Forex Weekly Look Back: IG Group revenue jumps 65% in Q3, FP Markets launches Social Trading platform

Looking back at the most intriguing and popular industry news from the past week between 8th and 12th March on LeapRate.

London-based information provider IHS Markit announced its shareholders’ approval for merger with financial information firm S&P Global. HIS Markit’s shareholders voted yesterday at a special general meeting with an overwhelming 98.95% approving the proposed merger agreement. S&P Global also held a general meeting where 99% of the shareholders voted to approve the merger.

Saxo Bank revealed that at its annual general meeting, the shareholders elected former Group CEO and President of Sampo plc., Kari Stadigh, as new Chairman of the Board. Stadigh replaces Daniel Donghui Li, CEO of Zhejiang Geely Holding Group, who will step down as Chair and continue as a regular member of the Board.

London-listed financial broker IG Group released an update on the revenue the company registered in the third quarter of the financial year 2021. The quarter will end on 31 May 2021 but the overall trading activity has already jumped significantly with reported revenue of £230.3 millionup 65% compared to £139.8 million in Q3 of FY20. The broker attributed the strong performance to a combination of strong trading activities by the company’s existing clients and a surge in client acquisition. IG Group registered 230,100 active clients in Q3 of FY21 with a 60% rise compared to 143,800 in Q3 of FY20.

Australian-based Forex and CFD broker FP Markets has recently launched its new Social Trading platform to enable users to find, follow and copy popular traders instantly. The platform has been set up to accommodate those trading as Copiers and Providers who are looking to offer strategies. Copy-trading works to eliminate some of the difficulties experienced while trading forex and CFDs. By making it possible to follow successful and prominent traders or Providers, copy trading also provides customers with a far more accessible entry point to trading worldwide financial markets.

HSBC Holdings plc revealed that Rachel Duan was appointed as Independent non-executive Director of the Company, effective 1 September 2021. She will also be a member of the Group Remuneration Committee and the Nomination & Corporate Governance Committee. As a seasoned business leader, Duan brings to the Board Asia and international leadership experience and business acumen.

German fintech company NAGA Group AG has recently revealed that it has secured capital financing for up to $30 million throughout the following 3 years, after signing a deal with US fund Yorkville Advisors. This agreement comes as NAGA Group’s share price increased by over 6% in a recent trading session. To receive the funds, NAGA will initially and immediately withdraw $8 million, issuing convertible notes to access the proceeds. NAGA also confirmed that the funding will be carried out in tranches.

Singapore Exchange (SGX) today released its market statistic for February 2021. The exchange reported a rise in FX futures trading volume during last month with 2.3 million contracts and 7% increase compared to January 2021. The official announcement stated that INR/USD Futures led the rise in volumes with a 22% jump as market volatility increased. The trading volume of USD/CNH futures fell 15% last month during the New Year holidays in China.

Pelican Trading has continued its expansion and announced two new white label partners, including Eurotrader and XpertAlgo. The FCA-regulated social copy-trading solution provider for brokers, connects users directly with brokers, integrating trade execution and communication into a central network for traders. Clients can access Pelican’s technology via both iOS and Android mobile applications which enables a broker’s clients to auto-copy signals, execute trades, chat and analyse performance.

BidFX, cloud-based provider of electronic FX trading solutions for institutions, today announced the launch of BidFX Data and Analytics.

The wholly-owned subsidiary of SGX Group, BidFX, released the latest addition to its suite of offerings for financial institutions, which includes an EMS platform, risk and compliance modules and transaction cost analysis (TCA). The launch provides banks, hedge funds and asset managers with access to tools to manage the collection and cloud storage of client-specific liquidity streams, as well as monitor composite rates across multiple FX products. The new offering gives institutional players a comprehensive view of the pricing, market impact and liquidity for every transaction.

Australian-based CFD trading provider TMGM announced its partnership with algorithmic trading firm Trade View Investments. The collaboration between the two companies will offer TMGM clients access to content and optimal trading tools from Trade View (Terms & Conditions apply). TMGM clients will benefit from access to Trade View’s trading platform focused on algorithmic trading, Trade View X. The platform allows traders to build and “test” trading strategies (no coding skills necessary) to ensure their success before investing real money.

UK-based global multi-regulated financial service provider,, today announced the appointment of Joanne Tayara as Director of the Dubai representative office. Tayara has been promoted after seven years at the company and proven leadership. Tayara has over 14 years of experience in the financial sector, having held positions in operations management, marketing, sales, and dealing.

Deutsche Börse announced the trading volumes for Eurex and EEX for February 2021. The company saw some increases and drops in different sections of the market compared to January. European equity index derivatives contracts turnover fell almost 0.2% MoM with 61.7million, compared to 61.8 million for January 2021. The volumes of European equity index derivatives were 24.5 million. Overall, February volumes at Eurex stood at 142 million, up by 9.7% MoM compared to 129 million for the previous month.

Despite an uncertain economic environment due to the COVID-19 pandemic, the London Stock Exchange Group has revealed a growth in profits and 3% growth in overall revenue in its full-year financial report for 2020. LSEG’S total income for 2020 was £2.4 billion, while its revenue reached £2.1 billion.

To mark International Women’s Day on 8 March, LeapRate talked to a selection of female representatives from the technology sector, discussing the challenges they have faced as females in the industry and the importance of encouraging more women into senior roles to help shape the industry moving forward. We spoke to Katie Christensen, Chief Compliance Officer of ISAM / IS Prime, Remonda Z. Kirketerp-Møller, Founder and CEO of RegTech company Muinmos and Anushka Prakash, Software Developer at Gold-i.

Forex Weekly Look Back

Avelacom, the low latency connectivity, IT infrastructure and data solutions provider for global financial markets, has revealed it has become a connectivity provider for the LME, supporting LME members to use cross-market trading strategies more efficiently. Avelacom’s global coverage includes most developed market exchanges, such as CME, with a focus on emerging markets, including exchanges in mainland China and India.

Hong Kong Exchanges and Clearing Limited (HKEX) has just announced the appointment of Paul Chow as its Group General Counsel. Starting on 19 April 2021, Chow will provide strategic legal counsel to the HKEX Board and senior management team and lead HKEX’s Legal and Secretarial Services Department. At his new position, he will oversee the Group’s legal function, including the teams at the London Metal Exchange (LME) and LME Clear. Chow will report to Calvin Tai, HKEX Interim Chief Executive, and will become a member of the Group’s Management Committee.

Squared Financial has announced the appointment of Stathis Flangofas as Chief Financial Officer. He will be based in Cyprus where he will join the Executive Management team. Flangofas brings to the new position at the fintech-led brokerage more than 12 years of experience in the financial industry. He has worked at senior-level positions to help deliver innovative and strategic control-based financial management.

Publishing its final results for 2020, interdealer broker TP ICAP revealed acquisition costs of £11 million during an unprecedented year. The document issued with the published results provided a progress update into the Group’s acquisition of investment network, Liquidnet, and its entire issued share capital of Liquidnet Holdings, Inc. Despite the challenges faced by the COVID-19 pandemic, TP ICAP remained fully operational throughout the year — beginning to slowly execute new strategies and gaining shareholder approval of Liquidnet on 1st February 2021.

Deutsche Börse is set to expand its centrally cleared crypto offering with Ethereum and Bitcoin Cash, hosted on its electronic trading platform Xetra. The Frankfurt-based marketplace organiser hopes that its newly revealed crypto ETNs will offer fluid access to the performance of cryptocurrencies, enhanced with physical backing. Exchange Traded Notes (ETNs) issued by ETC Group and 21Shares on the cryptocurrencies Ethereum and Bitcoin Cash will be available for the first time to investors on Xetra, starting from today. These new products are listed on the Regulated Market of the Frankfurt Stock Exchange.

Macrobond Financial, provider of economic and financial intelligence, today announced it has opened an office in Stockholm to meet the growing demand for its data, analytics and collaboration tools from the Nordic regions. The company was founded in 2008 in Malmö and since then it has delivered comprehensive macroeconomic, aggregate financial and sector time-series data to over 4,000 economists, analysts, portfolio managers, quants and strategists across 500 organisations around the world.

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