Fazzaco Weekly Digest: TFB Names New Head of Cyprus Office; Mizuho Acquires Greenhill; 10 Did-You-Know Trivia About FX

Last week, Japanese banking giant Mizuho Financial Group announced the acquisition of Greenhill & Co, a veteran Wall Street investment bank, for about $550 million, with plans to operate it globally as the M&A and restructuring advisory business of Mizuho.

Meanwhile, regulators around the world are discussing and formulating policies to maintain the healthy functioning of the market in the face of the rapid growth of global tech giants such as Google and Microsoft. Martina Hoffard, Head of Marketing at Spectrum Markets, delves into the role of regulation in this regard.

At a time of repeated hits and restrictions on the crypto industry, Hong Kong has instead announced that it will soon allow licensed platforms to provide virtual asset trading services to retail investors.

Additionally, Tools for Brokers has appointed a new Head of Cyprus Office to lead its expansion efforts in the region.

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. Listen to the Article: 10 Did-You-Know Trivia About Forex Trading​

If you're in the forex business, you know it's a global, decentralized OTC market with the highest liquidity. The forex market barely sleeps - it's open 24/5, from Monday to Friday, across Australia, Asia, Europe and North America. This is Forex 101, the basics that everyone knows.

But sometimes we can't see the forest for the trees. We forget that the Forex market has a rich history, a diverse landscape and some fascinating facts. Today, Fazzaco brings you ten of the most interesting trivia about the Forex market that you can use to impress your peers at the next Fazzaco offline event.

2. Japan's Mizuho Acquires Greenhill for $550M to Expand Business in US

Japanese bank holding company Mizuho Financial Group announced the acquisition of Greenhill & Co, one of the oldest Wall Street boutique investment banks, at a price of $15 per share. The all-cash deal values at approximately $550 million, including assumed debt.

The deal will bring around 370 bankers to Mizuho. Following completion of the transaction, Greenhill will operate globally from its 15 locations around the world, serving as the M&A and restructuring advisory business of Mizuho.

3. Institutional FX Trading Volume Declined in April After Months-Long Surge​

The trading volumes of leading institutional FX and ECN platforms in April 2023 have been revealed, generally showing an overall decline.

The report covers Average Daily Volume (ADV) of institutional FX trading volumes from six major venues, namely Cboe FX, CLS, Euronext FX, FxSpotStream, Refinitiv and 360T.

4. Big Tech, Big State, Big Uncertainty?

Global tech giants are about to digest the EU’s Digital Services Act Package while the UK’s broadcasting and telecommunications regulator has launched its own probe into the cloud services, messenger and smart-device market to assess whether Amazon, Microsoft and Google are limiting competition and innovation.

As these companies are facing lawsuits or probes elsewhere, too, it seems that the debate over whether there should be more stringent regulation is over. Now, the debate about how regulation should be done most effectively is in full swing. Martina Hoffard, Head of Marketing at Spectrum Markets, discusses whether antitrust law has the right responses to the still-growing monopolies.

5. Tools for Brokers Names Petros Kalaitzis as Head of Cyprus Office​

The international technology company Tools for Brokers (TFB) has named Petros Kalaitzis as its new Head of the Cyprus office. In this new role, Petros will focus on business growth by managing relationships with new and existing partners and clients, while also leading expansion efforts in the region.

With over a decade of sales and customer services experience in FX industry, Petros joined TFB in October 2022 as Sales Manager of MENA, focusing on boosting the company’s presence and revenue across the region and maintaining long-term relationship with partners and customers.

6. BUX Rebrands Investment App BUX Zero to BUX

BUX, one of Europe's leading online brokers, today announced that it has completed the rebranding of investment app BUX Zero to BUX, following its changing the name of its derivatives trading app from BUX X to Stryk last July.

The last rebranding was aimed at showing a clearer distinction between its long-term investment platform, now BUX, and its short term trading platform, which is now Stryk.

7. Hong Kong to Open Crypto Exchange Access for Retail Users​

The Securities and Futures Commission (SFC) in Hong Kong announced that it will soon allow licensed platforms to serve retail investors. 

In an announcement on May 23 from the SFC, the regulator said operators of virtual asset trading platforms willing to comply with the SFC's proposed guidelines are welcome to apply for a license.