Clients Remain Uneasy as FXCM, GAIN Capital CEOs Discuss Future of Forex
Sunday,08/02/2015|13:40GMTby
Kenny Mariasin
In yet another week marked by Black Thurdsay's shockwaves, leaders of the two leading US brokers set out to defend the industry and reassure traders. In Alpari UK, meanwhile, business is unusual... as usual.
This past week saw continued interest in the large brokerages left picking up the pieces after the CHF meltdown. Along with tracking major announcements, we were able to bore into and shed light on developments at two of the biggest players in the industry, FXCM and GAIN Capital.
FXCM CEO Reassures Traders While Co-Founder Sells Shares
On Monday we reported that FXCM co-founder, Managing Director and Global Head of Dealing Eduard Yusupov had over a million FXCM shares foreclosed in a margin call in the fallout of the “SNBomb.” Before Black Thursday FXCM shares were valued in the mid-teens; Yusupov’s shares were sold for between $2.41 and $2.29.
The most notable news from the NYSE-listed firm came on Wednesday. In his first interview since the crisis, FXCM CEO Drew Niv discussed the company's future with Forex Magnates and the rationale behind its decisions on and after January 15.
When asked about the emergency loan his company received from Leucadia, for example, the FXCM CEO told Forex Magnates that the company “explored multiple debt and equity financing alternatives in an effort to meet the regulator’s deadline” and that “the deal with Leucadia was the only deal that could and would happen in the very short timeframe [they] were given by the regulators.”
Alpari UK to Be Sold for Parts as Founder Secures Assets
Alpari's Andrey Dashin
Another major broker levelled by the CHF storm, Alpari UK, is considerably worse off. On Tuesday the group's special administrator, KPMG, confirmed that it wasn't successful in selling the company as a whole unit. Alpari UK will now be partitioned into separate assets to be sold separately.
Dashin is also the chairman of Alpari RU's board of directors and has labelled the acquisition of the UK branch’s intellectual property portfolio as “one of the first practical steps in realizing Alpari’s plan for global expansion,” spearheaded by the Russian and CIS wing of the Alpari umbrella.
Alpari UK Clients to Apply on New Website for Fund Claims
In other Alpari UK news, KPMG announced one more step toward returning retail clients’ money. According to UK securities laws governing local brokers, all client funds need to be held in segregated bank accounts in case of insolvency. KPMG has given no indication that any of the money is missing and appears to be on track to complete reimbursement.
However, before Client Money can be reimbursed, the administrators say regulations require that each client agrees to their money entitlement. In order to facilitate this process, KPMG announced that they are developing a website called the "Claims Portal" which will give retail clients access to agree to their claims and provide information that will assist in the distribution process.
Clients have responded to the news with disdain, as it was perceived as an unnecessary expenditure which would only serve to delay the reimbursement. Alpari Japan, for its part, is maintaining its existing system despite the Tokyo operation reportedly being flooded with withdrawal requests.
Gain Capital CEO Glenn Stevens
Is Forex Riskier than Other Assets?
In the wake of SNB's shock move, GAIN Capital CEO Glenn Stevens shared his thoughts with Forex Magnates. Focusing on the pre-emptive steps the broker has taken, namely increasing the margin requirements for the EUR/CHF pair, he stressed that currencies are not inherently riskier than any other traded asset.
“Only a few players lost the majority of their funds in many instances,” he said. "When you read the press stating how forex is an unsuitable product for the mass market, this is just uneducated and uninformed."
This past week saw continued interest in the large brokerages left picking up the pieces after the CHF meltdown. Along with tracking major announcements, we were able to bore into and shed light on developments at two of the biggest players in the industry, FXCM and GAIN Capital.
FXCM CEO Reassures Traders While Co-Founder Sells Shares
On Monday we reported that FXCM co-founder, Managing Director and Global Head of Dealing Eduard Yusupov had over a million FXCM shares foreclosed in a margin call in the fallout of the “SNBomb.” Before Black Thursday FXCM shares were valued in the mid-teens; Yusupov’s shares were sold for between $2.41 and $2.29.
The most notable news from the NYSE-listed firm came on Wednesday. In his first interview since the crisis, FXCM CEO Drew Niv discussed the company's future with Forex Magnates and the rationale behind its decisions on and after January 15.
When asked about the emergency loan his company received from Leucadia, for example, the FXCM CEO told Forex Magnates that the company “explored multiple debt and equity financing alternatives in an effort to meet the regulator’s deadline” and that “the deal with Leucadia was the only deal that could and would happen in the very short timeframe [they] were given by the regulators.”
Alpari UK to Be Sold for Parts as Founder Secures Assets
Alpari's Andrey Dashin
Another major broker levelled by the CHF storm, Alpari UK, is considerably worse off. On Tuesday the group's special administrator, KPMG, confirmed that it wasn't successful in selling the company as a whole unit. Alpari UK will now be partitioned into separate assets to be sold separately.
Dashin is also the chairman of Alpari RU's board of directors and has labelled the acquisition of the UK branch’s intellectual property portfolio as “one of the first practical steps in realizing Alpari’s plan for global expansion,” spearheaded by the Russian and CIS wing of the Alpari umbrella.
Alpari UK Clients to Apply on New Website for Fund Claims
In other Alpari UK news, KPMG announced one more step toward returning retail clients’ money. According to UK securities laws governing local brokers, all client funds need to be held in segregated bank accounts in case of insolvency. KPMG has given no indication that any of the money is missing and appears to be on track to complete reimbursement.
However, before Client Money can be reimbursed, the administrators say regulations require that each client agrees to their money entitlement. In order to facilitate this process, KPMG announced that they are developing a website called the "Claims Portal" which will give retail clients access to agree to their claims and provide information that will assist in the distribution process.
Clients have responded to the news with disdain, as it was perceived as an unnecessary expenditure which would only serve to delay the reimbursement. Alpari Japan, for its part, is maintaining its existing system despite the Tokyo operation reportedly being flooded with withdrawal requests.
Gain Capital CEO Glenn Stevens
Is Forex Riskier than Other Assets?
In the wake of SNB's shock move, GAIN Capital CEO Glenn Stevens shared his thoughts with Forex Magnates. Focusing on the pre-emptive steps the broker has taken, namely increasing the margin requirements for the EUR/CHF pair, he stressed that currencies are not inherently riskier than any other traded asset.
“Only a few players lost the majority of their funds in many instances,” he said. "When you read the press stating how forex is an unsuitable product for the mass market, this is just uneducated and uninformed."
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
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
