During the passing week the most interesting news from the online trading industry involved stories from all over the world including the America, Asia and Europe. The majority of news items were positive stories about growth in the industry but some still involved the repercussions of the SNB crisis.
FXCM Institutional Comeback
On Monday FXCM announced the relaunch of its FXCMPro.com website, building on its institutional business originally launched in 2004. The company offers firms access to prime brokerage services via FXCM Prime.
Finance Magnates met with Brandon Mulvihill, Global Head of Sales for FXCM PRO, at the company’s New York headquarters to gather more information about the firm’s institutional offering nearly a year after its website was taken offline following the SNB event.
Interactive Traders On Top
On Tuesday we released our Q1 2016 U.S Retail Forex Profitability Report showing that traders were less profitable in the first quarter of 2016 than at the end of 2015. While profitability levels fell, traders flocked back into the market and opened new trading accounts.
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In terms of performance by the brokerages, clients of Interactive Brokers continued to be the most savvy, once again leading traders at other brokers in terms of profitability.
Alpari UK SNB Debt Collector Revealed
On Wednesday the acting administrator for Alpari UK’s bankruptcy KPMG announced the appointment of Beeston Shenton Solicitors Limited as the legal collection agency that will attempt to collect the debts due from clients in connection with negative balances at the bankrupt broker.
Previously, KPMG’s second bankruptcy progress report had estimated client liabilities at $97.8 million, in addition, the debt collection efforts of KPMG directed towards clients of Alpari UK had continued to be slow with £323,597 collected from debtors.
Mario Singh Founds Fullerton Markets
On Thursday we exclusively reported that renowned FX analyst and coach Mario Singh founded a new brokerage localized in a number of regional Asian languages such as Chinese, Thai, Indonesian and Vietnamese.
Fullerton Markets is meant to be a new breed of brokerage in the Asian region. With full straight through processing (STP) execution through a very well respected London based partner, the company is aiming to tap into a market that is anxious for fair trading.
Saxo Bank Post-SNB
On Friday Saxo Bank Group reported a net loss of $98 million (DKK 645 million) for 2015, compared to a net profit of $58 million (DKK 381 million) for 2014. The company’s net loss from the Swiss franc event totaled $108 million (DKK 700 million).
A few days before, the Danish multi-asset brokerage sent out a note to its clients informing them about its new tiered leverage structure for foreign exchange trading that is going live on Monday, the 25th of April 2016.