The new week has begun, so what are the foreign exchange industry news that has attracted everyone's attention in the past week? Here's a look back at Swissquote's acquisition of a CySEC license, BUX's acquisition of Ninety Nine's retail brokerage division, and Saxo Bank's termination of its partnership with the SPAC IPO citing "inappropriate timing." Specific news reports are as follows:

1. Swissquote obtained CySEC license

Swissquote, an online trader based in Switzerland, is currently opening new trading points in Cyprus and recruiting outside talent. Not only that, Swissquote recently received a CIF license for its Cyprus subsidiary from the regulator, the Cyprus Securities and Exchange Commission CySEC.

In 2023, Swissquote will be fully operational in Cyprus for the European Union. Swissquote's Managing Director and Head of Sales, Muamar Behnam, said that obtaining the CySec license is a new milestone in Swissquote's corporate development, and when it begins operations in 2023, Swissquote will be able to achieve its goal. Swissquote Capital Markets will be the new entity name.

2. BUX acquires the retail brokerage division of Ninety Nine, a new Spanish dealer

New Amsterdam-based dealer BUX has announced the acquisition of the retail brokerage division of Spanish dealer Ninety Nine, a deal that gives BUX a stronger presence in the retail broker category in Spain.

As part of the retail deal, Ninety Nin has agreed to no longer provide retail services in Spain and will instead focus on its B2B business with brokers and banks. Ninety Nine's CEO and BUX agreed to work together to provide their clients with a great investing experience.

3. Saxo Bank terminated its partnership with the SPAC IPO on the grounds of "inappropriate timing.

Copenhagen-based retail forex and CFD broker Saxo Bank and potential SPAC partner Disruptive Capital Acquisition Co Ltd have announced the "termination" of discussions regarding a proposed business combination.

Disruptive Capital Acquisition Co Ltd and Saxo Bank announced their intention to merge at a later stage in September 2022, which would see Saxo Bank listed on Euronext Amsterdam. However, the reasons given by the two parties for the termination were "after careful research and discussion by all parties, it is not a good time for the two parties to cooperate."

Since the reasons given for the termination are so bizarre, we have to suspect that they may be due to the difficulty of raising significant external funding for the merger. The deal with Saxo Bank marks the second failed attempt by a retail forex and CFD broker to go public via the SPAC route. For more than 15 months, eToro reevaluated its planned listing activity and terminated the SPAC-IPO deal in July. (After checking the Forex APP, eToro's score is 2. 30 points, and by the foreign exchange sky eye marked as a customer complaint concentrated traders, recommend investors to stay away!)

Disruptive Capital added that the deadline for its business combination is January 11, 2023, but could be extended and the company is "considering the decision." The company, which is listed on Euronext Amsterdam, raised £125 million in October 2021 and is led by financial services entrepreneur Edi Truell.

Saxo Bank is controlled by China's Geely Group. Geely bought 51% of the original shares of Saxo Bank in 2018, which was valued at around 1.325 billion euros at the time, so if Geely exits, it will gain 2 billion euros from the original shares of Saxo Bank.