More Platforms in Japan, Fewer Brokers in US – Best of the Week

IronFX, Monex, 24option and more are among the firms that appeared in last week's top stories.

During the passing week the most interesting stories from the online trading world included new platform offerings in the Japanese market as well as developments in the shrinking American market.

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FC Barcelona / IronFX breakup?

On Monday we reported that the logo and the name of IronFX have disappeared from the list of sponsors on the website of Barcelona FC. The sponsorship deal between the companies was signed in March 2014 for a period of three years.

The reasons for the move may be technical, or the deal between the companies might have an early exit clause. According to estimates by industry insiders, the deal has been a substantial investment for the brokerage with IronFX supposedly paying up to €3 million per season.

CySEC Chairwoman on 24option ban in France

On Tuesday it was revealed by the Chairwoman of the Cyprus Securities and Exchange Commission Demetra Kalogerou, that the ban of 24option in France was over a marketing message that is two sentences long. The Autorité des Marchés Financiers has classified the advertising practices of the binary options brokerage as sufficient ground to ban the firm from operating on the French market.

It soon followed with the news that the Belgian Financial Services and Markets Authority reached a settlement agreement with 24option for €140,000 over its operation in the country.

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TradeStation in Japan

On Wednesday Japanese broking giant Monex Group announced that its wholly owned subsidiary, Monex, Inc., launched a functional enhancements version of TradeStation for active traders in Japan.

The brokerage aims to increase revenue by acquiring more users, thus increasing the number of trades and stock trading volume.

US market update

On Thursday we reported that according to the latest data filed by US Futures Commission Merchants (FCMs) and Retail Foreign Exchange Dealers (RFEDs), firms’ retail forex funds suffered a decline in June 2016. Except for TD AMERITRADE, each and every individual broker has reported a decrease in the amounts of FX funds they held over the period.

We followed up on this story with an analysis of how the U.S market is changing due to stifling regulations.

Interactive Brokers gives up on retail clients

On Friday we learned that US clients of forex brokerage Interactive Brokers have been contacted by email informing them that effective 1 September, 2016, only accounts held by Eligible Contract Participants (individuals or organisations with assets of over $10 million) may open leveraged forex positions.

As far as most Interactive Brokers’ clients are concerned, with less than $10 million in assets, this effectively means it is folding its retail forex operation in the US.

 

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