Author: Desmond Brooks

Interactive Brokers Group, Inc. (Nasdaq: IBKR) has released its October report, showcasing significant growth across several metrics for its electronic brokerage services. The firm reported a 46% increase in Daily Average Revenue Trades (DARTs), totaling 2.82 million for the month. This reflects a 7% rise compared to the previous month and highlights the growing activity on the platform. Client equity also surged to $540 billion, marking a 47% year over year increase. Additionally, client accounts rose by 28%, reaching 3.2 million, while client credit balances saw a slight increase of 2%, reaching $117.6 billion. Interactive Brokers provides automated trade execution…

Dukascopy Bank has introduced a new line of money market investment products to mark its 20th anniversary, offering attractive annualized interest rates for USD, GBP, and EUR holdings. Known as Interest USD, Interest GBP, and Interest EUR, these products provide rates of 5.70% for USD, 5.45% for GBP, and 4.03% for EUR, based on the performance of underlying funds. Designed for clients with moderate risk tolerance seeking stable, short-term returns, these investments are available to MCA account holders. Dukascopy aims to offer safer portfolio growth options, catering to investors interested in predictable income on their EUR, USD, and GBP assets.…

The NAGA Group AG reported revenue of €31.7 million for the first half of 2024, boosted by its merger with Key Way Group, the parent company of CAPEX.com. This merger nearly doubled NAGA’s user base, deposits, and trading volume, contributing to its strong performance. Alongside the merger, NAGA implemented cost-reduction measures, reducing direct costs by 30% and personnel costs by 18%, which led to an 85% increase in EBITDA, reaching €2.8 million. Revenue Growth and Strategic Adjustments NAGA’s H1 2024 revenue reflects a strategic pivot aimed at enhancing profitability and efficiency, with the firm actively cutting unprofitable units. This strategy…

XTB, a leading Polish fintech firm, reported a strong third quarter, with a consolidated net profit exceeding PLN 200 million. The company’s preliminary financial results highlighted growth in client acquisition, revenue, and profitability during this period. XTB attracted over 108,000 new clients in Q3, marking a 60% increase compared to the same quarter last year. Consolidated net profit reached PLN 203.8 million, nearly doubling year-over-year. Revenue and Profit Growth XTB’s Q3 2024 revenue surged to PLN 470.2 million, a 67.3% increase from the previous year. This growth was largely attributed to increased market volatility in July and August, which drove…

The Cyprus Securities and Exchange Commission (CySEC) has suspended the voting rights of Aliaksandr Klimenka, the indirect sole shareholder of FXOpen EU Ltd, citing concerns about his influence on the company’s management. The regulator believes that Klimenka’s level of control could hinder the firm’s ability to operate in a sound and responsible manner. Six-Month Grace Period for Governance Overhaul CySEC has given FXOpen EU Ltd a six-month grace period to restructure its governance and address the issues stemming from Klimenka’s influence. This suspension is expected to come into full effect after the grace period, during which the company is tasked…

Centroid Solutions, a financial technology provider, has completed its integration with SNB Capital, Saudi Arabia’s largest investment bank. This partnership enables international brokers to access Saudi Arabia’s $2.6 trillion stock market directly, marking a significant expansion of Centroid’s reach in the Middle East. Expanding Middle East Market Access Through this integration, brokers using Centroid’s connectivity platform can now execute trades on the Saudi Exchange (Tadawul) via SNB Capital’s infrastructure. This setup provides international brokers streamlined access to the largest stock market in the Middle East, where economic reforms and market liberalization efforts continue to attract foreign investment. SNB Capital, managing…

StoneX Group has strengthened its foothold in India by joining the International Bullion Exchange (IIBX) and opening new offices in Bangalore and Pune. Since entering the Indian market in 2019, StoneX has grown significantly, now employing over 550 people in India out of a global workforce of more than 4,300. Expansion in India Commenting on StoneX’s expansion, APAC CEO Greg Kallinikos stated, “India’s leadership in technological innovation across multiple sectors makes it a strategic choice for expanding our technology and support services.” He highlighted India’s skilled financial services talent as a key factor in establishing the company’s Global Capability Centres…

Since its inception in 2010, IronFX has evolved into a globally recognized broker, serving over 1.5 million clients in 180 countries. Known for its customer-centered approach, IronFX is committed to transparency and solid trading practices. Here are seven key ways IronFX continues to build and maintain trust with its global clientele. 1. Setting Industry Standards IronFX has set a high benchmark in online trading, with over 40 awards, including the “Top 100 Trusted Financial Institution 2024.” These accolades reflect IronFX’s ongoing commitment to excellence and high service standards. 2. Financial Transparency and Compliance IronFX upholds transparent trading conditions by providing…

BGC Group has reported a strong third quarter, highlighted by a 16% year-over-year revenue increase to $561 million, driven by robust performance across all asset classes and regions. Additionally, pre-tax adjusted earnings rose by over 24%, reflecting the company’s focus on expanding both traditional and emerging markets. Strong Performance Across All Divisions A significant contributor to BGC’s growth was its Fenics division, which posted a 13.3% increase in revenue, reaching $142.1 million. Fenics Growth Platforms, including FMX and PortfolioMatch, showed substantial gains as the company further strengthened its position in electronic trading. BGC has also completed its acquisition of Sage…

Match-Trader has launched prop trading tournaments and rolled out significant platform updates, including automated payment conversions and new social features, to enhance the trading experience for brokers and traders alike. The tournaments, designed to attract and retain active traders, allow participants to compete in a simulated environment with structured rules and rewards. This setup enables users to refine their skills in realistic conditions, making the experience both educational and engaging. Prop Trading Tournaments for Skill Development and Engagement Match-Trader’s prop trading tournaments provide a simulated trading environment with guidelines on daily and maximum losses, evaluation criteria, and incentives for top…