Fazzaco Weekly Digest: Libertex' Co-Founder Killed; CMC Markets' Latest Promotion; Credit Suisse Sees Loss of Client Assets

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 week.

1. Vyacheslav Taran, Libertex' Co-Founder Killed in A Helicopter Accident in Monaco

Fazzaco learned that a helicopter crash that happened in Monaco killed Mr.  Vyacheslav Taran, the co-founder of Libertex Group, an online stock and CFD trading broker with several years in the financial market and online trading experience.

Mr. Taran was a successful businessman who had lived in Monaco for the past 10 years. He worked in cryptocurrency and investments and was the founder of the Libertex Group, an online trading platform that has been active since 1997. He was listed as a member of the board of YouHodler SA in Lausanne, Switzerland, from where he was returning.

2. CMC Markets Promotes Camilla Boldracchi to Institutional Sales​

Fazzaco learned that CMC Markets, a leading global provider of online trading, technology and execution for institutional clients, has selected Camilla Boldracchi to assume the role of Institutional Sales.

Prior to her new role, Camilla served the company as Head of Institutional Relationship Management (EMEA), responsible for driving forward a client and digital-first organisational culture to help the businesses transform and innovate to sustain competitive advantage.

3. Credit Suisse Says Few Clients Have Closed Accounts, Sees Loss of Client Assets

The head of Credit Suisse's Swiss unit said "some customers have withdrawn some of their money, but very few have actually closed their accounts."

Last week, Switzerland's second-largest bank said it expects to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.6 billion) during Q4 and revealed that wealthy clients had made hefty withdrawals, leading to a big drop in liquidity, breaching some regulatory limits.

4. Matthew Maloney Officially Takes over as Finalto New Group CEO

Fazzaco learned that Finalto (former TradeTech Group), a leading institutional trading services firm, has secured Matthew Maloney as the new Group Chief Executive Officer (CEO).

Matthew, who has been the CEO of Finalto Financial Services and Finalto Trading since February 2021, takes over as the new Group CEO from Ron Hoffman, who stepped down earlier this month after spending over seven years with the company.

5. Where Are the Buyers: Demand for FX Spot Trading Dropped Across Markets in October​

The trading volumes of leading institutional FX and ECN platforms in October 2022 have been revealed, generally showing an overall drop across major markets. So, how did institutional investors and interdealers perform at the over-the-counter markets of the month? Let's read the data.

The venues all reported a drop in average daily FX trading volumes in October 2022 versus September. Overall, Moscow Exchange has the biggest percent of MoM decrease of 18.8 percent, followed by Euronext FX and Integral with 11.2 percent and 10.7 percent. CLS, Cboe FX and FxSpotStream showing a MoM decrease of 9.8 percent, 6.8 percent and 5.9 percent respectively.

6. CySEC Announces Requirements for CIFs Regarding Providing Services in Third Countries

The Cyprus Securities and Exchange Commission (CySEC) notified Cyprus investment firms (CIFs) regarding the provision of investment and ancillary services and/or performance of investment activities in third countries.

According to the regulator, CIFs wishing to provide and/or perform investment and ancillary services and/or activities in third countries, must notify CySEC via a letter of their intention to do so. The letter should include a list of third countries where the CIF intends to provide/perform services and activities.

7. Zenfinex Gears up for Global Expansion with DFSA License

Forex and CFD broker Zenfinex has secured the Dubai Financial Services Authority (DFSA) licence to provide financial services in the Middle East and North Africa (MENA) region, as part of its global strategy for expansion.

The new license came after the broker Zenfinex obtained regulatory license under the Seychelles Financial Services Authority (FSA) earlier this year. In addition, the company has announced major hires to ramp up its international growth plans, including Christelle Haddad as Head of Customer Support in MENA, Alexandros Kritiotis as Global Chief Operating Officer, Quyen Bui Ha as Country Manager and so on.