The week was marked by growing scrutiny of the retail prop
trading industry after a commercial dispute between a platform provider and one
of its clients sparked broader debate about infrastructure dependence and
operational resilience.
Elsewhere, brokers continued to broaden their product
offerings, financial results reflected active trading conditions during the
first half of the year, and artificial intelligence gained further traction
across trading platforms. Regulatory developments in digital assets and
prediction markets also remained in focus as firms and policymakers positioned
themselves for the next phase of market evolution.
NinjaTrader cited an alleged overdue payment as the basis
for terminating its agreement with Alpha Futures, while the
prop firm publicly disputed the claim by publishing invoices and payment
records. Alpha argued that the real issue was the launch of its competing AlphaTrader platform rather than any outstanding balance.
Addressing the Tradovate email that went out this evening:
We did not throw any punches at Tradovate on the way out, unfortunately they have not done the same, and have made an ambiguous statement regarding funds over due. We were prepared to just split ways but now are forced… pic.twitter.com/I4lZZgogXr
— Alpha Futures (@Alpha_Futures_) July 14, 2026
The dispute left
traders facing cancelled Premium accounts and unpaid payouts beyond those
already distributed, triggering widespread criticism on social media. Industry
observers said the controversy renewed concerns about payout security and the
sustainability of evaluation-based prop trading business models.
FundedNext Brings AI Assistants to Prop Trading
Artificial intelligence continued its expansion into retail
trading as FundedNext
launched a Model Context Protocol server allowing traders to connect their
accounts with AI assistants including ChatGPT, Claude and Gemini.
The company
said the integration provides read-only access, enabling users to review
account information, payouts, trading performance and applicable rules without
allowing the AI to execute trades or modify account settings. Authentication is
handled through OAuth 2.0, with passwords remaining within FundedNext’s
systems.
The launch follows similar MCP initiatives by several retail brokers
and reflects the industry’s growing interest in integrating AI tools with
trading platforms while maintaining operational safeguards.
Plus500 Revenue Rises as Client Acquisition Costs
Increase
David Zruia, CEO of Plus500
Plus500 reported first-half 2026 revenue
of $462.9 million, up 12% year on year, while EBITDA edged just 1% higher to
$187.5 million as the broker increased spending to attract new clients.
Customer Income reached a five-year high of $460.8 million, although trading
activity slowed during the second quarter after a strong start to the year.
New
and active client numbers also softened between April and June. The broker’s
non-OTC business, including its US futures operations, continued to expand and
accounted for around 15% of group revenue. Plus500 maintained its full-year
guidance and ended June debt free with more than $850 million in cash.
IG Group’s Offshore Holding Proposal Sparks Governance
Debate
IG Group’s proposal to establish
a Jersey-incorporated holding company prompted discussion about how
internationally active financial firms are reshaping their corporate
structures. While the company plans to retain its London Stock Exchange
listing, UK tax residence and UK operations, the move reflects broader trends
as global financial institutions seek greater flexibility for acquisitions,
capital allocation and international expansion.
The proposal also comes as IG
explores the possibility of a US listing. In an opinion piece for Finance
Magnates, Bhaskar Dasgupta, Principal of Sun Foundation, argued that the
development illustrates how corporate architecture is increasingly becoming a
strategic governance decision for firms operating across multiple regulatory
jurisdictions.
He wrote that “good governance is ultimately about
preserving optionality” and that “strong boards rarely redesign
corporate structures because a transaction is imminent” but because
“flexibility itself has become a competitive advantage.
Tickmill UK Expands into Multi-Asset Investing
Elsewhere during the week, Tickmill
UK broadened its product offering through a partnership with Interactive
Brokers. The arrangement allows eligible clients to trade stocks, ETFs,
options, futures, bonds and other asset classes using Interactive Brokers’
trading infrastructure, while Tickmill provides onboarding and customer
support.
Trading accounts remain with Interactive Brokers UK, which also
handles execution, custody and account administration. Tickmill said the
service uses Interactive Brokers’ standard pricing without additional mark-ups,
although it may receive volume-based compensation.
The launch enables Tickmill
to expand beyond its traditional forex and CFD business without developing its
own multi-asset trading and custody infrastructure.
Brokerages Face New Technology Choices as They Scale
Another notable development focused on
the changing technology requirements facing growing brokerages. While
specialist forex CRM platforms have lowered barriers to entry by offering
integrated compliance, automation and AI capabilities, larger firms
increasingly face different priorities as they expand internationally.
Rather
than relying entirely on industry-specific software, some brokers are investing
in enterprise platforms that provide greater control over client data,
artificial intelligence and operational workflows.
The discussion reflected a
broader shift across financial services, where technology is increasingly
viewed not simply as an operational tool but as strategic infrastructure
supporting long-term client relationships, product expansion and organisational
scalability.
Bitcoin Faces Pressure as Markets Weigh Risk and Rates
In cryptocurrency markets, Bitcoin
struggled to build sustained momentum despite recovering from an early-week
sell-off. Analysts pointed to geopolitical tensions, higher oil prices and
persistent inflation concerns as factors supporting expectations of tighter
monetary policy, reducing demand for risk assets.
Continued outflows from US
spot Bitcoin exchange-traded funds also weighed on sentiment, while some
analysts warned the cryptocurrency could test previous lows if weakness
persists. The broader decline has also affected major altcoins, which typically
experience larger percentage losses during market downturns.
Separately,
questions were raised about ESG investing and misleading promotional practices
in prediction markets, following reports into allegedly fabricated trading
success videos.
Revolut Moves Closer to UAE Crypto Launch
Revolut advanced its digital asset expansion after receiving
in-principle approval from Dubai’s Virtual Assets Regulatory Authority to
provide virtual asset services in the United Arab Emirates. The approval covers
broker-dealer, management and investment, and exchange services, although final
regulatory approvals are still required before operations can begin.
Revolut receives Vara approval to offer crypto services in the UAE https://t.co/1oO5Yn9ULy
— The National (@TheNationalNews) July 15, 2026
Once
authorised, eligible UAE customers will be able to access cryptocurrency
services through both the Revolut app and Revolut X. The development follows
the company’s recent approval from the Central Bank of the UAE to conduct
payments activities, supporting its strategy of building a locally regulated
financial services ecosystem in the country.
Malta Tests a New Path for Prediction Markets
Regulation also remained in focus as Malta
explored creating a dedicated framework for prediction markets. The
proposal follows the European Securities and Markets Authority’s reminder that
contracts referencing financial events remain subject to existing MiFID II
rules governing derivatives and binary options.
Malta’s initiative would
instead focus on products outside that scope, potentially creating a separate
regulatory category similar to the country’s earlier Virtual Financial Assets
framework for cryptoassets.
A coalition of nine European countries is urging Brussels to prolong emergency flexibility for the Entry/Exit System, arguing the bloc is not yet ready to phase out the current safeguards. https://t.co/O7KKW2DNNC
— POLITICOEurope (@POLITICOEurope) July 8, 2026
While such a regime could establish Malta as an
early regulatory hub, questions remain over whether any bespoke national
framework could operate effectively across the wider European Union without
broader harmonisation.
European Police Break Up Major Investment Fraud Network
Rounding out the week’s news, authorities in the
Netherlands and Belgium dismantled an international investment fraud network
alleged to have generated around €100 million a month at its peak.
Investigators said the organisation operated approximately 20 call centres
employing more than 700 people posing as financial advisers across multiple
jurisdictions.
Six suspects were arrested, including an alleged organiser
detained in Poland following extradition proceedings. Police said victims were
persuaded to invest through fraudulent online trading platforms displaying
fictitious profits before losing their funds, often transferred using
cryptocurrencies.
Investigators also warned that many victims were subsequently
targeted by fake recovery firms seeking additional payments.
The week was marked by growing scrutiny of the retail prop
trading industry after a commercial dispute between a platform provider and one
of its clients sparked broader debate about infrastructure dependence and
operational resilience.
Elsewhere, brokers continued to broaden their product
offerings, financial results reflected active trading conditions during the
first half of the year, and artificial intelligence gained further traction
across trading platforms. Regulatory developments in digital assets and
prediction markets also remained in focus as firms and policymakers positioned
themselves for the next phase of market evolution.
NinjaTrader cited an alleged overdue payment as the basis
for terminating its agreement with Alpha Futures, while the
prop firm publicly disputed the claim by publishing invoices and payment
records. Alpha argued that the real issue was the launch of its competing AlphaTrader platform rather than any outstanding balance.
Addressing the Tradovate email that went out this evening:
We did not throw any punches at Tradovate on the way out, unfortunately they have not done the same, and have made an ambiguous statement regarding funds over due. We were prepared to just split ways but now are forced… pic.twitter.com/I4lZZgogXr
— Alpha Futures (@Alpha_Futures_) July 14, 2026
The dispute left
traders facing cancelled Premium accounts and unpaid payouts beyond those
already distributed, triggering widespread criticism on social media. Industry
observers said the controversy renewed concerns about payout security and the
sustainability of evaluation-based prop trading business models.
FundedNext Brings AI Assistants to Prop Trading
Artificial intelligence continued its expansion into retail
trading as FundedNext
launched a Model Context Protocol server allowing traders to connect their
accounts with AI assistants including ChatGPT, Claude and Gemini.
The company
said the integration provides read-only access, enabling users to review
account information, payouts, trading performance and applicable rules without
allowing the AI to execute trades or modify account settings. Authentication is
handled through OAuth 2.0, with passwords remaining within FundedNext’s
systems.
The launch follows similar MCP initiatives by several retail brokers
and reflects the industry’s growing interest in integrating AI tools with
trading platforms while maintaining operational safeguards.
Plus500 Revenue Rises as Client Acquisition Costs
Increase
David Zruia, CEO of Plus500
Plus500 reported first-half 2026 revenue
of $462.9 million, up 12% year on year, while EBITDA edged just 1% higher to
$187.5 million as the broker increased spending to attract new clients.
Customer Income reached a five-year high of $460.8 million, although trading
activity slowed during the second quarter after a strong start to the year.
New
and active client numbers also softened between April and June. The broker’s
non-OTC business, including its US futures operations, continued to expand and
accounted for around 15% of group revenue. Plus500 maintained its full-year
guidance and ended June debt free with more than $850 million in cash.
IG Group’s Offshore Holding Proposal Sparks Governance
Debate
IG Group’s proposal to establish
a Jersey-incorporated holding company prompted discussion about how
internationally active financial firms are reshaping their corporate
structures. While the company plans to retain its London Stock Exchange
listing, UK tax residence and UK operations, the move reflects broader trends
as global financial institutions seek greater flexibility for acquisitions,
capital allocation and international expansion.
The proposal also comes as IG
explores the possibility of a US listing. In an opinion piece for Finance
Magnates, Bhaskar Dasgupta, Principal of Sun Foundation, argued that the
development illustrates how corporate architecture is increasingly becoming a
strategic governance decision for firms operating across multiple regulatory
jurisdictions.
He wrote that “good governance is ultimately about
preserving optionality” and that “strong boards rarely redesign
corporate structures because a transaction is imminent” but because
“flexibility itself has become a competitive advantage.
Tickmill UK Expands into Multi-Asset Investing
Elsewhere during the week, Tickmill
UK broadened its product offering through a partnership with Interactive
Brokers. The arrangement allows eligible clients to trade stocks, ETFs,
options, futures, bonds and other asset classes using Interactive Brokers’
trading infrastructure, while Tickmill provides onboarding and customer
support.
Trading accounts remain with Interactive Brokers UK, which also
handles execution, custody and account administration. Tickmill said the
service uses Interactive Brokers’ standard pricing without additional mark-ups,
although it may receive volume-based compensation.
The launch enables Tickmill
to expand beyond its traditional forex and CFD business without developing its
own multi-asset trading and custody infrastructure.
Brokerages Face New Technology Choices as They Scale
Another notable development focused on
the changing technology requirements facing growing brokerages. While
specialist forex CRM platforms have lowered barriers to entry by offering
integrated compliance, automation and AI capabilities, larger firms
increasingly face different priorities as they expand internationally.
Rather
than relying entirely on industry-specific software, some brokers are investing
in enterprise platforms that provide greater control over client data,
artificial intelligence and operational workflows.
The discussion reflected a
broader shift across financial services, where technology is increasingly
viewed not simply as an operational tool but as strategic infrastructure
supporting long-term client relationships, product expansion and organisational
scalability.
Bitcoin Faces Pressure as Markets Weigh Risk and Rates
In cryptocurrency markets, Bitcoin
struggled to build sustained momentum despite recovering from an early-week
sell-off. Analysts pointed to geopolitical tensions, higher oil prices and
persistent inflation concerns as factors supporting expectations of tighter
monetary policy, reducing demand for risk assets.
Continued outflows from US
spot Bitcoin exchange-traded funds also weighed on sentiment, while some
analysts warned the cryptocurrency could test previous lows if weakness
persists. The broader decline has also affected major altcoins, which typically
experience larger percentage losses during market downturns.
Separately,
questions were raised about ESG investing and misleading promotional practices
in prediction markets, following reports into allegedly fabricated trading
success videos.
Revolut Moves Closer to UAE Crypto Launch
Revolut advanced its digital asset expansion after receiving
in-principle approval from Dubai’s Virtual Assets Regulatory Authority to
provide virtual asset services in the United Arab Emirates. The approval covers
broker-dealer, management and investment, and exchange services, although final
regulatory approvals are still required before operations can begin.
Revolut receives Vara approval to offer crypto services in the UAE https://t.co/1oO5Yn9ULy
— The National (@TheNationalNews) July 15, 2026
Once
authorised, eligible UAE customers will be able to access cryptocurrency
services through both the Revolut app and Revolut X. The development follows
the company’s recent approval from the Central Bank of the UAE to conduct
payments activities, supporting its strategy of building a locally regulated
financial services ecosystem in the country.
Malta Tests a New Path for Prediction Markets
Regulation also remained in focus as Malta
explored creating a dedicated framework for prediction markets. The
proposal follows the European Securities and Markets Authority’s reminder that
contracts referencing financial events remain subject to existing MiFID II
rules governing derivatives and binary options.
Malta’s initiative would
instead focus on products outside that scope, potentially creating a separate
regulatory category similar to the country’s earlier Virtual Financial Assets
framework for cryptoassets.
A coalition of nine European countries is urging Brussels to prolong emergency flexibility for the Entry/Exit System, arguing the bloc is not yet ready to phase out the current safeguards. https://t.co/O7KKW2DNNC
— POLITICOEurope (@POLITICOEurope) July 8, 2026
While such a regime could establish Malta as an
early regulatory hub, questions remain over whether any bespoke national
framework could operate effectively across the wider European Union without
broader harmonisation.
European Police Break Up Major Investment Fraud Network
Rounding out the week’s news, authorities in the
Netherlands and Belgium dismantled an international investment fraud network
alleged to have generated around €100 million a month at its peak.
Investigators said the organisation operated approximately 20 call centres
employing more than 700 people posing as financial advisers across multiple
jurisdictions.
Six suspects were arrested, including an alleged organiser
detained in Poland following extradition proceedings. Police said victims were
persuaded to invest through fraudulent online trading platforms displaying
fictitious profits before losing their funds, often transferred using
cryptocurrencies.
Investigators also warned that many victims were subsequently
targeted by fake recovery firms seeking additional payments.
