FX week in review: CEO moves at Admirals and Equiti, MillTechFX launches, institutional crypto

What longtime co-CEO left Admirals?

What internal management shuffle led to new CEOs for Equiti Capital and Equiti Seychelles?

Which leading London VC figure is behind new multi-bank FX platform MillTechFX?

Which major financial institutions announced new crypto initiatives?

Answers to these question and a whole lot more appeared first or exclusively this week at FNG. Some of the top FX industry news stories to appear over the past seven days on FNG included:

Sir Ronald Cohen backed MillTechFX launches multi-bank FX marketplace. Millennium Global, one of the world’s largest currency managers, has announced that it has launched MillTechFX – an independent, comparative multi-bank FX marketplace which reduces FX execution costs and operational burdens, with the backing of Sir Ronald Cohen, widely known as ‘the father of British venture capital’. The business has been in build mode for the last 12 months, signing up 10+ market making banks to provide rates, bringing its model to market and accumulating client business from asset managers, corporates and institutional investors. Clients have traded billions of USD to date, with usage growing every month.

The Netherlands to introduce restrictions on offering of turbos from Oct 2021. Restrictions will be introduced on the offering of turbos to Dutch retail investors, with effect from 1 October 2021. There will be a leverage limitation, a mandatory risk warning and a prohibition on bonuses for trading turbos, the Dutch Authority for the Financial Markets (AFM) confirmed today. The restrictions include: Leverage limitations reduce the financial risk for retail investors; A mandatory risk warning helps investors to make better-informed decisions; A prohibition on bonuses counters perverse incentives to encourage investors to increase their trading in turbos. Turbos are leveraged products: investors speculate that the prices of an underlying security, such as a stock, an index or a currency will rise or fall. The underlying security is largely funded with borrowed money.

TP ICAP, Fidelity launch regulated spot crypto trading platform. Financial market infrastructure company TP ICAP has announced the launch of what it calls an innovative wholesale trading platform for cryptoassets, working in collaboration with Fidelity Digital Assets, Zodia Custody and Flow Traders. The new platform, which is subject to registration with the UK Financial Conduct Authority, will feature a wholesale electronic marketplace for spot cryptoasset trading, including Bitcoin and Ethereum, as well as providing connectivity and post-trade infrastructure into a network of digital assets custodians. TP ICAP is working with Fidelity Digital Assets and Zodia Custody, both leading crypto assets custodians, to ensure clients have a segregated and interoperable model for execution and settlement, a key requirement for clients entering this new asset class.

Exclusive: FXCM CEO Brendan Callan on rebranding, institutional FX, managing through COVID and more. FNG Exclusive Interview… With Retail FX broker FXCM changing up its logo for just the second time in its 20+ year history, we thought that it would be a good time to catch up with FXCM CEO Brendan Callan and learn more about the company’s new logo / tagline, and how things are going at what is arguably one of the most truly global of all the Retail FX brokers. Brendan Callan has been with FXCM for 20 years, and has served as CEO since 2017 overseeing the rebirth of FXCM as a major player in both Retail and Institutional FX. Here is what he had to say about FXCM’s rebranding, managing a global organization through the COVID pandemic, institutional FX, and what’s ahead.

Top FX industry executive moves reported at FNG this week included:

Brian Myers

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