Bullwaves Hires FP Markets’ Former Client Relations Head as COO

Bullwaves has appointed the former head of client relations at FP Markets as its new chief operating officer, adding an executive with frontline retail brokerage experience to its leadership team.

The appointment hands the COO seat to someone whose background sits on the client-facing side of the business. Client relations typically spans onboarding, account servicing and retention — functions that sit close to the operational core of a retail broker. Senior hires drawn from rival firms are common in the retail FX and CFD sector, where companies compete for staff with proven experience in acquiring and keeping clients.

Industry round-up

The hire was one of several developments in the day's broker news. AvaTrade agreed to acquire most of FXCM, NAGA secured $8 million in fresh financing, and Wise is seeking a tax settlement in the United Kingdom.

Elsewhere in the sector, XTB expanded its overnight US stock trading, Fortrade reported higher revenue, Nasdaq Ventures invested in One Trading and Vest Labs raised $13 million. CMC's founder downplayed the impact of a low-volatility environment on the business, Devexperts named a new chief executive, Saxo cut its client onboarding time, and OKX was reported to have reached a $25 billion valuation.

Consolidation also featured: Trade Nation agreed to buy FXCM's UK client book, while Trading 212 reported revenue growth of 70%. Regulatory attention remained on derivatives, with the CFTC moving to allow perpetual index futures.