Forex Weekly Look Back: FXOpen UK acquires AMB Prime, FXCubic partners with Equiti Group for liquidity solutions

Looking back at the most intriguing and popular industry news from the past week between 13th and 17th of July on LeapRate.

Gallant Exchange tapped former CEO of Nasdaq Futures Rick Beaman for President as it launched its sports and cryptocurrency trading platform. The Gallant Exchange’s platform is designed to support the trading of Athlete Coins (ACs), as well as the popular cryptocurrencies. Rick Beaman previously served as a chief executive officer of Nasdaq Futures Exchange (NFX), Nasdaq’s U.S.-based energy exchange. After that he transitioned into transitioned to the chief executive officer of San Juan Mercantile Exchange (SJMX) in December of 2018. Beaman has accumulated over 23 years of experience in Exchange, Clearing and Brokering of Commodities.

Pan-European exchange Euronext announced it secured clearance from the Danish Financial Supervisory Authority to acquire up to 100% of VP Securities A/S1 (“VP Securities”) on 15 July 2020. The approval by the Danish FSA was the only condition left to complete the transaction. Shareholder vote in VP Securities already showed support for the acquisition with shareholders representing 90.7% of the total shares. Euronext’s offer to acquire VP Securities’ remaining shares will remain open until 31 August.

London-based forex broker with FCA regulation FXOpen UK expanded its European operations with the acquisition of Cyprus broker AMB Prime. The new entity will operate under the name FXOpen EU and will open on 17 August. Despite the current challenging global market situation, FXOpen UK remains committed to its plans to expand in Europe. The acquisition of authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) AMB Prime will enable the company to boost its presence in Europe.

London-based fintech firm FXCubic announced its new partnership with FCA-regulated prime of prime broker, Equiti Capital, part of the Equiti Group. Multi-asset financial products Equiti Group operates regulated financial trading brands around the world. Its partnership with FXCubic is in line with the Equiti’s global growth plans to partner with technology vendors to expand the company’s global reach. FXCubic will provide Equiti Capital with its proprietary liquidity solutions and price management systems.

Forex Weekly Look Back

The World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs’ Sustainability Survey reported growing investor demand for ESG disclosure. The WFE sustainability survey encapsulates the extent of the engagement of its members in Environment, Social and Governance (ESG) issues across developed and emerging markets. The survey is carried out annually. The WFE and industry track the evolution the development and growth of its members’ commitment to ESG issues.

German financial reporting system is facing European Securities and Markets Authority (ESMA) assessment after Wirecard collapse. The ESMA plans to conduct an assessment of the supervisory response in the financial reporting operation of BaFin and the Financial Reporting Enforcement Panel (FREP) to the events leading to the collapse of the German payments group Wirecard AG. The assessment is expected to complete on 30 October 2020. The ESMA believes that the Wirecard’s collapse undermined investor trust and the assessment of the events will help restore the investors’ confidence.

Global exchange holding company Cboe Global Markets, Inc. announced its plans to begin trading in Mini Cboe Volatility Index (VIX) futures on Cboe Futures Exchange (CFE) from 10 August 2020. The new contract builds on the VIX futures’ success and responds to investors’ demand for wider variety of tools to gain direct exposure to the VIX Index. New Mini VIX futures will be structured like the standard VIX futures contract but will be one tenth of its size with a $100 multiplier. The smaller notional value of the mini contract aims add flexibility in volatility risk management and greater precision in allocation among smaller, managed accounts.

Multi-asset enterprise financial services technology solutions provider oneZero Financial Systems announced the appointment of Jamie Rose as director of Relationship Management. At his new position, Rose will be responsible for developing and managing key client relationships in the UK and Western Europe to support the expansion of oneZero’s presence in these markets. Rose brings to oneZero extensive institutional experience and industry expertise. Prior to joining the company, the served as head of eFX at Xenfin and Marex Spectron, in addition to previous roles at Dresdner Kleinwort Wasserstein and FXall.

Investment services provider SquaredFinancial announced the launch of its partnership programme to encourage brokers to introduce traders to SquaredFinancial services and products. Through single or multi-tier referrals, SquaredPartner will allow individuals or corporations to grow their business. This provides their clients with all the benefits of trading with Squared.

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