Who is behind the launch of new CySEC-licensed broker Sheer Markets? And, how does it seek to be different than other Cyprus-based FX and CFD brokers?
What was learned from eToro’s long-awaited IPO filing?
What management changes did Saxo Bank and Exinity/FXTM make?
Which broker saw its lowest level of FX trading volumes in more than 5 years? And, which other broker enjoyed a record number of active clients in May?
Answers to these FX industry questions appeared first or exclusively at FNG this week. Some of the top FX industry news stories to appear over the past seven days on FNG included:
Exclusive: CySEC licensed Sheer Markets launches as NDFs broker. FNG Exclusive… FNG has learned that a fairly experienced team of FX industry executives have formed a new Cyprus based, CySEC licensed FX broker called Sheer Markets. The new entity formally launched today. Sheer Markets said that it has a mission to offer a new range of products that are currently unavailable to the retail online trading community. Founded on the principles of integrity, collaboration and adaptability, Sheer Markets noted that it strives to provide clients with competitive, streaming access to a comprehensive instrument range, including non-deliverable forwards (NDFs), emerging markets currencies (EMFX), and Cryptocurrencies, and to represent the driving force in an ever-evolving global industry.
eToro files IPO prospectus, expects Q3 closing of SPAC deal. Reported First at FNG… Retail FX broker eToro and special purpose acquisition company (SPAC) FinTech Acquisition Corp V have announced the confidential submission of a Registration Statement, related to the proposed business combination between the two. As was first exclusively reported by FNG in mid March, eToro plans to go public in the US at a valuation of about $10 billion by combining with an existing publicly traded SPAC, with the company’s SPAC partner later identified as FinTech Acquisition Corp V. The filing, again done with the U.S. Securities and Exchange Commission (SEC) as a confidential submission, is technically not an IPO prospectus but rather a draft registration statement on Form F-4, used for M&A deals involving publicly traded entities. However it will contain much of the same detailed information an IPO prospectus would have.
Exclusive: Management changes at Exinity – new co-CEO, COO and CFO leave. FNG Exclusive… FNG has learned that Exinity Group, the umbrella group for serial Retail FX entrepreneur Andrey Dashin’s brands, has made a number of management changes which include the departure of two long term senior Alpari / FXTM / Exinity executives. And, the promotion of other executives. Exinity was formally launched in June 2020, as an umbrella group comprising the various retail businesses owned by Andrey Dashin including Alpari International, ForexTime (FXTM), money transfer service AcruPay, as well as a soon-to-be-launched new retail offering under the Exinity name. We understand that the company is planning the launch of its first Exinity branded offering in the Middle East.
Saxo Bank has slowest FX trading month in 5+ years in May 2021. Copenhagen based Retail FX and CFDs broker Saxo Bank has reported its trading volume figures for May 2021, indicating that the company saw its lowest FX trading volumes in (at least) five years. Dating back to the beginning of 2016, Saxo’s lowest reported FX trading volumes for a full month was in November 2019 at $107.4 billion. May 2021 “topped” that, at just $104.3 billion. Saxo’s month, however, was somewhat saved by robust Equity trading volumes, with the broker seeing one of its best months ever at $141.9 billion. This was also one of the rare months at Saxo Bank where equity trading activity surpassed core FX pair trading.
Other than the changes made at the top at Exinity / FXTM noted above, top FX industry executive moves reported at FNG this week included:
Richard Douglas
