LeapRate's Daily Forex Industry Newsletter
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Screenshot of a breaking news alert e-mail from Q2 2017
Forex industry news at LeapRate this past week certainly had an Australian feel to it, with a number of key news items from down under in a region where the Forex sector continues to rapidly change – despite (or maybe in part because) the local regulator ASIC hasn’t approved a new license to a Forex broker in about two years.
Some of the most popular, shared and commented-on posts this past week on LeapRate included:
Saxo Bank hires Australia CEO from rival retail forex broker. Saxo Bank has made a number of changes to its senior management ranks over the past year since co-founder Lars Seier Christensen stepped back from active management of the company. Many of the new roles at Saxo Bank have been filled by outside hires, including the latest one – Saxo Bank’s new Australia office head. So who will now be running Saxo Bank’s ASIC-regulated subsidiary down under? And from which rival retail forex broker did he join?
DMM FX ceases brokerage operation in Australia. DMM FX made the surprise move late last week of informing clients that the company has made a business decision to cease its current operations in Australia. DMM FX is part of The DMM Group, a global provider of online trading services, known as one of largest FX providers based and regulated out of Japan.
EZTrader.com’s tough Q1: $3.3M loss, SEC Wells Notice, and $600K arbitration order. EZTD Inc, parent company of CySEC regulated binary options brands EZtrader and EZinvest, reported its Q1 results showing a growing net loss and decreasing revenues, despite a large ramp-up in marketing spend. To help cover the losses, EZTD raised outside capital of $6M at the end of Q1. EZTD also disclosed that it had received a ‘Wells Notice’ from the SEC earlier this year, indicating the SEC’s preliminary determination to recommend taking action against EZTD for violations of certain US federal securities laws. And there’s more – bonuses to management, a $10K/month consulting contract for a Director, arbitration order for a terminated football club sponsorship…
Bank of Russia issues new licenses to Retail Forex brokers. After a several month wait, Russia’s financial megaregulator has started once again issuing licenses to retail forex brokers, as required by Russia’s new Forex law. Only one license had been successfully issued to date, to FINAM, and that happened last December. The Bank of Russia also denied one license applicant. So which Retail Forex brokers got their Bank of Russia licenses? And who got denied?
FXDD becomes first Retail Forex broker to launch Tradency’s new RoboX algo trading tool. About two months ago we reported on Tradency’s new algo trading tool called RoboX. With Tradency and its CEO Lior Nabat having invented the Mirror Trading concept more than a decade ago, when the company launches a new product it pays to pay attention. Today comes news of the first formal launch of RoboX at a leading retail forex broker, with FXDD taking the plunge.