During the passing week the most interesting stories from the online trading industry included new developments in the U.S market, a possible new instrument tracking the price of Bitcoin and a bureaucracy-fighting measure by the Cypriot regulator. We bring here some of the most important ones.
U.S Market Breakdown
On Monday we analysed the latest CFTC data which looks at the assets held at regulated brokerages operating in the US. The figures show that the race for second spot between GAIN Capital and OANDA is far from over as client assets ticked higher during the month of May.
The total number of funds held at brokerages increased by 4.66% in May when compared to the previous month. However, with merely one month of growth, it is too early to call the bottom in retail forex funds at American brokers.
On Tuesday SolidX Partners Inc., a New-York based blockchain technology startup, announced that it has filed a registration statement with the U.S Securities and Exchange Commission (SEC) relating to the proposed launch of a SolidX Bitcoin Trust.
This follows the Winklevoss Bitcoin Trust, which is also trying to get an ETF on the cryptocurrency approved. Once these instruments are approved, retail and institutional FX brokers will be better able to hedge against Bitcoin volatility without holding it and more easily offer pairs or CFDs on its price.
FXCM Debt Refinancing
On Wednesday FXCM Inc. (NYSE:FXCM) filed with the SEC a prospectus which is outlining the intentions of the company to issue up to $125 million worth of new securities. There is no specific mention of what type of securities those might be, with shares, preferred shares and bonds all on the table.
The official announcement highlights that the firm could issue “class A common stock, preferred stock, debt securities, depository shares, purchase contracts, warrants or units.” According to the SEC filing, the sale can be executed in one or more offerings.
On Thursday we reported that the Cyprus Securities and Exchange Commission (CySEC) has implemented a new digital depository for regulated entities. The portal serves for sending important forms, letters and signed documents to the regulators.
The portal will also help streamline overall bureaucratic processes at the regulator, which presently relies on the handling, storage, and security of sensitive documentation. By going digital, CySEC hopes it will be able to properly ensure adequate levels of oversight, whilst also allowing for safety of its overall communications and correspondence.
24Option Invests More in Marketing
On Friday it was reported that binary options brokerage 24Option has expanded its efforts with interactive marketing agency Admobsphere. The firm is increasing its 2016 budget to $1.8 million “to make Italy one of the target markets, together with Germany, the UK and France.”
With offices in Milan, New York and Tel Aviv, Admobsphere was founded seven years ago and the expansion of its deal with 24option was described as confirming its own growth as the firm expects to close 2016 with a 30% increase in revenue growth.