Fazzaco Weekly Digest: eToro Improves Withdrawal Process; PrimeXM’s September Trading Volume

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. eToro Improves Its Withdrawal Process​

eToro, a fx and CFD broker, has enhanced the way withdrawals are done, improving users’ experience.

​Users now can select a destination payment method for their withdrawal, out of the possible ones for the requested amount. Only available methods for the funds requested will be shown. If there are available payable funding methods, users will be directed to the page where they can choose one of them. Besides, the enhanced process shows the last used currency for each payment way. If the same way was used with different currencies, it will be displayed several times with each one of them, so that a client can choose the one the client wants. Users can also choose an alternative payment method.

2. PrimeXM’s Trading Volume Increases 31% YoY for September

PrimeXM, a provider of FX trading industry technology, has released its monthly trading volume report for September 2021, unveiling that the trading volume reached $1.23 trillion, up YoY 31% , surpassing the previous peak achieved in March 2020.

Additionally, the average daily volume (ADV) was $55.78 billion. The highest daily trading volume of the month was recorded on 28th September with $85.25 billion turnovers - an all-time high daily trading volume this year.

The total number of trades in September was 30.37 million, up 12% MoM. XAU/USD remained on the top spot of the traded instruments during September with $287.4 billion in notional value, approximately 23% of the overall monthly volume.

3. Pacific Union Hires Yasmine Hamouda as Business Development Manager for MENA Region​

Pacific Union Group, an Australian based broker, has hired Yasmine Hamouda as the company's Business Development Manager for MENA Region.

Yasmine joins Pacific Union from Porto Group, a leading real estate developer in Egypt, where she worked as Sales Manager. Prior to Porto Group, she served as Medical Sales Representative at Novartis. Additionally, she had also held sales positions at Memaar Al Morshedy, DMG | Mountain View and ATRIC Developments.

4. CME Group’s ADV for September Hits 18.8 Million Contracts

CME Group, which operates one of the largest derivatives exchanges in the United States, published its monthly metrics for September, showing a growth in the overall volume compared to the figures in the same period last year.

The overall average daily volume (ADV) was 18.8 million contracts, up YoY 11%. In addition, Interest Rate ADV rose 58% on a yearly basis to 7.7 million contracts. Equity Index ADV was 6.4 million contracts, while Options ADV hit 3.2 million contracts. FX ADV came in at 975,000 contracts. In Q3 of 2021, CME Group’s overall ADV increased 14% to 17.8 million contracts.

5. IG Group Promotes Matt Macklin as CEO UK, APAC and Emerging Markets​

IG Group, a global online trading company providing CFDs and forex, has promoted Matt Macklin as the new Chief Executive Officer of the United Kingdom, Asia-Pacific and Emerging Markets.

Macklin was promoted to the position from his previous role as the broker’s UK Head. He first joined IG Group in 2004, where he has spent most of his career time, for eight years. Later, he spent over six years as the Head of Europe at CMC Markets, a leading global provider of financial spread betting and CFDs.

6. BDSwiss Hires Daniel Takieddine as CEO MENA

BDSwiss, a multi-regulated FX and CFDs broker, has hired Daniel Takieddine as the company's Senior Executive Officer in Dubai and also the Chief Executive Officer of BDSwiss MENA.

Daniel joins BDSwiss from FXPRIMUS, where he worked as Head of Sales in Dubai office. Prior to FXPRIMUS, he had held senior sales positions at ADSS for over six years. Additionally, he also served as Senior Account Manager at Amana Capital.

7. Invast Global Appoints BNY Mellon’s Charl de Vleeschauwer as Head Trading​

Invast Global, a multi-asset prime broker, has appointed Charl de Vleeschauwer as its Managing Director, Global Head of Electronic Trading and Execution.

Charl de Vleeschauwer has over 20 years in FX trading industry. He worked in several top financial institutions, including BNY Mellon, Citi and Deutsche Bank and was stationed across global financial hubs. He most recently acted as APAC Head of Electronic Markets, FX and G10 Trading for the Australia unit of US banking firm BNY Mellon. He helped the bank to grow its FX offering and deliver on revenue and profit goals for the region.