The most important stories of the past week involved new offerings as well as established names in the industry trying to reinvent themselves with fresh brands to better reflect their message or start anew without old baggage. Meanwhile, throughout the week we published articles showing what the industry has learned from the SNB crisis just as the drop in oil prices and stronger greenback lead many to fear we might see a repeat with other pegged currencies soon.
Good week for oneZero
On Monday, one of the biggest brokers in Singapore, PhilipCapital’s UK subsidiary has established its offering with an MT4 solution. It will use oneZero’s hub solution to gain access to execution and access to price aggregation software delivering price feeds from a number of leading liquidity providers.
A couple of days later oneZero released B2B Cash Margin Hub, opening new doors for PoP relationships. Clients of oneZero will get direct access to their liquidity via API, using a new module aimed at closing the technology gap between the retail and the institutional spaces.
Iron FX Parent Adds FXGiants Brand
On Tuesday we reported that IronFX Global Limited is continuing to acquire different trading names, another sign that the company is aiming to rebrand its business. The names FXGiants, OptionTitans, FXWin and FXOptim have all been registered for use by the Cypriot subsidiary of IronFX.
The reputation of the brokerage suffered in light of claims made by clients that state the company is delaying withdrawals. On its part, IronFX claimed that some of its customers had violated its terms and conditions.
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On Wednesday it was officially announced that the online brokerage easyForex, founded in 2003 and operating in 160 countries, has from December 1st 2015 adopted the name easyMarkets.
The firm’s organizational structure has not changed in any way as a result of the rebranding and it maintains the same employees, leadership, regulation and global presence as before, according to the announcement.
SNBomb a Year on
On Thursday we offered a recap of all the articles in the series that Finance Magnates published during the week examining the SNB event and its effect from a number of different angles.
Our coverage of the grim anniversary culminated with an interview with the CEO of GAIN Capital, Glenn Stevens. He explains how GAIN Capital made moves more than a year before the SNB event, meaning that the blow for the firm was softened, and how he is surprised at how slow the industry has been at adopting risk management policies following the crisis.
On Friday we reported that after the Moscow Exchange announced a hike in margin requirements, the retail foreign exchange and CFDs broker FxPro has reduced the leverage available on the USD/RUB pair to 1:10.
The new margin requirement implemented by the dealing desk of FxPro on the Russian ruble is 10 per cent, and will become effective starting from next Monday, January 25th at 10:00 AM.
Hedge Managers Just Want to Have Fun
Last Friday Finance Magnates broke the news that one of the most controversial Financial Conduct Authority (FCA) regulated hedge funds, Ebullio, is going out of business after failing to meet capital adequacy and compliance requirements. With the fund’s dismal performance over the years, the official closing comes amid growing uncertainty in the commodities space. When asked to confirm the closure by Finance Magnates, the founder and Managing Partner of Ebullio, Lars Steffensen stated: “It’s just not fun being a hedge fund manager any more”, citing a tough capital raising environment.