Fazzaco Weekly Digest: What's Next in the Year Two of AI Era? eToro Restricts Crypto CFDs Trading; OANDA Executive's New Venture

The first month of 2024 has come to an end, and several financial services companies, including Bunq, Interactive Brokers, Nomura​, and Nasdaq​, have updated their financial reports. In the meantime, Fazzaco has collected and compiled spot trading data from the six major exchanges for December, revealing a downward trend for the month.

In the cryptocurrency sector, eToro has announced that it will limit its support for non-leveraged CFD crypto trading in France and Australia. Similarly, OKX​, a well-known crypto exchange, has decided to discontinue its Mining Pool and related services due to business adjustments.

Staff turnover is a common occurrence in the industry. Last week, Fazzaco reported on personnel changes at Blueberry Markets, Markets.com, ConnextFX​, IG Group, and other companies. Notably, executives at OANDA have chosen to leave and start anew.

Regarding fintech, Afterprime and its technology partner TraderEvolution have successfully integrated with TradingView. It is important to highlight that we have now entered the second year of the AI era, and we eagerly await the changes that will unfold in the financial world. 

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

1. Institutional Spot FX Trading Volumes in December 2023 Shows Slight Decline​

The institutional spot FX trading volume of major platforms begins to see a downward trend in December 2023. Out of the six major institutions, CLS is still yet to disclose its December numbers as of January 29. Month-on-month declines of spot average daily volume are observed by Cboe FX, FxSpotStream, and CME EBS, with 360T and Euronext FX being exceptions. Saxo Bank is put in the article this month, which shows a considerable growth from the previous month in terms of spot ADV.

In terms of year-on-year growth, except for CME EBS, there was a relatively large increase across the board.

2. eToro Plans Restriction on Crypto CFDs Trading in France and Australia

Fazzaco learned that eToro, Israel-based multi-asset trading and investing platform, is set to restrict its support for non-leveraged CFD crypto trading in France and Australia.

The company has asked its clients in Australia to close the non-leveraged long positions with such instruments ahead of 19 February. For French customers, the deadline is 21 February.

3. Christopher Nelson-Smith Leaves Vantage for Blueberry Markets as Trading and Operations Head​

Fazzaco learned that Australian-based FX trading platform Blueberry Markets has appointed Christopher Nelson-Smith, a seasoned and results-driven executive with a proven track record in the financial and banking sector, to head its trading and operations business.

Christopher is tasked with maximizing eFX and CFDs in trading revenue by optimizing the trade flow of all Blueberry Markets' products. Besides, he will be responsible for liquidity and developing and executing the company's trading and risk management strategy.

4. Listen to the Article: Year Two of AI Era, What's Next in 2024?

The first month of 2024 is coming to an end, and as the fireworks that celebrated the new year around the world fade away, the heat of the financial market will pick up again. For the global fintech industry, this year's regulatory landscape will become more complex and diverse, and the reasons behind it are not only from aspects we've known for so long, such as payments, cryptocurrencies, digital bonds, etc., but from novel technologies too, and I mean artificial intelligence (AI) and distributed ledger technology (DLT), that are likely to bring opportunities as well as challenges.

5. OANDA Executive Sam Eder Departs to Start marketmates.com​

Fazzaco has learned that Sam Eder, the Head of Emerging Markets at OANDA, a prominent online broker, has resigned from his position and co-founded a new trading services-focused website, marketmates.com.

With approximately 15 years of experience in the FX and CFD industry, Eder announced his new role as CEO & Co-Founder at marketmates.com on LinkedIn on Thursday (February 1).

6. Afterprime Launches Direct Trading from TradingView Via TraderEvolution Platform

Multi-asset electronic trading company Afterprime has worked closely with its technology partner TraderEvolution Global in order to complete a full broker integration with TradingView.

Afterprime's clientbase can now use their brokerage accounts at Afterprime directly in the TradingView’s web GUI for displaying and analysing charts, synchronising their positions and modifying or sending orders directly to Afterprime for execution.

7. Bunq Achieves First FY Profitability, Eyes UK Expansion​

Dutch neobank Bunq is planning its UK re-entry after recording its first full year of profitability.

Bunq, which describes itself as the first global neobank for location-independent people and businesses, posted a net profit of €53.1 million in 2023. The firm plans to use the money for global expansion.