Fazzaco Weekly Digest: ADSS' Departures Continue; TopFX’s New executive Move; eToro Lowers Valuation
Take a look at the latest happenings in this week's news digest from around the forex and fintech industry. Here are some of the top headlines from this past week.
1. ADSS' CCO and Head of Front Office Exit Company as Departures Continue
Abu Dhabi-headquartered brokerage ADSS, formerly known as ADS Securities, has announced the departures of two senior executives, Roland Danielczyk and Michael Taylor.
Mr Danielczyk, Chief Compliance Officer (CCO) of ADSS, has departed his role. He joined the brokerage as Head of Compliance back to November 2017, and then was promoted to CCO after 8 months. Mr Taylor became Head of Front Office in 2020, following the departure of Fabian Chui, who is now COO at digital assets trading firm Paratus Capital.
2. TopFX Names Omar Al-Janabi as Head of MENA
TopFX, a retail and institutional FX broker based in Cyprus, has named Omar Al-Janabi as the company's Head of MENA.
Omar joined TopFX as Regional Manager in July 2021. Prior to TopFX, he worked as MENA Partnership Manager at Tickmill, where he had been employed for 3 years. Before that, he served as Senior Business Development Manager at Swiss Markets. Additionally, he had also held positions at companies like FXPRIMUS and XM.
3. eToro Lowers Valuation to $8.8B to Save SPAC IPO
Retail FX broker eToro has lowered its valuation to $8.8 billion post IPO due to the company's plan to go public via a merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp V in trouble. While the original deal announced in March 2021 was for eToro to be valued post-deal at about $10.4 billion.
The amended agreement also extends the allowed timetable for deal closing by six months from today, December 31, to June 30, 2022. One of the key conditions for the deal to close is for eToro's registration statement on Form F-4 be declared effective by US regulators, and that hasn't happened yet.
4. TopFX to Expand Local Presence in MENA Region with New Office
TopFX, a Prime Brokerage firm that has been offering liquidity solutions since 2010, has opened a representative office in Dubai to cover Arabic speaking and MENA region.
The new TopFX office locates on the 29th floor of Burlington tower, and is led by Omar Al-Janabi, according to TopFX CEO Alex Katsaros. The new UAE operation is expected to spearhead the company's expansion in the whole of the MENA region.
5. Interactive Brokers Launches New Products on IBKR Platform
Interactive Brokers, an American multinational brokerage firm, has added a lot of new trading products on the IBKR platform.
Please click here to see the new additions.
The Cyprus Securities and Exchange Commission (CySEC) announced that pursuant to the Investment Services and Activities and Regulated Markets Law of 2017, it has decided to ask the Council of the Cyprus Stock Exchange (CSE) to suspend the trading of securities of Τοξότης Επενδύσεις Δημόσια Λτδ, Cyprus Trading Corporation Plc, Ermes Department Stores Plc και and Woolworth (Cyprus) Properties Plc.
CySEC came to the decision as the aforesaid companies have not complied with the regulation to publish their Annual Financial Report for the year ended on 31 December 2020, and the Semi-Annual Financial Report for the period ended June 30, 2021, which caused that investors were not provided with the required information on their financial situation.
7. Institutional FX Trading Volumes Shows 3.9% Rise in November 2021
The trading volumes of leading institutional FX and ECN platforms in November have been revealed, generally showing a slight increase, with only one venue reflecting a slight drop.
The report covers Average Daily Volume (ADV) of institutional FX trading volumes from eight major venues, namely Cboe FX, CLS, Euronext FX, FxSpotStream, Integral, Moscow Exchange, PrimeXM and Refinitiv.
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