1. Axi takes back full control of RGT Capital

Australia-based retail forex and CFD broker Axi has lost all control of its Australian investment company RGT Capital to Axi's CEO Rajesh Yohannan. The new Axi management team is led by Rajesh Yohannan and Chief Commercial Officer Louis Cooper.

RGT Capital is a multi-family office investment firm, and back in 2016, the firm's chief investment officer Adam Wilson bought control of Axi from its founder Goran Drapac. In the years since, RGT has considered returning control of Axi, but failed to reach consensus on its deal. This was followed by several talks with Axi's CEO Rajesh Yohannan and his management team. RGT Capital's full transfer of its ownership to Rajesh Yohannan and his team took place in October, including obtaining change-of-control approval from key regulators.

Since Axi made its first private equity-backed acquisition in 2016, much of the senior management team has been actively involved in Axi's rapid growth, transforming the company from an Australia-focused broker to a leading global provider of CFDS and margin forex, regularly ranking among the top 12 brokers globally in terms of client trading volume.

After taking back control of Axi, the company's CEO Rajesh Yohannan said they are now looking to the future under the new corporate structure, in particular how they plan to increase their market share in all the markets in which they currently operate by focusing on how they can provide advantages to customers and partners. As well as continuing its aggressive market expansion plans. (The platform scored 1.88 points on the Forex APP, which is too low and investors are advised to stay away from it)

2. Eurotrader is licensed by FCA

Retail Forex and CFD broker Eurotrader has been on a hiring spree recently, mainly due to the fact that Eurotrader has just been granted an FCA license to its UK subsidiary Eurotrade Capital Ltd. This enabled Eurotrader to start serving residents of the UK Forex market.

Commenting on the new license, Marcelo Spina, CEO of Eurotrader, said that obtaining the FCA license is another important step in the company's growth strategy in product offering and geographic distribution.

To date, Eurotrader operates as a CySEC-authorized broker through Eurotrade Investments RGB Ltd. The group also operates Eurotrade SA (Pty) Ltd., which is licensed and regulated by South Africa's Financial Sector Conduct Authority (FSCA). (The platform scored 7.2 points in the Forex APP, but there are customer complaints on its platform, investors are advised to choose carefully)

3, eToro SPAC partners exit, will return $250 million of investor funds

From a regulatory filing with the U.S. Securities and Exchange Commission, Tianyang has learned that a special purpose Acquisition company, or SPAC, a financial instrument for companies to go public, FinTech Acquisition Corp. V (Nasdaq: FTCV will be dissolved and dissolved and will return all of the $250 million it received to investors.

FinTech Acquisition Corp. V, founded by legendary financier Betsy Cohen, founder of Jefferson Bank and The Bancorp, agreed in March 2021 to merge with retail forex and futures contract broker eToro, a partnership that saw eToro go public at a valuation of more than $10 billion.

However, due to the lengthy regulatory approval process, the collaboration took longer than expected to complete. Although the merger was eventually renegotiated and eToro's value dropped to $8.8 billion by the end of 2021, it eventually fell apart due to the termination of the merger announced by various parties in early July 2022.

While we understand that FinTech V sought a new merger partner after the collapse of the eToro deal, it was unable to find one in time for the time required by the Certificate of Incorporation of the company (i.e., before the end of 2022). As a result, the Company intends to dissolve and liquidate at the close of business on December 9, 2022, returning a redemption price of approximately $10.08 per share to SPAC investors. The company expects that as of the close of business on December 8, 2022, its publicly issued shares and publicly traded units and warrants will cease trading.

On the eToro side, the collapse of the SPAC deal has also brought some collateral damage to eToro, which announced layoffs shortly after the SPAC deal was canceled, accounting for about 6% of its workforce. (The platform scored 2.3 points in the Forex APP, which is too low and investors are advised to stay away from it)

4. The FCA warns that it will review the features designed by operators of Forex trading apps within their apps

The UK's Financial Conduct Authority (FCA) has warned forex trading APP operators to review features designed in their apps, including features with gaming elements, that could prompt consumers to act against their own interests. For example, send frequent notifications of the latest market news, and provide users with celebratory messages for in-app points, badges, and trades. The FCA believes that consumers who use apps with such features are more likely to invest in products that exceed their risk appetite.

At the same time, the FCA released research that customers who use such trading apps may be exposed to high-risk investments, with some of them exhibiting behaviour similar to gambling problems. While gamification can appeal to consumers, the FCA has found that the way it is used can mislead consumers or lead to poor outcomes and problematic behaviour.

The FCA intends to carry out further research into the use and design characteristics of trading apps, in particular to understand the financial vulnerabilities of APP users, such as whether they would borrow to invest and what level of loss they would accept.