Zara FX's Appointment; SEC Grants $24M to Whistleblowers; Valutrades Plummets; Brokers Client Losing Rate; Institutional FX; CFTC's Retail FX Fund Report
Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. We also updated the data of brokers' client accounts win/loss rate, institutional FX trading volumes, and CFTC's retail forex funds report.
Below are some of the most read news and articles from Fazzaco.
Zara FX Continues Expansion with Christiana Lazaridou as Chief Business Development Officer
Zara FX, an offshore retail FX and CFDs broker headquartered in Dubai and serving the MENA and Asia regions, has announced the addition of Christiana Lazaridou to its executive team as Chief Business Development Officer.
U.S. SEC Grants Over $24 Million to Two Whistleblowers
The U.S. Securities and Exchange Commission (SEC) has announced awards totaling more than $24 million to two whistleblowers whose contributions were pivotal in recent enforcement actions.
Valutrades' 2023 Report Shows A Stark 77% Plummet
Valutrades, a UK-based FX and CFDs broker regulated by the FCA, has reported a significant downturn in its financial performance for 2023. The broker's revenues dropped dramatically by 77%, from £6.5 million in 2022 to just £1.5 million in 2023, leading to a substantial loss of £3.8 million, compared to a profit of £735,000 the previous year. This decline has severely impacted the company's shareholders' equity, which fell from £4.7 million to £1.7 million by the end of 2023.
NAGA Group Completes Strategic Merger with CAPEX.com
The NAGA Group has successfully completed its strategic merger with Key Way Group Ltd., the operator of CAPEX.com, following the resolution of all regulatory approvals. This merger, initially announced in December 2023, has resulted in the formation of one of the world's leading neo-brokers, boasting approximately 1.5 million users across over 100 countries.
Fazzaco Reports: Client Account Profit/Loss Ratio of 30 Brokers in August 2024
Among the 30 brokers this month, an average of 27.88% of client accounts achieved profits, while 72.12% of client accounts suffered losses. Compared with the average data in July 2024, the winning rate of client accounts decreased by 0.87%.
Institutional Spot FX Trading Volume Remains Unchanged in June, Total M-o-M Down 0.53%
The institutional spot FX trading volumes of major platforms have seen mixed results last month, but the total volumes remain largely unchanged. Among the six major institutions, Saxo Bank will be excluded since they decided to stop updating all of their client trading data, so that explains why we only published the spot ADV of the other five, of which the total sees a slight 0.53% drop monthly. The max. Rise comes from CME EBS, up 7.12%, and Euronext FX saw the biggest decline, down 9.27%.
In June 2024, the total forex funds held by these six registered brokers amounted to US$557,549,710, which was US$9,829,615 more than US$547,720,095 from May 2024.
Compared with US$511,308,702 in June 2023, it was up 9.04% Y-o-Y. The following chart is a all-round overview of the data of the six brokers from July 2023 to June 2024.
Subscribe Now
