The week brought a mix of major transactions, regulatory
changes and restructuring across the retail trading and financial services
sectors. FTMO’s acquisition of OANDA was put into sharper focus after the prop
trading firm disclosed the price paid for the broker, while Cyprus moved
towards a new leadership at its financial regulator.
London’s trading industry is coming home!
Regulatory developments also featured strongly, with
Nigeria’s proposed forex and CFD framework drawing industry scrutiny. At the
same time, IG Group and Valutrades made changes to their operations, while
StoneX prepared to retire the City Index brand in the UK. Prediction markets,
ETFs and financial AI added further developments across the wider trading and
fintech sectors.
FTMO’s
$422 million OANDA acquisition was disclosed in greater detail this week
after its parent company published 2025 annual financials. The filing shows
FTMO paid more than CZK 8.79 billion for OANDA, equivalent to about $422
million at the current exchange rate.
The deal closed on 1 December 2025 after
FTMO agreed to acquire the broker from CVC. FTMO’s parent, OHM, reported
revenue of CZK 8.9 billion for 2025, up 30% year on year, while paid prop
trading orders rose nearly 50% to 1.27 million.
Returning clients generated
close to 80% of revenue. The group also said the US became FTMO’s
second-largest market, supported by its OANDA partnership.
George Karatzias Named New CySEC Chairman
George Karatzias
George Karatzias has
become the new chairman of the Cyprus Securities and Exchange Commission,
succeeding Dr George Theocharides.
Karatzias previously served as CySEC’s
vice-chairman from 2021 to 2024 before joining the Central Bank of Cyprus as an
executive board member.
Loukas Lagoudis has also been appointed vice-chairman
of the regulator. Theocharides had led CySEC since September 2021.
During his
tenure, CySEC increased supervisory activity and established a national
registry for crypto-asset service providers under the EU’s MiCA framework.
Nigeria’s Proposed CFD Rules Face Pricing Concerns
Nigeria’s proposed rules for online
forex and CFD trading came under further scrutiny this week, with SALVUS
managing director Nikolas Xenofontos arguing that the framework is broadly
coherent but mispriced. The Nigerian SEC published the draft rules on 1
September under the Investments and Securities Act 2025.
Xenofontos highlighted
measures including negative balance protection, mandatory close-out at 50% of
required margin, client-fund segregation and restrictions on affiliates,
influencers and volume-based incentives.
The draft allows leverage of up to
1:400 on major currency pairs, while setting paid-up capital requirements of 3
billion naira for market makers and 2 billion naira for STP or ECN firms.
Technology providers would face a 5 billion naira capital requirement and 30%
local ownership.
IG Prepares Hundreds of Job Cuts in Consumer Restructure
IG Group is preparing to cut
hundreds of jobs as it combines regional consumer operations into a single
division called IG Consumer, according to a Sky News report cited this week.
The company’s workforce stood at about 2,300 at the end of June, although IG
has not disclosed the exact number of planned redundancies.
Consultations have
started in the UK, with discussions expected in other jurisdictions during
September, including Poland, France, Spain, Sweden, Switzerland, Germany,
Italy, Bermuda, the UAE and India. IG said the process forms part of its
strategic review and a refreshed organisational model.
The restructuring
combines its UK and Ireland, European, and Asia-Pacific and Middle Eastern
consumer divisions, while North America and the institutional business remain
separate.
An earlier IG Group restructuring plan also included a 10%
global headcount reduction, covering about 300 employees. IG targeted £50
million in annual cost savings, phased across fiscal 2024–2026, amid weaker
market conditions. The 2023 plan predates the current week and is not a new
September 2026 development.
Valutrades Pauses New CFD Client Onboarding Globally
Valutrades
paused new client onboarding across its UK- and Seychelles-regulated entities
this week, Finance Magnates reported after verifying that new accounts were no
longer being accepted. CEO Graeme Watkins said the broker was “not exiting the
global market” but was making changes to the business.
Graeme Watkins, CEO at Valutrades
The move followed lower
client activity, trading volumes and client numbers in 2025, although annual
turnover increased to £2.25 million from £1.94 million.
Including interest
income, the broker reported a net loss of £671,705 for the year, compared with
a £2.59 million loss in the previous period.
The company had also secured a
£600,000 capital injection in March 2026 after cumulative losses exceeded £6
million across 2023 and 2024.
Valutrades Says Operations Remain Business as Usual
Valutrades later described its
operations as “business as usual” while confirming that it had paused new
client onboarding and stopped serving some client segments. The broker said
it was conducting a strategic review of its client portfolio and had not exited
any market.
New applicants would face tighter screening, particularly where
clients or jurisdictions carried higher risk. Valutrades also referred to
short-term technical changes to its KYC and onboarding processes, without
identifying the affected services, client categories or jurisdictions.
The
company said it was concentrating resources on client segments and markets
aligned with its long-term business model. It did not specify when onboarding
would resume, leaving the scope and duration of the changes unclear.
StoneX Retires City Index Brand in UK
StoneX is retiring the
City Index brand in the UK and moving new accounts to StoneX Trading, with
the change taking effect on 12 September. The move ends a 43-year run for the
brand, which dates to 1983.
Existing clients will retain their accounts,
trading platforms and support arrangements, so the transition does not require
an account migration. The move places the retail operation under the StoneX
parent brand after six years of ownership. It follows a weaker quarter for the
group’s self-directed and retail business.
FX and CFD revenue fell 19% year on
year to $64.7 million in the June quarter, while average daily volume declined
27% to $6.805 billion. StoneX said the revenue decline was mainly due to lower
trading volume and did not link the results to the brand change.
CFTC Debate Centres on Prediction Market Mechanics
The CFTC’s treatment of prediction
markets and sportsbooks remains centred on how event contracts operate,
with the agency acknowledging that key statutory terms such as “gaming” and
“involve” are not defined. The distinction has become relevant as US
prediction-market venues seek federal oversight while states apply gambling
laws.
A sportsbook sets its own odds and acts as the counterparty to customer
bets. An event-contract exchange uses an order book, matches participants and
does not take a directional position.
Contracts can also trade before
settlement and resolve at $1 or zero. The regulatory question therefore extends
beyond what a product is called, focusing on price formation, counterparty
structure, settlement and whether the venue remains neutral.
ETFs Move Further Towards Tactical Trading
ETFs are increasingly being used as tactical trading
instruments rather than
only as long-term portfolio vehicles, according to this week’s analysis.
Tradeweb data showed European-listed ETF activity reached €77.5 billion in
July, up almost 30% year on year, while 96% of tickets used its automated
intelligent execution tool. US ETF notional trading reached $90.6 billion, up
45% from a year earlier.
🚨 TRADEWEB REPORTS AUGUST 2026 TOTAL TRADING VOLUME OF $61.2 TRILLION, AVERAGE DAILY VOLUME OF $2.8 TRILLION – PRESS RELEASE
— Blockchain Daily News (@blckchaindaily) September 4, 2026
The shift is also visible in institutional execution,
with automated RFQs, NAV trading, market-on-close and algorithmic strategies
gaining use. On the retail side, ETF inflows and activity have risen sharply,
while leveraged ETF assets reached a record $218 billion. The data points to
ETFs being used increasingly for short-term sector, thematic and tactical
exposures.
OpenAI Launches Finance-Focused ChatGPT for Institutions
OpenAI launched a
finance-focused version of ChatGPT this week for analysts, bankers and
other institutional users. The product combines ChatGPT with market data,
company filings and source-backed research tools, using financial datasets from
providers including Daloopa, PitchBook and LSEG News.
OpenAI said the system
will cover earnings transcripts, financial statements and company fundamentals
and help finance teams trace figures back to source material. The initial
version runs on GPT-6 Astra, with newer models expected to replace it as they
become available.
The launch forms part of OpenAI’s push to expand enterprise
use of its products. The company said its consumer and enterprise businesses
were nearly evenly split, highlighting the growing importance of corporate
customers to its business strategy.
The week brought a mix of major transactions, regulatory
changes and restructuring across the retail trading and financial services
sectors. FTMO’s acquisition of OANDA was put into sharper focus after the prop
trading firm disclosed the price paid for the broker, while Cyprus moved
towards a new leadership at its financial regulator.
London’s trading industry is coming home!
Regulatory developments also featured strongly, with
Nigeria’s proposed forex and CFD framework drawing industry scrutiny. At the
same time, IG Group and Valutrades made changes to their operations, while
StoneX prepared to retire the City Index brand in the UK. Prediction markets,
ETFs and financial AI added further developments across the wider trading and
fintech sectors.
FTMO’s
$422 million OANDA acquisition was disclosed in greater detail this week
after its parent company published 2025 annual financials. The filing shows
FTMO paid more than CZK 8.79 billion for OANDA, equivalent to about $422
million at the current exchange rate.
The deal closed on 1 December 2025 after
FTMO agreed to acquire the broker from CVC. FTMO’s parent, OHM, reported
revenue of CZK 8.9 billion for 2025, up 30% year on year, while paid prop
trading orders rose nearly 50% to 1.27 million.
Returning clients generated
close to 80% of revenue. The group also said the US became FTMO’s
second-largest market, supported by its OANDA partnership.
George Karatzias Named New CySEC Chairman
George Karatzias
George Karatzias has
become the new chairman of the Cyprus Securities and Exchange Commission,
succeeding Dr George Theocharides.
Karatzias previously served as CySEC’s
vice-chairman from 2021 to 2024 before joining the Central Bank of Cyprus as an
executive board member.
Loukas Lagoudis has also been appointed vice-chairman
of the regulator. Theocharides had led CySEC since September 2021.
During his
tenure, CySEC increased supervisory activity and established a national
registry for crypto-asset service providers under the EU’s MiCA framework.
Nigeria’s Proposed CFD Rules Face Pricing Concerns
Nigeria’s proposed rules for online
forex and CFD trading came under further scrutiny this week, with SALVUS
managing director Nikolas Xenofontos arguing that the framework is broadly
coherent but mispriced. The Nigerian SEC published the draft rules on 1
September under the Investments and Securities Act 2025.
Xenofontos highlighted
measures including negative balance protection, mandatory close-out at 50% of
required margin, client-fund segregation and restrictions on affiliates,
influencers and volume-based incentives.
The draft allows leverage of up to
1:400 on major currency pairs, while setting paid-up capital requirements of 3
billion naira for market makers and 2 billion naira for STP or ECN firms.
Technology providers would face a 5 billion naira capital requirement and 30%
local ownership.
IG Prepares Hundreds of Job Cuts in Consumer Restructure
IG Group is preparing to cut
hundreds of jobs as it combines regional consumer operations into a single
division called IG Consumer, according to a Sky News report cited this week.
The company’s workforce stood at about 2,300 at the end of June, although IG
has not disclosed the exact number of planned redundancies.
Consultations have
started in the UK, with discussions expected in other jurisdictions during
September, including Poland, France, Spain, Sweden, Switzerland, Germany,
Italy, Bermuda, the UAE and India. IG said the process forms part of its
strategic review and a refreshed organisational model.
The restructuring
combines its UK and Ireland, European, and Asia-Pacific and Middle Eastern
consumer divisions, while North America and the institutional business remain
separate.
An earlier IG Group restructuring plan also included a 10%
global headcount reduction, covering about 300 employees. IG targeted £50
million in annual cost savings, phased across fiscal 2024–2026, amid weaker
market conditions. The 2023 plan predates the current week and is not a new
September 2026 development.
Valutrades Pauses New CFD Client Onboarding Globally
Valutrades
paused new client onboarding across its UK- and Seychelles-regulated entities
this week, Finance Magnates reported after verifying that new accounts were no
longer being accepted. CEO Graeme Watkins said the broker was “not exiting the
global market” but was making changes to the business.
Graeme Watkins, CEO at Valutrades
The move followed lower
client activity, trading volumes and client numbers in 2025, although annual
turnover increased to £2.25 million from £1.94 million.
Including interest
income, the broker reported a net loss of £671,705 for the year, compared with
a £2.59 million loss in the previous period.
The company had also secured a
£600,000 capital injection in March 2026 after cumulative losses exceeded £6
million across 2023 and 2024.
Valutrades Says Operations Remain Business as Usual
Valutrades later described its
operations as “business as usual” while confirming that it had paused new
client onboarding and stopped serving some client segments. The broker said
it was conducting a strategic review of its client portfolio and had not exited
any market.
New applicants would face tighter screening, particularly where
clients or jurisdictions carried higher risk. Valutrades also referred to
short-term technical changes to its KYC and onboarding processes, without
identifying the affected services, client categories or jurisdictions.
The
company said it was concentrating resources on client segments and markets
aligned with its long-term business model. It did not specify when onboarding
would resume, leaving the scope and duration of the changes unclear.
StoneX Retires City Index Brand in UK
StoneX is retiring the
City Index brand in the UK and moving new accounts to StoneX Trading, with
the change taking effect on 12 September. The move ends a 43-year run for the
brand, which dates to 1983.
Existing clients will retain their accounts,
trading platforms and support arrangements, so the transition does not require
an account migration. The move places the retail operation under the StoneX
parent brand after six years of ownership. It follows a weaker quarter for the
group’s self-directed and retail business.
FX and CFD revenue fell 19% year on
year to $64.7 million in the June quarter, while average daily volume declined
27% to $6.805 billion. StoneX said the revenue decline was mainly due to lower
trading volume and did not link the results to the brand change.
CFTC Debate Centres on Prediction Market Mechanics
The CFTC’s treatment of prediction
markets and sportsbooks remains centred on how event contracts operate,
with the agency acknowledging that key statutory terms such as “gaming” and
“involve” are not defined. The distinction has become relevant as US
prediction-market venues seek federal oversight while states apply gambling
laws.
A sportsbook sets its own odds and acts as the counterparty to customer
bets. An event-contract exchange uses an order book, matches participants and
does not take a directional position.
Contracts can also trade before
settlement and resolve at $1 or zero. The regulatory question therefore extends
beyond what a product is called, focusing on price formation, counterparty
structure, settlement and whether the venue remains neutral.
ETFs Move Further Towards Tactical Trading
ETFs are increasingly being used as tactical trading
instruments rather than
only as long-term portfolio vehicles, according to this week’s analysis.
Tradeweb data showed European-listed ETF activity reached €77.5 billion in
July, up almost 30% year on year, while 96% of tickets used its automated
intelligent execution tool. US ETF notional trading reached $90.6 billion, up
45% from a year earlier.
🚨 TRADEWEB REPORTS AUGUST 2026 TOTAL TRADING VOLUME OF $61.2 TRILLION, AVERAGE DAILY VOLUME OF $2.8 TRILLION – PRESS RELEASE
— Blockchain Daily News (@blckchaindaily) September 4, 2026
The shift is also visible in institutional execution,
with automated RFQs, NAV trading, market-on-close and algorithmic strategies
gaining use. On the retail side, ETF inflows and activity have risen sharply,
while leveraged ETF assets reached a record $218 billion. The data points to
ETFs being used increasingly for short-term sector, thematic and tactical
exposures.
OpenAI Launches Finance-Focused ChatGPT for Institutions
OpenAI launched a
finance-focused version of ChatGPT this week for analysts, bankers and
other institutional users. The product combines ChatGPT with market data,
company filings and source-backed research tools, using financial datasets from
providers including Daloopa, PitchBook and LSEG News.
OpenAI said the system
will cover earnings transcripts, financial statements and company fundamentals
and help finance teams trace figures back to source material. The initial
version runs on GPT-6 Astra, with newer models expected to replace it as they
become available.
The launch forms part of OpenAI’s push to expand enterprise
use of its products. The company said its consumer and enterprise businesses
were nearly evenly split, highlighting the growing importance of corporate
customers to its business strategy.
