CFI Markets LLC (CFI UAE) has strengthened its footprint in the UAE by opening a third office in Sharjah, following its existing locations in Dubai and Abu Dhabi. This expansion makes CFI the first broker regulated by the UAE's Securities and Commodities Authority (SCA) to operate in all three major cities of the country. CFI UAE is licensed under the prestigious SCA Category One designation.
CFI Extends Reach Across UAE with Sharjah Office
"The opening of our Sharjah office reflects our dedication to delivering cutting-edge, seamless trading solutions to clients across the UAE," said Jareer Hiary, CEO of CFI UAE. This new location solidifies CFI's strategy of bringing trading services closer to its clients while expanding its reach in the region.
Co-Founder and Managing Director Hisham Mansour echoed this sentiment, stating, "Our Sharjah office is a significant step in our UAE growth strategy, demonstrating our commitment to being accessible and empowering traders across the country."
Partnerships with Lewis Hamilton and WASL
In addition to its UAE expansion, CFI recently signed a multi-year partnership with Formula 1 driver Lewis Hamilton, naming him as its global brand ambassador. Hamilton, a seven-time world champion and current driver for the Mercedes AMG Petronas team, will represent the CFI brand globally. His collaboration underscores CFI’s commitment to excellence and innovation in the trading industry.
CFI has also extended its partnership with the FIBA West Asia Super League (WASL) for the 2024/2025 season as the league’s Presenting Partner. The partnership grants CFI significant branding opportunities, including TV exposure and court-side advertising in 96 games across 11 cities. Additionally, CFI clients and community members will have the chance to participate in exclusive events and competitions as part of this collaboration.
TradingView has announced the integration of IG, allowing its two million users direct access to IG's trading services within the platform. This collaboration is part of TradingView's ongoing expansion of broker partnerships, enabling traders to use IG's well-known services seamlessly.
As one of the world’s leading brokers, IG serves over 340,000 clients globally and offers competitive spreads on key assets, including FX, indices, and commodities. This integration provides TradingView users with enhanced trading options without needing to leave the platform.
TradingView has also improved its futures data services for contracts from the Singapore Exchange (SGX) and ICE Futures Singapore, offering traders more flexibility and accuracy when analyzing market movements.
Saxo Bank's UK division has reported significant growth for the year 2023, with its assets under management (AUM) increasing by 15% to £2 billion. The company also saw its net profit rise by 7%, reaching £11.2 million, up from £10.5 million the previous year. This growth comes amid a challenging environment, as the firm navigated ongoing geopolitical tensions, economic pressures from the cost of living crisis in the UK, and fluctuations in the equity markets.
The latest financial report filed with Companies House shows that Saxo UK's total number of clients increased by 4,000, bringing the total to 127,000. The firm's trading revenue remained stable, coming in at £27.9 million compared to £27.6 million the year prior. However, the absence of certain additional costs that affected the 2022 results contributed to the rise in overall profit.
Saxo UK attributed its success to a focused effort on driving client retention and activation. By providing timely, relevant, and engaging content, as well as improving service levels, the company has managed to meet high client expectations, which has been key to its growth.
In contrast, Saxo Group as a whole saw a dip in profitability during the same period. The group reported a net profit of DKK 260 million for 2023, down from DKK 711 million in 2022. However, after adjustments, the group’s net profit stood at DKK 653 million, reflecting an 8.1% decline.
Saxo UK also experienced a significant leadership change earlier this year when CEO Charles White-Thomson announced his resignation. White-Thomson, who played an instrumental role in steering Saxo UK through turbulent times, also stepped down from his position on the Board of Directors of Saxo Capital Markets UK Ltd.
Despite these leadership changes, the firm’s performance in 2023 highlights its resilience and ability to adapt to challenging market conditions while continuing to grow its client base and maintain stable revenues.
Stratos Markets Limited, operating under the FXCM UK brand, reported a severe financial downturn for 2023, with its net loss exceeding 350%, marking a sharp contrast to the previous year when the company posted a profit. FXCM attributed these losses primarily to reduced market volatility, which led to a 37.6% drop in retail trading volumes.
For the fiscal year 2023, FXCM UK recorded a 115.7% decline in turnover, resulting in a $1.7 million operating loss. The company’s profit on ordinary activities before taxation fell by 389.5%, culminating in a pre-tax loss of $2.2 million. Factoring in all costs, the total net loss reached over $2.5 million, a significant reversal from the $860,500 profit reported the previous year, representing a 350% decline.
The drop in trading volumes played a central role in the company’s struggles. Stratos Markets Limited highlighted that volatility is a key factor influencing trading activity, and 2023 saw significantly less market volatility compared to 2022. The VIX index, a common measure of volatility, ranged between 16.34 and 38.93 in 2022, but dropped to just 12.10 by December 2023, the lowest level since 2019. This reduction in volatility limited trading opportunities and caused a drop in retail participation.
In 2023, FXCM UK underwent a significant organizational change, rebranding from Forex Capital Markets Limited to Stratos Markets Limited on September 10. This rebranding reflected a broader strategy to restructure the company’s European subsidiaries, which included FXCM’s Cyprus-based branch, FXCM EU Ltd, being renamed Stratos Europe Ltd. Despite these changes, FXCM clarified that the rebranding does not indicate a shift in its core trading brand, which will continue to operate as FXCM under the Stratos group umbrella.
"The name change to Stratos is part of a restructuring to give us more flexibility. FXCM will remain a subsidiary of Stratos, much like how Google operates under Alphabet Inc.," an FXCM spokesperson explained.
Despite the challenging trading environment and financial losses, FXCM UK has maintained a strong capital position. Client cash held by the firm stood at $125.7 million, down 11.6% from the previous year. Its overall capital resources decreased slightly, from $64.4 million in 2022 to $62.9 million in 2023.
FXCM UK also navigated several external challenges in 2023, including the collapse of three major U.S. banks in March. The company successfully withdrew most of its funds from Signature Bank before its closure, with only a small portion remaining within FDIC insurance limits.
Although 2023 presented many difficulties for FXCM UK, including reduced market volatility and decreased trading activity, the company remains resilient. Its solid capital reserves and ongoing efforts to restructure for greater flexibility position it to adapt to future market conditions.
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