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Less than a month after online trading company Robinhood revived its efforts to dismiss a multi-district litigation over the trading restrictions it imposed in January 2021, the traders who brought the lawsuit have responded to Robinhood’s arguments. The traders’ response was submitted at the Florida Southern District Court on November 5, 2021. According to the…

Read More “Robinhood’s trading restrictions go beyond contractual discretion, traders say” »

FNG Exclusive… FNG has learned that Spreadex founder and longtime CEO Jonathan Hufford has stepped down from his executive role at the company, handing the CEO reins over to longtime Spreadex executive David Mackenzie. Jonathan Hufford will remain on the Board as a Non-Executive Director. David Mackenzie joined Spreadex in 2003, and was appointed to…

Read More “Exclusive: Spreadex CEO Jonathan Hufford steps down, as revenues rise 41% in 2021” »

While last week’s Forex industry news was dominated by broker results, this week’s version was all about people. At FNG we brought you exclusive coverage of senior executive moves at Trading 212 (new CFO), Capital Index (new CEO), Zenfinex (also a new CEO), as well as reports of folks moving at Liquidity.net, CGS-CIMB, Gold-i, and…

Read More “FX week in review: Exness tops $1 trillion, new CEOs (Capital Index, Zenfinex), BankPro launch” »

The Cyprus Securities and Exchange Commission (CySEC) today announced the withdrawal of the Cyprus Investment Firm authorisation with Number 174/12 of Sonaf Business Ltd. The withdrawal is done pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05. CySEC notes that the regulatory…

Read More “CySEC withdraws CIF license of SonaFX operator” »

Euronext NV (EPA:ENX) has just reported its financial results for the third quarter of 2021, with FX revenues continuing to slide. FX trading reported revenue amounted to €5.6 million in the third quarter of 2021, down 4.2% from the equivalent quarter in 2020, reflecting lower trading volumes as FX markets recorded a low volatility quarter….

Read More “Euronext reports 4.2% Y/Y drop in FX trading revenue in Q3 2021” »

The North American Securities Administrators Association (NASAA) today announced the results of a nationwide survey conducted by state securities regulators that provides a comprehensive look at broker-dealer industry policies and practices following the implementation of Regulation Best Interest (Reg BI) by the Securities and Exchange Commission. Melanie Senter Lubin, NASAA President and Maryland Securities Commissioner,…

Read More “Report shows many US broker-dealers cling to risky products despite Reg Best Interest” »

Equiniti Group PLC (LON:EQN) today provided an update on its acquisition by Earth Private Holdings Ltd – a newly-formed company owned by funds managed or advised by Siris Capital Group, LLC. On 27 May 2021, the boards of EQ and Bidco announced they had reached agreement on the terms of a recommended cash offer for…

Read More “Equiniti acquisition by Earth Private Holdings secures FCA approval” »

FNG Exclusive… Further to our recent exclusive reports that Bulgaria/UK based, FCA regulated online broker Trading 212 was rebuilding its management team – with the recent hires of former Tickmill CFO Mukid Chowdhury as CEO and longtime LCG executive George Mantilas as COO – FNG has learned that the company has continued to fill in…

Read More “Exclusive: Trading 212 hires Philip Parsons as CFO” »

The Australian Securities and Investments Commission (ASIC) has moved to shut down unlicensed financial services business A One Multi Services Pty Ltd, which is suspected to be engaging in unlawful activity. ASIC successfully obtained interim orders and injunctions from the Federal Court in Queensland against A One Multi and its Gold Coast-based directors Aryn Hala…

Read More “ASIC secures Court orders against unlicensed scheme A One Multi Services” »

Credit Suisse today posted its financial report for the third quarter of 2021. Credit Suisse reported a pre-tax income of CHF 1.0 billion for the third quarter of 2021. The result benefited from a positive impact relating to Archegos of CHF 235 million, mainly due to a release of provision for credit losses pertaining to…

Read More “Credit Suisse income benefits from Archegos-related impact in Q3 2021” »