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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate Exclusive… LeapRate has learned in conversations with senior management and others close to the situation that several big changes are cooking at leading CySEC and FCA regulated retail forex broker FxPro.
We’d note, before outlining some of these changes below, that a number of rumors are being spread via email by someone who is clearly looking to damage FxPro’s reputation, and are being repeated by certain other irresponsible types. They deal with some of the changes we outline, but with a very negative “spin” on them (e.g. firing versus resigned, references to “mass layoffs”, and other rumors which we’d rather not repeat here).
Back to reality…
Management changes. Vanessa Spyrou, Chief Sales Officer at FxPro the past two years and an eight-year FxPro executive, has resigned from the company for personal reasons. Ms. Syprou oversaw the company’s client facing activities, which constituted mainly customer relations. As part of a general review of management and culture at FxPro (more on that below), Ms. Spyrou’s responsibilities will be subsumed under CFO Lenas Thoma, who effectively has been acting the past few years as CEO Charalambos Psimolophitis’ right-hand man and chief business development officer.
Reviews and layoffs. FxPro, with the help of an outside consultant, used peer ranking reviews as part of a new system to promote and reward well-performing employees and pare those who haven’t been performing well – a system increasingly used at leading financial institutions worldwide. The changes were made after FxPro increased in size and personnel some of its key functional areas (customer service, marketing) over the past 18 months. In total, nine people were let go by FxPro across several disciplines, some of which the company will look to replace, and some of which not.
Dubai. A new hot area in Retail Forex, FxPro last month received its license to open an office and operate in Dubai. The company has already rented office space, and after completing necessary personnel and technology preparations is targeting a September launch of its Dubai operation. The company will be moving Elsy El Rayess, currently FxPro head of MENA region out of Cyprus, to Dubai to run the operation.
STP / ECN accounts. Although it does offer direct-to-market accounts, FxPro has taken the decision to remove all reference to straight-through-processing, ECN trading and direct-to-market accounts (and similar variations) from its website and marketing material. The company does offer such accounts but also engages in market making, and as such to avoid any confusion among clients the decision was taken.
Spreadbetting launch. Probably the largest of all the changes looming at FxPro, the company is planning to launch financial spreadbetting out of FxPro UK. And to support its expanded UK offering…
Premier League Shirt Sponsor. FxPro has agreed to act as Shirt Sponsor for a UK Premier League football club. We expect the company to make formal announcements on both the spreadbetting product launch, and the Premier League sponsorship, in the coming week.