Fazzaco Weekly Digest: IG Group Dismisses South Africa CEO; FX is Reviving in Proprietary Trading; CME Group to Introduce FX Spot+

Last week, a number of financial services companies such as IG Group, Zara FX​, BTIG​, and Capital.com​ announced their latest senior executive changes. Andrew Gibson, Head of Product Development, FX and CFDs at Tavira Securities Dubai, left to set up his own FX brokerage, TimberFX.

Liquidity solutions provider BidX Markets unveiled its financial results for FY23 released last week, seeing the turnover more than tripled year over year. Additionally, Interactive Brokers​, Exness​, and some other brokers had updated their trading data for the latest month.

CME Group introduced CME FX Spot+, a new all-to-all marketplace that connects cash market participants with the Group's FX futures liquidity.

In addition, the resurgence of forex trading in the field of proprietary trading is a matter of concern, which Fazzaco explored in the latest audio article.

It is worth noting that the industry event, the 2024 Trading Influencers Awards Middle East, is in full swing, and the voting stage is officially open.

Here are the related details, as well as some of the most read forex, fintech, and payment news pieces and articles from Fazzaco over the past week.

1. IG Group Dismisses South Africa CEO, Appoints Aphindile AB Bokleni as Successor​

Fazzaco learned that IG Group, the global leader in retail Forex and CFD trading, has let go Robert J. Van Eyden from the role of its South Africa Chief Executive Officer as a part of the firm’s workforce reduction.

Robert joined IG in July 2022, and took on the above role since then.

2. Andrew Gibson Leaves Tavira Securities, Opens New FX Brokerage

Fazzaco learned that Andrew Gibson has resigned from the role of Head of Product Development, FX and CFDs at Tavira Securities Dubai after one year and nine months, and started to launch his own FX brokerage, TimberFX, which is based in Cyprus.

In addition, Andrew has assumed the role of Chief Executive Officer of TimberFX. He boasts about two decade of experience in the FX industry, having served multiple top-rated companies with senior positions.

3. Listen to the Article: How A Report Shows FX is Reviving in Proprietary Trading​

The world of proprietary trading is intricate, and the resurgence of forex trading is an attention-grabbing trend. After a cooling period, FX markets have once again become the forefront of traders' expansion plans. This shift isn't merely a passing phase but a calculated move in sync with the dynamic rhythm of the financial world.

Just last year, FX trading remained the least favored asset class among proprietary trading firms. But now, the landscape has dramatically transformed. The latest report from Acuiti's Proprietary Trading Expert Network indicates a substantial number of companies planning to ramp up their FX trading, a clear signal that the currency markets are once again gaining favor. Considering the inherent complexity and risks of FX trading, this revival is particularly noteworthy.

4. Fazzaco Exclusive: A 2024 Pan-Financial Industry Outlook

As we approach year's end, Fazzaco offers a glimpse into the 2024 pan-financial industry, drawing on a wealth of information and deep analysis from 2023.

Amidst a global economy struggling for growth and persistent inflationary pressures, 2024 heralds a fresh investment landscape. Uncertainty continues to dominate, with oil price volatility and the looming U.S. presidential election poised to add layers of complexity to the market.

5. BidX Markets' Turnover Triples in FY2023​

BidX Markets, a global FCA regulated multi-asset liquidity solutions provider, has experienced a strong growth in its second full year of operation in FY2023 (year ended May 31, 2023), with its turnover more than tripling from FY2022, according to its regulatory filings.

The company generated £1.05 million in FY2023, compared to £297K in FY2022. Net profit for the year came in at £73K, a surge of 66 percent from the previous year's £44K. Gross profit increased significantly, from £230K to £944K.

6. CME Group to Roll Out New Spot FX Marketplace FX Spot+

CME Group, the world's leading derivatives marketplace, announced on Wednesday (December 6th) the planned introduction of CME FX Spot+, a new all-to-all marketplace that connects cash market participants with the Group's FX futures liquidity. Scheduled for client testing in the latter half of 2024, this new offering aims to enhance trading opportunities in the spot foreign exchange market.

Upon the launch of the new marketplace, spot FX traders will have the opportunity to utilize CME FX futures liquidity in OTC spot terms, operating within a transparent, open, and central limit order book environment. Simultaneously, users of the FX futures market will experience expanded access to OTC FX liquidity. CME FX Spot+ facilitates this connectivity by leveraging FX Link, a tradable and liquid spread between OTC spot FX and CME Group's FX futures, ensuring seamless liquidity between the two trading environments.

7. 2024 Trading.live Influencers Awards Middle East Opens for Voting!​

Today, Trading.live is thrilled to announce that the voting stage for the 2024 Trading Influencers Awards Middle East is officially open! More than 200 traders are nominated as candidates. From December 4 - December 15, 2023, you have the chance to vote for your supporters and help decide who will win the top prizes.