Swissquote reshuffles UK business as CEO Federico Cirulli quits

abdelaziz Fathi

Swiss online bank Swissquote announced today changes in its UK subsidiary’s senior management structure, most notably with the departure of Swissquote UK’s CEO Federico Cirulli.

Cirulli had been the chief executive of Swissquote’s FCA-regulated business for more than 8 years, having joined its London office back in 2014. The 42-year-old executive landed there coming from Swiss financial giant MIG, where he spent less than two years as CEO of MIG Capital, the London-based subsidiary of the banking institution.

Cirulli has in-depth industry experience, having previously held the position of Head of Business Development for Southern Europe at CMC Markets. Prior to that, he was CEO of UK broker ActiveTrades. During his two-decade career, which dates back to 2003, he helped launch many business activities in the online forex brokerage sector.

Marc Burki, co-founder of Swissquote Group Holding Ltd and chairman of the UK entity  board commented: “The UK office will remain a key pillar for our expansion and forex  development, with the intention to broaden the instruments offered and serve our clients even better and faster. I would like to thank Federico for all his efforts in building our UK  business, and I am confident that Michela and Jack will carry on this work and bring  forward the commitment of the Group to the UK market”.

Meanwhile, Swissquote Ltd has appointed Michela Pollini, head of sales & vice director, and the listed group’s head of compliance Jack Rawlings as executive directors. Subject to regulatory approval, the company says these promotions guarantee “the continuity and stability of business development  as well as the firm’s expansion on UK territory, following the departure of previous former CEO Federico Cirulli.”

Switzerland’s largest online bank reported earlier today solid financial results for 2021. The bank attributed the strong performance to a massive inflow of new clients and assets, leading to a rise in revenues to around 472 million Swiss francs from 317 million a year earlier.

A massive rise in revenue for Swissquote doubled its profits to CHF 223 million ($245 million) for the year. This figure was significantly higher from CHF 105.6 million it reported in 2020.

In 2021, net new money inflow was 9.6 billion francs, taking client assets to a record high 55 billion francs as of December 31, the company said in a results statement Thursday.

Read this next

Crypto Insider

The Merger Of Crypto & TradFi Can Bring Out The Best Of Both Worlds

The fusion of traditional finance (TradFi) and cryptocurrency markets, highlighted by platforms like Kraken and MultiBank extending their services across both realms, signifies a transformative shift toward creating a more inclusive, transparent, and possibly stable financial ecosystem, bridging the conventional with the innovative to navigate the persisting global economic uncertainties.


Fed Policymakers Navigate a Delicate Path Amidst Inflation and National Debt Concerns

The Federal Reserve’s monetary policy has been a subject of debate in Western markets, especially regarding its approach to interest rates.

Institutional FX

PhillipCapital extends trade surveillance partnership with Eventus

“PhillipCapital has seen first-hand how Validus can scale to meet any capacity requirements as clients grow, as well as our team’s expertise in not only our customizable technology but the market and regulatory challenges facing the industry.”

Market News

Why Yellow Metal Prices are Plummeting

Gold prices have been steadily declining after failing to surpass the resistance zone at $1,650. The current price is at its lowest point in seven months. Strong economic data from the US has triggered a meltdown in the gold market.

Industry News

Nuvei enters China following licenses in Australia, Singapore, and Hong Kong

The expansion into China represents more than just a geographic milestone for Nuvei. It also adds an essential component to the company’s comprehensive suite of alternative payment methods (APMs), which currently counts 634 different options. These APMs play a crucial role in catering to local market preferences, thereby enhancing Nuvei’s value proposition for businesses looking to penetrate new markets within the APAC region.

Institutional FX

LiquidityBook launches LBX PMS 2.0 after acquiring Messer

With this rollout, LiquidityBook aims to meet the diverse requirements of its clientele, ranging from startup hedge funds and asset managers to broker-dealers and outsourced trading desks.

Institutional FX

Celoxica enters Australia to offer low latency market data and execution services in APAC

“There is a significant opportunity to deliver fast and efficient market access to APAC financial market participants, including trading firms, brokers, exchanges, and service providers. I am eager to extend our reach in this crucial market.”

Institutional FX

Cboe to launch four new Credit Volatility Indices (Credit VIX)

“The Credit VIX Indices are expected to provide new clear signals on bond market sentiment, and act as a new barometer of corporate credit risk in North America and Europe.”

Executive Moves

TradeZero hires Leo Ciccone as Chief Compliance Officer (CCO) for TradeZero Canada

“Leo brings to TradeZero broad and comprehensive experience coupled with deep business and regulatory relationships that will assist us in ensuring we meet and exceed industry best practices and to further our growth initiatives going forward,”