FX week in evaluate: NAGA loss, Robinhood in Europe, Gold-i in Cyprus, ThinkMarkets IPO replace

Why led NAGA Group to put up a reasonably large €37 million loss for 2022?

What are US neobroker Robinhood’s plans to increase within the UK and Europe?

How is in style MT4/MT5 tech developer Gold-i increasing in the important thing Cyprus market?

Why did FG Acquisition Corp withdraw its preliminary prospectus, for its deliberate merger with Retail FX and CFDs dealer ThinkMarkets?

A few of the most learn and commented-on FX trade information tales to look over the previous seven days on FNG included:

NAGA Group shares sink 15% to 52-week low following FNG report on 2022 outcomes. Shares of publicly traded Retail FX and CFDs dealer NAGA Group AG (ETR:N4G) dropped by 15% on Monday, falling to “penny inventory” territory and setting a brand new 52-week low within the course of. The share worth drop got here after our FNG Unique report from early Monday, that NAGA had accomplished its 2022 monetary statements and Annual Report following a protracted delay brought on by a restatement of earlier outcomes, and a swap in auditors from Ernst & Younger to MSW GmbH. Our widely-shared report unveiled that NAGA posted a whopping internet lack of €37 million (USD $40 million) in 2022.

Robinhood losses proceed in Q3 as firm seems to UK, EU enlargement. Be careful UK and EU, right here comes Robinhood. Whereas US based mostly neobroker Robinhood continued to disappoint traders with one other poor quarter in Q3 2023 – Robinhood shares have been down greater than 8% in After Hours buying and selling after the outcomes have been launched – the corporate’s headline in its press launch said: “Firm plans to launch UK Brokerage operations and EU Crypto buying and selling within the coming weeks.”

Gold-i will increase attain into Cyprus through DL Consulting partnership. FX dealer tech options supplier Gold-i has introduced that it’s strengthening its presence in Cyprus with the appointment of Cyprus-based fintech providers consultancy DL Consulting for gross sales and implementation help. DL Consulting will work alongside Gold-i’s UK gross sales group as its representatives in Cyprus, reporting to Mark Alvarez-Buylla, Gold-i’s Chief Business Officer. The DL Consulting group have an in-depth understanding of all Gold-i’s merchandise and can be capable to meet brokers in particular person.

Unique: ThinkMarkets IPO – FG Acquisition withdraws prospectus. FNG Unique… FNG has realized through regulatory filings that FG Acquisition Corp, the particular objective acquisition firm (SPAC) which agreed to a merger with Retail FX and CFDs dealer ThinkMarkets, has withdrawn its preliminary prospectus associated to the merger. In line with Canadian securities guidelines, FG Acquisition had 180 days from the time it filed the unique preliminary prospectus earlier than both re-filing a brand new preliminary prospectus with up to date info, or submitting a closing prospectus indicating completion of the transaction.

High FX trade government strikes reported at FNG this week included:

Chris de Sibert

Unique: AlpFin hires Chris de Sibert to go Gross sales and Advertising.

Unique: BNP Paribas’ head of GBP buying and selling Ioana Scripcaru strikes to Citadel.

❑ LME Group appoints Alistair Baldwin as CTO.

❑ FlexTrade appoints Michael Kovach as Head of Mounted Revenue Gross sales.

❑ Equinix names Sandile Dube its Managing Director in South Africa.