Admirals Markets' Active Client Surge Fails to Offset EUR 3.9M Loss
Admiral Markets reported mixed financial results for the first half of 2023. Despite a significant increase in active clients and accounts, the company posted a net loss of EUR 3.9 million. Commodity CFD products accounted for 27% of total gross trading income. The company's CEO, Sergei Bogatenkov, mentioned the importance of partnerships and potential mergers and acquisitions for growth. Alexander Tsikhilov has taken over as CEO, bringing continuity and experience as one of the brokerage's co-founders.
XTB has partnered with BlackRock to promote savings and capital growth through ETFs among retail investors. This collaboration will initially launch in Spain, where savings rates are low. XTB aims to raise awareness of ETFs and encourage a culture of saving and investment. Around 25% of XTB's Spanish clients already invest in ETFs. The partnership aims to reach more European consumers and provide education and tools to improve investing and savings habits. XTB introduced "Investment Plans" based on ETFs last year and has seen an increase in ETF purchases in Poland. XTB has also expanded its offerings to include BTC ETN as an alternative to US-listed bitcoin ETFs.
The UK's Financial Conduct Authority (FCA) plans to increase transparency in its company investigations. This includes naming companies under investigation and reviewing whistleblower policies. The goal is to encourage witnesses, deter misconduct, and improve market transparency. The FCA has also issued scam alerts and emphasized global coordination in regulating the fintech sector. Additionally, the UK government is expediting cryptocurrency regulations. The FCA has highlighted the risk of organized crime groups infiltrating equity markets through suspicious trading activities, calling for increased vigilance from firms.
The National Securities Market Commission (CNMV) of Spain has issued a statement warning investors about 18 unregistered investment companies operating in Spain. These companies lack authorization from the CNMV to provide investment services or operate under its supervision. The CNMV urges investors to be cautious when approached by any unregistered firms offering investment services in Spain. The regulator has also implemented stricter regulations on the marketing and sale of CFDs products, aimed at protecting retail investors. The announcement of these regulations had some impact on the share price of XTB, a Polish online brokerage firm, but XTB clarified that the impact on its business operations has been minimal.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.