Fazzaco Weekly Digest: FTX Seeks Fund Raising; IG's Revenue for Q1; Jessica Beckstead Joins OANDA

​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. Crypto Giant FTX Seeks Fund Raising for Potential Acquisition

Cryptocurrency exchange FTX is raising capital in parallel with a potential acquisition, according to a person familiar with the matter.

It's evaluating several possible takeover candidates, some of which are companies operating retail-trading platforms, the person said. Negotiations are in preliminary stages. If acquisition talks fall through, it's less likely FTX will raise money, according to the person.

2. IG Group Posts Total Revenue for Q1 FY23 of £241.8M, up 11% YoY

IG Group, a global online trading company providing CFDs and Forex, has released its financial results for the three months to 31 August 2022 ("Q1 FY23"), unveiling that its total revenue for the period came in at £241.8 million, rising 11% compared to that of Q1 FY22 at £218.3 million.

Specifically, the revenue for OTC derivatives grew 5% YoY to £197.8 million; the revenue for Exchange traded derivatives stood at £30.8 million, surging 36% YoY; regarding stock trading and investments, the figure was £6.1 million, down 19% YoY.

3. Jessica Beckstead Joins OANDA as Managing Director, North America, and CEO, US

OANDA, a global leader in online multi-asset trading services, currency data and analytics, has appointed Jessica Beckstead as Managing Director, North America, and CEO, US. Beckstead will be accountable for driving the continued success of the firm's growth throughout the US and Canada; she will be based in New York.

4. Schwab,Citadel Securities,Fidelity Announce Start of Crypto Exchange EDX Markets

Financial heavyweights including Charles Schwab (SCHW), Citadel Securities and Fidelity Investments announced the start of cryptocurrency exchange EDX Markets, the latest evidence Wall Street is forging ahead in digital assets despite the crypto winter.

5. Exness Registers Record High Trading Volume for August of $2.8T

Retail FX and CFDs broker Exness has unveiled its trading volumes for August 2022, which rose to $2.81 trillion, achieving a record high.

The figure for August enjoyed an increase of 23.5 percent on a month-on-month basis, compared to that of July of $2.275 trillion. And the year-on-year growth rate reached 219.6 percent, compared to that of last same period of $879.4 billion.

6. SGX Group Ties with MAS to Launch Digital Disclosure Portal ESGenome

​Singapore Exchange (SGX Group) and the Monetary Authority of Singapore (MAS) today jointly launched ESGenome, a digital disclosure portal for companies to report Environmental, Social and Governance (ESG) data in a structured and efficient manner, and for investors to access such data in a consistent and comparable format.

7. Moneta Markets Obtains ASIC License After Separating from Vantage​

​Fazzaco learned that Moneta Markets, a retail FX and CFDs broker, has separated from Vantage and obtained a license from the Australian Securities and Investments Commission (ASIC) to operate in Australia.