Fazzaco Weekly Digest: ATFX Acquires Rakuten Securities Australia; Exness's Active Traders Hit Record in June; markets.com Names New CEO
Over the past week, a number of brokers and exchanges including Exness, FXTM UK, Saxo Bank, Interactive Brokers, JPX and Euronext released their trading data for June 2023. Fazzaco also compiled data on the spot trading volume of the top 10 cryptocurrency exchanges since June, revealing that nine out of the 10 exchanges experienced various levels of growth in their June spot trading volume.
Acquisition is one of the main ways for enterprises to expand their business. Last week, ATFX announced the acquisition of Rakuten Securities Australia Pty Ltd, further expanding its global footprint. Meanwhile, CAPEX.com acquired the book-of-clients of WiredMarket.com, an established Greek broker, realizing its entry into the Greek market.
Additionally, XS.com, markets.com, Exness and GTC Group, among other financial services companies, announced several new executive appointments last week. Whereas Binance has seen a wave of executive departures due to increased regulatory pressure.
It is also worth noting that Hong Kong officially opened the application for VASP licenses, leading to an influx of cryptocurrency exchanges into the market. In terms of forex trading, Fozzy, a Forex VPS provider, clearly explained the pros and cons of social trading in the article Quick-Fire Explainer to Social Trading.
Here are the related details, as well as some of the most read forex and crypto news pieces and articles from Fazzaco over the past week.
1. ATFX Expands Its Global Reach with Acquisition of Rakuten Securities Australia
ATFX, a global leading online trading CFDs broker, has announced its acquisition of Rakuten Securities Australia Pty Ltd ("RSA"), a subsidiary of Rakuten Securities, Inc., further strengthening its position in the Australian market and expanding its global footprint.
This strategic move marks a significant milestone for ATFX as it continues to solidify its position as a global trusted online broker with innovative trading solutions. By acquiring RSA, ATFX gains access to a well-established customer base and a talented team of industry professionals.
2. Exness Sees Client Trading Volumes Dip MoM in June 2023, But Active Traders Hit Record
Exness, the global leader in multi-asset trading, has released its key financial metrics for the month of June 2023, indicating a decrease in client trading volumes compared to May 2023, but a record in the number of active traders.
Trading volumes for June came in at $3.318 trillion, down 1.1 percent from $3.355 trillion in May. This figure, however, ranked the third highest on record.
3. CAPEX.com Expands into the Greek Market with Acquisition of WiredMarket.com's Book-of-Clients
The multi-licensed global broker CAPEX.com announced its first M&A deal, the acquisition of the book-of-clients of the well-established WiredMarket.com, thus expanding in the Greek market. WiredMarket.com, founded in 1991, a renowned brokerage in Greece.
Octavian Patrascu, CEO and Founder of CAPEX.com declares: "We are delighted to announce the acquisition of WiredMarket.com's book of clients, which is in line with our growth strategy and strengthens our position in the Greek market. We are excited to welcome Wiredmarket.com's clients to our platform, where they will instantly benefit from a wider range of products and services, from CFDs Trading to Investing in shares, integrated analysis tools, and attractive trading conditions".
4. Quick-Fire Explainer to Social Trading
Social trading describes a type of investing where you copy the trades of more experienced traders (often called strategy providers or strategy managers). There are two forms: copy trading and mirror trading.
Both are similar in that they involve you imitating the positions of other traders on a dedicated platform. Yet, copy trading is the popular option because it's more accessible and requires lower capital.
5. Stavros Anastasiou Appointed as CEO of markets.com
Finalto, a market leader in global financial services, has appointed its Group Chief Compliance Officer (CCO), Stavros Anastasiou, as the new Chief Executive Officer (CEO) of its global online trading unit, markets.com.
As seen on his LinkedIn profile, Stavros joined Finalto as CCO in January 2018 from Safecap, a Cyprus Investment Firm established in 2008, where he also served as CCO for over a year. Between January 2010 and April 2016, Stavros worked at FxPro Group, an international CFD and forex broker, having held different roles including Business Development, Head of Internal Audit, and CCO.
As of June 1, 2023, the Securities and Futures Commission of Hong Kong (SFC) has launched a new licensing regime for virtual asset service providers, under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
This marks a significant milestone for the crypto trading community. In this March, Fazzaco discussed Hong Kong's intention to license virtual asset trading in an article titled "A Guide to HK SFC's Latest Consultation on Virtual Assets Regulation".
7. Spot Trading Volume Surges 15.52% for Nine Top Crypto Exchanges in June 2023
Fazzaco compiled the data on the spot trading volume of the top 10 cryptocurrency exchanges since June 2023. The data reveals that the crypto market has halted its downward spiral since March this year, and nine out of the 10 exchanges saw various levels of growth in their June spot trading volume.
Overall, the spot and derivatives trading volume achieved a total increase of 14% in June, reaching $2.71T. This is the first monthly growth since March 2023. However, historically speaking, the current spot trading volume of cryptocurrencies is still at a historical low level.
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