Forex Industry Week Review: FXCM new CEO and mega contracts, Exness FCA license upgrade, Binary Options chief arrested, and lots more…

forex industry news update

It was one of those weeks in Forex Industry News where things were ‘all over the place’. We saw senior executive moves at ADS Securities, ArgusFX, and of course FXCM parent Global Brokerage Inc, which finally replaced CEO Drew Niv. There were regulatory actions. And, the arrest of the owner of a Binary Options brokerage in Israel.

Two executive interviews received a lot of attention this week at LeapRate:

Some of our most popular, shared and commented-on posts this week at LeapRate included:

FXCM hands out another $1.6 million-plus contract, to a long-term employeeLeapRate Exclusive… Times are clearly not easy at retail forex broker FXCM, or at its parent company Global Brokerage Inc (NASDAQ:GLBR). Trading volumes are down. The company has large financial obligations it is scrambling to meet. GLBR recently reported a $30 million loss in Q1, and faces delisting from Nasdaq. But all these factors do not seem to be deterring either the parent or operating companies from doling out what can only be described as huge and lucrative short-term contracts. And the contracts are going to those who have been involved at FXCM for the longest time, people who were the key lieutenants of longtime (and recently departed) CEO Drew Niv. So who is getting all this guaranteed money?

FXCM parent Global Brokerage (finally) names replacement for Drew Niv. Well, Drew Niv is finally out the door. Global Brokerage Inc, parent of operating company FXCM Group LLC has issued a filing naming a replacement for Drew Niv as CEO of the publicly traded company. Mr. Niv remained on as interim CEO of GLBR even after resigning his positions at the operating company and its foreign subsidiaries. GLBR also filed its Q1 results, indicating a large loss in the quarter. Who will be replacing Drew Niv?

Exness upgrading FCA unit, expects FX operations launch in September 2017LeapRate Exclusive… LeapRate has learned via regulatory filings that Cyprus-based retail forex broker Exness has made an application to the UK financial regulator FCA to increase the scope of its FCA-licensed arm, Exness Europe Limited (Exness UK). Exness indicated that, assuming regulatory approval is received, Exness UK will begin operation no later than September 2017.

Binary Options broker arrested for fraud and extortion after Israel police sting operation. Israeli news outlets are reporting the arrest yesterday of a 38 year old Tel Aviv resident who owned a binary options broker operating from the country. Police stated that the arrest was the result of a covert operation which lasted several months. Get all the details, now at LeapRate.

CMC Markets launches new institutional offering Prime FX.

Playtech shareholder vote rejects 1.5 million share grant to CEO Mor Weizer as shares hit all-time high.

Nidal Abdelhadi joins ADS Securities from Advanced Markets as Head of Institutional Sales.

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