What were the “Top 5” moves in the forex industry during the past year that we reported?
Finance Magnates
It goes without saying that 2018 was a big year for the foreign exchange (FX) industry. Regulation has completely changed the sector over the past 12 months and, as a result, the industry has only gotten tougher for brokers to remain competitive, particularly within the retail space. As can be expected, this has led to some big executive moves within the industry.
In terms of monthly trading volume, IG Group topped 2018 as the largest broker in the forex sector. In September the firm made headlines when it announced that its CEO Peter Hetherington was stepping down from his position and the Board with immediate effect.
Peter Hetherington, the former CEO of IG Group
The move came seemingly out of nowhere, and brought an end to Hetherington’s 24-year-long tenure with the firm, as he originally joined IG in 1994. The market reflected this surprise, with the company’s shares falling by nearly 13 percent.
At the time of the announcement, the retail brokerage powerhouse didn’t give an explanation for his departure. However, his shock resignation came only a week after IG reported a 5 percent decline in its first-quarter revenues. This was due to a drop in customer activity amid tightening regulation.
In October, IG revealed that it had managed to secure a new CEO - June Felix, replacing Paul Mainwaring, the company’s CFO, who took on the role of Interim CEO. Felix joined the broker from Verifone Europe and Russia, where she was the President. During her career, she has held a number of executive management positions at large multinational companies, such as Citibank and IBM Corporation.
Pepperstone confirms rumors, announces Tamas Szabo as Group CEO
The next big move for 2018 comes from Pepperstone Group, an Australian online retail forex broker that specializes in forex trading. Towards the beginning of the year in February, Finance Magnates reported that Tamas Szabo was appointed as the CEO for the Group.
Tamas Szabo, Group CEO of Pepperstone Source: LinkedIn
The move was largely a confirmation of rumors and reports that had surfaced before the announcement and was filed with the UK’s Companies House. According to his LinkedIn profile, Tamas Szabo has been the acting group CEO of Pepperstone since October of last year. He assumed his role with the Aussie broker after a long career with IG Markets.
Is Saxo Bank looking to replace CEO Kim Fournais?
It was a big year for Saxo Bank, with the multi-asset broker revealing that in September it had received all of the regulatory approvals to enable China’s Zhejiang Geely Holding Group Co. Ltd and Finland’s Sampo plc to acquire shares in Saxo Bank A/S, elevating Geely to the majority shareholder.
Søren Kyhl, the Deputy CEO of Saxo Bank Source: LinkedIn
During the past 12 months, the broker has announced a number of notable executive moves, including appointing Lars Kufall Beck as CFO, Damian Bunce as CCO and most notably Søren Kyhl as its Deputy CEO.
The appointment of Khyl as Deputy CEO was particularly interesting as the investment bank said in its statement at the time that:
“Søren [Khyl] is the natural and logical interim successor to Kim Fournais should that become necessary.”
While the Danish broker has given no indication that it plans to replace Fournais in the near future, it does appear that we should expect Khyl to be the next Saxo Bank CEO if and when that position becomes available.
HSBC Loses its Global Head of FX
Frederic Boillereau, former Global Head of FX and Commodities at HSBC Source: Global Finance Magazine
HSBC, one of the largest banking and financial services organizations in the world, also experienced a notable executive move, with its Global Head of FX and Commodities stepping down in July.
The departure of Frederic Boillereau, who held the position for almost a decade, came as a result of the changes to a number of the bank’s business lines, ending his 20-year tenure with the firm.
Global Head of FX Sales at INTL FCStone quits
To wrap up the top five, we head to INTL FCStone, where its Global Head of FX Sales, Joe Conlan, left the financial services giant. The move saw the end of his more than a decade-long career with the company, having taken up his role in 2007.
Ex-Global Head of FX at INTL FCStone - Joe Conlan Source: LinkedIn
According to information on his LinkedIn page, he left to be a Managing Director at Colabyrinth Tech LLC. While the nature of his new role is not clear, as we previously theorized, due to his extensive background in trading, the likelihood of it having an influence in his new role is high.
It goes without saying that 2018 was a big year for the foreign exchange (FX) industry. Regulation has completely changed the sector over the past 12 months and, as a result, the industry has only gotten tougher for brokers to remain competitive, particularly within the retail space. As can be expected, this has led to some big executive moves within the industry.
In terms of monthly trading volume, IG Group topped 2018 as the largest broker in the forex sector. In September the firm made headlines when it announced that its CEO Peter Hetherington was stepping down from his position and the Board with immediate effect.
Peter Hetherington, the former CEO of IG Group
The move came seemingly out of nowhere, and brought an end to Hetherington’s 24-year-long tenure with the firm, as he originally joined IG in 1994. The market reflected this surprise, with the company’s shares falling by nearly 13 percent.
At the time of the announcement, the retail brokerage powerhouse didn’t give an explanation for his departure. However, his shock resignation came only a week after IG reported a 5 percent decline in its first-quarter revenues. This was due to a drop in customer activity amid tightening regulation.
In October, IG revealed that it had managed to secure a new CEO - June Felix, replacing Paul Mainwaring, the company’s CFO, who took on the role of Interim CEO. Felix joined the broker from Verifone Europe and Russia, where she was the President. During her career, she has held a number of executive management positions at large multinational companies, such as Citibank and IBM Corporation.
Pepperstone confirms rumors, announces Tamas Szabo as Group CEO
The next big move for 2018 comes from Pepperstone Group, an Australian online retail forex broker that specializes in forex trading. Towards the beginning of the year in February, Finance Magnates reported that Tamas Szabo was appointed as the CEO for the Group.
Tamas Szabo, Group CEO of Pepperstone Source: LinkedIn
The move was largely a confirmation of rumors and reports that had surfaced before the announcement and was filed with the UK’s Companies House. According to his LinkedIn profile, Tamas Szabo has been the acting group CEO of Pepperstone since October of last year. He assumed his role with the Aussie broker after a long career with IG Markets.
Is Saxo Bank looking to replace CEO Kim Fournais?
It was a big year for Saxo Bank, with the multi-asset broker revealing that in September it had received all of the regulatory approvals to enable China’s Zhejiang Geely Holding Group Co. Ltd and Finland’s Sampo plc to acquire shares in Saxo Bank A/S, elevating Geely to the majority shareholder.
Søren Kyhl, the Deputy CEO of Saxo Bank Source: LinkedIn
During the past 12 months, the broker has announced a number of notable executive moves, including appointing Lars Kufall Beck as CFO, Damian Bunce as CCO and most notably Søren Kyhl as its Deputy CEO.
The appointment of Khyl as Deputy CEO was particularly interesting as the investment bank said in its statement at the time that:
“Søren [Khyl] is the natural and logical interim successor to Kim Fournais should that become necessary.”
While the Danish broker has given no indication that it plans to replace Fournais in the near future, it does appear that we should expect Khyl to be the next Saxo Bank CEO if and when that position becomes available.
HSBC Loses its Global Head of FX
Frederic Boillereau, former Global Head of FX and Commodities at HSBC Source: Global Finance Magazine
HSBC, one of the largest banking and financial services organizations in the world, also experienced a notable executive move, with its Global Head of FX and Commodities stepping down in July.
The departure of Frederic Boillereau, who held the position for almost a decade, came as a result of the changes to a number of the bank’s business lines, ending his 20-year tenure with the firm.
Global Head of FX Sales at INTL FCStone quits
To wrap up the top five, we head to INTL FCStone, where its Global Head of FX Sales, Joe Conlan, left the financial services giant. The move saw the end of his more than a decade-long career with the company, having taken up his role in 2007.
Ex-Global Head of FX at INTL FCStone - Joe Conlan Source: LinkedIn
According to information on his LinkedIn page, he left to be a Managing Director at Colabyrinth Tech LLC. While the nature of his new role is not clear, as we previously theorized, due to his extensive background in trading, the likelihood of it having an influence in his new role is high.
Bank of London Product Head: “Clients Don’t Want to Wait for Cutoff Times” On-Chain
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Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
