It was a wild week in the world of Forex Industry News, with stories hitting from all corners of the globe. Regulator bans. Corporate results. Fraud. Fines. Executive moves. Even frequent flyer miles. This week had it all. And most of it appeared first or exclusively on LeapRate!
Our most popular guest post this week – and one of our most read / shared ever – was on What the new CySEC rules mean to the FX industry, by Advanced Markets’ Managing Director Bjorn Enqvist.
Some of our most popular, shared and commented-on posts this week at LeapRate included:
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Joe Rundle in, Jacob Plattner out as Managing Director of GKFX. LeapRate Exclusive… LeapRate has learned that FCA regulated broker GKFX has made a change in senior management, letting go of Managing Director Jacob Plattner in favor of hiring Joe Rundle for the position. LeapRate had reported exclusively at the beginning of the summer that Rundle had left ETX Capital (as Head of Trading) after more than 12 years at the up-and-coming UK Forex and CFD broker. We bring you all the details, including data on GKFX’s fantastic Revenue growth over the past two years. We also speak with Joe Rundle and his new boss Serkan Arli about GKFX’s plans gong forward.
EZTrader.com has another tough quarter: $4.9 million Q2 loss as Revenues down 30%. LeapRate Exclusive… Things are going from bad to worse at Binary Options brokerage operator EZTD Inc, which operates the EZTrader, Global Option, and EZinvest brands. LeapRate has learned from regulatory filings that EZTrader.com’s parent company sustained a $4.9 million loss in Q2, as Revenues plunged by more than 30%. Most troubling, EZTD stated that there is substantial doubt that the Company will continue as a going concern.
Belgium one-ups France, bans all leveraged Forex, CFD and binary options trading. Following our recent report that France’s financial regulator AMF has banned all advertising of Forex products, binary options and some CFDs, LeapRate has learned that Belgium’s regulator FSMA has taken the measure a step further and banned not just the advertising and marketing aspect, but also offering these products for sale to Belgian traders altogether. Meaning, a total ban on leveraged financial products trading in Belgium for retail traders. What does this mean for brokers regulated elsewhere in the EU?
Suicide, fraud, arrests, Chinese investors and Forex: the sad story of EuroFX. Reuters has published an investigative article entitled London Calling: How British firms built a pyramid scheme in China that lost millions, which describes a network of opaque companies that drew on London’s reputation as a leading financial center, and the illusion of regulation, to dupe Chinese investors. To the tune of $1 billion. The story has all the elements of a great (but sad) saga. Fraud. Deception. Denials. Arrests. And Suicide. And, a very slick FX saleslman named David Andrew Byrne, currently being detained in China.
PhillipCapital UK: new website, plans going forward and Brexit – LeapRate Exclusive Interview.
Alpari UK bankruptcy update: 79 cents on the dollar to be refunded as KPMG fees top £10 million.
CFTC charges FXCM with undercapitalization related to the 2015 Swiss Franc spike – but why now?
Pepperstone clients to receive Qantas frequent flyer points for new deposits and trades.