FX week in review: Prospero client funds, 26 Degrees/INV delisted, Capital.com volumes, Robinhood record results

How much of the $19 million in client funds held at now-shuttered Australian Retail FX and CFDs broker Prospero Markets do liquidators expect to be able to refund? And how soon?

Why did the Tokyo Stock Exchange delist the shares of INV Inc, operator of institutional FX broker 26 Degrees Global Markets?

What were Capital.com’s trading volumes in 2023, and in the first quarter of 2024? What is Capital.com’s most important geo?

What regulatory problem is Robinhood facing – despite posting its best-ever quarter in Q1-2024?

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

Exclusive: Prospero Markets liquidators expect full recovery of $19M client funds. FNG Exclusive… FNG has learned that BRI Ferrier, the appointed administrator and liquidator of (formerly) ASIC licensed Retail FX and CFDs broker Prospero Markets, has filed an initial report for clients and creditors indicating that its preliminary investigations show that there are sufficient funds to discharge all client claims at the Australia based broker.

Exclusive: 26 Degrees operator INV Inc delisted from Tokyo Stock Exchange. FNG Exclusive… FNG has learned that Japanese stock exchange operator Japan Exchange Group has decided on delisting the shares of INV Inc (TYO:7338) from the Tokyo Stock Exchange. INV Inc operates Australia based, ASIC-licensed prime services company 26 Degrees Global Markets, which accounts for about half of its overall income. At the time of its delisting, INV Inc had a market cap of JPY 7.03B, or USD $46 million.

Capital.com trading volumes rise 53% in 2023 as MENA focus continues. Retail FX and CFDs broker Capital.com has announced that total client trading volumes reached more than $1.2 trillion in 2023, or just north of $100 billion monthly. The company said that this is a rise of 53% from a year earlier, and marks the first time client trading volumes have breached the $1trn mark annually since the company’s inception in 2016. We had recently reported exclusively that Capital.com is shifting the focus of its operations from the UK, and toward the MENA region.

Robinhood reports record Revenues of $618M in Q1-2024 led by 232% leap in Crypto activity. US neobroker Robinhood Markets, Inc. (NASDAQ:HOOD) is seeing its shares rise by 7% in aftermarket trading on Wednesday, after the company reported fairly upbeat results for the first quarter of 2024. Robinhood reported record quarterly revenues of $618 million in Q1-2024, up 40% year-over-year. However the results follow news that Robinhood faces some regulatory headwinds in its crypto business, with Robinhood Crypto LLC receiving a Wells Notice earlier this week.

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

Mark Sheng

Exclusive: Taurex names Mark Sheng as Commercial Director.

❑ Suzuki Akihiko joins Finalto Asia as Head of Japan Markets.

Exclusive: Ahmed Gomaa joins Doo Prime as Sales Manager.

❑ DHF Capital hires Erik Boekel as CCO.

❑ Valérie Urbain assumes role of Euroclear CEO.

❑ Tajinder Singh named IOSCO Secretary General, replacing Martin Moloney.