Forex Weekly Look Back: eToro hires Hedva Ber as Deputy CEO/COO, PrimeXM trading volumes reach $1.06 trillion in March

Looking back at the most intriguing and popular industry news from the past week between 5th and 9th April on LeapRate.

Euronext, the pan-European exchange in the Eurozone, released its trading volumes for March 2021. The total cash market reached €70.17 million in March 2021, 10.6% MoM decrease compared to €63.45 million in February 2021.  ADV cash market reached €3.05 million in December, down by 3.8% MoM compared to the previous month.  Euronext FX, formerly FastMatch, registered $486 billion volume, with 11.2% MoM rise from February 2021, considering the 23 trading days last month.

UK-based compliance technology and data analytics firm SteelEye, announced its plans to expand in North America. Since its launch in 2017, the company has seen fast growth in Europe. SteelEye provides its clients with a comprehensive SaaS-based regtech platform that allows banks, brokers and asset managers to simplify their compliance processes across different EU, UK and now U.S., market regulations.

Multi-regulated broker HonorFX has switched to trading platform MetaTrader 5. The new addition to the broker’s offering has enabled trading in major financial markets for its clients. HonorFX offer more than 165 trading instruments across 5 assets classes via 3 different account types. Honor Capital Markets Limited operates through the brand name HonorFX. The company was founded in 2018 and provides services in the Middle East, North Africa and Asia, through its regulated organizations.

Israeli trading company eToro Group Ltd has hired Hedva Ber as Deputy CEO and Global Chief Operating Officer (COO). At her new position, Ber will lead eToro’s operational infrastructure, corporate governance, compliance and regulatory affairs, legal, risk management and social responsibility. She brings over 25 years of experience in the banking and finance industry.

Marex recently published its results for the financial year 2020 and revealed that the company’s net revenue reached $414.7 million. This marks an 18% rise compared to 2019 when the company registered $352.2 million. The financial report showed a 37% jump in gross revenues reaching $762.4 million in 2020, compared to 2019 when it registered $53.4 million). Marex also reported adjusted operating profit before taxation of $61.5 million in 2020 over $53.4 million in 2019.

Exchange holding company Cboe Global Markets, Inc. reported its March 2021 monthly metrics with gains in some sections of the market compared to February 2021. European Equities ADNV was up 9% MoM in March and the total notional value grew 25.6% MoM compared to the previous month. Global FX ADNV increased 3% over February 2021 to $ 38,462 million in March and the total notional value rose 18.4% MoM.

StoneX Group Inc. announced that its Fixed Income Division has strengthened its Treasury Desk and presence in the treasury markets with the hire of industry veterans Stefan Dannibale, Eric Drexler and Matt Rader. Dannibale has 25 years of experience and most recently was the Head of Investment Grade Sales and Trading at Odeon Capital. Among the new hires are Eric Drexler who was appointed as Director of Treasury Trading and Matt Rader as Senior Treasury Trader.

Marcin Niewiadomski has recently been appointed as Head of Europe for forex and CFD trading platform OANDA. Niewiadomski will take responsibility for pursuing OANDA’s ongoing growth across EU27 countries. It has also been confirmed that Niewiadomski will carry on in his current role from his Warsaw base, where he works as Chief Executive Officer for Dom Maklerski TMS Brokers SA (TMS). Niewiadomski has managed digital transformation for TMS for around six years, working to extend its geographical footprint and its product offering.

Total trading volumes across Moscow Exchange’s markets reached RUB 90.4 trillion in March 2021, registering a 25.4%MoM increase (RUB 72.1 in February 2021). Volumes can be seen to have grown on all major markets in comparison to volumes reached in February 2021: Derivatives Market (+37%), FX Market (+33.1%), Equity Market (+19.5%), Bond Market (+18.4%) and Money Market (+16%).

PrimeXM released its monthly metrics for March 2021. The broker reported a total of $1.06 trillion in trading volumes registered last month across the 3 major Data Center locations. PrimeXM’s trading activities in March mark a 16.3% MoM increase compared to February when it reached $883.26 billion. The Average Daily Volume (ADV) in March was $46 billion, up by 1% MoM compared to the previous month. 18th March was the highest daily trading volume of the month with $58.68 billion turnovers, a 20% jump compared to February. The total trades registered in March were 34.56 million.

The multibank FX streaming aggregation and a matching service provider FXSpotStream announced its March trading volumes. The company posted its second-highest ADV ever of $54.674 billion.

FXSpotStream reported last month its second-highest ADV of $49.596 billion. In March the company registered 10.24% MoM higher results compared to February 2021. March 2021 is second-highest only to March 2020 when the numbers were affected by the Covid-19 outbreak and the high market volatility during that period.

Forex Weekly Look Back

Arthur Hayes, the former CEO of cryptocurrency exchange platform BitMEX, has surrendered himself in Hawaii to the US authorities and appeared in court on Tuesday. Hayes faces charges suggesting that he did not take necessary action in preventing his innovative start-up from becoming a platform for money laundering crimes. Hayes’ surrender comes six months after New York-based federal prosecutors first accused him.

The Swiss Stock Exchange will list new ETPs with crypto-currency from SEBA Banks. The new addition of products on SIX reflects the increasing interest in crypto products trading. SIX has already added two new ETP issuers this year in addition to SEBA Bank. The new listings provide investors with a large choice diversify their portfolios with a wide range of different products with a crypto-currency underlying tradable in the regulated environment of the Exchange.

RegTech firm Muinmos announced that former Integration Team Lead at Finalto Emil Kongelys has joined its team as Chief Technology Officer. Kongelys brings more than 15 years of experience as an IT engineer in the financial services sector. He spent almost a decade at Finalto (formerly known as CFH Clearing), where he was responsible for building and evolving the Prime of Prime brokerage’s trading system and leading the integrations team.

Multi-asset financial products provider Equiti Group announced signing a three-way partnership with financial technology company Acuity Trading and news provider Dow Jones Newswires. The deal will allow Equiti’s clients around the globe to benefit from the combined power of Dow Jones Newswires and Acuity’s AI news analytics technology to help strengthen their trading strategies.

Digital money platform Uphold, which serves over five million customers in over 150 countries across the globe, has recently announced its acquisition of US broker dealer, JNK Securities. It is set to become one of the first ever crypto companies to have acquired a broker dealer which has been approved in the US to supply its retail investors with equities on an omnibus basis. The Financial Industry Regulatory Authority has approved this acquisition.

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