FXPRIMUS

FNG reports that Michael Margaritis, the Chief Marketing Officer of FXPrimus, has left the company after joining in 2024. FXPrimus operates both a CySEC-licensed business in Cyprus and an offshore entity in Vanuatu. The company is controlled by Malaysian businessman Manmohan Singh Balbir Singh, who also owns CFDs broker TIO Markets. The latest news includes various updates from the forex and trading industry, including technology integrations and partnerships.

The Australian Securities and Investments Commission (ASIC) has temporarily blocked FXPrimus's Initial Public Offering (IPO), which was aimed at a valuation of AUD$ 225 million. ASIC's concerns stem from the use of its name by firms marketing services to clients outside Australia, as its regulatory protection only covers Australian citizens. FXPrimus has experienced steady revenue growth, with forecasts indicating AUD$ 23.2 million in revenue for 2014 and a client equity of about $50 million as of October 2014. The company plans to use the funds raised from the IPO for acquisitions and licensing expenses.

FXPRIMUS discusses its 2015 strategy and outlook in an interview with CEO Terry Thompson and COO Stephen Leahy. The company plans to consolidate in the Tier 2 Prime Brokerage space and expand its brand from Southeast Asia to other regions, including Latin America, the Middle East, and Africa. They aim to improve pricing and trade execution through better liquidity partnerships and technology differentiation. The interview highlights their focus on scalable technology and regulatory compliance as they transition to a CySEC regulated entity.