FX week in review: NAGA.com sale approved, MetroTrade launch, new CFI CEO, prop news trading

What is NAGA Group’s new strategy under newly installed CEO Octavian Patrascu, after NAGA shareholders voted to approve the company’s acquisition by Patrascu’s CAPEX.com?

How does MetroTrade, a new US-based retail futures and options broker being launched by Tickmill co-founder Ingmar Mattus and Crypto.com alum David Klotz, plan to compete and shake up the industry?

Who is the new CEO of CFI UAE, following the departure of Nidal Abdelhadi?

Why are prop trading firms restricting the practice known as News Trading?

Which executive moves were reported this past week involving INFINOX, NCM, Gold-i, MAS Markets, Spotware Systems, and others?

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

NAGA shareholders approve acquisition by CAPEX.com. Social and copy trading focused Retail FX and CFDs broker The NAGA Group AG (ETR:N4G) has announced that the Extraordinary General Meeting of Shareholders which took place on April 12th has given the green light for the company to merge with CAPEX.com. NAGA’s shareholders voted overwhelmingly in favour of the merger, with a vote of 99.81%. During the EGM, the newly appointed CEO of NAGA AG, Octavian Patrascu, put forward the vision for the “New NAGA”.

Exclusive: David Klotz and Ingmar Mattus discuss launch of retail futures/options broker MetroTrade. FNG Exclusive Interview… FNG last week reported that there’s a new firm named MetroTrade LLC which is now registered in the US with the CFTC as an introducing broker and is also a member of the National Futures Organization (NFA). How does MetroTrade plan to compete as a new entrant? Why launch a new broker in the very competitive US market? And why now? We discuss these and other issues with co-founders Ingmar Mattus and David Klotz, exclusively at FNG.

Exclusive: Prop firms increasingly restricting News Trading. FNG Exclusive… FNG has learned that a number of leading (and not-so-leading) retail prop trading firms have begun to implement rules for their clients that restrict the trades that can be made (or, profit that can be booked) by traders immediately around major news events. The practice, known as News Trading, is a risky strategy whereby a trader takes a significant position in a security immediately before (or after) relevant economic or company/industry specific news is announced.

Prop firm setup co YourPropFirm integrates SiRiX to improve trading experience. YourPropFirm, which offers prop trading firm launch technology and services, has announced a new strategic partnership with trading platform developer Leverate. The parties said that this alliance marks a significant milestone, aiming to revolutionize the trading experience by integrating Leverate’s trading platform, SiRiX, with YourPropFirm’s offerings. Through this collaboration, YourPropFirm is set to enhance its services by leveraging SiRiX’s advanced functionalities, offering its clients a seamless and robust trading experience.

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

Jareer Hiary

❑ CFI UAE names Jareer Hiary as CEO following departure of Nidal Abdelhadi.

❑ INFINOX hires Equiti alum Mayne Ayliffe as Global Head of HR.

Exclusive: Abdelhadi Laabi joins MENA focused CFDs broker NCM Financial as COO.

Exclusive: Profit & Loss founder Julie Ros joins private market operating system co Templum as CMO.

❑ Gold-i CTO Chris James joins MAS Markets.

Exclusive: Spotware/cTrader Head of Growth Andrew Mreana departs.