Fazzaco Weekly Digest: 32 Executive Moves Since September 2023; Untold Facts About Ultra-High Leverages; Exness Archieves New Highs in October
Last week, Fazzaco compiled statistics on executive turnover at forex brokers, fintech, and crypto firms over the two months since September 1, showing that job-hopping is still the main way for executives to achieve value improvement.
A number of financial services companies released their financial updates last week. Exness published its trading perfomance for October 2023, seeing several key indicators, sush as client trading volume and the number of active clients, reaching new highs. Additionally, Saxo Bank, UBS, Euronext and Tradeweb Markets updated their monthly/quarterly/yearly financial results.
In the crypto industry, the former crypto giant FTX, which is still in the stage of liquidation, is looking for more methods to repay its customers. Regarding the supervision of this industry, after implementing the new regulations on crypto assets promotion, the UK regulators launched a proposal to regulate stablecoins and explore new payment methods.
In addition, Fazzaco also launched a new audio article last week to reveal some untold facts about the "unlimited leverage" or ultra-high leverage trading in the foreign exchange market.
Here are the related details, as well as some of the most read forex, crypto, and fintech news pieces and articles from Fazzaco over the past week.
1. Exness Delivers Record Monthly Trading Performance in October 2023
Exness, the global leader in multi-asset trading, reported continued strong trading performance for October 2023, seeing several key indicators again hitting record highs.
Client trading volumes at Exness continues to break records, reaching $4.803 trillion for the period, an increase of 8.2% compared to $4.437 trillion in the prior month and a significant increase of 89.8% compared to $2.530 trillion in the same period of last year.
2. A Dynamic Report of 32 Executive Moves of 26 Brokers, Fintechs & Crypto Firms Since Sept 2023
The calendar has turned to November 2023, and Fazzaco has been continuously following the executive moves of various brokers and fintech companies in the financial sector, as well as some crypto firms.
In this article, we present a statistical analysis of the executive movements in the forex / crypto market from September 2023 to date (November 7). The data shows that the executive moves in the industry since September have still shown a trend of mainly hiring, less internal promotions compared to the previous months, and the overall situation still highlights the industry's stable business expansion.
3. RaiseFX Grows Presence with New Offices in Beirut, Lebanon
RaiseFX, a global multi-asset CFD broker, has opened news offices in Beirut, Lebanon, in line with the company's commitment to expand its reach in a dynamic region and better serve valued clients.
This expansion comes after RaiseFX's appointment of Dany Mawas as Chief Commercial Officer, who disclosed that the firm is planning to expanding its presence in Asia and the Middle East through strategic partnerships in Indonesia, the Philippines, Egypt, and Lebanon.
4. UK Rule Makers Set out Roadmap for Regulating Stablecoins
The Bank of England and the Financial Conduct Authority have pushed out proposals for the regulation of stablecoins, billing them as an efffective way to make payments faster and cheaper for consumers and retailers.
The UK Treasury is currently considering making changes to the payments legislation to enable retail payments for goods and services to be made using fiat-backed stablecoins. This includes an option the Treasury are exploring to allow certain stablecoins which are issued outside of the UK to be used for payments.
5. Admirals Unveils Its Proprietary Trading & Investing Platform
Global fintech company Admirals has announced the launch of its own, custom-developed proprietary trading and investing platform, Admirals Platform, to supplement its existing suite of platforms and solutions.
The development of this native platform supports the Admirals' strategic expansion into the beginner trading and investing market. At the same time the addition of this platform offers a fresh alternative and streamlined experience to Admirals’ client-base.
6. FTX Asks for Court Approval for Sale of $744M Worth of Trust Assets
Crypto giant FTX, which filed for bankruptcy in November last year, has requested authorization from the Delaware Bankruptcy Court to sell approximately $744 million worth of trust assets, including assets held in five Grayscale Trusts, totaling an estimated $691 million, and one trust managed by Bitwise, amounting to $53 million, based on the market value as of October 25, 2023. These trusts allow investors to gain exposure to digital assets without owning them.
In the court filing dated Friday, November 3, FTX stated: "The Debtors' proposed sale(s) or transfer(s) of the Trust Assets will help allow the estates to prepare for forthcoming dollarized distributions to creditors and allow the Debtors to act quickly to sell the Trust Assets at the opportune time. Additionally, because the Debtors may sell the Trust Assets to one or more buyers in one or more sales, sales pursuant to the Sale Procedures will alleviate the cost and delay of filing a separate motion for each proposed sale."
In the forex market, brokers offer different leverages for traders, and regulators in different countries limit leverage differently, so brokers offer various leverage ratios. Common ones are 10x, 20x, 50x, 100x, 200x, 300x, 400x, 500x, and so on. Some brokers, such as Exness, even offer 1:1000 to "unlimited leverage", which astonishes people who are new to high leverage trading.
Today, let's take a look at some untold facts behind ultra-high leverage trading in the forex market, and whether Exness' unlimited leverage is really as it claims.
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