FX week in review: Prop trading licenses yanked, CMC layoffs, XTB share sale, CEO changes

Before we get to this past week’s top stories, we’re pleased to report that FXNewsGroup.com saw yet another record month for visitors and pageviews in January – which has continued into February, and our best ever traffic week over the past seven days!

Our #1 position in the FX & CFDs industry news scene is probably best demonstrated by our dominance of social media. FNG posts got several x the Engagement, and we got several x the new Follower signups, as compared to any of the other “FX news” sites once again this month. Here are LinkedIn’s own “Competitor” stats:

Do you want your brand, content and message to actually be seen and shared by your target audience?

Well it ain’t happening on those other sites!

If you want to buy an award, or post some promotional article that nobody really reads or takes seriously – go speak with them.

But if you want your brand to be taken seriously among the hundreds of thousands of HNW traders and FX industry decision-makers who visit FNG every month, then come have a chat with us.

And now on to this past week’s top industry stories…

Which prop trading firms popular with the FX and CFDs trading crowd saw their respective trading platform providers yank their software licenses?

How did CMC Markets shares react to an announcement of layoffs of nearly a fifth of staff?

How much cash did XTB founder and controlling shareholder Jakub Zablocki pocket, after selling a chunk of his stake in the company?

Which online broker CEOs were on the move this week, involving Capital Index, Saxo UK, Admirals, and PU Prime MENA?

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


Exclusive: Prop trading firm True Forex Funds shut down by MetaQuotes move. FNG Exclusive… FNG has learned that Hungary based online prop trading firm True Forex Funds has ceased operating, at least temporarily, after MT4 / MT5 operator MetaQuotes terminated its trading platform licenses. True Forex Funds becomes the second known name in the prop sector among FX and CFD traders to have its operations halted in the past few months, after US and Canadian regulators shut down Canada’s My Forex Funds last September.

FPFX terminates license of prop trading firm Funded Engineer over alleged fraud scheme. Boca Raton, Florida based prop trading technology firm FPFX Technologies has announced that it has terminated the license of its client, Dubai based prop trading firm Funded Engineer (at website fundedengineer.com), over an apparent scheme to defraud FPFX Tech and misrepresent payout figures to consumers. FPFX Tech said that a periodic audit it conducted of the business activities of Funded Engineer revealed what FPFX Tech believes to be a months-long scheme, whereby Funded Engineer created fake trading accounts, bypassed AML/KYC safeguards, engaged in wash trading and generated fictitious payouts in order to inflate its payments activity.

CMC Markets shares jump 18% Monday after layoffs announced. Shares of UK based online brokerage outfit CMC Markets (LON:CMCX) rose by 18% on Monday, following the company’s report that it was initiating a cost cutting effort that would include about 200 layoffs – or about 17% of CMC’s global workforce. The rise in CMC’s share price is the second one-day double-digit-percent jump it has seen already in 2024.

Exclusive: Jakub Zablocki cashes out $119 million in XTB shares after all-time high hit. FNG Exclusive… FNG has learned via regulatory filings made in Poland that Warsaw based Retail FX and CFDs broker XTB SA (WSE:XTB) has seen its co-founder and controlling shareholder Jakub Zablocki monetize more of his holdings in the company, taking his ownership in XTB down to just above 50%. This actually marks the second major share sale by Jakub Zablocki over the past year, both effected via his holding company XX ZW Investment Group SA.

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

Charles White-Thomson

Exclusive: Saxo UK CEO Charles White-Thomson resigns.

Exclusive: Capital Index CEO Trevor Barwell resigns.

Exclusive: Prop trading firm The Trading Pit sees departure of CTO Prodromos Efthymiou.

❑ Admirals confirms CEO and Cyprus office head management departures.

❑ Exness CCO Damian Bunce departs.

Exclusive: Mohamed Elsergany returns to PU Prime as MENA CEO.

Exclusive: FXCM Cyprus hires Constantina Koniali from Markets.com as Compliance Officer.

Exclusive: Mohanad Yakout returns to offshore CFDs broker PU Prime as Chief Markets Analyst.