Fazzaco Weekly Highlights: FCA Overhauls UK Reporting Rules, eToro Acquires LB Finanzas, ASIC Issues A$4.3M Notices, StoneX Executive Exits, DBS Eyes Prime Brokerage
The global forex, CFD and fintech industries saw significant developments over the past week, with regulatory reforms, brokerage acquisitions, executive changes and institutional trading strategies drawing attention. From the FCA's overhaul of UK transaction reporting requirements to eToro's expansion into Latin America and DBS's potential entry into prime brokerage, the developments highlighted the changing regulatory and competitive landscape facing financial institutions.
1. FCA Finalises UK Transaction Reporting Overhaul, Full Compliance Due April 2028
The UK's Financial Conduct Authority (FCA) finalised major reforms to the MiFIR transaction reporting regime, with full implementation scheduled for April 3, 2028. The changes will reduce reportable fields from 65 to 52 and remove FX derivatives from MiFIR transaction reporting requirements. The regulator estimates the reforms could save the industry more than £100 million annually, although financial institutions will still need to update reporting systems and compliance procedures.
2. eToro to Acquire Argentina's LB Finanzas in Latin American Expansion
Trading and investment platform eToro agreed to acquire Argentine fintech company LB Finanzas as part of its expansion across Latin America. The acquisition is intended to strengthen eToro's local presence and establish Argentina as a regional hub. The transaction reflects growing competition among global trading platforms seeking to expand their investment and financial services offerings in emerging markets.
The Australian Securities and Investments Commission (ASIC) issued infringement notices totalling A$4.356 million to 22 large proprietary companies for allegedly failing to lodge their audited financial reports for the 2025 financial year on time. Each company paid A$198,000. The enforcement action underscored ASIC's continued focus on financial reporting compliance and corporate accountability. Payment of the notices does not constitute an admission of liability.
4. StoneX Trading Head Alastair Hine Departs
Alastair Hine, a longtime senior executive in StoneX Group's retail trading business, departed the company. Based in London, Hine had overseen operations involving FOREX.com and City Index, now operating under the StoneX Trading brand. His departure marked another notable executive change within the global forex and CFD brokerage industry.
5. DBS Weighs Hedge Fund Prime Brokerage as Markets Trading Income Falls 65%
Singapore-based DBS Group is considering expanding into prime brokerage services for hedge funds and other institutional investors. The potential move was discussed as the bank reported a 65% year-on-year decline in markets trading income for the third quarter. The proposed business could build on DBS's existing custody, market access and trading capabilities, although no final decision has been announced.
6. Exclusive Markets Appoints Mohamed Elsergany as MENA CEO
CFD broker Exclusive Markets appointed Mohamed Elsergany as Chief Executive Officer for the Middle East and North Africa (MENA) region. Elsergany joined from PU Prime, where he held a similar position for nearly five years. With almost two decades of industry experience, his appointment highlighted the importance of regional leadership and market development strategies among international brokerages.
Last Week in Review
The developments over the past week reflected three key trends: regulators continued to streamline reporting requirements while strengthening compliance enforcement; trading and financial institutions pursued acquisitions and new business opportunities; and brokerage leadership changes highlighted the industry's evolving competitive landscape.
For forex and CFD brokers, financial institutions and fintech providers, regulatory readiness, operational efficiency and strategic market expansion remained essential to maintaining long-term competitiveness.
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