FX week in review: Barça (and LaLiga) sponsors, XM and eToro warnings, OANDA analyst leaves, Prospero Markets shut

FX and CFD industry news this week was a very mixed bag of sports sponsorships, regulator warnings, executive moves, and even bankruptcy proceedings involving what was once one of the more popular Australia based brokers among Chinese CFD traders.

Which Retail FX and CFDs broker is a new multi-regional sponsor of FC Barcelona?

Which leading broker is LaLiga’s new partner in Latin America, as part of a major expansion plan in the region?

Which national regulator issued warning advisories for XM and eToro?

Which longtime OANDA lead analyst has left the company?

How much client money is tied up in the liquidation proceedings of ASIC licensed CFDs broker Prospero Markets?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:

Chinese CFDs broker EBC Financial sponsors FC Barcelona. Popular Spanish LaLiga club FC Barcelona and China-focused Retail FX and CFDs broker EBC Financial Group have announced a new partnership in the foreign exchange sector across multiple regions for 3.5 years. This partnership designates EBC as FC Barcelona’s official Partner in Foreign Exchange, with coverage extending to regions including APAC, LATAM, the Middle East, and Africa.

Exness targets LaTam expansion with LaLiga regional partner deal. Exness, one of the world’s largest online brokers, has announced a new agreement as the Official Regional Partner of Spanish football league LaLiga in Latin America. Home to legendary clubs like Real Madrid, Barcelona FC, and Atletico Madrid, LaLiga unites hundreds of millions of football fans across Latin America alone. Drawing on LaLiga’s impressive popularity, this landmark sponsorship will boost Exness’ reach in this key strategic region. The partnership between LaLiga and Exness will span the two seasons: 2023/2024 and 2024/2025.

Philippines SEC issues warnings against CFDs brokers eToro and XM. The Philippines financial regulator Securities and Exchange Commission (SEC) has issued two advisories this month, warning traders against two Retail FX and CFDs brokers, eToro and XM. The SEC stated that each of eToro and XM have launched promotional campaigns on various social media websites and applications to entice its target market, including Filipinos, to engage in trading activities using their respective platforms.

Prospero Markets wind-up order granted as broker owes clients $19M. The Federal Court of Australia has granted a request made by financial regulator ASIC to issue a formal wind-up order for (formerly) ASIC licensed Retail FX and CFDs broker Prospero Markets Pty Ltd. FNG reported exclusively back in November that Australian Federal Police (AFP) raided the offices of Prospero Markets at its Melbourne headquarters, as part of a wider action taken by the AFP against a China based money laundering ring.

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

Craig Erlam

Exclusive: OANDA Senior Market Analyst Craig Erlam departs.

Exclusive: Former eToro Deputy CEO Shalom Berkovitz leaves UK board.

Exclusive: ATFX hires Gary Fragoso as Growth Manager LATAM.

❑ COO Xuong Nguyen parts ways with StoneX.

❑ Broadridge appoints Hope Jarkowski as its Chief Legal Officer.