Fazzaco Weekly Digest: Equiti Capital UK Sees 113% Increase in Profit for FY21; HonorFX Names New CEO; Crypto.com Obtains Regulatory Approval in France

1. Equiti Capital UK Registers 113% Increase in Profit for FY21

Equiti Capital UK Limited, the London-based arm of Equiti Capital that is one of the leading financial services providers of Forex and CFD liquidity, today reported an increase in profitability of 113% for the financial year ending December 2021, with a net profit of $3.7 million. The increase in profitability was driven by a 5% growth in trading revenues underpinned by a small reduction in costs.

Record volumes were generated by Equiti Capital's FX Agency desk which grew 84% year-on-year. 

2. HonorFX Names Filippo De Rosa as Chief Executive Officer

HonorFX, a multi-regulated online FX broker, has appointed Filippo De Rosa as Chief Executive Officer.

De Rosa joined HonorFX from financial service provider CPT International, where he served as CEO for nearly 2 year. De Rosa brings over 15 years of experience within retail and institutional sales as well as management to the broker, having previously held roles of executives in several industry-leading companies, such as SquaredFinancial, AxiTrader, IG Group, Moody's Analytics and E*TRADE Financial.

3. Crypto.com Obtains Regulatory Approval to Operate as Digital Asset Service Provider in France

Crypto.com, the world's fastest growing cryptocurrency platform, announced today it has been registered in France as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) following clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

Crypto.com was subject to rigorous review, particularly around anti-money laundering and  combating the financing of terrorism, in order to receive regulatory approval. With this registration, Crypto.com will bring a suite of products and services in compliance with local regulations to customers in France.

4. Mobile Payments Service Paym to Shut down in 2023

Mobile payments service Paym is to permanently shutter in 2023 due to changing consumer preferences in payments.

Citing the "rapid evolution" of payments technology which has seen consumers move to newer forms of mobile payment and faster payments through online banking, Pay.UK says Paym will close permanently on 7 March 2023.

5. DBS Selects Nasdaq's Trade Surveillance Solutions to Detect Market Abuse

Nasdaq (Nasdaq: NDAQ) and DBS, a leading financial services group in Asia and Southeast Asia's largest bank, announced that DBS will leverage Nasdaq Trade Surveillance technology to advance its surveillance and market integrity efforts.

Nasdaq's Trade Surveillance solutions will enable DBS to enhance its abilities to analyze comprehensive market abuse surveillance scenarios and patterns and detect trading anomalies across equities and derivatives markets as well as OTC FX markets.

6. Emporium Capital Appoints Robert Woolfe as Chief Operations Officer

Robert Woolfe, has joined Emporium Capital, an investment firm providing Forex and CFDs, as its new Chief Operations Officer for the MENA region, the company announced yesterday.

In his new role, Woolfe will report directly to the CEO Kaschif Ali of Emporium Capital in MENA region. His main responsibilities will be to lead the firms' operations. 

7. Interactive Brokers Introduces New Trading Platform IBKR EventTrader to Trade Event Contracts​

Interactive Brokers, an automated global electronic broker, has introduces its new trading platform, IBKR EventTrader.

IBKR EventTrader lets investors buy and sell event contracts, which gives investors a new and straightforward way of participating in key futures markets. Event contracts are based on the outcome of an event and are short-term positions good for that trading day only.