onboards clients from OvalX (fka ETX Capital), snatches Niamh Byrne from IG

Rick Steves

“OvalX, which began life 20 years ago as TradIndex and then ETX Capital, has a long and reputable track record in the UK financial spread-betting and CFD industry. This agreement is an important step towards continuing that legacy.” has entered an agreement with Monecor (London) Limited and Oval Money (Europe) Ltd (OvalX), the high-growth trading platform announced.

Under the terms of the agreement, OvalX will offer some of its existing retail and professional clients the opportunity to transfer their accounts to This will ensure continuity of service for OvalX clients and allow them to continue trading, without disruption.

Formerly known as ETX Capital, the brokerage firm was acquired in 2020 by Guru Capital SA, a private equity firm based in Switzerland. At the time, the financial terms of the deal were not disclosed, but the deal was part of the takeover of the trading name of Monecor (London) Limited.

The rebranding to OvalX was completed in May 2022 and ex-Guru Capital Luca Merolla was appointed chief executive in September 2022. OvalX saw total revenue of £24.2 million in 2021, compared to £31.8 million for the prior year.

“Excited to welcome consenting OvalX clients to”

Peter Hetherington, Group Chief Executive Officer,, said: “OvalX, which began life 20 years ago as TradIndex and then ETX Capital, has a long and reputable track record in the UK financial spread-betting and CFD industry. This agreement is an important step towards continuing that legacy. Both our companies share the same unwavering commitment to provide our clients with great customer service, a seamless user experience and ample educational resources on a secure trading platform. We are excited to welcome consenting OvalX clients to and look forward to supporting them in their trading journeys.”

Luca Merolla, Chief Executive Officer, OvalX, said: “OvalX, previously ETX Capital, has been at the heart of the UK financial spread-betting and CFD industry for many years. We believe that our legacy is in safe hands with who are perfectly placed to look after the smooth transfer of clients over the coming weeks.’s focus on customer service, education, and product development makes them a great fit for our active trader clients” names Niamh Byrne as Head of UK and Ireland

In addition to ensuring continuity of service for consenting clients of OvalX, this agreement marks’s commitment to continue to evolve, scale and grow its business in the UK and EU. To support this initiative and further drive the UK business, has recently appointed Niamh Byrne as Head of UK and Ireland.

Niamh Byrne, Head of UK and Ireland,, said: “I am thrilled to be joining a great team at The UK and EU are strategically important markets for With this agreement, we will be in a good position to further broaden our portfolio of products and accelerate our development. We are committed to building a best-in-class CFD and spread-betting business to meet the exacting needs of our new and existing clients.”

Niamh has more than 13 years of industry experience within the UK financial services sector. She has held a number of client management roles over the course of her career and was most recently Head of Global [B2B2C] Sales at IG. As Head of UK and Ireland at Niamh will be responsible for building strong client relationships and driving overall strategy to ensure optimal client satisfaction and growth.

  • Read this next

    Retail FX

    Weekly Roundup: FX prop firms switch to cTrader, who moved $1.35B BTC?

    The foreign exchange and cryptocurrency markets are always active, and this past week was no exception. Stay ahead with a selection of essential stories and updates that matter most to market participants.

    Digital Assets

    Bitcoin breaks all records with a massive $1.347 billion transaction

    This transaction has surpassed previous records, setting a new benchmark for Bitcoin trades. Before this event, the largest Bitcoin transactions included a $1.1 billion trade in April 2020 involving 161,500 BTC, and other significant transactions ranging from $491 million to $1.033 billion throughout 2019 and 2020.

    Digital Assets

    Uniswap debuts Ethereum ‘uni.eth’ subdomains

    Decentralized exchange platform Uniswap has integrated Ethereum Name Service (ENS), allowing users to create human-readable domain names and cryptocurrency wallet addresses using .eth endings.


    Magic Square Expands with TruePNL Acquisition

    Binance’s web3 app store, Magic Square, acquired token platform TruePNL in a cash deal this week for an undisclosed sum. The deal brings TruePNL’s infrastructure (excluding branding & token) under Magic Square’s wing. Initially seeking a partnership, Magic Square opted for a full acquisition.

    Crypto Insider

    The Future of Prediction Markets? Zeitgeist Launches Decentralized Court System

    Polkadot-powered prediction market protocol Zeitgeist has announced the launch of its latest innovation: a decentralized court system.

    Digital Assets

    Crypto exchange Kraken fires back at SEC lawsuit, claiming overreach

    Crypto exchange Kraken is pushing back against the U.S. Securities and Exchange Commission (SEC), seeking to toss out a lawsuit that accused the platform of operating without proper registration.

    Industry News

    Exness Named a Best Place to Work in 2024

     Global leader Exness, tops in retail trading volume, earns 2024 “Best Place to Work” award, cementing its employee-centric culture after three prior years of winning the Cyprus national title.

    Digital Assets

    Swan Bitcoin taps Bakkt for crypto offering in the US

    “We are thrilled to be taking this exciting step forward in our partnership with Swan. This is just the beginning of our collaboration, as we intend to explore further growth opportunities together in the future, including expansion into international markets.”

    Digital Assets

    Polkadot Awards Bifrost a 500,000 DOT Loan to Enhance Liquid Staking Adoption

    Bifrost, a leader in liquid staking solutions, has secured a 500,000 DOT loan from Polkadot’s treasury to expand the reach and utility of its vDOT product within the ecosystem.