This day in history: April 15, 2014 – Alpari exits Indian market, takes a look at a possible IPO

In the third part of a new series on FinanceFeeds, we take a look back at “This day in history” within the world of FX. Every Friday morning, we take a look back through the various groundbreaking developments that continue to take place in our fascinating industry. Two years in the lifetime of most businesses is not […]

In the third part of a new series on FinanceFeeds, we take a look back at “This day in history” within the world of FX. Every Friday morning, we take a look back through the various groundbreaking developments that continue to take place in our fascinating industry.

Two years in the lifetime of most businesses is not a very long period of time, especially for those in the traditional manufacturing sector.

Development cycles and corporate initiatives in many large companies with global client bases that span across retail and commercial segments traditionally averaged 7 years, however in today’s rapidly evolving electronic trading sector, the development cycle of a new product is approximately 3 months, and company direction and ethos can change year to year.

Alpari, a prominent name across the entire world during the beginning of the second decade of this millenium, led from its Russian origins to become a global business at the hands of Daniel Skowronski, the firm’s first CEO who took the company into several markets across the world.

The company was originally established in Kazan, Russia, in 1998 by Daniel Skowronski, who became the first CEO, alongside Andrey Vedikhin, Andrey Dashin and Gleb Petrov.

Since Mr. Skowronski’s departure from the company two years ago when he was appointed Managing Director of OANDA Corporation’s European operations, Alpari refocused its efforts on Russia and the Commonwealth of Independent States (the former Soviet Union member states and Eastern Europe.)

On this day, two years ago, Alpari closed down its Indian operations that had employed about 60 people to prepare the company for an expected IPO in the following year.

Indeed, although the reasons provided for closing down the operations in India at the time centered on a proposed IPO in order to list Alpari on a prominent European stock exchange as a public company, which never materialized.

Alpari’s exit from the Indian market made national news in India, the former CEO of Alpari India Pramit Brahmbhatt at the time having explained to Indian news source The Hindu “India is the latest office to have been closed by Alpari, however the firm has previously withdrawn local operations from the U.S. and Germany and, therefore, will not cater to Indian customers anymore.”

Mr. Brahmbhatt moved on  to take control of Veracity Group of companies as Group CEO. Veracity, an Indian company with its head office in Ahmedabad, has interests in financial services, including equities, currencies, commodities and research and advisory services.

 

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<