa 400% increase in turnover from 2017 was the start of the return from significant investments made in key areas throughout last year.

“The talent we were able to acquire in 2018, plus the foundations that were laid in operations and product, has put us in a fantastic position to continue our strong trajectory in our group Brokerage and Retail business lines.”

During the year, the firm has secured 100 per cent regulatory approvals for its acquisition. The company in its statement has also shown the confidence of successfully navigating through the new regulatory regime with EU and UK and will able to achieve distinct competitive advantage in the next few years.

Gain Capital’s FOREX.com Posts December 2018 Trading Volume Figures

Gain Capital’s retail forex trading arm, FOREX.com has reported its December 2018 operational metrics on Tuesday. In the last month, the firm reported a 17.7 per cent increase in trading volumes compared to December 2017.

But, on a monthly basis, the figure is 7 per cent lower to $192.6 billion, when compared to the November figure. The average daily volume during the month increased by 2.1 per cent compared to the previous month.

Despite, upbeat trading volume figures, the number of active clients declined during the month by almost 7 per cent on a yearly basis to 123,171 active traders. The Futures trading were sharply higher during the month, an increase of 24 per cent when compared to December 2017 figures. The clients of GAIN Capital traded 641,094 futures contracts in full December month, a decrease of 2 per cent on a month-on-month basis.

Japanese Yen Sharply Higher Against USD

January 3, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Brexit, brokerage, Brokers, Capital Markets, economy, EUR-USD, European Markets, financial services, flash crash, monetary policy, Retail Fx, trading, trading platform

A flash crash in the currency market sent the USDJPY down to 106.55, and AUDUSD down to 0.6775 in just five minutes, hitting 10-year lows against the yen and the dollar. The flash crash was blamed in part on algorithmic trading during an illiquid market. Japanese traders were on holiday, while the United States market had closed for the day.

Shares fell in Singapore STI, and the Shanghai Composite index was flat, while Hong Kong’s Hang Seng was down 0.26%. The Australian benchmark S&P/ASX200 index closed higher 75.6 points, or 1.36 per cent, to 5,633.4. The broader All Ordinaries was up 69 points, or 1.23 per cent to 5,694.6. Japan’s markets were closed.

European shares fell in early European session as Apple lowered its first-quarter revenue guidance to $84 billion, down from the $89 billion to $93 billion that had previously been forecasted. Dax in Frankfurt gives up 0.68% to 10507, CAC40 down 0.60 to 4653 and in London FTSE fall 0.68%. German Economy Minister Peter Altmaier said in an interview published Thursday that the U.K.’s withdrawal from the European Union poses an economic risk, although he added that he expected growth in Germany to continue.

On the Lookout: Looking ahead, the US ISM manufacturing index, ADP employment report, Challenger job cuts, construction spending, motor vehicle sales and weekly jobless claims data will be released later today.

Analysts at TD Securities suggest that the US ISM Manufacturing is expected to edge lower in December, and they are looking for the index to decline to a below-consensus 57.3 from 59.3 (market: 58.0).

“ADP Employment for December will be published at 8:15 ET with the market looking for job growth to edge lower to 180k while December auto sales will round out the data flow, with consensus looking for sales to slow to a 17.2m annualized rate.”

Trading Perspective: A flight to safety following the series of negative releases since the turn of the year saw the rush into the yen early morning. The USDJPY now seems to have formed a temporary base near the 106.90 level. The yen continued benefitting from the global flight to safety amid heightened worries about the global growth, further fueled by a rare revenue warning from Apple.

USDJPY recovered some of its early lost ground to over nine-month lows, albeit struggled to make it back above the 108.00 round figure mark. Technical indicators on hourly charts have just started moving away from highly oversold zone but remain well within the bearish territory. Bears will lose control only if the pair manages to regain 109.71, yesterdays daily high, a figure far away from current levels.

EURUSD traded deeply into the red territory on Wednesday in thin liquidity, charting at the same time a bearish engulfing candle and opening the door for further loses in the short-term horizon. In the hourly chart, yesterday’s sharp selloff halted just ahead of the critical support at 1.1300 level. In late Asia session, the pair found fresh buyers and is now posting some decent gains in the 1.1372/78 band. Despite the mild rebound so far, the pair is poised to remain under pressure, as bears took control, and a break above the 50-day moving average at 1.1378 needed to attract some buyers.

GBPUSD tries to recover from the flash crash in the Asian session at 1.2439. The technical picture just got worst today as the price hits two weeks low and is trading below the majors daily and hourly moving averages. Karen Jones, analyst at Commerzbank, points out that GBP/USD pair’s correction higher baulked at the 55-day MA at 1.2802 and this resistance is reinforced by the 2018-2019 resistance line at 1.2843. The emphatic rejection of the market has seen an erosion of 1.2479/77 – the lows charted in mid-December. We have a new low of 1.2444; the move looks overstretched and has not been confirmed by the daily RSI, and we would allow for some near-term consolidation. Below 1.2444 targets the 78.6% retracement at 1.2109.”

Gold still attracts buyer’s interest and is trading close to 6-1/2 month tops, set earlier today. The precious metal built on its recent positive momentum and was off to a good start in 2019. The ongoing up-move to the highest level since mid-June remained supported by growing worries about a sharp global economic slowdown, which propelled demand for perceived safe-haven assets, including gold.

OTC Markets Group Adds Arkansan Bank to OTCQX Market

December 29, 2018 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: brokerage, Brokers, Capital Markets, economy, Financial markets, foreign exchange, OTC markets, OTCQX, Retail Fx, risk management, SEC, trading, trading platform

OTC Markets Group, an American financial market providing price and liquidity information for almost 10,000 over-the-counter securities, has added White River Bancshares Company (OTCQX: WRIV) to trade on the OTCQX® Best Market.

Jason Paltrowitz, Executive Vice President of OTC Markets Group, said:”We are pleased to welcome White River Bancshares Company as the first community bank from Arkansas to join our OTCQX Best Market. With a 12-year history as a private community bank, trading on the OTCQX BestMarket will provide White River Bancshares’s new and existing
shareholders with a public market for efficient trading and price transparency.”

The OTCQX market includes both multinational companies seeking access to U.S. investors and domestic growth companies. White River had to undergo a qualitative review by OTC Markets Group before being listed as they are not required to be registered with or reporting to the SEC.

OTC Markets Groups requires U.S. companies to be ongoing operations while foreign issuers must meet the requirements of qualified foreign exchanges. Additionally, every issuer must be sponsored by approved third-party investment banks or law firms, called OTCQX Sponsors.

Greg Lee, Chairman of White River Bancshares Company, commented:

“We’re happy to trade on the OTCQX Market to help tell our story and provide White River Bancshares Company shareholders and prospective investors with a streamlined stock buy-sell trade process. The decision to move WRIV stock to OTCQX, a premium public market, perfectly aligns with our Board’s 2018 directive and Management’s commitment to improve liquidity and to increased franchise value.”

The SEC views many of the lower-tier companies traded on OTC Markets as “among the most risky investments” and advises potential investors to heavily research the companies in which they plan to invest.

FXTM’s New MT5 Pro Account Allows Stock Ownership

December 29, 2018 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: brokerage, Brokers, foreign exchange, Forex, FX trading, FXTM, Metaquotes MT5, NASDAQ, NYSE, Retail Fx, stocks

MetaQuotes, the creator of the most popular electronic trading platforms among online retail foreign exchange speculative traders, has announced that retail FX broker FXTM has increased its product offering for the Pro Accounts to provide MetaTrader 5 users with the ability to directly own and trade stocks from the NYSE and NASDAQ exchanges.

With this new offering, the global award-winning forex broker continues its client-focused efforts to expand investment solutions and innovate account types. Pro Account holders will be able to own high-value stocks, including Apple Inc. (AAPL), Alibaba Group (BABA), Alphabet Inc. (GOOGL), Amazon Inc. (AMZN), Berkshire Hathaway (BRK.B), ExxonMobil Corporation (XOM), Facebook Inc. (FB), Microsoft Corporation (MSFT), Johnson& Johnson (JNJ) and JP Morgan Chase (JPM).

FXTM has recently experienced significant interest from customers in trading company shares through the broker’s Shares account. From December 2017 to December 2018, the number of Share accounts opened increased by 170%. The company saw this as an opportunity to launch the MT5 FXTM Pro Account so that customers could directly own, buy and sell shares from their favorite companies while using MetaTrader 5.

Nandik Barbhaiya, Global Head of Marketing at FXTM, commented:

“We are devoted to our clients and constantly strive to offer innovative and tailored investment solutions. The new stock trading possibility offered via MetaTrader 5 is the way to meet individual investor needs. Thanks to direct liquidity pricing from the NASDAQ and the NYSE exchanges, we are very excited to offer this new option to our traders. The company’s clients will now be able to diversify their portfolios through direct ownership of shares from some of the biggest global conglomerates.”

The CySEC regulated online forex brokerage group has recently added former Gain Capital’s Nicholas Scott as its new Head of Product Development. At Gain Capital, he played an integral role in the development of digital advisory and investing products and the company’s technology and business integration functions in GFT Markets and City Index brands. In July, FXTM hired Alexis (Lex) Webster as the company’s new Chief Commercial Officer to strengthen its presence in the UK market, which was launched earlier this year.

In February 2018, FXTM obtained the UK FCA license which allows it to serve a broader market, as well as honor its commitment to being fully localized in key financial regions. The firm was already regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, by the Financial Services Board (FSB) of South Africa, with FSP No. 46614, and by the International Financial Services Commission of Belize with License numbers IFSC/60/345/TS and IFSC/60/345/APM.

FFAJ Reports Drops in November Trading Activity Across FX and Binary OTC Segment

December 14, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: binary options, Binary OTC, FFAJ, futures market, margin trading, Retail Fx, self-regulatory, Trading Volumes

The Financial Futures Association of Japan (FFAJ) on Friday has published November month over-the-counter (OTC) retail fx margin trading figures. The FFAJ is a self-regulatory body established in 1989 to govern the Japanese futures market.

After reporting a surprise uptick in trading activity in October 2018 by all its FFAJ members, the overall downside trend this month seems to be restored back on the back of the sluggish market. In November month, FFAJ members wiped out most of the gains it achieved in the October month.

Prior to October, the last four months had seen a consecutive decline in trading activity by its 53 members, which has been constant since April 2018. In the month of November, the total OTC retail FX margin trading volumes were reported at ¥314 trillion ($2.8 trillion), registering a drop of 11.2 per cent month-on-month from ¥354 trillion.

Since May 2018, which recorded monthly trading volume of ¥371 trillion, the OTC trading activity for FFAJ members has been on a constant downward trend with October showing the surprise change in momentum. The trading volume for USDJPY has recorded 14.53 per cent month on month fall to reach ¥314 trillion. On exchange contracts are also down by 10.71 per cent or 2,672 contracts, coming in at 22,284 contracts in November.

In the OTC binary options segment, the trading volume of its members was similar to the retail FX figures, registering a down from October 2018. In November month, the total trading volumes came in at ¥30.5 billion, which is 5.3 per cent less than what it had in October at ¥32.2 billion. The total number of trading payments during the month was 15.6 billion, which is 5 per cent less month-on-month from 16.5 billion.

Jefferies Appoints Fred Jallot to Lead European Fixed Income Division and IG Group Promotes Kevin Algeo to Head of Asia Pacific and Africa Division

November 20, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: brokerage, emerging markets, fixed income, Fred Jallot, Fred Orlan, IG GROUP, Investment banking, Jefferies, Kevin Algeo, Retail Fx

Fred Orlan, Global Head of Fixed Income at Jefferies

Jefferies Appoints Former Nomura Executive Fred Jallot as Head of European Fixed Income Division

American multinational investment banking company, Jefferies Group has confirmed that former Nomura global head of emerging markets for Europe, the Middle East and Africa, Fred Jallot, is joining the firm.

Fred Jallot will be heading the firm’s European fixed income in London and start his role with Jefferies on January 2, 2019. He will be reporting to Fred Orlan, the Global Head of Fixed Income at Jefferies, in New York.

Fred Jallot’s professional career spans over two decades in the financial industry and has managed several senior level management roles. He joined Nomura in 2017 but left the organisation in mid of 2018. Before working for Nomura, he had worked with Citi where was responsible for Global Securitised Markets and Global Credit Markets.

Fred Orlan, commenting on the appointment:

“We are very excited to have Fred Jallot join Jefferies’ leading global fixed income platform. As a broadly experienced professional in global fixed income, his relationships and leadership will further enhance Jefferies’ growth in this market.”

“This senior hire is an example of Jefferies’ emphasis on enhancing our firm’s European capabilities to serve our regional and global client base.”

Kevin Algeo, IG Group Head of Asia Pacific and Africa operations

IG Group Promotes Kevin Algeo to Head of Asia Pacific and Africa operations

The UK-based online retail fx brokerage company, IG Group has promoted Kevin Algeo, CEO of Australia operations as Head of the Asia Pacific and Africa. Kevin is associated with IG Group since 2013 and has started his tenure as Managing Director in South Africa. Kevin spent almost four years in the position before moving to lead the Australia operations.

In Australia, Kevin Algeo started as Deputy CEO in Melbourne and was promoted to CEO in June last year. IG Group has been handling clients support system across the globe via different regional entities. IG’s London office is used to be the home for global users in most of the cases.

XTB Report Sharp Drop in Revenue and Profitability in Q3-2018 Driven by ESMA Regulations

November 10, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: brokerage, CFD Trading, ESMA, Forex, PFSA, Retail Fx, Trading Volumes, XTB

The Polish retail Fx brokerage firm, XTB after reporting fairly strong H1-2018 results, now has reported a weak set of Q3-2018 results mainly due to the negative impact of implementation of ESMA regulations coupled with lower volatility in the market. During the period, the firm also reported lower trading volumes in CFD trading.

XTB operates retail arm XTB.com and X Open trading platform has reported total revenue of PLN 47.6 million (USD $12.7 million) for the three months period, which is 43 percent lower compared to PLN 84.2 million in Q2-2018. The first quarter result was the best-ever quarter for the brokerage firm with record revenues of PLN 113.7 million.

The company reported a net loss of PLN 2.9 million in the third quarter, majorly due to a one-off event that led to firm paying administrative fines of PLN 9.9 million to PFSA. Excluding the one-off event, the profit is reported at PLN 6.2 million which is significantly less than that achieved in the same quarter in 2017 of PLN 31.3 million.

Despite the decline in trading volumes due to the implementation by ESMA of a 30x leverage cap on Forex and CFD trading, a number of new clients continued to grow with 16.3 percent year on year growth. New clients in Q3 totaled 4,884 and the average number of active clients higher by 11 percent year on year or 2014.

In revenue breakup, 59 percent of the total revenue was contributed by Commodity CFDs i.e PLN 27.9 million, and Index CFDs contributed just 18.6 percent to the revenue. The currency CFDs recorded a revenue of PLN 10.4 million in the third quarter, which is not in line with the expectation of the broker as it dropped over 64 percent to PLN 18.9 million from the prior year period. Total revenue generated from CFDs is PLN 47.3 million in the Q3-2018 compared to PLN 72.5 million in the same period year earlier, signifying a drop of 33 percent.

Markets.com Secures Vincenzo Roselli from Investoo Group as its New Head of Business

November 5, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: Cryptocurrency brokers, CySEC-regulated, introducing brokers, Investoo Group, Joe Rundle, Markets.com, Retail Fx, Sasha Uman, Vincenzo Roselli

CySEC regulated and Playtech’s retail FX arm, Markets.com has tapped Vincenzo Roselli from Investoo Group as Head of Business and will report to CEO Joe Rundle. Vincenzo joins Markets.com after just over a year of a stint with Investoo where he was in charge of growing relationships with FX, CFD and Cryptocurrency brokers.

At Markets.com, Vincenzo Roselli will be responsible for overall marketing activity and growing other verticals of business along with Markets.com’s longtime Head of Affiliation, Sasha Uman. For Vincenzo Roselli, it also marks the reunion with CEO Joe Rundle, as they have a prior worked together at ETX Capital. Mr Vincenzo Roselli has worked for almost four years at ETX Capital, where he was Head of Affiliate Marketing. Mr Roselli has over a decade of experience in the marketing play and has worked across different industry segments in his professional career.

He has completed his Master’s degree in Economics and Tourism Management from Università Ca’ Foscari Venezia.

Speaking at the appointment, CEO Joe Rundle said:

“We’re delighted to have Vincenzo join our expanding team. Bringing him onboard highlights our commitment to new business and attracting new clients to the Markets.com platform globally.”

Joe Rundle, Chief executive officer at Markets

“His role as head of business is critical to our strategy of developing partnerships around the world to further expand out client base. His expertise in new business is important to us and he is working closely with Sasha Uman, head of our affiliate team based in Gibraltar.”

“Vincenzo worked closely with me and our chief market analyst Neil Wilson at ETX Capital before joining Markets.com.”

Vincenzo Roselli also commented on his appointment:

“I’m excited at this incredible opportunity to help an ambitious company grow into new territories. We are focusing on both affiliates and introducing brokers. Our focus is increasingly on non-EU territories and an aggressive expansion in new regulated entities in Australia and South Africa. As much as we are a European business with strong ties to the region and a strong and loyal base of traders, we are a globally regulated business and wish to significantly increase our worldwide presence through the building and creation of long-lasting partnerships.”

Sasha Uman, with whom Vincenzo Roselli will be working commented:

“Vincenzo is a great addition to the Markets.com team, bringing to the table vast marketing and sales experience. Vincenzo will be a great asset as we continue to expand our industry-leading affiliate program. We are excited to penetrate new markets with our cutting-edge product that is already well known and liked in Europe.”