Eurotrader acquires UK broker Petra Asset Management

abdelaziz Fathi

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

The hiring of key personnel across management, compliance, and trading over the course of the year has been in preparation for the license requirements and further expansion of Eurotrader’s growth strategy, the company said.

Petra Asset Management was authorized to deal in margined products such as CFDs, but its services are primarily targeted at high net worth and financially experienced investors. However, the company is not authorized to deal for own account, hold client funds or underwrite issues of financial instruments on a firm commitment basis.

Commenting on the acquisition, Eurotrader’s founder Ozan Ozerk said: “Eurotrader’s expansion-spree is going on without a pause. The acquisition of this FCA license is another big step for Eurotrader. We are determined to follow our strategy for global growth and ensure success with high-caliber appointments and additional licenses. We are getting closer to delivering on our vision to cater to a trader’s 360 evolving needs in a safe, secure, and reliable way.”

Marcelo Spina, Eurotrader’s CEO, added: “The acquisition of this FCA license is another significant step in our strategy for growth in product offerings and geographic distribution. There are some exciting developments scheduled for the next 12 months and I am very much looking forward to announcing these additional products and services.”

Martin Couper, Head of Global Compliance, also highlights the company’s ambitions: “The acquisition of the FCA entity is another step in our ambition to be a globally licenced broker. We will continue to build on additional licenses with the aim of continuously providing a safe, secure and reliable trading environment for our clients globally.”

Founded in 2018, Eurotrader is a forex brokerage firm owned by Eurotrade Investments RGB Ltd., which is headquartered in Limassol, Cyprus, and licensed to provide online trading products and services.

Part of a rebranding process, the company acquired new domains: eurotrader.com, and eurotrader.eu for the CySEC-regulated entity. Furthermore, the broker has recently lured many industry veterans to expand its senior leadership team.

Eurotrader Group made a series of changes to its management structure, culminating in the appointment of industry veteran Marcelo Spina as its Chief Executive Officer (CEO). Spina brings over two decades of experience in the financial service industry, having worked with an array of investment firms across his lengthy career that dates back to 1995.

Read this next

Retail FX

Interactive Brokers adds 680k accounts, daily trades hit two-year high

Interactive Brokers LLC (NASDAQ: IBKR) recorded 2.44 million daily average revenue trades (DARTs) in February 2024, marking a notable increase from the 2.2 million transactions observed in the previous month. This figure represents the highest DARTs reported in two years, indicating an 11 percent monthly surge and a 15 percent year-on-year rise.

Retail FX

Financial Commission adds Ultima Markets to membership roster

Multi-asset brokerage firm Ultima Markets, operating under the trading name Ultima Markets Ltd, has been granted membership of the Financial Commission, marking the most recent inclusion into the ranks of the self-regulatory organization.

Digital Assets

Bitcoin hits fresh record high amid massive short squeeze

Bitcoin has surged to record highs against both the euro and the pound, hitting €60,447 and £51,736 respectively on Coinbase. The primary cryptocurrency has seen an almost 7% increase in the past 24 hours.

Digital Assets

US court rules crypto trades as securities in Coinbase case

A US court ruled that trading crypto assets on platforms like Coinbase constitutes securities transactions.

Market News

Weekly Data: Oil and Gold: Brief Review before the NFP

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Institutional FX

FXSpotStream reports lower volumes for February 2024

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for February 2024, which moved lower on a monthly basis.

Fundamental Analysis

Global FX Market Summary: EUR, USD, Gold March 4th,2024

US Dollar Weakness: The US Dollar (USD) is currently struggling to gain strength due to a combination of factors.

Technical Analysis

Bitcoin Technical Analysis Report 4 March, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)

Opinion

Finding Opportunity in Challenge: Why New Regulations Offer a Chance For Business to Get on Top of Data Management

The combination of CESOP, PSD3 and the PSR, has put businesses under new pressures. In this engaging article, André Casterman, Senior Advisor at Intix provides invaluable guidance on how companies can stay ahead of the curve.

<