FX week in overview: NAGA Group bought, Prospero Markets loses license, eToro Italy head

Which Retail FX and CFD brokerage operator is merging with NAGA Group, and within the course of taking up 75% possession within the mixed firm?

Why did Australia based mostly, China-focused Retail FX and CFDs dealer Prospero Markets have its ASIC AFS license suspended?

Who’s eToro’s new Regional Supervisor for Italy?

The place did CMC Markets’ APAC institutional gross sales head Andrew Wooden transfer to?

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

Capex.com acquires NAGA Group in reverse merger. Retail FX and CFD brokers NAGA Group and Capex.com have introduced a merger between the 2 teams, which is able to see Capex.com’s shareholders change into majority house owners of the mixed firm. The mixture will likely be effected by way of a Reverse Merger between publicly traded The NAGA Group AG (ETR:N4G) and privately held Key Means Group Ltd, which operates the Capex.com model.

Prospero Markets has its ASIC AFS license suspended. Following our FNG Unique report from final month that Australia police had raided the workplaces of ASIC licensed Retail FX and CFDs dealer Prospero Markets, as a part of a wider motion taken in opposition to a China based mostly cash laundering ring, Australia monetary regulator ASIC has introduced that it has now suspended the Australian Monetary Companies (AFS) license of the corporate. Prospero Markets is an Australia based mostly dealer which companies primarily Chinese language talking purchasers, each in Australia and throughout the Far East.

iSAM Securities’ new Crypto Margin Facility – chat with Sam Johnson. FNG Unique Interview… This September, London based mostly prime-of-prime dealer and liquidity options supplier iSAM Securities made a leap into the world of cryptocurrency with the launch of its cutting-edge Crypto Margin Facility, enabling purchasers to deposit digital currencies as margin. International Head of Enterprise Improvement at iSAM, Sam Johnson, reveals the motivation behind this addition, his ideas on the crypto house and the way this suits into his imaginative and prescient for the way forward for iSAM Securities.

Unique: Finyard launch – chat with CEO Dmitrij Pruglo. FNG Unique Interview… Following our unique report from final week that Finyard had simply launched in Cyprus as a brand new FX & CFD dealer expertise platform supplier – and had added plenty of excessive profile executives to its roster together with former XM and Buying and selling.com CMO Rachel Demosthenous, in addition to Exness Associates head Sergey Yarovoy – we thought that it will be time to meet up with Finyard founder and CEO Dmitrij Pruglo.

High FX business govt strikes reported at FNG this week included:

Massimo Citoni

❑ eToro names Massimo Citoni as Regional Supervisor for Italy.

❑ CMC APAC institutional gross sales head Andrew Wooden joins IG Prime.

❑ XS.com hires Fabian Frantz from INFINOX for South Africa BizDev.

❑ IG North America appoints new CFO and CTO.

❑ Plus500 proposes modifications to phrases of proposed election of Anne Grim.