Forex and CFD broker Exness saw a 9% decline in client trading volumes for February, despite a 6% increase in active clients. The company experienced a surge in demand in January, with a record number of active clients and a 7% increase in trading volume. Exness has a strong presence in emerging markets and holds licenses in South Africa and Kenya. Damian Bunce, the Chief Customer Officer, recently announced his departure from the company after nearly 3.5 years of service.
Saxo Bank's forex trading volume on its platform decreased significantly in February to $92.4 billion, a 15.4% decline from the previous month. The overall monthly volume dipped below $100 billion for the first time in two years. The drop in forex volumes also affected the total monthly volume, which decreased by 4.5% to $358.3 billion. Despite this, Saxo Bank's revenue for 2023 increased to DKK 4.48 billion, but net profit decreased by 8.1% to DKK 711 million.
The retail FX/CFD industry in Europe is facing regulatory restrictions and concerns about its future. Companies may shift to listed derivatives due to their regulated nature and lower counterparty risk. Retail brokers plan to expand into other regions, target institutional flows, and grow their listed futures and options offerings. The shift in the retail trading landscape may bring the institutional and retail markets closer together and boost Europe's listed derivatives volumes. However, challenges in market structure, costs, and education remain. The retail trading revolution in Europe has the potential to disrupt the status quo and enhance the integration of institutional and retail markets.
Admirals, a forex and CFD brokerage firm, has introduced an AI-powered analytical research terminal for MetaTrader platforms. The terminal provides market insights and features like a corporate calendar, economic calendar, NewsIQ, and Dow Jones integration. Admirals aims to consolidate its position as a financial service leader and optimize resources under new CEO Alexander Tsikhilov. They have also partnered with Onfido to enhance security and streamline onboarding processes.
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