Last week we saw FXCM continue to repay its loan to Leucadia and a plethora of brokerages and technology providers begin to offer cryptocurrencies. In addition, the new Finance Magnates Quarterly Industry Report is out, examining the lifecycle of the retail brokerage, the decline of the binary options industry, and more.
Fastmatch sold off
Two major shareholders of Fastmatch sold off their shares in the platform provider this week. that FXCM has sold its 30% share to Leucadia for $46.7 million, which goes part of the way to repaying the former’s debt to the latter. Brendan Callan, CEO of FXCM Group, commented: “With the close of this deal we have made a significant step towards reducing the Leucadia debt.”
On Thursday, NEXT Investors, Credit Suisse’s fintech investment fund, , in a move that strengthens Euronext’s FX product range and Fastmatch’s European presence.
Tech providers add cryptocurrencies to platforms
Last week saw cryptocurrencies continue their move into the mainstream as two trading technology developers announced major moves.
On Tuesday we reported that industry stalwart SpotOption . Founder Pini Peter said: “At a time when the total market cap for Bitcoin alone has an estimated value of $64 billion, it seemed only natural that we would include this popular and rising currency to our portfolio.”
Airsoft, a firm with offices in Cyprus and Hong Kong, . CEO Shay Benhamou said: “The launch of the first online industry coin will basically give Airsoft clients a true/final one stop shop where a complete circle of all in solution fully integrated products.”
FM Intelligence Report shows decline in binary options deposits
This issue discusses the decline of the binary options industry as the regulatory pinch takes its toll on results. As always, a wide selection of topics vital to the industry today are examined at length, including of course cryptocurrencies.
IQ Options expands to FX and CFDs
The only regulator currently allowing binary options trading is CySEC, but even in this jurisdiction the squeeze cannot be escaped. IQ Option, a leader in the binary options industry, has been reforming its product in line with the shifting legal demands, and has “We have already launched forex and cryptocurrencies, and we are planning to launch share trading soon,” said Dmitriy Zaretskiy, CEO.
GAIN raises money
On Wednesday we reported that GAIN Capital is with an additional 30 day option for another $12 million to cover potential over-allotments. The sale is going to refinance existing obligations and provide for a $15 million buyback program. The notes will be convertible at the option of holders until the 15th of April 2022. By the following day, , stating that $80 million worth of senior convertible notes were to be priced at a fixed rate of 5 percent.
The crypto-wagon
Cryptocurrencies continue to make multiple headlines – last week saw no less than three major brokerages introducing cryptocurrencies as tradeable assets.
On Wednesday we reported that CySEC-regulated NordFX has On Thursday, multi-asset HotForex – the firm had already approved Bitcoin deposits earlier in the year. A spokesperson said: “…we believe in helping our clients keep up with the latest instruments, the newest tools and the best educational resources: adding this popular new cryptocurrency to our products was the natural next step.” And finally, on Friday FX and CFD broker IC Markets “We’re pleased to be giving investors the opportunity to go long or short Bitcoin with an Australian owned and regulated broker,” said Director Angus Walker.
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