Fazzaco Weekly Digest: Bank of America‘s Q3 Results; StoneX's Latest Appointment; AXI Ties with FYNXT

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. Bank of America Reports Strong Financial Results for Q3 2021

Bank of America, one of the world’s leading financial institutions, has posted its strong financial results for the third quarter of 2021, with its net income totaled $7.7 billion, surging by 58% compared to that of last Q3 at $4.8 billion. And the revenue, net of interest expense increased by YoY 12% to $22.8 billion.

The bank highlighted that provision for credit losses rose by $2.0 billion to a benefit of $624 million. And average loan and lease balances in business segments boomed $14 billion QoQ to $903 billion, with average deposits up YoY 15% to $1.9 trillion.

2. StoneX Appoints Peter Delahunt as Managing Director- Municipal Securities

StoneX Group, a leading financial services provider, has strengthened its Fixed Income Division by  appointing Peter Delahunt as Managing Director- Municipal Securities.

Peter has over 30 years of experience in the municipal fixed income industry. In his new position, he will be responsible for building out the StoneX Municipal Securities team in addition to making new product offerings available to clients.

3. Exclusive: Clients Profitability of 37 Retail Brokers in October 2021​

​Fazzaco has collected a total of 37 retail brokers' data from September 2021 to see the dealings of brokers and retail traders.

*The actual loss ratio for Swissquote and HYCM is 74-89%, with the average values applied in the table above.

As you can see from the chart, the average winning rate is 27.26% and the average losing rate is 72.74%.

FXOpen and Blackwell Global rank number one for a whopping 40% winning ratio. Saxo Bank is in second place with 39% winning rate. Other brokers in the top 5 are also notable: TeraFX (35.66%) and IG Group (34%).​

4. easyMarkets Announces Integration with TradingView

easyMarkets, an award winning global FX and CFDs broker, announced recently its integration with the TradingView platform. TradingView is a top-rated charting application used by millions of traders worldwide.

Through the integration, easyMarkets users gain access to TradingView’s social network for traders, one-click trading directly from charts and advanced analysis features by connecting their easyMarkets account to the TradingView interface. This offering extends the broker users’ choices of platforms to trade on, including easyMarkets Web and App, MT4 and now TradingView.

5. AXI Ties with FYNXT to Launch MAM/PAMM Platform

Fazzaco learned that Australian forex broker AXI, previously known as AxiTrader, has partnered with Singapore-based fintech FYNXT, formerly known as Simple2Trade, to launch the Forex Managed Accounts Services (MAM/PAMM) platform.

According to the official announcement, the newly-added services of the broker are based on the cloud-based technology infrastructure of FYNXT. In addition, the services are featured with enhanced administration automation, flexible fee management, and precision in asset allocation.

6. LME Teams up with Metalshub in Digital Spot Trading Offering for Base Metals​

The London Metal Exchange (LME) announced today its partnership with Metalshub, a leading digital metals trading and price intelligence platform, to build a transparent, efficient and liquid spot trading platform and marketplace for base metals, alongside with LME’s existing derivative contracts and trading mechanisms.

According to the announcement, the collaboration will expand LME’s physical product suite available on Metalshub, which currently focuses on the steel industry, to encompass LME core base metals, as well as other products suited to spot trading, including sustainably produced metals such as low carbon aluminium.

7. XTB MENA Operates in the UAE with Dubai License​

X-Trade Brokers(XTB), a leading UK FX & CFD broker, announced that its subsidiary XTB MENA Limited has rolled out regulated services for clients in the Middle Eastern and North African (MENA) region.

The operation came after the broker secured a category three license from the Dubai Financial Services Authority (DFSA) in July this year. The local branch is now offering clients in the region trading services with more than 1900 instruments of forex and CFDs of other asset classes.