Fazzaco Weekly Digest: AlgoTrader Announces Rebranding to Wyden; Jack Beezer Leaves Axi for Eurotrader as CPO

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. AlgoTrader Announces Rebranding to Wyden

AlgoTrader has officially changed its name to Wyden. By following a focused and simplified single-brand approach across all markets and solutions, the company enhances its customer and brand experience for its global institutional clients.

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As one of the leading digital asset trading and orchestration technology providers for buy- and sell-side clients that Wyden has become, the company now leaves behind its image as a purely algorithmic trading software vendor. This is part of Wyden's overall strategy and the logical next step given the company's growth and success story in recent years – especially among banking clients.  

2. Jack Beezer Leaves Axi for Eurotrader as CPO

Fazzaco learned that Eurotrader, a multi-asset retail broker, has selected Jack Beezer, a product lead who boasts over 10 years experience in brokerage technology, to take on the role of its new Chief Product Officer (CPO).

Most recently, Jack was Head of Product Delivery at Axi, a global online FX and CFD trading company. Prior to that, he has spent more than six years at the trading platform Star Financial Systems, where he has held the positions including Product Delivery Lead and Senior Project Manager.

3. Refinitiv to Cease Publication of Tokyo Swap Rate for Swaps Referencing TIBOR

Refinitiv announced that it will cease publication of Tokyo Swap Rate (for swaps referencing TIBOR). The final publication will be at 15:30 (Tokyo time) on 31 March 2023.

Tokyo Swap Rate is a Japanese yen (JPY) interest rate swap (IRS) benchmark family. Tokyo Swap Rate (for swaps referencing TIBOR) is part of the Tokyo Swap Rate benchmark family. Prior to issuing the cessation notice for Tokyo Swap Rate (for swaps referencing TIBOR) Refinitiv requested industry feedback via a consultation paper.

4. Standard Chartered Launches an API-first PaaS Offering to Automate Payments

Standard Chartered has launched an API-first Payouts-as-a-Service offering that will let digital businesses manage one-to-many payments.

Available in India, Malaysia, Singapore, the UAE and UK, the bank's clients can integrate with the PaaS APIs to embed and automate payments on their digital commerce platforms.

5. StoneX Announces Completion of CDI Acquisition, Expands Cotton Trading Capabilities

Fazzaco learned that StoneX Group Inc.(StoneX), a diversified global brokerage and financial services firm, has announced the completion of its acquisition of CDI-Societe Cotonniere De Distribution S.A (CDI) in a bid to expanded its cotton trading and hedging capabilities.

The latest acquisition is expected to extend StoneX's trading footprint in Brazil and physical footprint in Continental Europe with new presence in Switzerland. Financial terms of the transaction were not disclosed.

6. Interactive Brokers Notched 15% Yearly Decline in DARTs for October 2022

Interactive Brokers, one of the biggest US-based brokerage firm, has released its monthly brokerage statistics for October 2022, showing a yearly slow down in daily average revenue trades (DARTs).

The total client DARTs for the month on the brokerage platform came to be 1.965 million, which is a decline of 15 percent when compared to the previous year. But, the figures were about even with prior month.

7. PrimeXM COO Leaves for OANDA as Head of Product Operations​

Fazzaco learned that OANDA, a global leader in online multi-asset trading services, currency data, corporate payments and Forex services, has selected Galin Georgiev to assume the role of Head of Product Operations.

Galin joined OANDA from PrimeXM, a leading financial technology provider where he has been for more than three years as Chief Operating Officer (COO), based in Cyprus. He has moved back to London for his new role.