The week’s developments included brokerage acquisitions,
market expansion, regulatory proposals and financial results. European data
showed a decline in CFDs’ share of cross-border retail investment products.
In Australia, ASIC proposed extending CFD restrictions and
consulted on rules for digital asset platforms. In Europe, ESMA examined social
media’s influence on retail trading and reported shifts in investment product
holdings.
London’s trading industry is coming home!
Brokers also announced acquisitions, rebranded businesses
and entered new markets, while company results and an opinion on AI investment
provided further developments.
Peter Aust, Chief Operating Officer of FxPro
FxPro has agreed to sell the client book held under its
Cyprus entity to Capital.com, subject to approval from the Cyprus Securities
and Exchange Commission. FxPro Chief Operating Officer Peter Aust described the
transaction as a
strategic adjustment rather than a retreat from the market.
The broker said
its Cyprus business represents a limited part of the group and that its
ownership, leadership, UK headquarters and Financial Conduct Authority licence
will remain unchanged. Capital.com will assess clients against its own
onboarding, risk, categorisation and appropriateness requirements before
accepting transfers.
The deal follows other recent transactions involving
established CFD broker client books, as firms adjust their European operations
and pursue expansion in other markets.
CXM Group Agrees to Acquire TD Markets
Amar Ramith, CEO of TD Markets (Photo: LinkedIn)
CXM
Group has agreed to acquire South African broker TD Markets, which serves
more than 50,000 active clients across Africa. The financial terms have not
been disclosed. TD Markets will retain its brand, chief executive Amar Ramith,
team and Financial Sector Conduct Authority licence.
Its South African clients
will continue using the existing local entity, with their accounts, funds and
regulatory arrangements unchanged. Introducing broker and partner agreements
will also remain in place. The acquisition gives CXM a regulated South African
operation, complementing its existing licences in the Seychelles, Mauritius,
the UAE and Cambodia.
Following completion, CXM plans to introduce 24-hour gold
trading and TradingView connectivity and invest in TD Markets’ Johannesburg
team.
ASIC Proposes Extending Australia’s CFD Restrictions
Alan Kirkland, ASIC Commissioner, Source: ASIC
The Australian Securities and Investments Commission has proposed extending its
CFD product intervention order for another decade, beyond its current
expiry date of 23 May 2027. Subject to approval, the revised restrictions would
remain in force until 2037.
The draft clarifies that CFDs can be settled in
cash, digital assets or through set-off arrangements. It also proposes margin
requirements for CFDs over options, restrictions on netting opposing positions
when calculating initial margin, and a seven-year record-keeping requirement
for certain discounts.
For CFDs over options, initial margin would depend on
whether potential losses are limited to the option premium. The proposals would
amend ASIC Corporations Instrument 2020/986, which established the existing CFD
order.
Australian Crypto Platforms Face 27 November Deadline
ASIC has opened a consultation on proposed guidance for digital
asset platforms and tokenised custody services ahead of new Australian laws
scheduled to commence on 8 April 2027. The framework would require covered
businesses to obtain an Australian financial services licence, provide customer
disclosure documents and establish platform rules.
Firms would also face
requirements covering asset holding, transactions, settlement and, where
applicable, net tangible assets. The proposals cover platforms holding digital
tokens for clients and arrangements that represent underlying assets as tokens.
ASIC is proposing a streamlined licensing process for existing licence holders
and certain firms that have already applied for relevant authorisations.
Responses must be submitted by 5pm Australian Eastern Daylight Time on 27
November 2026.
CMC Markets Rebrands Institutional Business
CMC Markets is replacing its CMC
Connect brand with CMC Markets Institutional, bringing its
business-to-business services under the group’s main name. The division serves
banks, brokerages, family offices, hedge funds and dealing desks, offering
multi-asset liquidity, trading technology, API connectivity and white-label
solutions.
The rebrand follows the launch of Prime Services in May, which added
cash and synthetic prime brokerage, financing, multi-asset execution and
post-trade support. The offering includes access to cash equities,
exchange-traded funds and synthetic single-stock exposure.
CMC Markets said the
name change would not affect services available to existing clients and
partners. The group reported record client assets of £46.3 billion in July and
has also announced a technology partnership with Westpac in Australia.
Trade Nation Launches Regulated CFD Trading in Poland
Jon Noble, CEO at Trade Nation
Trade Nation has launched CFD
trading in Poland under its Portuguese licence from the Comissão do Mercado
de Valores Mobiliários, using European passporting arrangements to enter the
market. The offering includes Polish-language onboarding, customer support and
access to the TN Trader platform, TradingView and MetaTrader 4.
Clients can
open accounts denominated in Polish złoty, while the available instruments
include Poland 20 Futures, shares in companies such as Allegro and CD Projekt,
and EUR/PLN, GBP/PLN and USD/PLN currency pairs.
The launch follows the firm’s
expansion into Europe through Portugal and comes shortly after its agreement to
acquire the UK client book of legacy broker FXCM. The Polish operation adds
another market to Trade Nation’s European business.
NAGA Revises First-Half Net Profit to €1.1 Million
Octavian Patrascu, the CEO of NAGA
NAGA Group revised its first-half 2026 net profit to €1.1
million, up from the preliminary figure of €0.9 million and compared with a
€2.6 million loss a year earlier. Revenue remained unchanged at €27.7 million,
down 14% from €32.3 million in the same period of 2025.
EBITDA increased
slightly to €4.5 million from the preliminary €4.4 million, lifting the margin
to 16.3%. The broker retained its full-year guidance of €68 million to €75
million in revenue and €10 million to €15 million in EBITDA. Meeting the sales
target would require second-half revenue of €40.3 million to €47.3 million,
substantially above first-half performance.
Plus500 Plans US Super-App and Agrees to Acquire Hedge
Capital Markets
David Zruia, CEO of Plus500
Plus500 plans to launch a US super-app in the first quarter
of 2027, bringing futures, prediction markets, stocks, options and
exchange-traded funds into one platform. The broker has conditionally agreed to
acquire US broker-dealer Hedge Capital Markets, providing access to the
Securities and Exchange Commission-regulated securities market.
Hedge is
registered with the SEC and is a member of the Financial Industry Regulatory
Authority and the Securities Investor Protection Corporation. Plus500 intends
to fund the acquisition from existing cash, which exceeded $860 million at the
end of June 2026.
Completion remains subject to customary conditions, including
FINRA approval. The company already operates in the US futures and prediction
markets through its existing regulated business.
ESMA Study Links Social Media Sentiment to Poor Retail
Trading Decisions
A study by the European Securities and Markets Authority
found that social media sentiment can influence retail investors’ trading
decisions, even when online posts are legal and accurate. Researchers analysed
235 million posts from X, Reddit and StockTwits alongside anonymised
transaction data reported under MiFIR.
The findings indicate that retail
investors tend to sell too early when sentiment turns positive, limiting their
participation in further price gains. When online opinions conflict, investors
tend to become net buyers while realising losses.
The study suggests that the
influence of social media extends beyond misinformation and market manipulation
to the way traders respond to collective sentiment. ESMA highlighted the
findings as relevant to efforts to protect less experienced retail investors.
CFDs Lose Ground as Crypto and Equities Gain European
Market Share
CFDs accounted for 6.7% of reported cross-border retail
investment product holdings in ESMA’s latest annual report, down from 11% in
the previous report. Europe’s cross-border retail investment market expanded by
around five million reported clients during 2025, rising from 10.5 million to
15.5 million.
Total number of retail clients by product type in 2025. ESMA report
Shares added 2.7 million clients, while UCITS funds gained 2.1
million. CFD client numbers fell to approximately 1.3 million, putting the
product category behind crypto-assets regulated under the Markets in
Crypto-Assets framework in ESMA’s sample.
The regulator’s figures are rounded,
meaning the implied decline of roughly 100,000 CFD clients is an estimate. The
data show that CFDs captured little of the overall increase in cross-border
retail investment participation.
IC Explains How It Rolled Out Its New Brand Across
Multiple Entities
Tony Philip, Group Chief Marketing Officer at IC
IC Group Chief Marketing Officer Tony Philip outlined how
the company moved from testing its new identity through its Haas F1 Team
partnership to implementing the rebrand across multiple regulated entities. The
former IC Markets business shortened its name to IC, with the rollout requiring
changes to client-facing materials and coordination across its operations.
The
company used the Formula 1 sponsorship as an initial setting to test the new
identity before extending it more widely. Philip also pointed to a centralised
masterbrand and client data platform as important elements of the process.
The
account highlights the operational work involved in implementing a brand change
across a multi-entity brokerage group, beyond the visible logo and name
updates.
AI Investment: Retail Opportunities Beyond Nvidia
An opinion article by Paul Golden examined whether the
artificial intelligence investment theme has become crowded and where retail
investors might find exposure beyond Nvidia and other heavily traded technology
stocks. The piece considered concerns about AI safety alongside the commercial
opportunities created by expanding adoption.
Elon Musk is warning about an “exponentially increasing risk” from artificial intelligence and calling on major tech competitors to test and peer-review one another’s security models.
Speaking at the All-In Summit in Los Angeles, the Tesla and SpaceX CEO echoed growing concerns about AI safety. He’s urging leading AI companies to strengthen their safeguards before the technology gets out of control.
“What I think would be wise to do as soon as possible, if not immediately, would be to have the major AI competitors test each other’s models so that you’d have everyone’s security test harness testing everyone’s models.”
— Fox News (@FoxNews) September 15, 2026
It identified several areas linked
to the sector’s development, including semiconductors, power infrastructure,
cybersecurity and businesses monetising AI applications. The discussion
reflects the spread of the AI investment theme beyond chipmakers into companies
supplying the infrastructure and services needed to support adoption.
Rather
than focusing solely on Nvidia, the article explored how investors might assess
other parts of the AI ecosystem as the market continues to develop.
The week’s developments included brokerage acquisitions,
market expansion, regulatory proposals and financial results. European data
showed a decline in CFDs’ share of cross-border retail investment products.
In Australia, ASIC proposed extending CFD restrictions and
consulted on rules for digital asset platforms. In Europe, ESMA examined social
media’s influence on retail trading and reported shifts in investment product
holdings.
London’s trading industry is coming home!
Brokers also announced acquisitions, rebranded businesses
and entered new markets, while company results and an opinion on AI investment
provided further developments.
Peter Aust, Chief Operating Officer of FxPro
FxPro has agreed to sell the client book held under its
Cyprus entity to Capital.com, subject to approval from the Cyprus Securities
and Exchange Commission. FxPro Chief Operating Officer Peter Aust described the
transaction as a
strategic adjustment rather than a retreat from the market.
The broker said
its Cyprus business represents a limited part of the group and that its
ownership, leadership, UK headquarters and Financial Conduct Authority licence
will remain unchanged. Capital.com will assess clients against its own
onboarding, risk, categorisation and appropriateness requirements before
accepting transfers.
The deal follows other recent transactions involving
established CFD broker client books, as firms adjust their European operations
and pursue expansion in other markets.
CXM Group Agrees to Acquire TD Markets
Amar Ramith, CEO of TD Markets (Photo: LinkedIn)
CXM
Group has agreed to acquire South African broker TD Markets, which serves
more than 50,000 active clients across Africa. The financial terms have not
been disclosed. TD Markets will retain its brand, chief executive Amar Ramith,
team and Financial Sector Conduct Authority licence.
Its South African clients
will continue using the existing local entity, with their accounts, funds and
regulatory arrangements unchanged. Introducing broker and partner agreements
will also remain in place. The acquisition gives CXM a regulated South African
operation, complementing its existing licences in the Seychelles, Mauritius,
the UAE and Cambodia.
Following completion, CXM plans to introduce 24-hour gold
trading and TradingView connectivity and invest in TD Markets’ Johannesburg
team.
ASIC Proposes Extending Australia’s CFD Restrictions
Alan Kirkland, ASIC Commissioner, Source: ASIC
The Australian Securities and Investments Commission has proposed extending its
CFD product intervention order for another decade, beyond its current
expiry date of 23 May 2027. Subject to approval, the revised restrictions would
remain in force until 2037.
The draft clarifies that CFDs can be settled in
cash, digital assets or through set-off arrangements. It also proposes margin
requirements for CFDs over options, restrictions on netting opposing positions
when calculating initial margin, and a seven-year record-keeping requirement
for certain discounts.
For CFDs over options, initial margin would depend on
whether potential losses are limited to the option premium. The proposals would
amend ASIC Corporations Instrument 2020/986, which established the existing CFD
order.
Australian Crypto Platforms Face 27 November Deadline
ASIC has opened a consultation on proposed guidance for digital
asset platforms and tokenised custody services ahead of new Australian laws
scheduled to commence on 8 April 2027. The framework would require covered
businesses to obtain an Australian financial services licence, provide customer
disclosure documents and establish platform rules.
Firms would also face
requirements covering asset holding, transactions, settlement and, where
applicable, net tangible assets. The proposals cover platforms holding digital
tokens for clients and arrangements that represent underlying assets as tokens.
ASIC is proposing a streamlined licensing process for existing licence holders
and certain firms that have already applied for relevant authorisations.
Responses must be submitted by 5pm Australian Eastern Daylight Time on 27
November 2026.
CMC Markets Rebrands Institutional Business
CMC Markets is replacing its CMC
Connect brand with CMC Markets Institutional, bringing its
business-to-business services under the group’s main name. The division serves
banks, brokerages, family offices, hedge funds and dealing desks, offering
multi-asset liquidity, trading technology, API connectivity and white-label
solutions.
The rebrand follows the launch of Prime Services in May, which added
cash and synthetic prime brokerage, financing, multi-asset execution and
post-trade support. The offering includes access to cash equities,
exchange-traded funds and synthetic single-stock exposure.
CMC Markets said the
name change would not affect services available to existing clients and
partners. The group reported record client assets of £46.3 billion in July and
has also announced a technology partnership with Westpac in Australia.
Trade Nation Launches Regulated CFD Trading in Poland
Jon Noble, CEO at Trade Nation
Trade Nation has launched CFD
trading in Poland under its Portuguese licence from the Comissão do Mercado
de Valores Mobiliários, using European passporting arrangements to enter the
market. The offering includes Polish-language onboarding, customer support and
access to the TN Trader platform, TradingView and MetaTrader 4.
Clients can
open accounts denominated in Polish złoty, while the available instruments
include Poland 20 Futures, shares in companies such as Allegro and CD Projekt,
and EUR/PLN, GBP/PLN and USD/PLN currency pairs.
The launch follows the firm’s
expansion into Europe through Portugal and comes shortly after its agreement to
acquire the UK client book of legacy broker FXCM. The Polish operation adds
another market to Trade Nation’s European business.
NAGA Revises First-Half Net Profit to €1.1 Million
Octavian Patrascu, the CEO of NAGA
NAGA Group revised its first-half 2026 net profit to €1.1
million, up from the preliminary figure of €0.9 million and compared with a
€2.6 million loss a year earlier. Revenue remained unchanged at €27.7 million,
down 14% from €32.3 million in the same period of 2025.
EBITDA increased
slightly to €4.5 million from the preliminary €4.4 million, lifting the margin
to 16.3%. The broker retained its full-year guidance of €68 million to €75
million in revenue and €10 million to €15 million in EBITDA. Meeting the sales
target would require second-half revenue of €40.3 million to €47.3 million,
substantially above first-half performance.
Plus500 Plans US Super-App and Agrees to Acquire Hedge
Capital Markets
David Zruia, CEO of Plus500
Plus500 plans to launch a US super-app in the first quarter
of 2027, bringing futures, prediction markets, stocks, options and
exchange-traded funds into one platform. The broker has conditionally agreed to
acquire US broker-dealer Hedge Capital Markets, providing access to the
Securities and Exchange Commission-regulated securities market.
Hedge is
registered with the SEC and is a member of the Financial Industry Regulatory
Authority and the Securities Investor Protection Corporation. Plus500 intends
to fund the acquisition from existing cash, which exceeded $860 million at the
end of June 2026.
Completion remains subject to customary conditions, including
FINRA approval. The company already operates in the US futures and prediction
markets through its existing regulated business.
ESMA Study Links Social Media Sentiment to Poor Retail
Trading Decisions
A study by the European Securities and Markets Authority
found that social media sentiment can influence retail investors’ trading
decisions, even when online posts are legal and accurate. Researchers analysed
235 million posts from X, Reddit and StockTwits alongside anonymised
transaction data reported under MiFIR.
The findings indicate that retail
investors tend to sell too early when sentiment turns positive, limiting their
participation in further price gains. When online opinions conflict, investors
tend to become net buyers while realising losses.
The study suggests that the
influence of social media extends beyond misinformation and market manipulation
to the way traders respond to collective sentiment. ESMA highlighted the
findings as relevant to efforts to protect less experienced retail investors.
CFDs Lose Ground as Crypto and Equities Gain European
Market Share
CFDs accounted for 6.7% of reported cross-border retail
investment product holdings in ESMA’s latest annual report, down from 11% in
the previous report. Europe’s cross-border retail investment market expanded by
around five million reported clients during 2025, rising from 10.5 million to
15.5 million.
Total number of retail clients by product type in 2025. ESMA report
Shares added 2.7 million clients, while UCITS funds gained 2.1
million. CFD client numbers fell to approximately 1.3 million, putting the
product category behind crypto-assets regulated under the Markets in
Crypto-Assets framework in ESMA’s sample.
The regulator’s figures are rounded,
meaning the implied decline of roughly 100,000 CFD clients is an estimate. The
data show that CFDs captured little of the overall increase in cross-border
retail investment participation.
IC Explains How It Rolled Out Its New Brand Across
Multiple Entities
Tony Philip, Group Chief Marketing Officer at IC
IC Group Chief Marketing Officer Tony Philip outlined how
the company moved from testing its new identity through its Haas F1 Team
partnership to implementing the rebrand across multiple regulated entities. The
former IC Markets business shortened its name to IC, with the rollout requiring
changes to client-facing materials and coordination across its operations.
The
company used the Formula 1 sponsorship as an initial setting to test the new
identity before extending it more widely. Philip also pointed to a centralised
masterbrand and client data platform as important elements of the process.
The
account highlights the operational work involved in implementing a brand change
across a multi-entity brokerage group, beyond the visible logo and name
updates.
AI Investment: Retail Opportunities Beyond Nvidia
An opinion article by Paul Golden examined whether the
artificial intelligence investment theme has become crowded and where retail
investors might find exposure beyond Nvidia and other heavily traded technology
stocks. The piece considered concerns about AI safety alongside the commercial
opportunities created by expanding adoption.
Elon Musk is warning about an “exponentially increasing risk” from artificial intelligence and calling on major tech competitors to test and peer-review one another’s security models.
Speaking at the All-In Summit in Los Angeles, the Tesla and SpaceX CEO echoed growing concerns about AI safety. He’s urging leading AI companies to strengthen their safeguards before the technology gets out of control.
“What I think would be wise to do as soon as possible, if not immediately, would be to have the major AI competitors test each other’s models so that you’d have everyone’s security test harness testing everyone’s models.”
— Fox News (@FoxNews) September 15, 2026
It identified several areas linked
to the sector’s development, including semiconductors, power infrastructure,
cybersecurity and businesses monetising AI applications. The discussion
reflects the spread of the AI investment theme beyond chipmakers into companies
supplying the infrastructure and services needed to support adoption.
Rather
than focusing solely on Nvidia, the article explored how investors might assess
other parts of the AI ecosystem as the market continues to develop.
