Fazzaco Weekly Digest: May's Broker Report on Client Account Profitability; Admirals Restructures; Exness Executive Departs
Last week, Fazzaco gathered data from 35 brokers in May 2023, and found that the clients losing rate of 9 brokers, including Swissquote, Capital.com and Admirals, experienced a monthly decreased.
In addition, Admirals revealed its restructuring plans to revoke the license of its Estonian subsidiary this year, which would facilitate the merger of the regional arm into the parent company next year.
A business merge also occurred with ThinkMarkets, which had entered into a "proposed business combination transaction" with Canadian company FG Acquisition Corp to go public on the Toronto Stock Exchange.
Separately, last week's departures of executives at Point Nine and Exness drew widespread attention.
Here are the related details, as well as some of the most read forex, crypto and fintech news pieces and articles from Fazzaco over the past week.
1. Exclusive: May's Broker Report Reveals 9 Out of 35 Improve Client Profitability
Fazzaco gathered data from 35 brokers in May 2023. Blackwell Global was excluded from the list because it had outdated data and a low account loss ratio, which could skew the average data.
Among the 35 brokers, an average of 25.92% of client accounts were profitable this month, while 74.08% of them suffered losses. Specifically, Swissquote topped the list with a high win rate of 45%. Darwinex came in second, with 42% of accounts making money. Other brokers in the top 5 were FXOpen (40%), JFD Brokers (33.14%), City Credit Capital (31.96%) and ADS Securities (31%).
2. Point Nine Business Development Manager Christina Barbash Departs
The dedicated regulatory reporting firm Point Nine has lost its Business Development Manager, Christina Barbash. With ten-year experience in Forex industry, Christina has been with the regtech for about three years.
"I'm writing to let you know that after 3 years, I will be leaving my current role at Point Nine. I have made the difficult decision to move on to new challenges and opportunities," Christina posted on LinkedIn.
3. Listen to the Article: Will Uncle Sam Default? The Looming Debt Ceiling Crisis of 2023
America is on the brink of an unprecedented default. Treasury Secretary Janet Yellen warned on May 1 that the US would default on its bills by June 1, 2023. That would be the first time the US has ever failed to honor its debt obligations since it started issuing bonds in 1790.
The stakes are high for the global economy. The International Monetary Fund cautioned that a US default would have severe repercussions, such as driving up borrowing costs worldwide. Harvard economist Prof. Kenneth Rogoff said it would spark a global financial crisis.
4. Exness Head of Trading Products Stanislav Bublik Leaves
Fazzaco learned that Stanislav Bublik has stepped down from his position as Head of Trading Products at Exness, a global leader in multi-asset trading.
Bublik is an experienced electronic trading professional with a track record of over 15 years of success in retail and institutional business. He joined Exness in March 2021, leading a team of 8 product managers working with 11 technology teams that are responsible for front-to-back delivery of trading offerings. Prior to Exness, Bublik had served at Sberbank, a Russian majority state-owned banking and financial services company headquartered in Moscow, for over 7 years, with his last role being Executive Director, Head of Electronic Markets Distribution. Bublik had also previously held roles at Renaissance Capital and Societe Generale.
5. ThinkMarkets to Go Public via SPAC Merger in Canada
The multi-asset online brokerage ThinkMarkets has entered a "proposed business combination transaction" with Canada-based special purpose acquisition company (SPAC) FG Acquisition Corp, for the purpose of going public on the Toronto Stock Exchange.
This follows iS Prime, a leading provider of multi-asset execution and prime brokerage services, and ThinkMarket reaching a last-minute settlement, bringing a longstanding lawsuit to a close.
6. Admirals to Withdraw Its Estonian License Amid Global Restructuring
Admirals Group SA, an Estonia based Retail FX and CFDs broker revealed on Thursday its restructuring plans to merge its Estonian subsidiary Admirals Markets AS with the parent company in the first half of next year. The group intends to withdraw the Estonian subsidiary's investment company license in the second half of this year, presumably in August, to make the plan go ahead.
Admirals explained in the announcement, "The restructuring stems from the fundamental necessity and choice to expand the Group's presence globally, as the Company has substantially positioned itself in new regions during recent years. The on-going change shall have no impact on the existing Group's clients."
7. Worldcoin: OpenAI Founder's Utopian Dream of Giving Everyone A Piece of the Pie
The coronavirus crisis of 2020 hit the world hard, and governments everywhere scrambled to prop up their economies and support their people who were out of work and out of cash because of lockdowns. One of the ways they did that was by sending out cash to the citizens. The US government was one of them, handing out three rounds of stimulus checks that averaged at least $1,200 per taxpayer.
Some people think that giving out money is the answer to everything. Take Sam Altman, for example. He's the guy behind OpenAI, the company that created ChatGPT, the hottest AI chatbot of 2023. But he's also got another project up his sleeve: Worldcoin. It's a cryptocurrency that he wants to give away to everyone on the planet - no strings attached. He's been working on it since 2019, and he just got a fresh round of funding for it, even though the crypto market is in a slump
Subscribe Now
