FOREX NEWS & BLOG

Marex posted strong financial results for the full year 2023 and the first quarter of 2024. Revenue increased 75% to $1.245
billion, while pretax profit jumped 44% to $141 million. The group recorded a 12% growth in revenue for the three months ended March 2024 and a
surge of 141% month-on-month in pretax profit. The group has attributed this
impressive growth to product and geographical expansion.

Geographical Expansion Pays Off

Ian Lowitt, the Group Chief Executive Officer,
mentioned: “2023 was another exceptional year where we transformed the
scale and scope of the firm and maintained our record of delivering sequential
growth over each of the last nine years, with an Adjusted Operating Profit
compound annual growth rate of 34%. We continued to deliver on our strategy to
expand our capabilities and our geographic reach, providing our growing client
base with essential market connectivity, liquidity, and hedging solutions.”

“We also delivered a strong performance in the
first quarter of 2024, reflecting the strength and scalability of the
diversified global platform we have built. We are pleased to report profit at
the top end of the range of the preliminary results in our IPO registration
statement and significantly higher than the fourth quarter of 2023. We are
delighted to have successfully launched our IPO in April and are grateful for
the strong investor engagement and support. As we look to the second quarter, we
have seen continued positive momentum.”

Marex‘s business growth and selective acquisitions,
including the integration of the ED&F Man Capital Markets division and the
acquisition of Cowen’s prime broking business, boosted the group’s financial
results.

Additionally, Marex experienced a remarkable surge in
client activity, with total trades executed increasing by 122% and contracts
cleared by 245% in 2023. Average client balances soared by 45% to $13.2
billion, while environmental
businesses experienced robust revenue growth, up by 74% in 202.

Segment Performance Overview

Across its segments, Marex also demonstrated strong
performance. Clearing reported revenue growth of 87%, driven by increased net commission income. Agency and
Execution experienced a notable revenue expansion of 135%, fueled by positive conditions in energy markets and strategic
acquisitions.

However, Market Making saw a revenue decline of 11%, attributed to normalized volatility levels and higher
liquidity costs, while Hedging and Investment Solutions achieved a revenue rise of 28%.
Corporate revenue, primarily from net interest income, surged by 509%,
underscoring the robust financial performance across segments.

This article was written by Jared Kirui at www.financemagnates.com.

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The Financial Conduct Authority (FCA) has initiated legal
action against nine individuals concerning their involvement in an unauthorised
foreign exchange trading scheme that was promoted via social media channels.

Unauthorised Investment Scheme via Instagram

Emmanuel Nwanze stands accused of orchestrating an
unauthorised investment scheme and disseminating unauthorised financial
promotions. According to the FCA’s allegations, spanning from May 19, 2018, to
April 13, 2021, Nwanze, alongside Holly Thompson, purportedly utilized an
Instagram account to dispense guidance on the buying and selling of contracts
for difference, despite lacking the requisite authorization to do so.

CFDs, recognized as a high-risk investment instrument, allow
individuals to speculate on the price movements of various assets, including
foreign currencies.

Furthermore, the FCA asserts that Nwanze engaged the
services of Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin
Oukhellou, Scott Timlin, and Eva Zapico to endorse the Instagram account to
their extensive follower bases.

In response to these allegations, Thompson, Chris, Clayton, Goodger,
Gormley, Oukhellou, Timlin, and Zapico each face a charge of issuing
unauthorised communications of financial promotions.

The accused individuals are scheduled to appear before the
Westminster Magistrates’ Court on June 13, 2024. The FCA encourages anyone who
believes they have incurred losses linked to this case to reach out to the FCA
consumer contact centre.

We’ve charged Emmanuel Nwanze, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, Eva Zapico and Holly Thompson over the promotion of an unauthorised trading scheme. #FinancialRegulationhttps://t.co/5EP6A9J2vC

— Financial Conduct Authority (@TheFCA) May 16, 2024

Fraud in Pension Savings Scheme

Earlier, the FCA
brought charges against three individuals accused of perpetrating a
fraudulent trading scheme that targeted pension savings, as reported by Finance Magnates. Kristofer
McGuire, Keith Williamson, and Karla Walker are facing multiple charges,
including fraud by false representation and fraudulent trading, for allegedly
convincing victims to invest in CFDs.

Victims were reportedly persuaded to invest their pensions
in CFDs, resulting in substantial commissions for the accused and significant
losses for the victims.

The FCA alleged McGuire, Williamson, and Walker
misrepresented clients as pro investors, resulting over £8M losses. Alleged
activities spanned Jan 2015-Feb 2023. Williamson and McGuire accused of using
harmful trading strategies for excessive commissions. McGuire also faces
charges for false statements to investors.

This article was written by Tareq Sikder at www.financemagnates.com.

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Tickmill has introduced interest rates for unused funds, forexlive reported. The online brokerage firm aims to enable traders to optimize their capital while diversifying their investment portfolio by offering interest rates of 3.5%, 3.25%, and 2.5% on USD, GBP, and EUR wallets, respectively.

Passive Income Opportunities

The interest rate offering is reportedly designed to meet the
requirements of contemporary investors. It features daily interest accrual and
monthly payments, an alternative to conventional fund management avenues. The
London-based trading platform has praised the new offering as an opportunity
for clients to grow their wealth.

Derek Wilks, Tickmill‘s Group Chief Financial Officer,
mentioned: “We are always looking for ways to add value to our clients’
experiences and reciprocate their loyalty and trust. We look forward to seeing
our clients benefit from this new offering and will continue to support them in
any way we can. We encourage all investors to explore and take advantage of
this unique opportunity.”

In March, Tickmill partnered with Capitalise.ai, an
AI-based trading and analysis solution provider. This collaboration aims to
support advanced trading tools for experienced and new traders. Capitalise.ai’s
platform allows traders to analyze and automate market scenarios through plain
English commands, eliminating the need for coding skills.

Tickmill Enters Key Partnerships

According to the two entities, Tickmill traders can
benefit from Capitalise.ai’s features, including backtesting, trading
automation, smart bespoke alerts, and a library of ready-to-use trading
strategies. Additionally, Tickmill users have access to the Capitalise.ai
mobile app.

Besides that, Tickmill signed South African cricket legend Jonty Rhodes as its brand ambassador. With a distinguished career
spanning from 1992 to 2003, Jonty Rhodes is acclaimed for his exceptional
fielding prowess and captivating audiences. Beyond his playing days, Rhodes
transitioned into coaching roles for various domestic league teams in India and
South Africa.

Headquartered in London, Tickmill operates globally,
holding licenses from regulatory bodies across multiple jurisdictions,
including the UK, Cyprus, the UAE, South Africa, Malaysia, and Seychelles.

This article was written by Jared Kirui at www.financemagnates.com.

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