Fazzaco Weekly Digest: Broker's Client Profitability in August; FxPro Completes Office Relocation; Goldman Sachs Weighs Sale of Wealth Business
Last week, Fazzaco collected the data of profit/loss ratio of client accounts from 30 brokers in August 2023, seeing an average of 27.21% of customer accounts achieved profit, and 72.79% of customer accounts suffered losses. Compared to the average data in July, the customer account loss rate decreased by 1.15%.
Moving into new markets continues to be an important strategy for many brokers to expand their global reach. Last week, FxPro has completed the relocation of its office to Dubai, and Lirunex has extended its footprints into China, Thailand, and Vietnam.
Executive changes also attracted widespread attention in the industry, especially the departures at M4Markets. Following the resignation of several key members of its business development team, the broker's two marketing executives jumped ship to Doo Prime last month.
In addition, Fazzaco's article "Why You Should Be More Aware of the Saudi FX Market?" has made many market participants pay attention to Saudi Arabia, a market with great potential.
Here are the related details, as well as some of the most read forex and fintech news pieces and articles from Fazzaco over the past week.
1. Fazzaco Reports: Client Account Profit/Loss Ratio of 30 Brokers in August 2023
Fazzaco collected the data of profit/loss ratio of client accounts from 30 brokers in August 2023. This time, some brokers whose data had not been updated for a long time, such as HYCM, were excluded to avoid affecting the average data.
Among the 30 brokers this month, an average of 27.21% of client accounts achieved profits, while 72.79% of customer accounts suffered losses. Compared with the average data in July, the loss rate of client accounts decreased by 1.15%.
2. Goldman Sachs Weighs Sale of Part of Its Wealth Business
Goldman Sachs is weighing the sale of a part of its wealth business, it said on Monday, as it shifts its focus back to serving the ultra-rich and away from high-net-worth clients in mass markets.
The Wall Street bank is evaluating alternatives for its registered investment adviser (RIA) unit, called Personal Financial Management (PFM), which manages about $29 billion, it said in a statement.
3. Listen to the Article: Why You Should Be More Aware of the Saudi FX Market?
Saudi Arabia is a fascinating country, where you can't enjoy bacon or booze, but forex trading is not off-limits. Yes, you heard that right. When we talk about the financial markets in the Middle East, we always think of Dubai, a city and emirate in the UAE, and often overlook Saudi Arabia, which occupies 80% of the Arabian Peninsula.
Just like the women there who have to wear Abaya in public (although this is no longer mandatory since 2019), the kingdom is also hiding itself from the rest of the world.
So today, we will lift the veil of the Saudi Arabian forex market and see what makes it unique.
4. FxPro Announces Its Office Relocation to Dubai, Targets Expansion in MENA
FxPro, the industry-leading brokerage, announced on Thursday (August 24) that it has completed the relocation of its office to Dubai, noting that the move 'underpins the company's ongoing commitment to strengthen its presence and expand its business operations within the region'.
Elsy Rayess, Head of Business Development at FxPro, commented: "We are excited about the move to our new office in Dubai. This location positions us at the heart of the region's financial hub, allowing us to serve our customers more efficiently. We remain committed to enhancing our trading conditions and partner program, driving innovation at every turn."
5. Lirunex Expands Brokerage Services to China, Thailand and Vietnam
Lirunex, a company offering Forex and CFDs brokerage services, has extended footprints into China, Thailand, and Vietnam, further growing its presence in the APAC region.
This broker is aimed at providing both experienced and novice investors in the region with a comprehensive and regulatory-compliant platform to access global financial markets.
6. Two Marketing Execs Leave M4Markets for Doo Prime
Following the departure of key members of the business development team, M4Markets' Chief Marketing Officer, Marilena Iakovou, and Head of Marketing, Mariliza Karrera, also announced their move to Doo Prime, a retail FX and CFDs broker and a subsidiary of Doo Group. M4Markets is a Seychelles-regulated Forex and CFD broker.
Marilena and Mariliza both joined Doo Prime last month as Chief Marketing Officer and Head of Marketing, respectively, according to their LinkedIn profiles.
7. RoboMarkets Required by CySEC to Stop Offering Non-Monetary Rewards to Retail Clients
The Cyprus Securities and Exchange Commission (CySEC) issued an announcement on Wednesday (August 23) ordering retail Forex and CFD broker RoboMarkets to stop offering non-monetary reward to its retail clients.
At a meeting held on 1 March 2023, the board of the regulator decided that 'the CIF Robomarkets Ltd does not comply with Article 42 of Regulation (EU) 600/2014, as specified in paragraph 5 of DI 87-09, during the relevant time, due to participating in activities that had as their object or result, the circumvention of the requirement of paragraph 4(1)(d) of DI 87-09 since, through its website and social platforms linked to it, it provided its customers with a non-monetary reward', according to the announcement.
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