BROKER NEWS UPDATE FOR THE WEEK OF JULY 4

The UK-based parent company of trading brand FXOpen released its financial report for the year ended December 31, 2021, reporting a surge in revenue. It generated £611,705, almost 146% more than the previous year.

FXOpen up 146% FY21 Revenue as Client Base Expands

The UK-based parent company of trading brand FXOpen released its financial report for the year ended December 31, 2021, reporting a surge in revenue. It generated £611,705, almost 146% more than the previous year.

In addition, the cost of sales increased significantly, and the gross profit of the brokerage parent company was £450,217. However, after considering the administrative expenses of £853,713, which had been reduced from the previous year's £943,018, the company sank to an operating loss of £403,496.

Total comprehensive losses in the financial year, after including a loss of £53,426 for foreign exchanges, reached £456,913, compared to a loss of £772,653. The brokerage company's annual loss decreased by almost 41%.

eToro introduces the Private Equity Smart Portfolio

Private Equity Smart Portfolio is an alternative asset class that aims to acquire or invest in companies that are not listed on a public exchange. Investors provide capital for private equity. Experienced teams will use the money in the company to finance new technology, make acquisitions, expand working capital, and strengthen and strengthen the balance sheet. The goal is to grow the business and sell it at a later date with high profits and bring high profits to investors. Designed for long-term investors, this Smart Portfolio provides one-click access to the world of private equity and offers exposure to some of the industry's top names including Blackstone, Apollo Global Management, KKR, and Carlyle.

AFX did not appear in the NY Court hearing

A hearing in the rival proceedings targeting AFX was held on July 28, 2022, without the appearance of the defendant. The company has repeatedly failed to appear in proceedings in the Eastern Bankruptcy Court of New York.

The lawsuit alleges that in 2015 and 2016, Gallant Capital Markets deposited approximately $2.35 million into Gallant accounts maintained at AFX. About two weeks before Gallant began its bankruptcy, there was a balance of about $ 2,4 million in Gallant's account at AFX. Back then, Gallant asked AFX to return gallant's money several times. However, these requests were ignored.

The complaint goes on to allege that AFX withdrew the remaining balance, lacked any authorization, and did not have any facilities, in violation of the automatic stay.

FCA issues warnings for some domains

FCA every day issues warnings about risky domain names and brokers. Here are the names warned this week:

Underwood Consultancy LLC

Marlpark / marlparkltd.com

Reliable Mega Options Trade

Sliverleaf Capital Group LLC

Ettizon and Payne Capital Partners LLC

Start-Up Loans (Clone of FCA Authorised Firm)

Lynx Fund United Kingdom (Clone of Authorised Representative)

CLARIDGE CONSULTANCY GROUP

WADDELL AND REED ASSOCIATES

Zenfinex (clone of FCA authorized firm)

Safe Claims Ltd

Announcing the Winners of ACY's 2022 Trading Cup

Leading multi-asset online trading provider ACY Securities has announced the winner of the immensely popular Trading Cup Trading Competition. The real money contest offers a total prize pool of $1 Million to the top 5 traders within 1 trading year. The competition runs from July 2021 to June 2022 with the winner announced at the recent ACY Securities Gala, concurrent with the opening of ACY's newest office in Melbourne Australia.

The top 5 winners completely dominated more than 1200 other traders, with gains ranging from 43.19% to as high as 101.59%. The determination of the winner took into account a variety of factors including ACY's Money Manager Ranking (MMR) algorithm with advanced machine learning technology and artificial intelligence as well as being based on a range of indicators including profitability, risk management, long-term stability, risk-adjusted returns and withdrawn to levels.