Before we get to this week’s top stories, we’re pleased to share LinkedIn Analytics’ own June Competitors data showing that – once again! – FNG articles dominated social media, as well as Search and Total Visitors…
With other “FX industry news” sites basically copying FNG headlines and posting promotional content (with this past week providing some more great examples of all that), serious traders and FX industry executives were engaging with and sharing original and exclusive FNG news articles.
Do you want your brand to be seen by the hundreds of thousands of visitors who come to get their news at FNG every month? Come talk to us!
And now, on to the news of the past seven days…
What led to Retail FX and CFDs broker London Capital Group (LCG) closing down both its FCA-regulated and offshore businesses?
Who is behind the launch of two new brands in the online trading space – SparkMarkets and BullRush?
What is NAGA Group’s new strategy, now that its merger with Capex.com has received all the necessary regulatory approvals?
What happened late Thursday night in front of the offices of a Limassol advertising agency?
Where did former IG Group CEO Charlie Rozes land a new position?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Exclusive: LCG offshore arm FlowBroker also ceases to operate following FlowBank bankruptcy. FNG Exclusive… Following our earlier exclusive report from the end of June that London based Retail FX and CFDs broker London Capital Group Ltd (or LCG, at website lcg.com) had severe restrictions put on its FCA license and on its operations, FNG has learned that the group’s offshore arm, LCG Capital Markets Limited in the Bahamas, which operates under both the LCG and FlowBroker brands, has also effectively shut down.
Limassol CFDs broker office hit in drive-by shooting. Cyprus news websites Cyprus Mail and in-Cyprus are reporting details of a drive-by shooting that occurred late Thursday, in front of the offices of an (unnamed) Limassol based Retail FX and CFDs broker. According to Cyprus Mail, an office building in Limassol was fired upon six times at around midnight. The shooter was reportedly riding on a black motorbike with another individual. The motorbike did not have a license plate, and the suspects were both wearing helmets. (Note: Later reports out of Cyprus indicate that the target of the shooting was the offices of an advertising agency owned by a 32-year-old a foreign national.)
NAGA Group unveils Everything Money strategy as Revenues increase 56% in H1-2024. Social and copy trading focused Retail FX and CFDs broker The NAGA Group AG (ETR:N4G) held a Capital Markets Day online session late Thursday, outlining the company’s strategic plans as it gets set to merge with Capex.com, as well as providing an update on 2024 year-to-date performance. NAGA unveiled its new Everything Money strategy, with its vision to simplify money management and investing by creating the ultimate “Everything Money” platform.
Exclusive: Prospero Markets losses topped $25M, liquidators expect full client refunds. FNG Exclusive… FNG has learned that BRI Ferrier, the firm hired to oversee the liquidation of (formerly ASIC licensed) Retail FX and CFDs broker Prospero Markets in Australia, has completed its first review and Statutory Report to Creditors about Prospero, unveiling some fairly large losses at the company, but also data indicating an expected full refund to Prospero clients once all is said and done.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Trading.com/FXDD alum Lubo Kaneti joins SparkMarkets as CEO.
❑ Exclusive: FPFX COO Trent Hoerr leaves for CEO role at trading competition startup BullRush.
❑ Pepperstone CMO Tony Gruebner departs.
❑ Exclusive: BP Prime (Black Pearl Securities) Managing Director Zuzana Hashemi departs.
❑ Former IG Group CEO Charlie Rozes joins BMS Insurance.
❑ Exclusive: SquaredFinancial hires Tawfiq Rabi as BizDev Manager.
