Each Sunday we uncover the most interesting and informative articles from around the financial industry, just in case you missed them. Enjoy a recap of Finance Magnates’ best, and gear up for the next week.
Here are the most important stories from last week.
Retail Forex Deposits in the US Rise
The US Commodity Futures Trading Commission reported its latest data collected from Retail Foreign Exchange Dealers (RFEDs) for the first month of 2017. The statistics show that the total size of the retail market in January managed to grow on a month-over-month basis.
More specifically, retail forex obligations of the companies amounted to $532.4 million, a growth of 1.3 percent on a month-over-month basis from $525.7 million in December 2016.
iFOREX Enters FX Prime Brokerage Space
Multi-regulated retail brokerage iFOREX has ventured into the prime-of-prime space by offering a new product called ‘iFOREXPRIME’. It will leverage its existing pool of FX and CFDs liquidity and open it up to institutional businesses.
iFOREXPRIME will launch in partnership with the New York-based technology provider Forex Development Corporation (FDC), which is headed by Mitch Eaglstein.
iFX EXPO 2017 to Kick Off in Cyprus in May
CONVERSION PROS, a marketing agency focusing on the retail finance sector and the driving force behind the iFX EXPO financial events, has unveiled plans for its next iFX EXPO International 2017 conference in Cyprus.
The annual iFX EXPO series draws industry experts from around the world, bringing together B2B and market specialists from the foreign exchange and binary options industries. This year’s iFX EXPO will take place in Limassol, Cyprus, on May 23-25 2017, at the Palais de Sport Spyros Kyprianou.
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Saxo Bank Closes Cyprus Office
Saxo Bank is closing its office in Limassol, the company has confirmed to Finance Magnates. Clients of the firm from Central and Eastern Europe (CEE) and the Middle East and North Africa (MENA) will continue to receive services from Prague, Dubai and Copenhagen.
Saxo Bank opened its Cyprus office five years ago and initially set up a subsidiary which focused closely on retail FX clients via an MT4 offering. In 2015 the company renounced its CySEC license and wound down its MT4 business. Since then the Danish brokerage focused its retail operations solely on its SaxoTraderGO and SaxoTrader platforms.
Spotlight on CRM and Binary Options – Q4 2016 FM Intelligence Report
This quarter we’re launching a brand new format for the Quarterly Intelligence Report.
As you probably know, the report is constantly going through changes to make it even more valuable and data-driven so as to better assist our readers in their decision-making process. Therefore, we’re revolutionizing the variety, amount and quality of the unique data that we provide to our readers.
For instance, have added data on traffic and the most popular currency pairs and highlighted selected countries and brokers. The country in focus this time is Israel, with a booming forex and binary options industry on the one hand, and an unprecedented and crippling regulatory framework on the other.
Ireland Prepares Action to Protect FX Retail Investors
The Central Bank of Ireland is preparing action to revamp the retail forex and CFDs offering to retail clients. The financial supervisor in the country has issued a consolation paper that is focusing on the issues related to financial trading products for retail investors.
Focusing on CFDs products, the Bank of Ireland is stating that it is preparing action to tackle the high risks for retail clients. The authority is looking for feedback from clients and brokers alike.
A Year into Russian Forex Regulation
On Thursday the 9th of March, Finance Magnates Russia reported on the seventh brokerage to receive a forex broker operating license from the Bank of Russia. Instaforex became the latest company to receive the document which effectively allows its regulated subsidiary to operate in Russia.
As it turns out, the Bank of Russia’s regulatory framework developed by the Russian parliament is still not allowing the regulated subsidiaries to freely operate in Russia. To be more precise, brokers can operate, but they can’t advertise.