FX week in assessment: ThinkMarkets IPO executed, IG will get new CEO, November buying and selling volumes fall

What led to the mutual determination of Retail FX and CFDs dealer ThinkMarkets, and its erstwhile SPAC merger associate FG Acquisition Corp, to cancel ThinkMarkets’ IPO on the Toronto Inventory Change?

Who did IG rent – from outdoors the corporate and the net buying and selling trade – as its new CEO?

The place did NAGA Pay head Stelios Eleftheriou transfer to?

Who’s the newest IG Group alum to affix the C-Suite of Capital.com?

Among the most learn and commented-on FX/CFD trade information tales to seem over the previous seven days on FNG included:


Unique: ThinkMarkets IPO through FG Acquisition SPAC merger cancelled. FNG Unique… FNG has discovered that Australia/London based mostly Retail FX and CFDs dealer ThinkMarkets has determined to drag out of its deliberate merger with particular function acquisition firm FG Acquisition Corp (TSE:FGAA.U), ending ThinkMarkets’ IPO try, not less than in the interim. The transaction, first unveiled in mid Might, would have seen ThinkMarkets ‘go public’ on the Toronto Inventory Change at a valuation of about USD $160 million, and would have introduced greater than $100 million in money into ThinkMarkets’ coffers.

Unique: BidX Markets triples Revenues in 2023 to £1M. FNG Unique… FNG has discovered through regulatory filings that London based mostly, FCA regulated multi-asset liquidity options supplier BidX Markets has continued to develop its enterprise in its second full yr of operation in FY2023 (yr ended Might 31, 2023), with its Revenues greater than tripling from 2022. Revenues at BidX Markets got here in at £1.o5 million in 2023, greater than 3x the corporate’s Revenues of £297K in 2022. BidX managed to develop itself profitably, as Web Revenue totaled £73K in 2023, up from £44K the earlier yr.

FP Markets secures FX Dealer Licence in Kenya. On-line Foreign exchange and CFD dealer FP Markets has been granted a non-dealing Overseas Change Dealer License by the Capital Markets Authority (CMA) of Kenya for its domestically fashioned subsidiary FP Markets Restricted. The Kenya regulation provides to FP Markets’ regulatory footprint in Africa having obtained a regulatory licence from the Monetary Sector Conduct Authority (FSCA) of South Africa in Might 2022 because it continues to strengthen its international regulatory presence throughout a number of continents.

ACY Securities launches demo Copy Buying and selling, dwell in Q1-2024. Australia based mostly multi-asset CFDs dealer ACY Securities has introduced the launch of an upgraded model of Tradingcup which introduces modern options, together with the unique beta of a duplicate buying and selling service, offering customers with unparalleled alternatives to discover and enhance their buying and selling methods. Wanting forward, ACY Securities is worked up to share that the full dwell copy buying and selling performance is scheduled for launch in Q1 of 2024.

Prime FX trade govt strikes reported at FNG this week included:

Breon Corcoran

❑ IG Group appoints Breon Corcoran as CEO.

Unique: NAGA Pay Managing Director Stelios Eleftheriou leaves to affix BVNK.

❑ Capital.com hires IG/LMAX alum John Austin as CSO.

Unique: BidX Markets’ Institutional Gross sales head James Roddy departs.

Unique: OneRoyal exec Syed Tanvir Ahmmed strikes to Zara FX as Gross sales Director.

❑ Fedor Ragin to transition to exec place inside Admirals Group.



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