FX week in review: New CEOs at TopFX and Saxo UK, NAGA upgrade, Prop firm closes

There were more than the usual number of senior executive moves in the FX and CFDs space this past week, including the outside hire of CEOs at two of the more recognized brands in the business.

Who is the new CEO of TopFX?

Which alum did Saxo Bank turn to as the new CEO of Saxo UK?

What led to a 38% rise in shares of NAGA Group?

Which is the latest retail prop trading firm to close? (And why?)

What other executive moves occurred involving LMAX, The Trading Pit, XS.com, 360T, and Muinmos?

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

Exclusive: NAGA Group shares pop 38% on heels of NuWays research report. FNG Exclusive… Following up on a number of enquiries we have had regarding the reason that shares of online broker NAGA Group (ETR:N4G) traded up sharply on Tuesday afternoon, FNG has learned that the main motivator seems to be a new research report on the company put out by analysts at German equity research firm NuWays AG. NAGA Group shares traded up sharply, starting early Tuesday (May 28) afternoon, with NAGA shares closing at €1.06, up 38% on the day – their highest closing level since late March.

Exclusive: Prop firm SurgeTrader closes. FNG Exclusive… FNG has learned that Florida based retail prop trading firm SurgeTrader has shut, following a decision made earlier in the week by trading platform operator Match-Trade Technologies to revoke the license it granted to SurgeTrader to use its Match-Trader platform. SurgeTrader was an early entrant in the retail prop trading / funded trader space, launching in 2021.

TradingView introduces TradingView Options. TradingView is introducing its newest product — TradingView Options (Beta). This tool is designed to enhance users’ trading experience with an advanced options strategy builder that can be used to model strategies of any complexity level. TradingView Options starts with the strategy builder, a tool that enables the modeling of sophisticated option spreads (strategies).

CFI takes flight: Elevating MENA presence with five strategic airline collaborations. Leading online trading provider CFI has unveiled a series of high-profile advertising agreements with some of MENA’s leading commercial airliners, including Emirates Airline, Etihad Airways, Qatar Airways, Royal Jordanian, and Middle East Airlines (MEA). This strategic alignment with leading carriers amplifies CFI’s commitment to revolutionizing MENA’s trading landscape and solidifying its position as the region’s top online trading destination. Several of the agreements are already active, with additional rollouts expected shortly.

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

Victor Zachariades

Exclusive: TopFX hires Victor Zachariades as CEO, replacing Alex Katsaros.

❑ Saxo UK hires InvestCloud exec Andrew Bresler as CEO.

❑ LMAX Group hires XTX Markets alum Chris Knight as Managing Director.

❑ CMO Themis Christou leaves prop firm The Trading Pit.

Exclusive: Flow Traders exec Joeri van Eck joins 360T’s Spot and NDF business.

❑ Exclusive: XS.com hires Orbex exec Yara Ahmed for MENA BizDev.

❑ Onboarding regtech Muinmos adds Anders Kirketerp-Møller to its Board.