FX week in review: Saxo Bank aims for sale, launches FirstByt, Trivepro CEO leaves

What steps is Saxo Bank taking in seeking to sell the company after a failed attempt to go public?

Which former CEO of the FX and CFD industry is behind the launch of new white label and broker solutions provider FirstByt?

What management moves have been reported in the past week involving Trivepro, FXCM, ATFX, Exinity, GCEX and others?

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

Saxo Bank hires investment bankers to explore the sale. Copenhagen-based retail FX and CFD broker Saxo Bank has invited investment banks to pitch for a role in the sale of the company. A sale process is expected to commence later this year, depending on general market (and business) conditions. Discussions at this stage range from pursuing an outright sale of the company to the sale of a minority stake in Saxo Bank with a later option to provide liquidity to the company’s existing shareholders.

Exclusive: Former Admirals CEO Victor Gherbovet launches white label solutions provider FirstByt. Exclusive to FNG… FNG has learned that Victor Gherbovet has launched a new SaaS solutions platform company serving both brokers and exchanges called FirstByt (website firstbyt.com). The newly launched company offers end-to-end solutions ranging from white label options to legal support, multi-asset liquidity, technology, payments, compliance assistance and marketing services. Victor Gherbovet spent thirteen years at Estonia-based retail FX and CFD broker Admirals from 2008 to 2021, ending his tenure at Admirals as co-CEO.

Propfirma Stocknet Institute integrates SiRiX to provide advanced trading solutions to its traders. Prop trading firm Stocknet Institute has announced its latest partnership with trading solutions provider Leverate. This partnership aims to enrich the trading experience of Stocknet Institute’s traders by integrating Leverate’s advanced trading platform, SiRiX, into its platform. The integration of SiRiX into the Stocknet Institute’s trading programs will provide traders with an unparalleled opportunity to participate in a best-in-class platform that enhances learning and trading strategies.

CFI launches options trading on its multi-asset platform. Leading online trading provider CFI has announced the launch of options trading on its Multi-Asset platform, providing investors with expanded capabilities and additional advanced trading features. With this addition, CFI clients now have access to a wide range of options on US securities, allowing traders to further diversify their trading strategies and optimize their investment portfolios with leading global equities.

Key executive decisions in the FX sector reported to FNG this week included:

Siju Daniel

❑ ATFX hires FXCM director Siju Daniel as Chief Commercial Officer.

Exclusive: Trivepro CEO Adam Dougall is stepping down.

❑ Options appoints James Hardcastle as VP Head of Sales, APAC.

❑ Katina Messinis leaves Exinity for the role of UAE Sales Director at GCEX.

Exclusive: Exinity compliance head Simon Henry is leaving.

❑ ASIC appoints Greg Yanco as interim CEO, replacing Warren Day.