FX Industry Week Review: ESMA CFD leverage cap, crypto exchange gets VC money, and lots more

forex industry news update

How were Forex brokers preparing for the new ESMA leverage rules which kicked off this past week?

Why did the FCA warn brokers about trying to circumvent the ESMA rules?

Which regulated cryptocurrency exchange – run by a former Retail FX broker CEO – raised money from a noted Silicon Valley VC firm?

Which Retail FX brokerage group was fined €130,000 by CySEC?

Answers to these questions and more appeared first or only at LeapRate. Some of our most viewed and commented-on posts from the past week include:

ESMA August 1 deadline forex adsExclusive: Forex brokers scrambling to revamp ad campaigns ahead of ESMA August 1 deadlineLeapRate Exclusive… While much of the attention being paid to ESMA’s new rules governing Retail FX and CFD brokerage and trading has been focused on the client-facing no-bonus and leverage-cap parts of the legislation, in the back offices of many Forex brokers the past few weeks have been spent rapidly redoing advertising and marketing campaigns. What exactly is going on? Get all the details, exclusively at LeapRate.

cfd-leverage-maximum-cap fcaFCA warns brokers against pushing ‘replacement’ products to leveraged CFDs. UK financial regulator The FCA has issued a statement targeted to brokers, essentially warning them against pushing ‘alternative’ products to leveraged CFDs, now that ESMA’s August 1 leverage cap is here. What exactly did the FCA say? Get all the details, always first at LeapRate.​

Daniel Skowronski, DX.Exchange

Exclusive: Regulated crypto exchange DX.Exchange raises VC money. LeapRate Exclusive… LeapRate has learned that regulated cryptocurrency exchange DX.Exchange has raised a significant amount of venture capital from a Silicon Valley VC firm. DX.Exchange was launched earlier this year by former Oanda UK and Alpari UK CEO Daniel Skowronski. Which VC firm invested in DX.Exchange? Who else (from the Retail FX world) has DX.Exchange hired? Get all the details, exclusively at LeapRate.

Ashraf Ebid GMI FX B2B brokerExclusive: GMI UK hires two senior FXCM FX sales executivesLeapRate Exclusive… LeapRate has learned that FCA regulated institutional FX and CFDs broker Global Market Index Limited (GMI UK) has hired two senior London based FX Sales executives from FXCM, as it continues to expand its operations. The two executives had been with FXCM in London for a combined 12 years. Who has moved from FXCM to GMI? Get all the details, exclusively at LeapRate.

CySEC finesCySEC issues €130,000 fine to a Retail FX broker. Cyprus financial regulator flexed its muscles today, issuing a fine to a CIF licensed Retail FX brokerage group for issues related to leverage, negative balance protection, and KYC. Is this the beginning of a new CySEC crackdown on the sector? Who got the fine? Get all the details, always first at LeapRate.

FXCM Leucadia new logoFXCM debt to Jefferies stands pat at $70 million after Q2 as January 2019 deadline looms. Jefferies Financial Group – formerly known as Leucadia – indicated that the outstanding amount owed to Jefferies by Retail FX broker FXCM Group as at June 30 stood basically unchanged from at the end of Q1, at $70.4 million, with no principal repaid. The loan comes due in January 2019. So, what does that all mean? Get all the details and analysis, now at LeapRate.

Peter Cruddas, CMC MarketsCMC Markets receiving investor opposition to executive pay policies. London based online FX, CFDs and spreadbetting broker CMC Markets made an interesting statement, admitting that there has been significant shareholder opposition to the company’s executive pay policies. How much opposition? What are shareholders objecting to? Get all the details, always first at LeapRate.

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