This week some of the biggest stories in the online currency trading industry involved new offerings as well as positive financial results from brokers listed on the London Stock Exchange.
On Monday we reported that HollyFX is now ILQ Australia’s Corporate Authorised Representative. James O’Neill, Director at ILQ Australia, commented: “ILQ Australia welcomes our new partners in Holly FX. Holly FX enables clients from a Chinese speaking background, the ability to speak to experts in their own language while also gaining access to ILQ Australia’s state of the art technology.”
While HollyFX were in Sydney they met with the New South Wales Minister for Innovation and Better Regulation, the Hon. Matt Kean MP, in the Premier’s Boardroom. Mr Kean spoke about the importance of fintech and the financial services industry to the NSW economy and wished the partnership success into the future.
Next generation Mirror Trader
On Tuesday Tradency announced the latest version of its Mirror Trader social trading platform based on HTML5.
The first brokerage to launch the next generation of Mirror Trader is Japanese Central Tanshi FX. Tradency’s co-founder and President, Gil Eyal, shared: “CTFX is a natural choice for us to launch our global cutting-edge Mirror Trader campaign. Entering our fifth year of strategic cooperation, we see our long-term partnership strengthen and grow with new services to wider audiences.”
On Wednesday IG Group reported that it is expecting a pick up in profits this year. The firm marked an increase in revenues when compared to a year ago for the fourth quarter that ended on May 31st 2017.
This came despite low volatility across the industry. Both measures of volatility that are key drivers to revenue from retail traders – the VIX (a measure of stocks volatility) and the CVIX (a measure of foreign exchange volatility) – hit multi-year lows.
On Thursday we exclusively reported that GBE Brokers is launching a prime of prime offering. The new unit, GBE Prime, is going to exclusively focus on providing liquidity to brokers and white label clients.
The newly appointed Head of GBE Prime, Ben Florian Henke, shared with Finance Magnates: “We have stepped into the institutional market in beginning of 2016. We are growing a lot in this business area and we are already servicing over 35 brokers with our liquidity.”
On Friday Plus500 announced a share buyback program worth $10 million. The company will finance the purchases of its own stock via its net cash balances that as of the 31st of May stood at $191 million.
CEO of Plus500, Asaf Elimelech, stated: “We are pleased to announce the start of a share buyback program, which will be funded from our significant cash resources. Together with the substantial dividend payments due to be paid in July, our cash generative business model is enabling us to provide good shareholder returns despite current regulatory uncertainties.”