Drew Niv explains the intricacies of taking a broker public.
Public brokers must maintain earnings stability, consistency, and predictability.
eToro’s recent plans to go for an initial public offering (IPO) ignited the debate again: is it a good time for brokers to go public?
While going public has its advantages, it also has many drawbacks. The place of listing is another key point to consider when planning to public listing.
Advantages of Going Public
In a crowded industry full of large competitors, being one of the few publicly listed companies allows a firm to stand out. When FXCM went public in 2010, its deposits grew 500% within a few years with larger numbers of clients and much larger average deposits. It was particularly helpful in attracting high-net-worth retail clients and institutional clients.
Being public allows shareholders to exit, and the company can bring in new shareholders who are along for the ride. This is especially important for founders and investors who have been in the same firm for many years and want a partial or full exit. Given the dicey state of global regulations and other matters in the retail trading industry, taking liquidity off the table is never a bad idea.
Going public further allows firms to easily raise large sums of money for growth or acquisitions almost overnight. Additionally, it’s a shorter and more certain process than doing it privately in a sector as shunned by investors as the FX and CFDs sector. Although eToro offers FX and CFDs, it has expanded its services over the years and established itself as a multi-asset broker.
Drew Niv (in the middle) speaking in a panel discussion at FMLS:23
Disadvantages of Taking a Company Public
While there are many advantages to taking a company public, only a handful of FX and CFDs brokers are now public. About seven companies offering CFDs are listed publicly in different markets. This is because taking an FX and CFD broker public has its own set of challenges.
By taking a company public, the burden on senior management increases exponentially, with new categories of constituents (analysts, shareholders) vying for time and attention and demanding performance, among other things.
Furthermore, costs always go up from a rise of 10x in professional fees (lawyers, accountants, etc.) to more expensive staff in finance, compliance, etc.
The spotlight is a two-way sword: it's good when everything is going well but bad when it turns the other way.
The Ideal Market to Take a Retail Broker Public
Although the United States is the largest market to take a company public, the United Kingdom is ideal for FX and CFDs brokers. The reason is the UK already has multiple publicly listed CFD firms, including IG Group, CMC Markets, and Plus500. So, UK investors are already familiar with these companies.
Further, analysts in the UK already cover the sector and are familiar with the FX and CFDs firms. The analysts’ recommendations are very important as buy-side equity funds rely on sell-side analysts and hang on to their every word.
When it comes to the United States, it does not have any independently listed FX and CFDs brokers anymore, nor do the analysts cover the sector. Only two listed mainstream financial firms own FX and CFDs brands: Jeffries owns FXCM, and StoneX Group owns GAIN Capital.
The market has significantly more liquidity than that of the UK, but the market is biased towards large-cap stocks. Unless a company has a market cap of $10 billion or higher, most funds won’t invest, and most analysts won’t care.
The Big Challenge
It's challenging to take a company public, especially for an FX and CFDs broker. However, companies can focus on certain areas to succeed as a public company.
For a start, earnings stability, consistency, and predictability must be maintained. Public investors and analysts hate uncertainty and unpredictability, which is something the CFD industry seems to be awash in. To be a successful public company, brokers must get earnings under control and not be at the mercy of B book performances.
Additionally, brokers must develop a strong deep bench of experts who take care of trading risk, compliance, sales, and marketing without active day-to-day intervention and permissions.
Furthermore, brokers must have a very clear plan for how they are going to grow fairly aggressively over the next few years. The trading sector is very mature and has lots of competition, so listed brokers need a plan more than just opening a few offices in countries most people can’t find on a map.
Brokers either need to expand into other asset classes or bring large-scale numbers of new clients through crypto, equities, or something similar. Many brokers are experimenting and tipping into other asset classes, but public companies will not have that luxury, and they will have to make a big splash, most likely with an acquisition, and it better go well.
If a broker has a smooth earnings curve that is upward-sloping and growing, then the market will reward with very high valuations. If a broker messes up with the financials and growth, it will languish in the purgatory of a low-valuation zombie state, and being a public company will turn into a curse.
eToro’s recent plans to go for an initial public offering (IPO) ignited the debate again: is it a good time for brokers to go public?
While going public has its advantages, it also has many drawbacks. The place of listing is another key point to consider when planning to public listing.
Advantages of Going Public
In a crowded industry full of large competitors, being one of the few publicly listed companies allows a firm to stand out. When FXCM went public in 2010, its deposits grew 500% within a few years with larger numbers of clients and much larger average deposits. It was particularly helpful in attracting high-net-worth retail clients and institutional clients.
Being public allows shareholders to exit, and the company can bring in new shareholders who are along for the ride. This is especially important for founders and investors who have been in the same firm for many years and want a partial or full exit. Given the dicey state of global regulations and other matters in the retail trading industry, taking liquidity off the table is never a bad idea.
Going public further allows firms to easily raise large sums of money for growth or acquisitions almost overnight. Additionally, it’s a shorter and more certain process than doing it privately in a sector as shunned by investors as the FX and CFDs sector. Although eToro offers FX and CFDs, it has expanded its services over the years and established itself as a multi-asset broker.
Drew Niv (in the middle) speaking in a panel discussion at FMLS:23
Disadvantages of Taking a Company Public
While there are many advantages to taking a company public, only a handful of FX and CFDs brokers are now public. About seven companies offering CFDs are listed publicly in different markets. This is because taking an FX and CFD broker public has its own set of challenges.
By taking a company public, the burden on senior management increases exponentially, with new categories of constituents (analysts, shareholders) vying for time and attention and demanding performance, among other things.
Furthermore, costs always go up from a rise of 10x in professional fees (lawyers, accountants, etc.) to more expensive staff in finance, compliance, etc.
The spotlight is a two-way sword: it's good when everything is going well but bad when it turns the other way.
The Ideal Market to Take a Retail Broker Public
Although the United States is the largest market to take a company public, the United Kingdom is ideal for FX and CFDs brokers. The reason is the UK already has multiple publicly listed CFD firms, including IG Group, CMC Markets, and Plus500. So, UK investors are already familiar with these companies.
Further, analysts in the UK already cover the sector and are familiar with the FX and CFDs firms. The analysts’ recommendations are very important as buy-side equity funds rely on sell-side analysts and hang on to their every word.
When it comes to the United States, it does not have any independently listed FX and CFDs brokers anymore, nor do the analysts cover the sector. Only two listed mainstream financial firms own FX and CFDs brands: Jeffries owns FXCM, and StoneX Group owns GAIN Capital.
The market has significantly more liquidity than that of the UK, but the market is biased towards large-cap stocks. Unless a company has a market cap of $10 billion or higher, most funds won’t invest, and most analysts won’t care.
The Big Challenge
It's challenging to take a company public, especially for an FX and CFDs broker. However, companies can focus on certain areas to succeed as a public company.
For a start, earnings stability, consistency, and predictability must be maintained. Public investors and analysts hate uncertainty and unpredictability, which is something the CFD industry seems to be awash in. To be a successful public company, brokers must get earnings under control and not be at the mercy of B book performances.
Additionally, brokers must develop a strong deep bench of experts who take care of trading risk, compliance, sales, and marketing without active day-to-day intervention and permissions.
Furthermore, brokers must have a very clear plan for how they are going to grow fairly aggressively over the next few years. The trading sector is very mature and has lots of competition, so listed brokers need a plan more than just opening a few offices in countries most people can’t find on a map.
Brokers either need to expand into other asset classes or bring large-scale numbers of new clients through crypto, equities, or something similar. Many brokers are experimenting and tipping into other asset classes, but public companies will not have that luxury, and they will have to make a big splash, most likely with an acquisition, and it better go well.
If a broker has a smooth earnings curve that is upward-sloping and growing, then the market will reward with very high valuations. If a broker messes up with the financials and growth, it will languish in the purgatory of a low-valuation zombie state, and being a public company will turn into a curse.
Prop Firms and Brokers Form a Perfect Synergy: One Offers Access, the Other Capital
Featured Videos
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
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 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.
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.
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
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
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 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 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.
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.
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
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
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
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
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
