IronFX Probe and a Candid Account of Forex Trading in Nigeria
Sunday,09/08/2015|08:25GMTby
Andy Traveller
A slew of results have come in this week, accompanying major news stories with insight into the big brokers' performance.
The past week has been laden with data - ranging from the Bank of England’s "Super Thursday" to the big brokers announcing their second quarter results and July trading volumes. No less interesting for retail traders and industry participants alike were the investigation announced by the Cypriot Securities and Exchanges Commission (CySEC) of "possible legal infringements" by IronFX, and the brief history of the Nigerian FX industry, followed by a heated debate on the comments.
FXCM, GAIN lose
The second quarter of 2015 saw two international broker firms, FXCM and GAIN Capital, sustain losses. The former, which remains the market leader in terms of US client holdings, reported that its revenues per million (RPM) collapsed, and registered almost half a billion of losses in the first half of the year. The results have seen FXCM’s share price slump to under $1, dipping beneath a 52-week low.
The second quarter of 2015 saw both FXCM and GAIN Capital sustain losses.
Likewise, GAIN Capital’s Q2 results were less than impressive. The brokerage reported revenues of $111.6 million, with the bottom line showing a loss of $8.8 million or -$0.23 a share. The firm attributed the poor performance to “unusually adverse trading conditions across indices”.
After warning in July that Q2 revenue capture would come in at the broker’s lower historical range, the loss was expected, and had been factored into GAIN Capital’s shares as the stock price had fallen 30% since its June highs.
In contrast, reporting its July 2015 volumes, Interactive Brokers revealed that its volumes remained solid over the summer month, with the number of DARTs reported at 652,000 in June 2015, corresponding to a jump of 8.7% MoM from June 2015 and 23% higher YoY from July 2014.
Dovish Super Thursday
The biggest tranche of data came out of the Bank of England on “Super Thursday”. In the interests of transparency, the Bank simultaneously released information on the Monetary Policy Committee’s (MPC) rate decision, the voting count, minutes, inflation and updated economic forecasts.
The biggest tranche of data came out of the Bank of England on “Super Thursday".
The overall tone was dovish. With the MPC voting 8-1 to keep the Bank Rate at its current level, an early rate hike seems off the table. The Bank stressed caution and gradualness, noting that the economic recovery remains fragile, with inflation hitting zero in June and an inconveniently strong sterling - which feel over 100 pips following the announcement.
Numerous complaints from clients being denied withdrawal requests have been flocking into the offices of CySEC, which prompted action by the regulator. The broker has put the withdrawal requests of dozens of its customers on hold, on the grounds of an ongoing investigation into bonus abuse by its clients. More data is needed before CySEC can determine who the victim really is.
The past week has been laden with data - ranging from the Bank of England’s "Super Thursday" to the big brokers announcing their second quarter results and July trading volumes. No less interesting for retail traders and industry participants alike were the investigation announced by the Cypriot Securities and Exchanges Commission (CySEC) of "possible legal infringements" by IronFX, and the brief history of the Nigerian FX industry, followed by a heated debate on the comments.
FXCM, GAIN lose
The second quarter of 2015 saw two international broker firms, FXCM and GAIN Capital, sustain losses. The former, which remains the market leader in terms of US client holdings, reported that its revenues per million (RPM) collapsed, and registered almost half a billion of losses in the first half of the year. The results have seen FXCM’s share price slump to under $1, dipping beneath a 52-week low.
The second quarter of 2015 saw both FXCM and GAIN Capital sustain losses.
Likewise, GAIN Capital’s Q2 results were less than impressive. The brokerage reported revenues of $111.6 million, with the bottom line showing a loss of $8.8 million or -$0.23 a share. The firm attributed the poor performance to “unusually adverse trading conditions across indices”.
After warning in July that Q2 revenue capture would come in at the broker’s lower historical range, the loss was expected, and had been factored into GAIN Capital’s shares as the stock price had fallen 30% since its June highs.
In contrast, reporting its July 2015 volumes, Interactive Brokers revealed that its volumes remained solid over the summer month, with the number of DARTs reported at 652,000 in June 2015, corresponding to a jump of 8.7% MoM from June 2015 and 23% higher YoY from July 2014.
Dovish Super Thursday
The biggest tranche of data came out of the Bank of England on “Super Thursday”. In the interests of transparency, the Bank simultaneously released information on the Monetary Policy Committee’s (MPC) rate decision, the voting count, minutes, inflation and updated economic forecasts.
The biggest tranche of data came out of the Bank of England on “Super Thursday".
The overall tone was dovish. With the MPC voting 8-1 to keep the Bank Rate at its current level, an early rate hike seems off the table. The Bank stressed caution and gradualness, noting that the economic recovery remains fragile, with inflation hitting zero in June and an inconveniently strong sterling - which feel over 100 pips following the announcement.
Numerous complaints from clients being denied withdrawal requests have been flocking into the offices of CySEC, which prompted action by the regulator. The broker has put the withdrawal requests of dozens of its customers on hold, on the grounds of an ongoing investigation into bonus abuse by its clients. More data is needed before CySEC can determine who the victim really is.
iFOREX Adds Saudi and South Korean Equity CFDs as IPO Is Delayed
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 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
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.
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
