Fazzaco Weekly Highlights: Regulatory Scrutiny, Brokerage Consolidation and Trading Innovation

The global forex, CFD and fintech industries witnessed another eventful week, marked by tighter regulatory oversight, strategic brokerage consolidation and new developments in trading technology. From ESMA's expanded restrictions on non-compliant stablecoins to Trade Nation's planned acquisition of FXCM's UK client book, the latest developments reflect an industry adapting to changing regulatory and competitive conditions.

1. ESMA Tightens Rules on Non-MiCA Stablecoins Beyond Spot Delistings

The European Securities and Markets Authority has clarified that restrictions on non-MiCA-compliant stablecoins extend beyond removing spot trading pairs. Crypto service providers must also prevent customers from acquiring additional exposure through alternative channels. National regulators are expected to oversee an orderly exit process for affected services by January 8, 2027.

2. Trade Nation to Acquire FXCM UK Client Book

Trade Nation has agreed to acquire FXCM's UK client book, marking another significant development in retail brokerage consolidation. The proposed transaction highlights the importance of customer-base expansion and strategic repositioning as brokers compete for market share.

3. Fortrade Reports 23% Revenue Increase but 21% Profit Decline in 2025

London-based forex and CFD broker Fortrade reported a 23% increase in revenue for 2025, while profit declined by 21%. The contrasting figures underscore the challenges brokers face in translating stronger revenue into sustainable profitability amid rising operational and competitive pressures.

4. Kalshi Launches US500 Perpetual Futures After CFTC Approval

Kalshi has introduced US500 perpetual futures following regulatory approval from the US Commodity Futures Trading Commission. The new cash-settled product provides leveraged exposure to US large-cap equities without a fixed expiration date, representing another development in the expansion of perpetual futures into traditional financial markets.

5. ASIC Sues Former Adviser Over A$34 Million Linked to Collapsed Super Funds

Australia's ASIC has commenced legal proceedings against former financial adviser Osama Saad concerning approximately A$34 million paid to his companies by entities connected to two collapsed retirement funds. The case highlights the regulator's continued focus on financial misconduct, accountability and investor protection.

6. LSEG and CMC Markets Sign Multi-Year Data Agreement

London Stock Exchange Group and CMC Markets have entered into a multi-year data agreement, reflecting the growing importance of market-data partnerships in the trading industry. Such arrangements support brokers' efforts to strengthen data infrastructure and enhance their trading services.

7. EU Council Rejects Direct ESMA Supervision for All Crypto Firms​

The EU Council has rejected a proposal for direct ESMA supervision of all crypto firms, highlighting continuing differences over how regulatory responsibilities should be allocated across the European Union. The development adds another dimension to the debate over centralized oversight of digital-asset markets.

The Week in Perspective

Three themes emerged from last week's developments: regulators are refining their approach to digital assets and investor protection, brokers are pursuing consolidation while navigating profitability pressures, and trading infrastructure continues to evolve through new products and data partnerships.

For forex brokers, CFD providers and fintech companies, the message is increasingly clear: regulatory readiness, operational efficiency and technological adaptability remain essential to long-term competitiveness.