During the past week, a number of the most popular stories on Finance Magnates were directly related to Teddy Sagi’s expanding FX trading conglomerate. From Safecap Investments getting fined by CySEC to Plus500’s Q2 report and of course Playtech’s latest acquisition, all firms involved are at least in part controlled by the online business mogul.
Other noteworthy stories included new details that came to light about the high level of scrutiny firms will have to pass in order to get an Israeli forex license, as well as a sneak peek of a new platform claiming to revolutionize social trading.
ISA Demands
It was revealed this week that Israeli regulators have demanded from brokers to supply detailed white papers on the core technology, . This demand is unheard of in similar processes for obtaining licenses in other jurisdictions around the world, according to a lawyer who handles such affairs.
Material from technology providers MetaQuotes Software Corp, Inc. and Panda Trading Systems, Ltd, has already been submitted for incorporation into the relevant applications by local brokers.
Do Not Copy
On Tuesday, Finance Magnates was offered an exclusive peek into the new . The developers believe that they have found gaps in the online trading market, and social trading specifically.
One of the most interesting features of Trade360 is showcasing which positions are taken by traders worldwide, from the home country of the user, and the most profitable traders only.
Plus Pain
Additionally on Tuesday, Plus500 released its latest trading update revealing the amount of damage from the impact on the firm’s operations in the U.K. quarter-on-quarter and remains lower than a year ago by about 5%.
Plus500 has also indicated that on-boarding of new customers in the U.K. is likely to resume in about three weeks time after the company hires external consultants to address compliance issues. Meanwhile, a shareholders’ vote on Playtech’s purchase of Plus500 will take place on the 16th of July.
Playtech Buys AvaTrade
On Wednesday, the forex broker AvaTrade confirmed it had reached an agreement with Teddy Sagi’s Playtech on the sale of the company.
The acquisition deal was speculated at around $100 million back in May, with some estimating the revenues of AvaTrade at about $20 million for 2014. It appears that these estimations have been mostly correct with the .
Record Fine for 2015
On Thursday, the Cyprus regulators (CySEC) announced that they have applied a large fine to the firm behind . This is the largest such penalty applied by the financial watchdog this year.
According to CySEC, the violations were found during onsite inspections that were carried out in May 2013 and October 2014 at the firm’s offices. Its holding company, TradeFX, was also recently purchased by Playtech.
Be First to Comment