During the passing week the most interesting news from the online trading industry included yearly reports, details about an upcoming IPO in Japan and the launch of a new machine learning tool for investors. We also saw fascinating revelations about why Monex really left the U.S. market.
Tradency Algo AI
On Monday we reported that mirror trading platforms provider Tradency is ready to deploy a whole new type of retail investing solution, an artificial intelligence tool for algorithmic trading.
Finance Magnates met with the founder and CEO of Tradency, Lior Nabat, at the firm’s offices to learn from him about the development process and motivation for the new offering called RoboX.
NFA nudged another player out of the U.S
On Tuesday the news broke that the American regulators were behind the exit of the Japanese Monex group from the U.S market. The NFA proclaimed that it ordered the retail foreign exchange dealer subsidiary of TradeStation, IBFX, to withdraw its RFED membership.
The day before the CFTC had announced that the firm had settled charges with the regulator and agreed to pay a $1 million penalty after it failed to meet the minimum capital requirements in the aftermath of the Swiss National Bank debacle last January.
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GAIN Capital 2015 report
On Wednesday Gain Capital (NYSE: GCAP) notified the SEC that it doesn’t anticipate that it will be able to complete its 10-K for the period ending December 31st 2015 in time. A company spokesperson stated that this is due to technical tax matters, and it has not materially impacted the underlying strength of the business of the brokerage.
The day after Gain Capital filed its report showing higher revenue yet lower net income for the year. Revenues totaled $435.3 million and were higher from $369.2 million for the prior year, while, despite the higher figure, net income for 2015 was almost $11.94 million, lower from the restated figure of $26.31 million for 2014.
$135.5 million JASDAQ IPO
On Thursday Osaka based forex and binary options broker Hirose Tusyo Inc., which also has a UK subsidiary, announced that it is aiming to raise up to ¥15.04 billion ($135.5 million) as its shares go public in Japan.
The company has been authorized to issue up to 18,124,000 shares and will be trading on the Japanese Stock Exchange under the ticker 7185. Hirose joins the ranks of publicly listed brokers such as GMO Click, Invast and Monex.
Darwinex reports positive growth
On Friday Darwinex filed its annual report for the year ending June 30th 2015 showing that client monthly trading volumes had reached nearly 2 billion GBP. The company’s net assets at the end of the period had surpassed 200,000 GBP, higher from roughly 133,000 in the prior year period.
Darwinex CEO Juan Colon: “Last year saw the consolidation of our brokerage offering, with volumes growing 10-15% a month to currently 4 yards. More importantly, our investor proposition is now fully operational, and we’ll shortly launch a product bound to make some headlines.”