During the passing week the most interesting stories from the online trading industry included details on new technologies and collaborations. Unfortunately the news also covered police investigations and suspensions.
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The biggest story in the terms of the market was of course the preparation to the Brexit vote. One after the other most brokers notified their clients about trading restrictions due to the unpredictable level of uncertainty that will follow the British decision. One example of a business that is still choosing to expand to the UK, despite all the recent hysteria, is SpotOption which we reported this week opened an office in London.
Open Saxo Bank
On Monday, Kim Fournais, the CEO of Saxo Bank, spoke with Finance Magnates to elaborate on the latest changes and on the upcoming strategic shifts of the company.
In the coming quarters the changes are numerous and include a more in-depth version of the HTML5 trading platform – SaxoTraderPRO.
On Tuesday we reported that London based online forex and CFDs brokerage LCG Holdings is moving its digital marketing operations back to the company’s headquarters.
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After leading the effort of the company to onboard new clients, and establishing the digital media and affiliate business, the CEO of the Israeli subsidiary of the company is set to leave the firm and focus on his own business venture Soho Media.
On Wednesday the Ukrainian self-regulatory organization for forex and CFDs brokers, UCRFIN, announced that the membership of Cyprus-headquartered brokerage IronFX has been suspended.
Commenting to Finance Magnates the organization outlined: “IronFX Global Ukraine has been excluded from UCRFIN for systemic violations of the rules and regulations of the organization, namely non-payment of membership fees.”
On Thursday X Open Hub, a multi-asset liquidity provider, partnered with PFSOFT, a multi-asset technology provider, to integrate X Open Hub’s liquidity and market data into PFSOFT’s Protrader brokerage solution.
The new integration will include market data and execution for over 1500 global instruments divided among FX, indices, commodities, shares and ETFs.
Bank of Russia’s Reputation Shatters
On Friday Russian authorities confirmed that a major forex brokerage is facing fraud charges. This company is reportedly TeleTrade – which only a month before was granted a regulatory license for operation as a forex brokerage by the Bank of Russia.
Authorities state that they have confiscated a large number of computer files, documents and alleged proof that the systems of the brokerage have been tampered with to the disadvantage of the clients.