During the passing week the most interesting news from the online trading industry included reports about new cross-border partnerships, an expanded range of offerings and a re-shuffling of top executives in the continent down under. Unfortunately we also learned that one brokerage has lost the favor of its regulator.
Match-Trade XTB strategic partnership
On Monday, UK-based XTB Limited, a global group with roots in Poland through its X Open Hub (XOH) brand, partnered with Match-Trade Technologies LLC, a California- based technology provider of direct order matching between market participants.
Through the deal, Match-Trade will power XOH’s aggregation and bridging needs, and help it offer additional multi-asset solutions to its traders. The synergy was explained as a strategic cooperation, as the broker aims to meet additional client’s needs, and as Match-Trade had already on-boarded and integrated several clients for XOH.
Hot Chinese stocks
On Tuesday, trading technology solutions provider Leverate added the China A50 Index to its product line. The CFD follows the biggest 50 A Share firms by market capitalization listed on the Shenzhen and Shanghai stock exchanges.
The move is mainly being performed to help its brokers’ clients build their brands in the Middle Kingdom’s market. Ted Lee, Leverate’s Head of Marketing in Asia, stated: “We know that Gold, Silver, Alibaba Stock, A50 stock index and csi300 index are hot in China and we are committed to providing the instruments that the market needs.”
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On Wednesday, Admiral Markets shared that it has appointed a new CEO for its Australia-based operation. Cristian Moreno took the helm of the company effective as of mid-January. He brings a background across the FX industry from roles with GFT and YouTradeFX.
The news came just a few hours after it was revealed that the previous CEO of the company, Andrew Stephens, was snatched up by OANDA for the role of its new managing director for the Sydney office. OANDA Asia Pacific CEO Rajesh Yohannan said: “Stephen is joining us at a critical point in our expansion, and I’m confident that he is the right person to take our Australian operation to the next level.”
Sensus to lose Malta license
On Thursday the news broke that the Malta Financial Services Authority (MFSA) has decided to cancel the Category 2 Investment Services License of FX-CAM Consulting and Advertisement LTD, formerly known as Sensus Capital Markets Ltd, pending an appeal period that the company is entitled to.
The MFSA said that Sensus was found in breach of numerous rules, citing Article 3(1) of the ISA and Standard Licence Condition for Investment Services Rules for Investment Services Providers and that Sensus was acting beyond its license by dealing on its own account when it was not licensed to do so.
New chapter in FXCN/Leucadia relationship
On Friday FXCM Inc. (NYSE:FXCM) and Leucadia National Corporation (NYSE:LUK) entered into a new memorandum of understanding (MOU) to alter the terms of their Amended and Restated Credit Agreement as well as their Amended and Restated Letter Agreement.
An existing FXCM Newco agreement is also slated to be amended, as Newco would be renamed FXCM Group LLC, with Leucadia owning a 49.9% common membership interest in FXCM Group. By extension, FXCM Holdings LLC would own a 50.1% common membership interest in FXCM Group. FXCM Group itself will also be governed by an eight-member board, with three directors appointed by Leucadia.