Week in review, Take a look at some of the most notable forex news in the foreign forex market recently, such as USGFX losing its FCA license, Interactive Brokers expanding its fund business, and Interactive Brokers adding more news and research providers to the IBKR platform. The specific news is as follows:

1. USGFX loses its FCA license

The FCA licence of the UK branch of the USG Group retail Forex brokerage business, owned by London-based United Standards International Group Limited Soe Hein Minn, was cancelled on 16 December 2022.

Just last month, we reported that Damian McDowell had resigned as CEO of USGFX UK after a year in the role. Mr. McDowell previously served as CEO of TIO Markets UK and is the only listed company director other than controlling shareholder Soe Hein Minn.

As of March 31, 2021, USGFX UK showed holding client assets of just under £1 million, but the company's website at USGFx.co.uk still shows that the company is still using an FCA licence.

USG Group is best known in the forex and CFD industry for the bankruptcy of its then main operating unit, USGFX Australia, in mid-2020. More than two years later, USGFX bankruptcy proceedings are still ongoing, with hundreds of millions of dollars in customer funds unaccounted for. The controlling shareholder of the aforementioned USG group, Soe Hein Minn, remains at large and is in contempt of an Australian court for refusing to cooperate with the management of USGFX Australia and help it locate and return customer funds. (Through the Forex APP query, the platform's Skyeye score is 1.34 points, claiming that the full license of Australia ASIC is not under supervision, it is recommended that you stay away!)

2. Interactive Brokers expands its fund business

Electronic trading giant Interactive Brokers has launched new funds and fund families in the mutual fund market, and in order to help provide clients with a wide selection of funds, the broker has recently added the following fund families to the market:

A&G Fondos SGIIC (LU)

Bny Mellon IM (IE)

Cybele Asset Management

DWS Investment (LU)

HSBC Global (LU)

The Baillie Gifford Fund

The Decathlon Foundation

Glenmede Foundation

Marathon value portfolio

Spectrum fund

Spruce Brook Fund

Symmetry Partners Fund

The Interactive Brokers Mutual Fund Marketplace offers clients from more than 200 countries and territories access to nearly 48,000 funds from more than 540 fund families, including Allianz, American Funds, BlackRock, Fidelity, Franklin Templeton, Invesco, MFS and PIMCO.

Unlike most companies, IBKR does not charge hosting fees. In addition, Interactive Brokers offers more than 18,000 funds with no trading fees and low and transparent commissions. Within the U.S., the commission is $14.95 or 3% of the transaction value, while outside the U.S., the fee fund is €4.95 (or equivalent). (Through the search of the Forex Tianye APP, the platform's Tianye score is 8.15 points, claiming that the Australian ASIC full license, the UK FCA full license, the Japanese FSA retail foreign exchange license, Hong Kong SFC futures contract trading & leveraged foreign exchange trading are still under supervision, investors are advised to pay attention to screening!)

3. Interactive Brokers added more news and research providers to the IBKR platform

Electronic trading giant Interactive Brokers has added more news and research providers to the IBKR platform, with Interactive Brokers' customers having access to dozens of free and premium market research and news providers.

Among them, MNI is a news and intelligence provider specializing in the global Forex and fixed income markets. The company provides actionable insights for market professionals and those seeking investment decisions. MNI's reputation for providing mission-critical information has been built over three decades. They provide not only news, but also news analysis, linking breaking news to its impact on capital markets. MNI's mission is to provide "all signal, no noise."

Eightfold Research is an independent equity research firm with offices in Tokyo and London that publishes corporate research on small and medium-sized companies in all sectors of the Japanese stock market, helping global investors identify potential long-term investment opportunities.

KCR Kailash Bank provides portfolio strategies and quantitative toolkits for finance, built by a team with over 70 years of money management experience. KCR believes in bringing attention and speed to your investment process. It does this by issuing weekly press releases that are easy to consume and digest. Its work is based on evidence based on decades of robust research.

The market chameleon is a research tool for stock and options traders. The platform helps you quickly find trading opportunities and perform risk/return analysis.