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Screenshot of a breaking news alert e-mail from Q2 2017
Forex industry news at LeapRate this past week saw extraneous factors causing changes in the Retail Forex sector once again.
There was our exclusive report on details of Saxo Bank’s plans cut leverage and increase margin requirements for clients due to the upcoming Brexit vote. LeapRate broke the story of Singapore-based Phillip Capital, which has been on a global expansion push lately, deciding to shutter its just-launched US retail forex arm.
Some of the most popular, shared and commented-on posts this past week on LeapRate included:
Saxo Bank: details of planned Brexit-driven margin requirement increases. LeapRate Exclusive… Further to our exclusive coverage of Saxo Bank’s plans to curtail leverage provided to clients in FX trading leading up to the June 23 Brexit vote in the UK, LeapRate has learned some more specifics of the leverage restrictions and new margin requirements at Saxo. The leverage restrictions and increased margin requirements are being put in place to protect Saxo Bank traders from a possible spike in certain currency pairs around the time of the Brexit referendum, as well as a possible widening of currency market spreads for at least a temporary period around the vote. So what are the new max leverage levels / margin requirements Saxo plans to implement? And on which instruments? Forex only? Indices? When does Saxo Bank plan to put the new margins into place? Will other brokers follow suit?
SEC ban fallout: Phillip Capital halts US Retail Forex offering. LeapRate Exclusive… The chips in the US are beginning to fall. Following LeapRate’s exclusive report from last week that the US Securities and Exchange Commission (SEC) was banning any of its regulated members from offering retail forex trading – even those companies which were dually licensed as FCMs with the CFTC and NFA – comes word that one of those dually licensed companies, Phillip Capital, has decided to halt its retail forex operation altogether in the US. More details, including the full contents of the letter sent by Phillip Capital to its clients in the US, exclusively now at LeapRate.
BlackRock takes 4.7% stake in electronic markets operator ICAP plc. LeapRate has learned via filings made to the London Stock Exchange that investment giant BlackRock has taken a 4.74% stake in interdealer broker and electronic markets operator ICAP. BlackRock now holds 30.93 million ICAP shares, worth at today’s prices $194 million. BlackRock is no stranger to investments and agreements with leading electronic brokers. BlackRock was a significant investor in retail forex broker FXCM for a number of years. BlackRock also took a 5% stake in UK online brokerage leader IG Group in mid 2014.
OANDA hires Kaz Takabatake as CEO of Asia Pacific. Retail forex broker OANDA has made yet another hire in Asia, but this time it is the CEO of the region for OANDA. Where did Kaz Takabatake work before joining OANDA? Where in Asia will he be based? Who did he replace? What other senior hires has OANDA made recently in the APAC region?
CMC Markets added to FTSE 250 Index. FCA regulated online broker CMC Markets Plc (LON:CMCX) has announced that it will be included as a constituent of the FTSE 250 Index effective later this month. The inclusion was announced by FTSE Russell yesterday and will take effect from the start of trading on Monday June 20, 2016.