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

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales.