Fazzaco Weekly Digest: More Prop Firms to Halt Services; IronFX's Group CFO Leaves; NCM Investment Secures SCA Category 1 License in UAE

Over the past week, several prop firms including Eightcap, Funding Pips, and True Forex Funds have halted their services in response to the stricter policies implemented by MetaQuotes, the developer of MT4 and MT5. However, True Forex Funds​ also unveiled its plans to restart operations this week.

In terms of brokers, George Kyriakoudes, Group Chief Financial Officer at IronFX, a global leader in online trading, announced his resignation, which has attracted widespread attention in the industry. The trading volume in the first month of 2024 of the well-known global trader, Exness, increased both YoY and MoM, and the number of active customers on the platform booked a record at 722,452.

Furthermore, NCM Investment has been granted a Category 1 license from the UAE SCA, solidifying its leadership position in the Middle East, while Trading Technologies plans to tap into the clearing industry with the acquisition of ATEO SAS.

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

1. More Firms to Halt Prop Trading Services as MetaQuotes Expands Policies​

In a follow-up to Fazzaco's yesterday report on Funding Pips ceasing prop trading services, MetaQuotes, the developer of MT4 and MT5, continued taking their stricter policies up a notch, affecting brokers and proprietary trading firms serving US clients.

Several prop firms, including Eightcap, have halted services due to MetaQuotes' tightened regulations. Eightcap announced it will cease serving proprietary trading firms by February 29, prompting a scramble for alternatives within the industry.

2. CFTC Releases Report: Retail Forex Funds in US See A Slight 0.38% Decline in December

The US Commodity Futures Trading Commission (CFTC) has released its latest monthly report, which shows that retail forex funds in December 2023 decreased by 0.38% M-o-M.

The report covers registered retail foreign exchange dealers (RFEDs) and broker-dealers operating in the US. These include CHARLES SCHWAB Futures & Forex LLC, Gain Capital Group LLC, IG US LLC, Interactive Brokers LLC, OANDA Corporation, and Trading.com Markets.

3. Listen to the Article: What Trends in the Prop Trading Market Are We Looking At in 2024?​

Fazzaco has been diligently keeping abreast of the dynamic developments within the proprietary trading domain. As we step into the year 2024 and mark the passing of the first month, it's an opportune moment to delve into the unfolding landscape of prop trading. Let's explore four significant trends that we anticipate will shape and redefine this market in the coming months.

4. IronFX's Group CFO George Kyriakoudes Leaves

Fazzaco learned that George Kyriakoudes has resigned as Group Chief Financial Officer from IronFX, the award-winning global leader in online trading, after over two years, according to his LinkedIn post on February 9, 2024.

"Yesterday was my final day at IronFX after 2 years and it's been quite a journey," George said in the post. As CFO of IronFX, he oversaw the brokerage business, family office as well as other ventures. 

5. Exness Sees January Trading Volume Pick up 7% MoM, Active Traders Set New High​

Exness, Cyprus-based global leader in multi asset trading, registered an increase in trading volume in the first month of 2024, following two consecutive months of dip.

The trading volume on the Exness platform came in at $3.87 trillion, 7 percent higher over $3.61 trillion in December 2023. Compared to $2.82 trillion in January 2023, the figure increased significantly by 37 percent.

6. NCM Investment Secures SCA Category 1 License in UAE, Growing Presence in Middle East

NCM Investment Company KSCC (NCM), an award winning broker and prominent player in the Middle East's online trading industry, announced that it has been granted a Category 1 license from the UAE Securities and Commodities Authority (SCA).  

The granting of a Category 1 license represents a significant milestone and major step forward for NCM, demonstrating the Group's unwavering commitment to delivering exceptional services to its clients and solidifying  its leadership position in the Middle East.

7. Trading Technologies Taps into Clearing Sector with ATEO SAS Acquisition​

Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, has entered a definitive agreement to acquire ATEO SAS, a leading provider of post-trade solutions for listed derivatives.

Through this acquisition, which is expected to complete on February 29, 2024, TT will expand into clearing and other middle-office technologies and services. This deal will bring ATEO's full line of middle-office solutions into the TT infrastructure.