The online trading industry remains a very volatile and exciting business to operate in with new developments occurring all the time. This week we saw the most interesting stories coming out of the U.S, Japan, Australia, Europe and the Middle East, showcasing the global scope of the marketplace.
MXT Global No More
On Monday, we reported that MXT Global has announced to its customers that their accounts are being merged together with those of VantageFX. With the exit of the brand from the retail forex market, it now becomes Vantage Prime. As the name suggests, the new division will be targeting institutional customers, providing white label solutions and liquidity.
Regarding the news of the Vantage Prime launch, Managing Director Jay Wang commented: “This restructure is about making sure that Vantage can offer the best possible service to both our retail and institutional clients who obviously have vastly different needs.”
Fortress Prime Raises $200 Million
On Tuesday, Dubai headquartered brokerage Fortress Prime boasted about raising an additional $200 million in funding. The move seems to be an attempt to alleviate the serious concerns of clients of the company, some of which have been waiting for their withdrawal requests to be honored for a couple of months already.
The company states that the capital injection will help the brokerage to “get back on track” after the withdrawal issues have hit its credibility. In line with this, a number of clients of Fortress Prime have been informed that their funds will be disbursed by the 15th of November.
Market Trading Ideas for May 10-14Go to article >>
FXCM Hit with €200,000 French Fine
On Wednesday it was revealed that the financial watchdog in France made a decision against FXCM – the AMF reprimanded the broker as well as slapped it with a fine of €200,000. The regulator says that the brokerage has failed to check whether third parties that managed its clients’ accounts had the necessary legal approval to provide portfolio management.
A few days before this, FXCM made the headlines as it took a number of steps to revamp its CFDs market making offering. The brokerage has detailed that its new approach towards managing exposure will also bring about a much awaited no-requotes trading to index CFDs.
InstaForex Joins Football Craze
On Thursday, Instaforex has become the latest addition to the growing list of forex and binary options brokers looking to boost their brand via a sports sponsorship. The deal is with U.S. Città di Palermo, which is currently holding 13th spot in the Italian Serie A league with 11 points in 10 games.
For the next two years Instaforex will be able to use marketing materials associated with the football club online. Aside from that, the company will gain exposure on LED billboards, hospitality materials and tickets when Palermo is playing on home turf at Stadio Renzo Barbera.
Big (Investment) in Japan
On Friday it was revealed that Japanese investment bank, Daiwa Securities, and the trading giant, GMO Click Holdings, have reached an agreement to form a business alliance. The agreement details that Daiwa Securities and GMO Click can develop a new FX and securities trading service combining the strengths of both companies.
Daiwa Securities will purchase 11,100,000 shares which represents a 9.6% stake in GMO Click from GMO Internet. The investment bank may acquire up to 20% of the outstanding shares of the Japanese brokerage in the future, depending on the progress of the business alliance. More information about the venture should become available by the end of March 2016.