FX week in review: Saxo Bank CEO, IG Chair, Pepperstone owners pay, Conexus IQ launch, Taurex gets $40M

As the FX and CFDs sector began to operate in the new reality of war in the Middle East (some interesting data on that from Capital.com below), with industry hubs Dubai and Cyprus very much involved, there was still lots of news to report this past week.

Who entered as the new CEO of Copenhagen based Retail FX and CFDs broker Saxo Bank, as Saxo’s takeover by Safra Group (finally) closed?

Who is coming to IG Group as its new Chairman?

Why did an Australia court order the controlling shareholders of Pepperstone to pay more than A$96 million to former owner CPE Capital?

Who is behind the launch of new CFD broker advisory firm Conexus IQ?

Who put $40 million into online broker Taurex?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:


Top FX and CFDs industry news stories this week

Safra Group closes Saxo Bank takeover, Daniel Belfer named CEO. Ending one era and beginning another for one of the more storied providers in the online trading sector, private banking and wealth management company J. Safra Sarasin Group has announced that it has completed its acquisition of a majority stake in Copenhagen based Retail FX and CFDs broker Saxo Bank.

Pepperstone owners ordered to pay A$96M to CPE Capital. The Australian Financial Review is reporting that the majority owners of leading Australia based Retail FX and CFDs broker Pepperstone have been ordered to pay almost A$100 million to former owner CPE Capital, following a messy legal fight over its sale nearly a decade ago.

Nicolas Shamtanis and Stathis Xenos launch broker/prop firm advisory service Conexus IQ. FNG has learned that two seasoned FX and CFDs industry (and prop firm) executives, Nicolas Shamtanis and Stathis Xenos, are launching a new advisory firm serving both CFD brokers, prop firms, and other financial services companies called Conexus IQ. Conexus IQ describes itself as a boutique consultancy firm which helps brokers, prop firms, and financial platforms make better decisions when selecting outsourced providers.

Taurex gets $40 million capital injection from shareholder Oscar Hilt Tatum IV. Retail FX and CFDs broker Taurex has announced that the company successfully completed its Series C funding round, securing a $40 million capital injection to support its next phase of growth. The round was led by major shareholder Oscar Hilt Tatum IV, reinforcing strong long-term confidence in the company’s strategy and performance.

Kraken launches NinjaTrader Connect platform for Prediction Markets. Chicago based retail futures trading firm NinjaTrader, now a unit of Kraken parent Payward Inc, is getting into the ever-expanding Prediction Markets business, with NinjaTrader Connect. The move comes as NinjaTrader has been expanding out from its traditional futures market background. NinjaTrader recently also launched the NinjaTrader Prop platform, for brokers looking to add prop trading.

Retail trader activity soars as Middle East conflict unfolds: Capital.com. Exclusive platform data from leading online broker Capital.com reveals a sharp and immediate shift in retail trading behaviour following the escalation of the Middle East conflict over the past week – with oil surging to become the platform’s second most-traded instrument in a single session, and gold volumes more than doubling overnight as safe-haven demand accelerates.

Top FX industry executive moves this week

Andrew Barron

❑ IG Group names former Virgin Media COO Andrew Barron as Chairman.

❑ Saxo Bank COO and Deputy CEO Søren Kyhl departs.

Exclusive: Former BelleoFX and HonorFX CEO Andrew Ishchuk launches BrokerSetup.

❑ Axi hires IG and Moneyfarm alum Andrea Rebusco to head UK/EU and LATAM.

Exclusive: Michael Going leaves Lunaro for Trade Nation.

Exclusive: PU Prime Managing Director MENA Mohamed Elsergany departs.

Exclusive: Trade Nation adds IG alum Emma Mensah as Head of Customer Success.

Exclusive: Crypto.com continues to build UK VIP team adding IG alum Ronni Agnig.

❑ Plus500 hires R.J. O’Brien exec Amy Meyer-O’Brien as Chief Legal Officer.

Exclusive: XTB legal head Jakub Kubacki resigns.

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