LCG's first half saw a 7% drop in revenues, at a time when other UK online trading brokers saw a nice rise in business. Quick follow-up to our story last week detailing London Capital Group's first half financials.... LCG shares have continued to drift downward in the past few days, completing a 17% drop in…
Read morePhoenix Forex requires investors to pay a substantial up-front fee of up to $25,700 to subscribe for the system. New Zealand's financial regulator FMA has issued a warning against currency account manager Phoenix Forex Limited of Auckland, and the OakFX foreign exchange trading system, for which Phoenix is the exclusive distributor. According to the FMA, Phoenix Forex…
Read moreFin-tech VC firm FTV helps Credorax build $40 million warchest to expand to new markets. Payment processing solutions developer Credorax has raised $40 million from New York-based venture capital firm FTV Capital, which specializes in financial technologies. According to Israeli business newspaper Globes, FTV's $40 million gave it a 20% stake in Credorax, meaning that…
Read moreTradency is focusing on the expansion of its network of back-end partners. Mirror Trader provider Tradency has announced a partnership with institutional FX broker CFH Clearing. CFH Clearing's interbank clearing technology will be integrated with Tradency's Mirror Trader platform, providing brokers with a combination of front end and back end technology. CFH recently went through a…
Read moreFX volumes rose 44% in Q2 at Russia's largest public trading market. Moscow Exchange reported its Q2 financial results and trading volumes, both of which increased nicely. The exchange reported revenues of RUB 6.3 billion ($189 million) in Q2, up 14% from Q1 and 21% from last year's Q2. On the volume side of the…
Read moreIn its first financial report since its IPO in July, Plus500 sees its shares barely react, trading up 0.6%. CFD broker Plus500 has reported its first financial results as a public company, and they were (in our view) quite impressive. Virtually everything at Plus500 -- Revenues, EBITDA, Net Income, Revenue-per-Client (ARPU) -- showed a large…
Read moreMerger of BATS and Direct Edge creates the second largest US equity exchange by volume. With volumes and margins dropping in US equity trading, it comes as no surprise that we're seeing consolidation in the equity exchange business. And as such the newly-announced merger of BATS and Direct Edge isn't quite shocking. What did come…
Read moreMMA CEO Malik Noureed Awan brazenly claims 'I am really enjoying all this free publicity'. Some follow-up notes to our exclusive coverage of the shutdown of Dubai retail forex broker MMA Forex.... 1) Contact. Calls to all of the 'Contact Us' telephone numbers at MMA Forex (as listed on their website) yielded some strange results.…
Read moreAndrey Dashin's two companies, forex brokers ForexTime and Alpari, look to go more head-to-head for new business. It was bound to happen sooner or later.... LeapRate has learned that Cyprus-based forex broker ForexTime has opened its first office outside the island, with the initiation of a new rep office in London. Normally, this would not…
Read moreSame old story, client funds used to repay old investors and to pay personal expenses. The CFTC has obtained a federal court order against Sidney J. Charles, Jr. and his Company, The Borrowing Station, requiring both to pay more than $600,000 following the discovery of a forex ponzi scheme run by Charles -- $254,000 to…
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