Up to 100 prop trading firms did not survive 2024. That shake-out continued into a trend in 2025. Out of 376 prop firms in my personal database, too, 84 firms were no longer active, and another 30 show no signs of active operation. A solid third of the market seems to be gone in under two years.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The industry has moved past the gold rush phase. What remains is a more mature market where growth requires a 360-degree approach. We now need to factor in way more groundwork than it was several years ago, when we could simply choose advertising platforms or markets based on cheap CPA. What are those factors, and how do you build a geo strategy that keeps you out of that list of 84 firms? Below is my attempt to break that down: a market-by-market analysis, a portfolio framework, the risks worth planning for, and the KPIs a leadership team should be tracking to know whether the strategy is working.Read more: 80–100 Prop Firms Shut Down in 2024's Industry ReshuffleThe Economics of Geo Expansion in 2026The biggest mistake when choosing markets is focusing only on cost-per-acquisition. A low CPA means nothing if the payback period is six months and your cash flow cannot support it, or if compliance issues prevent you from advertising consistently.The right questions for 2026 are:How many months until paid ads generate positive ROAS?What starting budget is needed to gather statistically meaningful data?What ROAS can we realistically sustain at scale?What payment infrastructure do we need to avoid checkout abandonment?What compliance preparation is required before we can advertise?Here is how the economics look across major regions, based on geo benchmarks for paid advertising:What pattern do we see here? Markets with fast payback (South Asia, emerging SEA, LATAM, Sub-Saharan Africa) provide cash flow and quick learning cycles, while premium markets (US, UK, Core Europe, developed East Asia) offer stronger LTV and brand positioning at the cost of longer payback periods and higher starting budgets.Building a Geo PortfolioThe most effective approach for 2026 is to think like a portfolio manager rather than picking a single market. A balanced portfolio includes:2-3 fast payback markets that generate cash flow and allow rapid testing1-2 brand anchor markets that build credibility and access higher LTV traders1 experimental market that provides optionality for future growthWhen comparing markets, use a weighted scorecard (I'm adding mine below). A market can look attractive on CPA alone, but score poorly on compliance or trust cost. The scorecard forces a more complete picture before scaling.Applying this framework, here is how I would prioritise markets for 2026:What Markets to Treat with CautionSome markets and their conditions are either expensive or risky for ROI. This does not mean avoiding them entirely, but they require extra preparation to turn into managed risk. I'd divide them into four categories: Highly regulated markets with active enforcement carry a higher chance of policy rejections, verifications, bans, and slower creative cycles. To manage this risk, consider building policy ops, a legal playbook, and white-hat communication before entering.Markets where the product looks like gambling present a tricky balance. Gamification can increase engagement, but it can also raise the risk of bans and complaints. To manage this risk, consider establishing clear rules, risk disclosures, and responsible communication upfront.Markets with high platform dependence (one provider for platform, data, or payments) mean that one breach or rule change can stop revenue entirely. To manage this risk, consider a multi-vendor strategy and a business continuity plan (BCP).Markets where cheap leads dominate over quality can look great on CPA, but payback often does not work out due to churn and fraud. To manage this risk, consider focusing on quality metrics like activation, second purchase, and payout-healthy cohorts.Trust Infrastructure as Part of Growth EngineWhen traders see complaints about rule changes, delayed payouts, or account issues, their skepticism rises. This shows up in lower conversion rates, higher CPAs, and reduced repeat purchases. The FundingTicks wind-down in January 2026, following rule changes and Trustpilot rating declines, illustrates how quickly trust erosion can spiral.Here is what trust infrastructure looks like in practice and how it affects paid performance.What Can Go Wrong (and How to Prepare)A 2026 growth strategy should account for several risk categories. Industry analysis captures a key idea: many props are "e-commerce brained," dependent on paid ads, running small teams, and if regulatory pressure arrives like it did for brokers, the model becomes less profitable.Here is a minimum risk register for your growth strategy:Ad platform policy changes can disrupt scaling at any time. Google requires financial services verification for advertising in many countries, with separate verification needed for each target location. Meta has introduced stricter rules for financial advertisers in markets like Australia. Prepare with policy ops and a multi-channel portfolio.Regulatory pressure on promotions means enforcement against illegal promos and influencers. Prepare with legal review, partner/affiliate controls, and white-hat messaging.Platform/vendor risk means a vendor changes terms or cuts off access. Prepare with a multi-vendor strategy, contractual safeguards, and a business continuity plan.Risk model blow-ups happen when 0.5–1% of traders break your P&L. Prepare by investing in risk analytics as a product.Reputation cascades occur when social media negativity tanks your CR. Prepare with trust infrastructure, fast response, and transparency.Scam context on social platforms leads to stricter requirements for financial ads overall. Prepare by being the most verified brand in your category.The reset over the past two years shows this is no longer a volume game but an execution one. The firms that survived are those that treat expansion as a full system, not just a paid acquisition play: balancing fast-payback and premium markets, planning for realistic ROAS timelines, and building compliance, payments, and trust into the core of the model from day one. In 2026, growth comes from managing trade-offs, not chasing cheap CPA, and the firms that last will be those that can align acquisition, product, and reputation into one consistent engine rather than relying on any single lever. This article was written by Stanislav Galandzovskyi at www.financemagnates.com.

Singapore’s efforts to develop a viable onshore alternative to traditional offshore structures for fund management companies and their investors have further enhanced its status as Asia's leading fund domicile.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The Variable Capital CompanySingapore’s primary flexible corporate structure for investment funds is the variable capital company, or VCC. Introduced in January 2020 and regulated by the Accounting and Corporate Regulatory Authority and the Monetary Authority of Singapore, it allows for both open-ended and closed-ended funds with highly flexible share issuance/redemption and capital-based dividends.The VCC supports both standalone and umbrella structures (segregated sub-funds), providing enhanced privacy and tax efficiency. ACRA data shows there were 1,320 such entities registered as of February 2026.Attracting European and Global InvestorsBNP Paribas Securities Services notes that the regime has reduced the barriers to entry—enabling managers to target a wider range of previously excluded individual investors at a lower entry point—and is particularly attractive to European investors seeking exposure to Asian markets, including India’s stock market, through a regulated onshore vehicle offering favourable tax treatment.While VCCs are gaining substantial regional interest, the bank suggests that further education about the structure and its advantages will enhance its appeal, solidifying its position as a compelling alternative to Cayman funds and enticing more allocations from North American and European investors.Industry PerspectivesLucia Cheng, associate director of Vistra Fund Solutions, agrees that the VCC has been a significant catalyst in strengthening Singapore’s position as Asia’s premier asset management hub.“MAS’s ongoing VCC grant schemes and strong public‑private engagement have continued to encourage adoption,” she says. “Many managers see Singapore as policy-consistent and innovation‑friendly, which is not always the case in competing jurisdictions.”Vistra administers approximately 50 VCCs, the majority of which are focused on private equity and venture capital strategies, although it has also seen a growing number of multi-asset entities where fund managers are leveraging the flexibility and robustness of the structure.“Over the past two years, we have also observed increased adoption by institutional asset managers, marking a shift from the early days of the regime when most VCC structures were established by boutique and mid-sized private equity firms and family offices,” adds Cheng.Tax and Regulatory BenefitsThe VCC framework was specifically designed to address the rigidities of older structures such as fixed capital companies, limited partnerships, and unit trusts. Funds qualifying under sections 13O or 13U of the Income Tax Act 1947 enjoy tax exemptions on specified income.“Looking at the numbers, we can conclude that the VCC has been a meaningful catalyst in Singapore's positioning as Asia's leading fund domicile,” says Patrick Na, head of financial services for South Asia and Australasia at TMF Group.He explains that while the VCC accommodates a wide spectrum of strategies (open-ended or closed-ended, traditional or alternative, retail or private), the most common types of alternative funds using this structure are hedge funds, funds of funds, private equity, venture capital, and real estate funds.“VCCs have grown quickly, although they haven't displaced other structures entirely,” adds Na. “New limited partnership registrations even outpace new VCCs in certain periods, which reflects the fact that limited partners remain the preferred vehicle for closed-ended private equity and real asset strategies. Unit trusts still serve institutional and retail investors who are comfortable with the trust law framework.”Flexibility and Operational AdvantagesThe structure was specifically designed for investment funds and offers a level of flexibility that traditional corporate structures do not. For example, VCCs allow funds to issue and redeem shares, pay dividends from capital, and operate multiple segregated sub-funds under a single umbrella entity, explains Nithi Genesan, country head—Singapore at Waystone.“The structure can also be cost-effective, as this flexibility allows for operational efficiencies and reduced administrative complexity,” she says. “Adoption has been strong, with more than 1,300 VCCs incorporated and managed by over 600 fund managers, demonstrating clear industry uptake.”Genesan notes that most VCCs are used for private market and alternative strategies, particularly those targeting accredited and institutional investors.The umbrella VCC model has proven especially popular because it allows managers to launch multiple sub-funds with segregated assets and liabilities under a single legal entity. This structure helps reduce operational costs while giving managers the flexibility to house different strategies within the same framework.“Singapore’s fund ecosystem still includes a mix of structures, including limited partnerships, unit trusts, and private limited companies,” adds Genesan. “However, newly launched funds are increasingly opting for the VCC structure.”Legal Domicile and Fund PlatformsThis is particularly the case where managers want Singapore to serve as the legal domicile of the fund rather than simply the location of the management entity. The VCC’s flexibility and ability to operate multiple sub-funds under a single umbrella have made it an attractive option for managers looking to establish and scale fund platforms in Singapore.Davin Dedhia, co-founder and CMO of Auptimate, also makes the point that the ability to issue and redeem shares without needing shareholder approval or capital reduction procedures makes the VCC more appealing than traditional vehicles such as private limited companies.“The most commonly created fund strategies we see are private equity, venture capital, multi-family offices, hedge funds, traditional long-only funds, and real estate strategies,” he says. “Private equity and venture capital funds have gained most because closed-ended strategies benefit from the VCC’s ability to structure multiple investment vehicles or vintages within a single umbrella fund.”Whilst the VCC has become the default structure for most fund managers, Dedhia refers to a large number of deals being done via special purpose vehicles using the private limited company structure given the costs involved in setting up and administering a VCC.“As a general rule of thumb, a VCC would make sense for assets under management or deal size above $10 million,” he adds. “For anything smaller, the costs of the VCC can be prohibitive, and a limited company structure would be preferred.”Costs, Incorporation, and PrivacyCheng acknowledges that incorporation timelines and set-up costs for VCCs are typically higher than those for a standalone Singapore company or limited partnership structure but suggests that the long-term flexibility of the VCC framework often offsets these initial costs.“This is particularly evident when the structure is designed with future deployment and expansion in mind,” she adds. “Economies of scale can also be achieved through the use of a single administrator across multiple sub-funds.”We are currently exporting the CEOs, but importing the financial products they create. GIFT City needs to adopt these global best practices:• Adopt the VCC Model: Replicate Singapore’s Variable Capital Company (VCC) structure, allowing funds to easily subscribe/redeem… https://t.co/pZ0IMOZ3jE— Pilot Investor (@pilotinvestor7) December 3, 2025In addition, the share registers of VCCs are not required to be publicly disclosed, providing an additional layer of privacy for investors who value discretion.Limitations and Regulatory RequirementsPerhaps the most significant limitation to the variable capital company structure is that it must be managed by a Singapore-licensed fund manager, so exempt managers—including single family offices—cannot use it.“The mandatory appointment of a fund administrator, custodian, and auditor adds operational costs that smaller managers may find hard to justify,” says Na. “Stamp duty treatment can also be tricky in umbrella structures, as transfers between sub-funds are treated as between separate legal persons.” The tax incentive conditions were tightened in January 2025, with assets under management thresholds measured more conservatively and local spending requirements now tiered by fund size.The MAS emphasises that VCCs should involve genuine fund management activity. The structure is not intended to be used simply as a vehicle to warehouse assets without substantive fund management oversight. This article was written by Paul Golden at www.financemagnates.com.

Senior figures from Kalshi and Polymarket are backing a new venture fund aimed at building the infrastructure brokers would need to work with prediction markets. Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The fund, 5c(c) Capital, remains at an early stage. Its public presence is limited, with its website outlining the thesis and team but providing little detail on specific investments. It is led by two former Kalshi employees, Adhi Rajaprabhakaran and Noah Zingler-Sternig, and focuses on supporting services around existing platforms. These include trading firms that provide liquidity, as well as data and analytics tools for market participants.Backing From Across the Industry The fund’s strategy reflects how the prediction market sector is evolving. Rather than competing only through new platforms, parts of the industry is building supporting infrastructure, including market-making firms, data providers and trading tools. Zingler-Sternig previously worked on Kalshi’s integration with Robinhood, giving the team experience with brokerage connections and execution infrastructure. The participation of Kalshi CEO Tarek Mansour and Polymarket founder Shayne Coplan is notable given that the two companies compete directly in several areas.Kalshi & Polymarket CEOs Back New $35M Prediction Market VC FundTwo early Kalshi employees, @eightyhi and @Nostroah, are raising to $35M for @5cc_capital, a fund built specifically to invest in prediction market startups, with both @Kalshi CEO @mansourtarek_ and @Polymarket CEO… pic.twitter.com/xuBmdSVVol— Top 7 Crypto | Analytics & Alpha (@top7ico) March 23, 2026 Other early investors include technology and finance figures such as Andreessen Horowitz co-founder Marc Andreessen and a portfolio manager from Millennium Management, as well as founders of other prediction market and fantasy sports platforms. What It Means for Brokers For brokers and fintech firms, the launch of the fund points to a shift in where development is happening. This includes liquidity providers, data distribution and execution tools — areas that are typically required before brokers can integrate new asset classes into their platforms. Direct institutional trading in prediction markets is still limited. However, the emergence of a dedicated infrastructure fund suggests that the ecosystem around these markets is being built out with institutional use in mind. Early Stage, but Expanding The sector remains early, and many of these services are still developing. At the same time, the scale of investment is increasing. Kalshi has reportedly raised more than $1 billion in new funding, valuing the platform at around $22 billion, according to people familiar with the matter. Large financial institutions are also starting to engage with the space. JPMorgan, for example, is reviewing how employee activity on prediction markets fits within its compliance framework. Recent agreements involving Major League Baseball, Polymarket and the CFTC have introduced licensed data and closer coordination around market integrity. Together, these developments suggest that prediction markets are starting to take a more structured form, even if integration into mainstream brokerage systems remains limited. This article was written by Tanya Chepkova at www.financemagnates.com.

Revolut quietly launched contracts for difference (CFD) trading in 29 countries, including several European countries, last year for “active traders”. The expansion came more than a year after the challenger bank, which also recently gained a full UK banking licence, piloted CFD offerings in three EU countries: the Czech Republic, Denmark, and Greece.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Revolut Is Now Fully in the CFD GameFinanceMagnates.com confirmed the launch of CFDs in Europe on the Revolut app, which is available under its Investment tab. Earlier, the British company launched a standalone CFD platform, Revolut Invest.It offers CFDs in Europe through its Lithuanian entity, which holds a MiFID II licence.CFDs appear to be Revolut’s push towards adding active investment products such as stocks, bonds, and ETFs. It also offers robo-advisory services and cryptocurrency trading.“With Instant Access Savings and investment options such as stocks, ETFs, bonds, commodities, CFDs, and cryptocurrencies, users can actively grow their wealth,” Revolut noted in its latest financials.Although in reality, CFDs are considered high-risk investment products, and the majority of CFD traders end up losing money.[#highlighted-links#] Another Institutional Win for CMCRevolut entered the CFD market by leveraging CMC Connect’s infrastructure, the institutional arm of London-based CFD provider CMC Markets.As Finance Magnates revealed earlier, the two companies had to undergo technological due diligence, which was a “process of walking with one another, hand in hand. Sit down, get down to the details, and understand.” The entire deal depended on that due diligence.Read more: CMC Connect Breaks Down CFDs Deal with RevolutDespite offering CFDs for over a year, Revolut did not reveal any figures related to CFDs in its latest financial report for 2025. Publicly listed CMC only mentioned the impact of the Revolut deal on its B2B revenue as “not significant” due to limited geographical coverage in its half-year financials, only a few months after the deal with the neobank was completed. Now, it would be interesting to see those numbers as Revolut has expanded its CFD offerings in many countries.Despite Revolut having 68.3 million customers globally, it is unclear how many can access CFDs or what percentage are suited to trading high-risk products. Meanwhile, the company generated a pre-tax profit of £1.7 billion on revenue of £4.5 billion last year.While firms like Revolut are entering the CFD market, established CFD brokers are also diversifying, mainly into stock trading and cryptocurrencies. IG Group, meanwhile, is considering prediction markets despite their resemblance to the controversial binary options. This article was written by Arnab Shome at www.financemagnates.com.

Robbie Ensor has taken a new role as Finance Director at Taurex, according to a LinkedIn update today (Tuesday).Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).Earlier this month, the broker reappointed Matthew Wright as a Non-Executive Director, nearly three years after his departure to Exinity. The move marks his return to the board, where he previously served during the Zenfinex phase. Wright rejoined in a part-time capacity last July, contributing to oversight and strategy without involvement in day-to-day operations.From Loveholidays to Taurex Finance LeadEnsor said he “can't wait to get started with the team at Taurex” and aims to “help continue their growth journey to becoming a leader in the Forex and CFD industry.”He joins after more than three and a half years at loveholidays, where he most recently served as Group Financial Controller for over two years. Before that, he spent just over a year as Head of Financial Reporting & Control.Ensor Rejoins Forex Sector at TaurexEarlier in his career, Ensor worked at AxiCorp as Head of Financial Control for more than three and a half years. Based in Sydney, the role covered areas including consolidated reporting and fundraising.Alongside his corporate roles, he also served as Head of Raffle & Auction at The Light Ball for over two and a half years in the Greater Sydney area. The move marks his return to the forex and CFDs sector, where Taurex offers trading services to retail and institutional clients.Taurex Secures $40 Million Series CThe appointment coincides with Taurex completing a Series C funding round, raising $40 million to support planned growth initiatives. The round was led by major shareholder Oscar Hilt Tatum IV. The funds are intended for back-office infrastructure development, expansion of the mobile trading platform, and international growth, including additional regulatory licenses. The broker serves more than 50,000 clients across approximately 140 countries and operates three main business lines: retail brokerage, institutional services, and its funded trader programme. This article was written by Tareq Sikder at www.financemagnates.com.

CMC Markets has named Emma Earp, a banking and finance partner at national law firm Foot Anstey LLP, as a non-executive director of the London-listed online trading group. The appointment takes effect April 1, 2026, the company said today (Tuesday).Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Earp will simultaneously join the Audit, Nomination, Remuneration, and Risk Committees, giving her broad oversight responsibilities across CMC Markets' governance structure from day one.Legal Career Rooted in City BankingEarp began her legal career at Travers Smith LLP, one of the leading City firms, where she trained as a solicitor and spent six years in the banking and finance department before qualifying. She then joined Bond Dickinson LLP, which later became Womble Bond Dickinson, accumulating nearly eight years there and rising to managing associate. A partnership role at regional firm Trethowans followed from January 2019 through September 2023, after which she moved to Foot Anstey as a banking and finance partner. Her practice spans acquisition finance, property finance, project finance, and general corporate lending, according to her firm profile."We are very pleased to welcome Emma to the Board,” Paul Wainscott, chairman of CMC Markets, said. "Her depth of experience gained while acting as a senior legal advisor will be of great benefit to the Group as we continue to deliver on our strategy."The CMC Markets press release puts her experience in banking and finance transactions at over 15 years, though her professional record at Travers Smith dates to September 2004, spanning more than two decades in finance law overall.Board Refreshed Across Multiple RolesThe Earp appointment continues a run of governance and executive changes at the group. In November 2025, CMC Markets brought in Stuart Manning, a partner and CFO at private equity firm Endeavour Vision SA, as a non-executive director and chair of the Group Audit Committee, filling out the board with venture capital and regulatory supervision experience. Around the same time, CMC Markets ended a nine-month search for a UK chief financial officer by promoting Asia Pacific CFO John Cubbin internally to the top UK finance role.Personnel moves have extended beyond the boardroom. In January 2025, the company appointed Christopher Forbes as Head of Asia, consolidating the role across its CMC Markets, CMC Invest, and CMC Connect brands as the group pursues growth in the Asia-Pacific region. The group has also seen departures, with a former compliance head who worked across both Plus500 and CMC Markets joining Ultima Markets as chief strategy officer in August 2025.Strong Revenue BackdropCMC Markets' board activity comes as the company reports solid financial results. The group posted underlying EBITDA of £103.4 million for fiscal year 2025, up 12% year on year, with profit before tax rising 33% to £84.5 million. Revenue for the first half of fiscal 2026, covering April through September 2025, reached £186.2 million, up 14% from the prior half-year period. Management said at the time it expected full-year net operating income to come in roughly 10% ahead of market expectations. This article was written by Damian Chmiel at www.financemagnates.com.

BlackBull Markets, an Auckland-based retail trading and CFD platform, is exploring a simultaneous listing on the Australian Securities Exchange and the New Zealand Stock Exchange, after appointing Barrenjoey Capital Partners, UBS and Forsyth Barr to run a non-deal roadshow, the AFR reported today (Tuesday), citing people who attended an investor pitch by the company's founders in Sydney.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Co-founders Michael Walker and Selwyn Loekman presented preliminary financials to fund managers at UBS's Chifley Tower offices in Sydney, with Barrenjoey and Forsyth Barr running separate meetings of their own this week. Sources who attended the session told AFR, which was first to report the development, that the company could push ahead with a pricing process as early as the first half of 2026.BlackBull’s Financials Show 50% EBITDA MarginsBlackBull generated NZ$108 million (approximately A$90 million) in revenue over the past 12 months and NZ$55 million in EBITDA, according to figures shared with investors. Net profit reached NZ$38 million over the same period, and EBITDA margins came in above 50%, the pitch materials showed.The company reported monthly client trading volume of nearly $200 billion in buy and sell orders, up roughly 50% from the $133 billion monthly average it posted last year, according to the figures presented to investors. BlackBull attributed the jump, at least in part, to elevated global market volatility, which the company says has lifted activity levels across its platform. The business spans 180 countries and offers more than 26,000 tradable instruments, including stocks, equity indices, commodities, foreign exchange and cryptocurrencies, the company says.Shareholders Include LMAX and MilfordWalker and Loekman each own approximately 30% of the company, according to data filed with the New Zealand Companies Office. London-headquartered LMAX Exchange Group holds around 20.8%, having acquired a minority stake in BlackBull in 2024 as part of what the two firms described as a partnership to improve execution quality and expand BlackBull's cryptocurrency capabilities through LMAX's institutional digital assets infrastructure. Milford's Private Equity Fund III holds 20.6%.The business has been paying dividends to shareholders, sources told AFR. Simon Botherway, the former chair of New Zealand's Financial Markets Authority establishment board, serves as chairman of BlackBull's board after acquiring a stake alongside Milford in a prior funding round, according to company disclosures.No ASX-Listed Peers to Benchmark AgainstFund managers assessing the IPO will struggle to find a direct ASX-listed comparable. The Australian market has seen a wave of newer retail trading platforms, including Stake, Pearler, WeBull and Moomoo, but none are publicly listed. Investors are expected to benchmark BlackBull against Nasdaq-listed Interactive Brokers Group, which carries a market capitalisation of around $115 billion, and the smaller Robinhood Markets, according to AFR.The comparison comes with caveats. Interactive Brokers targets a more sophisticated trader and generates revenue primarily through commissions and net interest income, while Robinhood built its following around commission-free retail investing aimed at younger users. BlackBull operates in the CFD and leveraged trading segment, which carries a different regulatory profile and tends to generate higher revenue per active account.The competitive landscape around BlackBull's talent has also been active recently. In March, a former senior BlackBull executive launched TabTrade, a new offshore CFD broker registered in Saint Lucia that competes on zero-spread pricing, illustrating the degree to which BlackBull alumni are now building competing platforms.Volatile IPO Window, But Volume TailwindsThe listing push comes as elevated volatility has made the broader IPO market difficult. BlackBull joins fit-outs business FDC Consolidated and Bain Capital-backed aged care operator Estia Health, valued at around A$3 billion, on the non-deal roadshow circuit, according to AFR. All three have presented to fund managers over the past week without yet committing to a pricing timeline.The ASX landscape itself has been changing. Cboe Australia received approval from the Australian Securities and Investments Commission in late 2025 to host initial public offerings and dual-listed companies, ending what had been ASX's de facto monopoly on new listings. Whether BlackBull would consider Cboe as an alternative venue was not disclosed in the documents circulated to fund managers.Barrenjoey, one of the three banks on the mandate, is itself mid-transaction. Magellan Financial Group agreed in early March to acquire Barrenjoey in a deal valuing the investment bank at approximately A$1.62 billion, with Magellan purchasing roughly 10% from Barclays as part of the arrangement. Barrenjoey and Forsyth Barr have maintained a trans-Tasman strategic alliance since 2024, making the two firms natural partners on a deal that spans both the Australian and New Zealand capital markets. This article was written by Damian Chmiel at www.financemagnates.com.

SumUp, the payments and business banking company, said today (Tuesday) it has partnered with Berlin-based investment infrastructure firm Upvest to bring money market fund investing to its merchant app, giving small business owners access to capital markets tools through the same platform they use for payments and everyday banking.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The feature went live in Germany this month and allows merchants to direct a portion of their account balance into euro-denominated money market funds, with investments starting at €1. SumUp said a broader rollout across Europe and the United Kingdom is planned, though it did not specify a timeline for those markets.Idle Cash, Modest ReturnsMoney market funds pool capital into short-term, high-quality debt instruments and are typically designed to preserve principal while generating modest returns above standard deposit rates. SumUp is positioning the product as a straightforward way for small business owners, who often leave surplus cash sitting in low-yield accounts, to put those funds to work without switching platforms or taking on significant market risk, according to the company.Behind the feature sits Upvest's investment infrastructure, which handles order execution and settlement, custody, regulatory reporting, and tax processing on SumUp's behalf, the companies said. That arrangement lets SumUp offer the capability without building out its own securities operations."Small businesses are under constant pressure to set money aside for a rainy day," said Felix Lamouroux, SVP of Global Banking at SumUp. "Yet too often this money sits idle in deposits, when it could be earning interest through investments."Upvest Expands Its Client RosterFor Upvest, the deal adds a merchant-focused partner to a client portfolio that already includes consumer fintechs such as Revolut, N26, bunq, Webull, and Raisin, as well as digital banks Openbank and DKB. Earlier this month, the Berlin-based firm raised $125 million at a valuation of €640 million, nearly double the €360 million it was valued at when it last raised capital in December 2024. The company processes more than 100 million trades per year and employs 280 people, according to its own figures."Powered by Upvest's Investment API, SumUp can now offer a best-in-class investment proposition for merchants to grow their wealth," said Upvest CEO and co-founder Martin Kassing. "This partnership shows how modern investment infrastructure can make capital markets investing accessible and operationally simple at scale."The arrangement reflects a broader pattern in embedded finance, where investment or banking products are layered into platforms originally built for other purposes. SumUp itself has been steadily adding financial services around its payment core, having partnered with Adyen in 2024 to expand payment capabilities for small and medium-sized businesses. Upvest, meanwhile, expanded its own product range in January 2026 by adding 2.5 million securitized derivatives instruments to its platform in a deal with Boerse Stuttgart.SumUp Pushes Deeper into Financial ServicesSumUp, founded in 2012 and serving more than 4 million merchants across 37 markets, has been broadening its product range well beyond card readers for several years, adding free business accounts, merchant cash advances, invoicing tools, and point-of-sale registers to its lineup. The company raised €285 million in late 2023 at a valuation above €8 billion, money earmarked partly for product expansion and new market entry.Adding an investment layer to its banking offering fits that trajectory, though the initial scope is narrow. For now, SumUp merchants are limited to euro-denominated money market funds, a lower-risk product category. The company has not disclosed any plans to offer equities, bonds, or other asset classes through the platform. This article was written by Damian Chmiel at www.financemagnates.com.

SIX Group published its 2025 annual results today (Tuesday), reporting record adjusted operating performance across all four business units, but the headline numbers tell only part of the story.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Quietly running alongside the revenue growth is one of the more consequential infrastructure bets in European post-trade markets: a plan to merge the group's Swiss and Spanish clearing houses into a single central counterparty and take on the London-anchored networks that have dominated European clearing for decades.SIX Group Posts Record Operating MarginsNet operating income rose 4.7% to CHF 1,496.5 million, or 5.4% at constant exchange rates. EBITDA, excluding CHF 82.3 million in transformation costs, reached CHF 542.3 million, a 22.2% increase from 2024, with a margin of 36.2%, up more than five percentage points year-on-year. Adjusted group net profit climbed 20.9% to CHF 247.2 million. A CHF 560.9 million non-cash write-down on the group's stake in Worldline pushed the reported net result to a loss of CHF 313.7 million, but SIX said that charge "no longer exposes the financial statements to substantial negative impacts" following the reclassification of the holding to a passive financial instrument.CEO Bjørn Sibbern said the group's record operational results reflect "broad and sustained growth," while signaling that executing the Scale Up 2027 transformation program, which targets an EBITDA margin above 40%, remains the top priority. Free cash flow improved to CHF 355.6 million. S&P affirmed its A credit rating with a revised outlook from negative to stable. The board proposes an unchanged dividend of CHF 5.30 per share at the May 6 Annual General Meeting.The CCP Merger Takes ShapeThe formal announcement came in December 2025, when SIX confirmed it would combine SIX x-clear, its Swiss central counterparty, with BME Clearing, the Madrid-based CCP it inherited from the €2.8 billion acquisition of Spanish exchange group BME. The merged entity, to be branded SIX Clearing, will be headquartered in Madrid, with operations in Zurich and Oslo, aiming for regulatory approval and go-live by 2027.The two CCPs bring complementary assets to the table. SIX x-clear carries interoperability links across pan-European cash equity markets and relationships with major trading venues. BME Clearing holds a European Union banking license, granting direct access to ECB liquidity, which is a critical advantage for any CCP competing for eurozone business. Together they already serve five asset classes across 28 trading venues and 18 markets. That breadth underpins SIX's argument that a merged entity would offer genuine scale, not just consolidation for its own sake.This move fits a broader pattern SIX has been building for some time. In December 2024, the group expanded its interest rate swap clearing offering with multicurrency capabilities to address EU clearing needs, a step that signaled the group's clearing ambitions extended well beyond its home markets.In March 2025, SIX introduced preferred clearing on Euronext's markets across Paris, Amsterdam, Brussels, Lisbon, Dublin, and Milan, competing directly for flow that typically routes through LCH, owned by London Stock Exchange Group.Baymarkets: Buying the Engine RoomIn November 2025, SIX added a technology layer to the CCP strategy by acquiring Baymarkets, a Norwegian company that builds clearing and exchange infrastructure for global financial markets. The purchase, for an undisclosed sum, gives SIX direct control over core clearing system architecture as it rebuilds the post-trade stack from the ground up.The logic mirrors the Aquis Exchange acquisition completed in July 2025, where SIX bought not only a UK trading venue but also a matching engine it has since selected as the unified platform for its Swiss, Spanish, and UK markets. In each case, the technology was as important as the market.Post-Trade Volumes Tell a Different StoryThe Securities Services business unit, which houses the clearing and custody operations, reported a 3.2% decline in net operating income to CHF 439.0 million. The cause was almost entirely a 39.3% fall in net interest income to CHF 52.0 million, as central banks cut rates across the year. Core transaction metrics moved in the opposite direction. Swiss clearing transactions rose 7.8%, settlement transactions climbed 22.0%, and average assets under custody grew 6.1% in Switzerland to CHF 4,236 billion. SIX also crossed CHF 1 trillion in international custody assets during the year.The October 2027 EU, UK, and Swiss transition to T+1 settlement adds a further structural tailwind. Shorter cycles increase operational pressure on clearing infrastructure and historically accelerate consolidation among post-trade providers. SIX co-leads T+1 working groups in both Switzerland and Spain. The 2027 deadline sits directly alongside the SIX Clearing target completion date, compressing the execution timeline but also concentrating the group's post-trade transformation into a single, high-stakes period. This article was written by Damian Chmiel at www.financemagnates.com.

IG Group is actively looking into prediction markets. “On prediction markets, we have talked about that in the past,” Breon Corcoran, IG’s CEO, said during its recent earnings call. “Many of you will know that prediction markets are just a different title for what used to be binaries in Europe or indeed what used to be products on betting exchanges in Europe as well.”“So we have the capability in the space. We have some capability with some IP. We have not yet launched a product. We continue to work on that.”Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Crypto Is the FutureWhile IG’s prediction markets plan is still developing, it has pushed the company to focus more on crypto.IG’s focus is on diversifying its revenue. Although its “crypto revenue remains [in] early stages”, crypto trading revenue represented around 4 per cent of group net trading revenue in 2025, IG’s Chief Financial Officer, Clifford Abrahams, highlighted in the earnings call.Read more: IG Group’s First Spot Crypto NumbersCrypto trading revenue, which was negligible in the previous financial year, increased following IG’s acquisition of Independent Reserve, which generated £19.3 million in pro forma revenue. Spot crypto trading revenue directly on IG’s platform came in at £0.8 million.The London-listed company began offering spot cryptocurrencies to users in the United Kingdom and Ireland last June through a partnership with Uphold. In the United States, it offers crypto trading under tastytrade.[#highlighted-links#] Growth ExpectationsThe broker is now aiming to increase the combined growth of its OTC and spot trading revenue by 30 per cent to 40 per cent year on year and estimates around a one per cent share of UK direct-to-consumer crypto trading revenue.“As we scale these propositions globally, their share of revenue will increase, making IG’s earnings more diversified,” Abrahams added. “The bigger long-term opportunity lies in futures and options, stock trading investments currently at 7 per cent, and crypto at 4 per cent pro forma, all addressing larger, faster-growing markets.”It later received a full FCA crypto asset licence and also secured a Markets in Crypto-Assets (MiCA) licence in Germany, under which it can offer crypto across the 27-country European bloc.After closing the Independent Reserve acquisition earlier this year, IG launched spot crypto trading in Australia earlier this month and is planning to expand it in Singapore and the UAE in the second half of 2026.“We will continue scaling stock trading and crypto into new markets, spending on marketing to drive growth where the returns justify that,” IG’s CEO, Corcoran, added. This article was written by Arnab Shome at www.financemagnates.com.

The clearest sign that event-based participation has become a mainstream habit came before this year’s Super Bowl, when the American Gaming Association estimated that Americans would legally wager $1.76 billion on Super Bowl LX, a figure Reuters said was almost 27% higher than the previous year’s estimate. ESPN added that the estimate covered only legal sportsbook wagers in 39 states and Washington, D.C., and that the AGA based it on publicly reported numbers from state gaming regulators. That's important because it shows how comfortable ordinary users have become with following big events through live prices and fast-moving probabilities.Prediction markets tap into that same instinct, but they take it a step further. When you open one of these apps, including platforms such as the Fanatics Markets prediction platform, you are not just checking who might win. You are watching confidence move.In this piece, we look at three reasons the category is drawing more people in.Why sports are still the easiest way in.Why the same format works for politics and the economy.Why clearer rules and smarter contract design are making the experience easier to trust.Brackets to Big QuestionsSports is where the appeal makes immediate sense. Reuters reported that legal NFL wagering for the 2025 season was expected to reach $30 billion, up 8.5% from $27.6 billion in 2024, and that the estimate included preseason games and futures bets placed as early as March. That tells you something useful about behavior: people do not wait for kickoff to care about an outcome; they like following the whole arc of the story.That habit fits prediction markets naturally. Reports citing the AGA said the 2026 men’s and women’s NCAA tournaments would offer more than 100 games to bet on, keeping attention spread across multiple rounds, multiple days and dozens of changing narratives. For someone using a phone, that creates a rhythm of checking, updating and reacting that feels close to following live news.Sports gives prediction markets a friendly entry point because the rules are already familiar. You know the teams, you know the schedule and you understand why expectations rise or fall. Once that behavior feels natural, it becomes much easier to carry it into other kinds of events.Far More Than a ScoreboardThat is where prediction markets get more interesting. A 2025 SocArXiv working paper by Joshua D. Clinton and TzuFeng Huang analyzed more than 2,500 political prediction markets across Iowa Electronic Markets, Kalshi, PredictIt and Polymarket during the final five weeks of the 2024 U.S. presidential campaign, covering $2.4 billion in transactions. That is large enough to treat the category as something serious, measurable and worth understanding on its own terms.The findings were nuanced. The paper found that 93% of PredictIt markets, 78% of Kalshi markets and 67% of Polymarket markets predicted outcomes better than chance, while also finding price divergence and arbitrage opportunities across exchanges. In plain language, these markets can be informative without being flawless, and that makes them more useful for readers than any grand claim about perfect foresight could.Reuters reported in March 2026 that prediction markets gained credibility after the 2024 election because their live probability signals outperformed polls in forecasting Donald Trump’s win. You can see why that resonated with readers who were already used to watching markets react faster than commentary. If one app lets you track a Senate race, a central bank question and a championship game in the same basic format, it starts to feel less like a niche product and more like a practical layer on top of the news.That is part of the appeal. A prediction market turns a headline into a moving signal.Rules and RelevanceInterest grows more easily when a category is easier to understand. Reuters reported on March 11, 2026, that the CFTC had started rulemaking for prediction markets and described event contracts as tradable yes-or-no wagers tied to sports, politics and the economy. For ordinary readers, that kind of official framing matters because it makes a vague idea clearer and easier to place.At the same time, the products themselves are becoming more intuitive. Reuters reported on March 9, 2026, that Cboe planned to launch prediction market contracts with partial payouts based on forecast precision rather than a strict all-or-nothing result. That may sound technical at first, but the consumer benefit is simple: many real-world questions are not perfectly binary, so tools that reflect that feel closer to how people actually think about events.There is also a regional reason this subject has traction beyond the United States. Finance Magnates reported in March 2025 that Interactive Brokers expanded prediction markets beyond the U.S. and launched them in Canada. For Canadian media and U.S. readers alike, that makes the category feel less distant and more connected to the stories they already follow, from sports calendars to political cycles to economic releases.Once a format becomes easier to access, easier to explain and easier to understand within a rules framework, more people are willing to try it. That willingness turns curiosity into habit.When News Becomes InteractiveThe appeal of prediction markets is fairly natural. People like following major events together, they like seeing confidence change in real time and they like tools that reduce a complicated story to a number they can read at a glance. That helps explain why the category now makes sense across sports, politics and the economy rather than sitting in separate boxes.What gives the topic staying power is the combination of familiarity and structure. Sports brings people in, research gives the format informational weight and clearer rules plus smarter contract design make it easier to take seriously without pretending every market is perfect. That is a healthy place for a consumer product to be.The realistic case is that prediction markets are becoming a more natural way for ordinary people to follow important events because they make those events immediate, legible and engaging. When the next big story breaks, more people may watch the probability move as closely as the headline. This article was written by FM Contributors at www.financemagnates.com.

VS Capital, an award-winning provider of institutional-grade trading and liquidity solutions, has become a user of MetaQuotes' Ultency, the native matching and liquidity connectivity solution within the MetaTrader 5 ecosystem. The integration enables VS Capital to position its liquidity directly inside a large and active broker network, with MetaTrader 5 being one of the most widely used multi-asset trading platforms globally. Brokers and institutional counterparties can now access professional liquidity through the same standardized infrastructure they already use.Andrey Stoychev, CEO of VS Capital, commented: "MetaTrader 5 is the most widely adopted platform in our sector, so it makes sense for us to plug our liquidity where most clients reside. We were among the first to join Ultency and are seeing positive results, particularly with new brokers entering the MT5 ecosystem who want to launch quickly and keep their setups lean."In institutional markets, liquidity distribution often relies on integrations between multiple technology providers. Unlike traditional bridge solutions, Ultency offers native connectivity, allowing brokers and providers to connect directly, without third-party technology. This simplifies access to liquidity, improves operational efficiency, and reduces costs."In one case, a MetaTrader 5 broker using proprietary technology did not have existing FIX integration, and Ultency provided a simple and fast solution," added Mr. Stoychev. "To distribute liquidity effectively, a liquidity provider needs to connect to as many 'pipes' as possible, and Ultency has become one of our key areas for organic growth."Renat Fatkhullin, CEO of MetaQuotes, said: "We're pleased to see VS Capital connected directly with MetaTrader 5 brokers through our native Ultency engine. Their focus on reliable liquidity aligns perfectly with our commitment to providing a smooth, fast, and connected platform for brokers and institutional service providers."About VS CapitalVS Capital is a financial services firm duly incorporated and licensed by Financial Services Authority (FSA), offering institutional trading and liquidity solutions for brokers, professional traders, and financial institutions. The company focuses on providing bespoke liquidity streams, advanced risk management, and direct access across multiple asset classes.About UltencyUltency is a native liquidity aggregation and order matching engine built specifically for MetaTrader 5. It enables brokers to seamlessly connect with multiple liquidity providers, consolidate pricing and execution to deliver the best trading conditions for traders. Ultency operates on a pure volume-based pricing model with zero service fees. This article was written by FM Contributors at www.financemagnates.com.

Nasdaq will integrate Talos’ digital asset infrastructure into its Calypso and Trade Surveillance platforms. The move aims to bring tokenised collateral into mainstream institutional workflows.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The announcement follows the U.S. Securities and Exchange Commission’s approval of Nasdaq’s proposal to pilot trading in tokenized versions of equities and other securities. The plan, submitted in September, would allow certain widely traded stocks to be bought and sold either in traditional form or as blockchain-based tokens on the same platform. The pilot will involve the Depository Trust Company, which provides post-trade infrastructure for U.S. markets. Integration Connects On- and Off-Chain MarketsThe collaboration seeks to address long-standing challenges in connecting digital assets with traditional collateral and risk management systems.Under the agreement, institutions will be able to manage both on- and off-chain collateral in a single environment. The integration combines Talos’ digital asset capabilities with Nasdaq’s Calypso platform, which is widely used for margin, risk, and collateral management across traditional asset classes.The integration is expected to provide a more consistent view of exposure across asset types and extend connectivity to custodians and trading venues across both traditional and digital markets.Roland Chai, executive vice president at Nasdaq, said: “This partnership builds on a series of strategic initiatives designed to converge on- and off-chain market ecosystems, while preserving the liquidity, transparency and integrity of regulated markets.”Trade Surveillance Extended to Digital AssetsThe collaboration also targets fragmentation in collateral and risk workflows, providing institutions with a unified framework as they scale tokenisation strategies.Anton Katz, co-founder and chief executive of Talos, said: “The evolution toward tokenised collateral is a natural progression for institutional capital markets. Firms can connect workflows for execution, risk, collateral and compliance to reduce operational friction across both on- and off-chain asset classes.”As part of the partnership, Talos clients will gain access to Nasdaq’s Trade Surveillance platform, extending institutional-grade monitoring to digital asset trading activity. This article was written by Tareq Sikder at www.financemagnates.com.

Spain’s securities regulator has warned that a clone-style website mimicking IG Group, along with two other online trading brands, is offering investment services in the country without authorization.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)The National Securities Market Commission (CNMV) said tarillium.com, value-markets.com and ig-indexlimited.com do not appear in its official registry and therefore cannot legally provide investment services or carry out activities under its supervision.CNMV Expands List of Unregistered EntitiesIn its notice, the CNMV highlighted ig-indexlimited.com as a clone-style operation. The regulator stressed that this site has no connection with Indexa Capital A.V., S.A., which is duly registered in Spain as an investment firm under number 257.Spain’s latest clone-firm warning lands against a backdrop of tighter rules on high‑risk products, more aggressive blacklisting of unauthorized sites and broader EU‑level work on scams.ESMA first introduced EU‑wide product‑intervention measures that capped leverage, required negative balance protection and standardised risk warnings, and national regulators such as the CNMV later embedded and tightened these rules locally. In Spain, this has translated into tougher marketing curbs, including a near‑ban on CFD advertising to the general public and limits on sponsorships that indirectly promote leveraged trading.CNMV Pairs Tougher CFD Marketing RulesIn recent years, CNMV has not only expanded its list of unregistered and clone‑style platforms, but also pushed through product‑intervention measures that clamp down on how firms’ market CFDs and other leveraged instruments to Spanish retail clients.You may also like: Polymarket Curbs Insider Bets: No Stolen Info, No Illegal Tips, No Outcome InfluencersThe measures include a de facto ban on CFD advertising to the general public, restrictions on sponsorships and brand campaigns that indirectly promote these products, and stricter margin requirements, all aimed at curbing losses among retail traders.The clarification aims to avoid confusion for investors who might link the unregistered website with the authorized company because of the similarity in names.The CNMV is now urging investors to check a firm’s status before opening an account or transferring funds. Investors can consult the official registry and the section dedicated to warnings on the CNMV website, where the authority lists unregistered entities. This article was written by Jared Kirui at www.financemagnates.com.

Polymarket has introduced new market integrity rules across its decentralized finance (DeFi) platform and its CFTC-regulated U.S. exchange, outlining how it enforces trading standards and handles suspicious activity.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Clear Definitions on Insider Trading and ManipulationThe revised rules define three main types of prohibited insider trading: trading on stolen confidential information, trading on illegal tips, and trading by anyone with influence over an event outcome. Both platforms also ban various forms of manipulation, including spoofing, wash trading, self-dealing, front-running, and fictitious transactions.The latest update comes when Wall Street compliance desks are waking up to the fact that event markets can be used to trade on material non‑public information just as easily as equities or options.Today we're publishing new market integrity rules across our CFTC-regulated US exchange & DeFi platform — making clear what's prohibited, how we enforce rules, & how to report suspicious activity.The World's Largest Prediction Market runs on transparencyhttps://t.co/dWr23zcki6— Polymarket (@Polymarket) March 23, 2026JPMorgan and other large banks recently started looking at how to extend their insider‑trading and information‑barrier policies to platforms like Kalshi and Polymarket. This moved prediction markets from a regulatory grey zone into the core of their conduct‑risk frameworks.Read more: CFTC Flags Insider Risks in Prediction Markets as Kalshi Sanctions Two TradersPolymarket said the latest updates, detailed in the DeFi platform’s Terms of Use and the Polymarket U.S. Rulebook, reinforce measures against insider trading and market manipulation while promoting user protection and transparency. It launched dedicated Market Integrity pages to explain how these rules apply in practice and to guide users on reporting suspicious activity.Additionally, it noted that it maintains a multi-tiered surveillance structure on both platforms. On its DeFi platform, all transactions occur on the Polygon blockchain, providing on-chain transparency.Multi-Layered Surveillance FrameworkThe company is now working with technology partners to identify potential irregularities, with enforcement actions ranging from wallet bans to referrals to law enforcement.On its U.S. exchange, oversight includes external trade surveillance experts, an internal real-time control desk, and a Regulatory Services Agreement with the National Futures Association (NFA) to investigate and sanction rule violations.US regulators warned about insider risks in prediction markets after two recent KalshiEX cases showed traders abusing privileged information. One involved an editor betting on contracts tied to a YouTube channel where he worked. In response, the CFTC’s Enforcement Division issued an advisory reminding traders and exchanges that insider dealing and fraud in these markets fall squarely under federal oversight. This article was written by Jared Kirui at www.financemagnates.com.

Global online interest in FX/CFD brokers fell 4.2% in February from a January peak, settling at 38.5 million in total broker visibility across 49 brokers and 120 countries tracked by FM Intelligence. Despite the monthly pullback, the reading remained 33.5% above February 2025 levels, pointing to continued expansion in the industry's organic footprint rather than a structural retreat.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Global Broker Interest Falls 4.2% After January Peak, Europe Holds 43% ShareEurope held 43% of all broker-directed online interest globally, with 16.6 million in total visibility, making it the industry's largest region by a wide margin. North America followed at 20.6% and Asia-Pacific at 23.5%. Africa was the only region where visibility also fell year-on-year, declining 12.2%.OANDA held the top position in all six geographic regions tracked by FM Intelligence in February, accounting for 36.1% of global broker online visibility and 13.9 million in estimated monthly interest. No other broker in the dataset ranked first in more than one region. OANDA's cross-regional dominance held even as its absolute visit counts fell month-on-month in five of six regions, a dynamic partly explained by FTMO's acquisition of OANDA in early 2025 and the subsequent transition of its prop trading clients to the FTMO brand.The sharpest competitive shift in the February data was Capital.com's rapid repositioning toward continental Europe. The broker's German visibility rose 231% month-on-month, from 147,000 to 485,000, making Germany its largest single market globally. Italian visibility climbed 56% and French visibility rose 45%. That expansion came alongside a 60% drop in the broker's US presence, consistent with Capital.com's broader push into new regulated markets across Europe and beyond. At the same time, XTB lost 402,000 visits in Germany alone, a 43.7% single-month decline that cut its European share from 15.3% to 11.1%.Elsewhere, Forex.com was the only top-tier broker to grow in both the US and Canada, adding US visits and nearly doubling its Canadian presence. Dukascopy posted the dataset's largest year-on-year gain at 285% in global visibility. Earlier FM Intelligence analysis linking web traffic to actual CFD volumes adds weight to what these visibility shifts may mean at the trading desk level, and the broader industry context of active CFD accounts exceeding 6 million in Q4 2025 underscores the scale of the competitive battle these visibility numbers reflect.The full February 2026 FM Intelligence analysis, covering regional breakdowns, individual broker rankings across 120 countries, country-level heat maps, and competitive positioning data, is available on the FM Intelligence Portal. This article was written by Damian Chmiel at www.financemagnates.com.

Capital.com shared a LinkedIn post outlining a senior job opening and business plans in Singapore. In December, it applied for a South African licence. The company said it is “exploring new licences in several markets.”Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The post addressed the status of Singapore operations. The company wrote: “Please note that our Singapore operations are subject to the receipt of the relevant regulatory approvals, and we are currently in the process of obtaining our license from the Monetary Authority of Singapore.”Singapore Risk Role Open at Capital.comCapital.com listed details of a Risk Manager role for its Singapore entity. The position will manage the risk framework for the CMS-licensed entity and cover the identification, measurement, monitoring and control of “all material risks, including market, credit, operational, liquidity, and compliance risks,” in line with MAS requirements and internal governance standards.The posting states the Risk Manager will report directly to the Country Head, Singapore, with secondary reporting to Group Risk. The role will work closely with Compliance, Finance and Operations teams to support risk governance and oversight.Capital.com Grows Operations Across Multiple MarketsBeyond Singapore, Capital.com is pursuing licences in Japan and Turkey and is recruiting CEOs for operations in Brazil and Chile. Founded by Viktor Prokopenya in 2017, the company offers contracts for differences under authorisation from regulators in the UK, Australia, Cyprus, the UAE, and the Bahamas. The group is expanding both geographically and across products, including investing in scalable infrastructure and emerging technologies such as blockchain. Its research has also been cited in regulatory work, including the FCA discussion paper “Expanding Consumer Access to Investments,” which noted that many UK investors remain cautious about further investing due to concerns over scams.Capital Vault Secures MiCA ApprovalIn addition to geographic expansion, Capital.com appears to have obtained a Markets in Crypto-Assets licence from the Cyprus Securities and Exchange Commission, according to the regulator’s public registry. The licence was granted to an entity named Capital Vault Ltd, which shares the same building as Capital.com’s Cyprus entity but occupies a separate floor. The MiCA licence was awarded on 1 December 2025. FinanceMagnates.com previously reported that Capital.com was hiring a Head of Technology for digital assets, suggesting potential plans to offer spot cryptocurrency products and services. This article was written by Tareq Sikder at www.financemagnates.com.

CMC Markets’ Artur Delijergijevson Metals Demand, Volatility, and What It Takes to Keep Pricing StableExtreme volatility does not just change what traders buy and sell. It changes how they hedge, how they judge risk, and what they expect from execution when prices move fast.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)In a Finance Magnates Executive Interview at iFX Dubai, Finance Magnates spoke with Artur Delijergijevs, Head of Systematic Market Making at CMC Markets, about what he is seeing across client flow and product demand, and what it takes to keep pricing and execution stable in stressed conditions.Delijergijevs pointed to a clear trend in metals demand, questioned whether gold still fits the classic safe-haven definition given large daily moves, and described how hedging activity rises alongside opportunistic trading. He also explained why electronic execution needs to be paired with human relationship support, how machine learning is being used in day-to-day operations, and why Dubai’s location matters for covering global trading sessions.Metals are seeing the strongest demandAsked what product is being traded most right now, Delijergijevs said metals are leading."The huge demand has been in metals. Retail clients and institutional clients are flooding the metal markets, fleeing to so-called safe-haven products."He said the move reflects both risk sentiment and the performance metals have delivered. In his view, rising prices over the last couple of years have also attracted investors seeking strong returns. He added that shifting policy expectations, including trade tariffs, are driving people to look for trades.Delijergijevs also said the demand is visible across both retail and institutional activity. While much of CMC’s business is B2C, he said that even institutional clients often represent underlying retail flow that is being hedged through CMC.He also referenced ETF activity, pointing to significant inflows into gold ETFs in recent months.Finance Magnates has also reported on CMC Markets’ push into physical precious metals in Singapore, amid ongoing volatilityIs gold still a safe havenDelijergijevs questioned whether gold should still be described as a safe-haven asset given the volatility he is seeing."I don’t think so. I mean, what safe-haven asset moves 10% a day?"He said gold has delivered strong returns over the last couple of years, but suggested that whether those returns continue depends on macro conditions. He highlighted three drivers: policy direction, central bank rate changes, and geopolitics."It all depends on what’s going to happen with the policy, the central bank rate changes, and most importantly, probably for gold, geopolitics."In the interview, he also pointed to political headlines as a trigger of volatility."Trump is basically starting a new war."Volatility increases hedging, but also opportunistic tradingDelijergijevs said volatile markets drive more hedging demand."Certainly in volatile times, we see a lot more hedging activity from our clients."He described how quickly exposures can change. In his words, a desk can start the day with a relatively flat book and then become meaningfully long or short within minutes as clients react to volatility.At the same time, he said increased volatility also brings opportunistic trading. Some participants look to take advantage of sharp moves and try to buy dips in fast-moving markets.How a market maker prepares for stressed marketsFrom a desk perspective, Delijergijevs said preparation is essential around key economic events and announcements."Around specific key economic events and announcements, we prepare our systems, we prepare our pricing."For unexpected moves, he said the priority is staying on top of conditions while maintaining consistent pricing and execution quality. He highlighted controlling slippage, providing timely executions, and staying competitive even when volatility is elevated.He also said it is natural for spreads and commercial terms to reflect higher underlying market volatility, but the objective is to remain competitive in that environment.Electronic execution needs a human layerDelijergijevs was asked whether customer relationships take precedence over software-led execution changes during volatile periods. He argued the best model is a mix of both."Ultimately, the best setup is the combination of both, a hybrid model."He said electronic execution is the default approach because it delivers speed and consistency. But relationship management becomes critical when clients need context, face connectivity issues, or attempt to execute larger volumes under pressure.He also stressed the importance of being able to reach a person quickly when something goes wrong."Something goes wrong, and you’re trading electronically, you want to be able to pick up a phone and call someone on the other side, or message them on WhatsApp."Where AI fits in the workflowOn AI, Delijergijevs said CMC is integrating machine learning models into multiple parts of daily operations, including risk management, pricing, and automating routine tasks.He was also clear about the limits. He said he does not expect AI and machine learning to replace human decision-making soon, particularly during stressed markets."I don’t think AI and machine learning models will replace human decision-making anytime soon, especially in instances of stressed markets."He positioned AI as a way to optimise operational tasks so teams can spend more time on higher-value client conversations.Why Dubai matters for global trading coverageDelijergijevs also spoke about Dubai as a base for trading operations. He said he spent about 15 years in London and moved to Dubai 2.5 years ago.From his perspective, Dubai’s geographic position supports coverage across trading sessions. He described it as a bridge between Asia, Europe and the US, allowing overlap with APAC colleagues early in the day, followed by full coverage with Europe and the UK, and then participation in the early US session.ConclusionDelijergijevs’s interview offered a desk-level view of what volatility changes look like in practice. Metals are drawing heavy demand from both retail and institutional activity, while large daily moves are challenging traditional safe-haven assumptions.For market makers, he said the priority is consistent pricing and reliable execution, supported by a hybrid approach that combines electronic connectivity with human responsiveness. AI can improve daily workflows, but in stressed markets, Delijergijevs argued that experienced judgment and real-time client support remain central.CMC Markets Singapore: Most Innovative Broker 2025 (Asia)CMC Markets Singapore has been recognised at the Finance Magnates Awards 2025 for its dedication to innovation and improving the trading experience in Asia. The company is redefining this experience by delivering new tools and practical features specifically tailored to the region's markets.About CMC MarketsCMC Markets is a leading global provider of online trading and investing services, catering to retail, professional, and institutional clients. Founded in London in 1989, the CMC Markets group now serves over 2 million clients worldwide. The company is recognised as a pioneer in online trading, offering a diverse range of products including CFDs, forex (FX), equities, indices, commodities and treasuries. This article was written by Finance Magnates Staff at www.financemagnates.com.

B2PRIME Group, a global financial services provider for institutional, professional and retail clients, is proud to announce aт expansion of its digital asset ecosystem. By introducing Crypto Spot and Crypto Perpetual Futures (PF), B2PRIME, through its Bahamas-based entity, regulated by the Securities Commission of The Bahamas under the Digital Assets and Registered Exchanges Act (DARE) and the Securities Industry Act (SIA), now offers an unprecedented level of market access.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)This expansion empowers institutional and professional clients to manage their entire portfolio — spanning Forex, Metals, Indices, Commodities, Energies, NDFs, and Crypto, within a single, sophisticated technological framework.Unified & Isolated Account StructuresB2PRIME introduces a versatile account architecture designed to align with diverse risk management and operational strategies. Clients can now choose between highly specialized or fully integrated environments:The Unified Account: The flagship offering on B2TRADER Platform allows for seamless trading across FX, CFDs, Crypto CFDs, Crypto Spot, and Perpetual Futures from a single account. This environment supports cross-collateral margin, enabling clients to utilize digital assets (such as BTC, ETH, SOL, ADA, AVAX, BCH, BNB, DOT, DOGE, LTC, TRX, TON, XRP, USDT, USDC, USD, and EUR) as collateral for margin trading across all supported instruments. This eliminates the friction of internal transfers and ensures maximum capital efficiency.Isolated Product Accounts: For clients requiring strict capital segmentation, there are dedicated accounts for FX & CFD trading, Spot trading, and Perpetual Futures trading.Universal Access: Native Apps & TradingView IntegrationB2PRIME ensures that institutional-grade execution is available wherever the client. The company’s infrastructure is fully responsive and accessible via:Native Web Terminal: High-performance trading directly from the browser.Mobile Ecosystem: Fully optimized iOS and Android applications for on-the-go management.TradingView Integration: In a move to provide maximum flexibility, B2PRIME is natively integrated with TradingView. Traders can now execute orders and manage positions across all asset classes, including FX and Crypto, directly through the TradingView application or terminal.High-Performance Trading SpecificationsB2PRIME offers some of the most competitive trading conditions in the institutional sector, including the Tiered Commission Structure: Commissions are automatically calculated based on a 30-day rolling volume window per market category, with Spot tiers starting as low as 0.055% and Perpetual Futures from 0.0425%.Global Funding & Multi-Network SupportAn automated funding engine supports a vast array of Crypto, Fiat, and Local Currencies. B2PRIME provides native support for over 8 major blockchain networks for USDT and USDC, ensuring deposits and withdrawals are processed at industry-leading speed and reliability.“The digital asset market is evolving rapidly, and institutional participation is becoming a defining force in its development,” adds Eugenia Mykuliak, Founder and Executive Director of B2PRIME Group. “For B2PRIME, expanding into crypto trading is a logical step in building a truly global multi-asset prime brokerage. By expanding our capabilities in this field, we continue building an ecosystem where clients can seamlessly access diverse markets through a single institutional-grade environment.”“For us, this move into crypto is a direct response to what our clients are already asking for. They want the same level of execution quality, transparency, and infrastructure in digital assets that they are used to in traditional markets. That is exactly what we have built,” said Alex Tsepaev, Chief Strategy Officer at B2PRIME Group.Detailed trading specifications and institutional contract specifications are available on the B2PRIME website.About B2PRIMEB2PRIME Group is a global financial services provider for institutional and professional clients. Regulated by reputable authorities – including CySEC, SFSA, FSCA, FSC Mauritius, DFSA (Dubai) – the group of companies offer access to competitive liquidity across multiple asset classes. Committed to the highest compliance standards, B2PRIME provides institutional-grade trading solutions with a focus on reliability, transparency, and operational excellence. This article was written by FM Contributors at www.financemagnates.com.

Across forex, fintech, and payments, brand-building rarely happens in a single moment.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)It takes time. It takes consistency. It takes product work, client support, marketing effort, strategic decisions, and the ability to keep moving in competitive conditions. Over the course of a year, companies invest heavily in strengthening their position, improving how they serve the market, and building a brand that clients and partners can trust.Much of that work happens away from the spotlight.It happens in planning meetings, campaign rollouts, product updates, commercial conversations, customer experience improvements, and the day-to-day decisions that shape how a business is seen. While some of that progress may be visible in performance data, numbers alone do not always capture the full value of what a brand has built.That is one reason industry recognition continues to matter.Recognition Beyond VisibilityFor firms operating in financial services, recognition carries value beyond exposure.It can help validate a company’s market position, reflect the trust it has earned, and strengthen the way it is perceived by clients, partners, and the wider industry. In sectors where reputation matters, that kind of visibility can support a broader brand and business story.Awards have long played a role in that process. At their best, they do more than celebrate success. They create a clear public moment in which a company’s progress, consistency, and contribution to the market can be acknowledged more widely.That distinction matters in competitive sectors where many brands are active, but fewer are truly remembered.Why the Name Behind the Award MattersNot all recognition carries the same weight.The value of an award is often shaped by the reputation of the organisation behind it. When recognition comes from a respected industry media and events brand, it holds greater relevance. It signals not only achievement, but achievement seen and acknowledged in a credible market context.That is what gives industry awards their real importance.For many firms, being recognised under a trusted name means more than adding another logo to a website or sales deck. It can enhance credibility in the market, strengthen PR and marketing value, and give internal teams a moment to reflect on their work throughout the year.In that sense, awards are not only external recognition. They are also a marker of progress.A Common Need Across Forex, Fintech, and PaymentsAlthough forex brokers, fintech firms, and payments providers operate in different segments, the need for recognition is tied to many of the same business realities.All are competing for trust.All are working to maintain relevance.All are investing in stronger market positioning.For brokers, that may involve standing out in a crowded environment where reliability, service quality, and brand confidence are closely watched. For fintech companies, it may mean proving innovation, usability, and long-term market value. For payment providers, it often comes down to demonstrating scale, dependability, efficiency, and business impact.In each case, recognition can help reinforce what a company is already working to build.It gives the market a reason to look more closely. It helps put a company’s achievements into the broader industry conversation. And it creates a moment where business progress becomes more visible in brand terms.The Work Behind Every Strong BrandRecognition also matters because it reflects more than just the company name.Behind every brand that earns market attention is a wider team making that possible. Leadership defines direction. Marketing shapes positioning and visibility. Product teams improve the offering. Sales and account teams build relationships. Operations, support, and commercial teams help keep the business moving effectively.In fast-moving sectors, that work often goes from one deadline to the next with little pause for reflection. Brands focus on the next launch, the next campaign, the next target, or the next quarter. As a result, meaningful progress can pass without a clear moment of acknowledgement.Awards help create that moment.They offer a point at which companies can step back, assess what they have built, and present that progress to the market more visibly. That is valuable not only for external audiences but also for internal teams.More Than a Single NightThe business value of recognition does not begin and end with the event itself.Awards can support a much wider cycle of visibility. A nomination can become a brand message. A shortlist can create momentum. A win can become part of PR, social media, commercial outreach, sales material, and internal communications. Even beyond the result, the process gives firms a chance to define and communicate what makes their business stand out.That is why awards remain relevant as part of a broader marketing and brand strategy.They add a layer of validation that standard promotion alone cannot always provide. They place a company in a context of comparison, achievement, and market acknowledgement. For firms looking to strengthen how they are seen, that has practical value.A Reflection of Trust and ProgressIn financial services, trust is rarely built quickly.It is earned through consistency, service, decision-making, product quality, and the ability to meet market expectations over time. Recognition does not create trust on its own, but it can reflect it in a visible and credible way.That is especially true when the recognition comes from a brand with an established role in the industry.In that case, awards do more than spotlight individual companies. They also reflect broader market standards, expectations, and progress. They show which firms are being noticed, which brands are making an impression, and which businesses are helping shape the wider conversation.A strong brand is not built in one campaign, one quarter, or one announcement.It is built over time through effort, consistency, improvement, and the decisions a company makes every day. For firms across forex, fintech, and payments, that process is ongoing, competitive, and often demanding.That is why recognition still matters.After a year of building, refining, adapting, and growing, companies deserve the opportunity to be recognised for the value they have created. And when that recognition comes from a respected industry name, it carries greater meaning.The Finance Magnates Awards 2026 are now open for nominations.For brands across forex, fintech, and payments, they offer an opportunity to gain recognition that reflects not only visibility, but trust, progress, and market impact. This article was written by Dora Christofi at www.financemagnates.com.