GTN, Exness, Saxo Bank and More: Executive Moves of the Week

GTN, Exness, Saxo Bank and More: Executive Moves of the Week

Time Stamp: April 6, 2024 8:00 PM
Source Node: 2537720

This week noted a minor decrease in executive appointments within the forex, crypto, and fintech sectors, indicating a slight drop in industry moves.

In recent executive moves within the financial sector, notable transitions include: Elena Krutova from Exness to Remedica; Steen Jakobsen’s departure from Saxo Bank; GTN appointed Damian Bunce to bolster its Middle East operations; Moneta Markets strengthens its MENA presence with Faisal Morrar; Hantec Markets emphasizes technological advancement under Michael O’Sullivan’s leadership; Mastercard and Cyvers have appointed Adam Jones and Michael Pearl; Deribit secured a conditional VASP license in Dubai, appointing Luuk Strijers as the CEO, while Markus Kegler bids farewell to CMC Markets Germany. These moves reflect the dynamic nature of the financial industry, marked by organizational shifts and strategic foresight.

Discover the ever-changing landscape of executive transitions within forex, cryptocurrency, and fintech through our weekly summary. Delve into the evolving realm of leadership shifts across the financial technology sector.

Elena Krutova. Source: LinkedIn

Exness’ Chief Administrative Officer Elena Krutova Joins Global Pharmaceutical Firm

Elena Krutova, the former Chief Administrative Officer at Exness, has transitioned to Remedica, a pharmaceutical firm with a global reach. Krutova’s move to Remedica, announced via LinkedIn, underscores her commitment to impactful work: “It is my pleasure to join a company that literally saves people’s lives.” In her new role as Chief HR Officer, Krutova aims to implement best-in-class people processes and tools to foster business growth and cultivate a thriving organizational culture.

Despite Exness’ recent rebranding efforts to realign its brand identity with its services, the company witnessed a 9% decline in client trading volumes in February. This unexpected decrease, down to $3.534 trillion from January’s $3.868 trillion, occurred alongside a 6% increase in active clients. While Exness experienced a 7% uplift in trading volume in January compared to the previous month, representing a 37% year-over-year increase, the February dip prompts a closer examination of market dynamics and client engagement strategies.

Find out more about Elena Krutova’s transition to Remedica and the implications of Exness’ trading volume fluctuations amidst its rebranding efforts.

Saxo Bank’s Chief Economist Retires after 20 Years of Service

Steen Jakobsen, Saxo Bank’s Chief Economist and Chief Investment Officer, bids farewell after two decades of dedicated service. Under his leadership, Saxo Strats has become a cornerstone of market analysis, renowned for its insightful perspectives. Jakobsen’s contributions, including the inception of ‘Outrageous Predictions’, have cemented Saxo Bank’s reputation as a trusted advisor in the financial community. Jakobsen expressed gratitude for his Saxo journey, emphasizing the team’s commitment to challenging conventional wisdom and empowering investors.

Saxo Bank’s recent activity includes a 2023 financial report revealing a decline in net profit despite increased revenue. The company secured an “A-” issuer credit rating from S&P Global Ratings, signaling strong operational performance and effective risk management. However, March witnessed the lowest FX volumes in eight years, reflecting shifting market dynamics. Meanwhile, Saxo Bank’s Middle East and North Africa division appoints Tara Tyan as Chief Operating Officer, reinforcing its leadership team.

Identify more about Jakobsen’s impactful tenure and Saxo Bank’s evolving strategies amidst changing market conditions.

Damian Bunce

Exclusive: GTN Enlists Former Saxo Bank CCO Damian Bunce as New Middle East CEO

GTN, a global fintech leader, has appointed Damian Bunce as the CEO of GTN Middle East, leveraging his 30 years of experience in forex and online securities trading. Formerly at Saxo Bank and Exness, Bunce’s strategic prowess aligns with GTN’s vision of democratizing trading. GTN’s Group CEO, Manjula Jayasinghe, expressed excitement over Bunce’s appointment, highlighting its potential to advance the company’s global fintech goals.

In his new role, Bunce will lead GTN’s strategic initiatives in the Middle East, help coordinate global activities across its network of offices, and cement the company’s commitment to providing innovative trading and investment solutions to a broad range of financial services companies. Speaking about his appointment, Bunce said: “I’m delighted to join GTN at an exciting time in the company’s history. I look forward to a move back to mainstream B2B and working in a region that has gained global strategic importance for financial services. GTN has a strong leadership team, a market-leading regulated product, an enviable client list, and a high-quality board of investors; the future possibilities are limitless.”

Expose more about Damian Bunce’s pivotal role in GTN’s expansion and the company’s commitment to revolutionizing global fintech.

Ergin Erdemir, Source: LinkedIn

ATFX Focuses on LATAM: Promotes Marketing Head to Regional Head

ATFX, a prominent brokerage brand in forex and CFDs, elevates Ergin Erdemir to Head of Latin America (LATAM), underscoring its commitment to expanding in emerging markets. Erdemir, previously the Head of Marketing in the UK since September 2018, assumes the role internally, focusing on growth strategies and innovation. His responsibilities include enhancing customer satisfaction, diversifying product offerings, and fostering local partnerships.

With nearly two decades of marketing experience, Erdemir’s transition signifies ATFX’s strategic investment in the vibrant Latin American market. The Chairman, Joe Li, praises Erdemir’s strategic acumen, affirming confidence in LATAM’s future under his leadership. This appointment aligns with ATFX’s recent efforts to bolster leadership, including the addition of Drew Niv as the Chief Strategy Officer and key hires across global regions.

Learn more about ATFX’s expansion plans and Erdemir’s vision for driving growth in Latin America.

Faisal Morrar, Source: LinkedIn

Moneta Markets Strengthens MENA Presence with New Business Development Manager

Moneta Markets, a leading multi-asset financial brokerage, appoints Faisal Morrar as the Regional Business Development Manager for the MENA region. Morrar, equipped with extensive industry experience, aims to drive further growth in the region, leveraging his background in global brokerages.

With a track record in key roles at various brokerages, including Senior Relationship Manager and Project Manager, Morrar’s expertise spans strategic projects across multiple markets. David Bily, Founder & CEO of Moneta Markets, emphasized Morrar’s appointment as a strategic move to bolster the team with exceptional talent, underscoring the company’s commitment to expansion in the MENA region. Morrar expressed enthusiasm about leveraging his skills to enhance Moneta’s offerings and drive growth in the region.

Discover more about Moneta Markets’ strategic appointments and expansion initiatives, positioning the company for heightened presence and influence in the MENA financial landscape.

Michael O’Sullivan, Source: LinkedIn

Hantec Markets Promotes Michael O’Sullivan as Chief Technology Officer

Hantec Markets, a prominent forex trading platform, has elevated Michael O’Sullivan, previously Head of Technology Strategy, to the position of Chief Technology Officer. With extensive experience at firms like INFINOX, ATFX UK, and CMC Markets, O’Sullivan brings a wealth of industry expertise to his new role. His appointment underscores the company’s commitment to technological advancement and innovation.

Last year, Hantec Markets introduced proprietary trading services, allowing traders to engage in live trading without initial deposits. This service, as reported by Finance Magnates, empowers traders to explore market dynamics and craft strategies with an initial balance of up to $200,000. Additionally, the company saw a surge in revenue of 7% in 2022, reflecting its continued growth trajectory. Furthermore, the appointment of Lee Holmes as Head of Institutional Sales highlights Hantec Markets’ strategic focus on enhancing institutional offerings, exemplified by the launch of Hantec Prime, a specialized trading platform catering to institutional investors.

Display more about Hantec Markets’ strategic initiatives and the evolving role of Michael O’Sullivan in driving technological innovation and market growth.

Adam Jones, Source: LinkedIn

Adam Jones Ascends to EVP at Mastercard for Expansion in West Arabia

Adam Jones has been promoted to Executive Vice President (EVP) and Division President of West Arabia at Mastercard. Jones, the former Senior Vice President (SVP) and Regional General Manager for MENA Central, brings extensive experience to his new role, overseeing operations in dynamic markets, such as Saudi Arabia, Egypt, and Iraq. His leadership aims to drive growth and innovation in the region, as he expressed: “The new chapter for the
West Arabia Division will unfold in one of the most dynamic and innovative
regions globally and promises to deliver many more inspiring stories of
creativity and success.”

Before his current appointment, Jones served as SVP of Travel & Expense at Mastercard where his contributions significantly influenced the company’s travel solutions. His professional journey includes roles at HyperPay and American Express Middle East where he held positions such as Board Member and Vice President, respectively, showcasing his expertise and impact in the finance and commercial sectors.

Reveal more about Adam Jones’s strategic leadership and his vision for Mastercard’s expansion in West Arabia.

KiroboFlow’s Chief Operating Officer Michael Pearl Joins Cyvers as VP GTM Strategy

Michael Pearl

Michael Pearl, formerly the Chief Operating Officer at KiroboFlow, transitions to Cyvers as the VP for GTM Strategy. With a background encompassing roles at Finance Magnates and Natural Intelligence, Pearl brings extensive experience to Cyvers. In his LinkedIn post, he expresses gratitude for his time at KiroboFlow, highlighting the support of colleagues Asaf Naim and Tal Asa.

Blockchain security gains prominence as Cyvers, leveraging machine learning, detects cryptocurrency attacks. The adoption of smart contracts in the banking sector exemplifies blockchain’s evolution, enhancing both efficiency and security. Finance Magnates notes the transformative impact of smart contracts, streamlining transactions and reducing reliance on intermediaries, albeit challenges such as legal recognition and standardization persist.

Investigate more about the intersection of blockchain technology and banking security through Michael Pearl’s transition to Cyvers and the growing utilization of smart contracts in financial institutions.

Luuk Strijers, Source: LinkedIn

Deribit Secures Conditional Dubai VASP License, Names Luuk Strijers as CEO

Deribit FZE, the Dubai-based arm of Deribit Group, obtains a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), signaling a significant regulatory milestone. The license, covering spot and derivatives trading, awaits fulfillment of remaining requirements outlined by VARA. Concurrently, Deribit initiated the relocation of its global headquarters to Dubai and appointed Luuk Strijers as the CEO, bringing extensive industry experience to lead strategic growth initiatives.

Strijers, emphasizing VARA’s progressive regulatory framework, aims to leverage Deribit’s strong position in the crypto options market to drive innovation and cater to institutional and qualified investors. The expansion into Dubai, complemented by the addition of Non-Executive Directors Dennis Dijkstra and Willem Meijer, underscores Deribit’s commitment to long-term growth and market leadership.

Find out more about Deribit’s strategic initiatives and future plans as it navigates regulatory advancements and strengthens its position in the digital asset market.

Markus Kegler, Source: LinkedIn

CMC Markets Germany’s Director Markus Kegler Bids Farewell

Markus Kegler, the Director of CMC Markets Germany, announces his departure from the company after over four years in the role. Reflecting on his tenure, Kegler expresses gratitude for the enriching experience and acknowledges the warm farewell received from colleagues. Last month, CMC Markets revealed an optimistic forecast, projecting net operating income for the fiscal year 2024 to surpass previous estimates, following strategic measures to enhance financial performance.

Despite a challenging start to the fiscal year marked by decreased revenue and workforce reduction initiatives, CMC Markets remains optimistic about its financial outlook. With a focus on global expansion, including the introduction of a stock investment platform in Singapore, the company demonstrates resilience amidst evolving market conditions.

Identify more about Markus Kegler’s departure from CMC Markets Germany and the company’s strategic initiatives aimed at sustaining growth and enhancing global presence.

This week noted a minor decrease in executive appointments within the forex, crypto, and fintech sectors, indicating a slight drop in industry moves.

In recent executive moves within the financial sector, notable transitions include: Elena Krutova from Exness to Remedica; Steen Jakobsen’s departure from Saxo Bank; GTN appointed Damian Bunce to bolster its Middle East operations; Moneta Markets strengthens its MENA presence with Faisal Morrar; Hantec Markets emphasizes technological advancement under Michael O’Sullivan’s leadership; Mastercard and Cyvers have appointed Adam Jones and Michael Pearl; Deribit secured a conditional VASP license in Dubai, appointing Luuk Strijers as the CEO, while Markus Kegler bids farewell to CMC Markets Germany. These moves reflect the dynamic nature of the financial industry, marked by organizational shifts and strategic foresight.

Discover the ever-changing landscape of executive transitions within forex, cryptocurrency, and fintech through our weekly summary. Delve into the evolving realm of leadership shifts across the financial technology sector.

Elena Krutova. Source: LinkedIn

Exness’ Chief Administrative Officer Elena Krutova Joins Global Pharmaceutical Firm

Elena Krutova, the former Chief Administrative Officer at Exness, has transitioned to Remedica, a pharmaceutical firm with a global reach. Krutova’s move to Remedica, announced via LinkedIn, underscores her commitment to impactful work: “It is my pleasure to join a company that literally saves people’s lives.” In her new role as Chief HR Officer, Krutova aims to implement best-in-class people processes and tools to foster business growth and cultivate a thriving organizational culture.

Despite Exness’ recent rebranding efforts to realign its brand identity with its services, the company witnessed a 9% decline in client trading volumes in February. This unexpected decrease, down to $3.534 trillion from January’s $3.868 trillion, occurred alongside a 6% increase in active clients. While Exness experienced a 7% uplift in trading volume in January compared to the previous month, representing a 37% year-over-year increase, the February dip prompts a closer examination of market dynamics and client engagement strategies.

Find out more about Elena Krutova’s transition to Remedica and the implications of Exness’ trading volume fluctuations amidst its rebranding efforts.

Saxo Bank’s Chief Economist Retires after 20 Years of Service

Steen Jakobsen, Saxo Bank’s Chief Economist and Chief Investment Officer, bids farewell after two decades of dedicated service. Under his leadership, Saxo Strats has become a cornerstone of market analysis, renowned for its insightful perspectives. Jakobsen’s contributions, including the inception of ‘Outrageous Predictions’, have cemented Saxo Bank’s reputation as a trusted advisor in the financial community. Jakobsen expressed gratitude for his Saxo journey, emphasizing the team’s commitment to challenging conventional wisdom and empowering investors.

Saxo Bank’s recent activity includes a 2023 financial report revealing a decline in net profit despite increased revenue. The company secured an “A-” issuer credit rating from S&P Global Ratings, signaling strong operational performance and effective risk management. However, March witnessed the lowest FX volumes in eight years, reflecting shifting market dynamics. Meanwhile, Saxo Bank’s Middle East and North Africa division appoints Tara Tyan as Chief Operating Officer, reinforcing its leadership team.

Identify more about Jakobsen’s impactful tenure and Saxo Bank’s evolving strategies amidst changing market conditions.

Damian Bunce

Exclusive: GTN Enlists Former Saxo Bank CCO Damian Bunce as New Middle East CEO

GTN, a global fintech leader, has appointed Damian Bunce as the CEO of GTN Middle East, leveraging his 30 years of experience in forex and online securities trading. Formerly at Saxo Bank and Exness, Bunce’s strategic prowess aligns with GTN’s vision of democratizing trading. GTN’s Group CEO, Manjula Jayasinghe, expressed excitement over Bunce’s appointment, highlighting its potential to advance the company’s global fintech goals.

In his new role, Bunce will lead GTN’s strategic initiatives in the Middle East, help coordinate global activities across its network of offices, and cement the company’s commitment to providing innovative trading and investment solutions to a broad range of financial services companies. Speaking about his appointment, Bunce said: “I’m delighted to join GTN at an exciting time in the company’s history. I look forward to a move back to mainstream B2B and working in a region that has gained global strategic importance for financial services. GTN has a strong leadership team, a market-leading regulated product, an enviable client list, and a high-quality board of investors; the future possibilities are limitless.”

Expose more about Damian Bunce’s pivotal role in GTN’s expansion and the company’s commitment to revolutionizing global fintech.

Ergin Erdemir, Source: LinkedIn

ATFX Focuses on LATAM: Promotes Marketing Head to Regional Head

ATFX, a prominent brokerage brand in forex and CFDs, elevates Ergin Erdemir to Head of Latin America (LATAM), underscoring its commitment to expanding in emerging markets. Erdemir, previously the Head of Marketing in the UK since September 2018, assumes the role internally, focusing on growth strategies and innovation. His responsibilities include enhancing customer satisfaction, diversifying product offerings, and fostering local partnerships.

With nearly two decades of marketing experience, Erdemir’s transition signifies ATFX’s strategic investment in the vibrant Latin American market. The Chairman, Joe Li, praises Erdemir’s strategic acumen, affirming confidence in LATAM’s future under his leadership. This appointment aligns with ATFX’s recent efforts to bolster leadership, including the addition of Drew Niv as the Chief Strategy Officer and key hires across global regions.

Learn more about ATFX’s expansion plans and Erdemir’s vision for driving growth in Latin America.

Faisal Morrar, Source: LinkedIn

Moneta Markets Strengthens MENA Presence with New Business Development Manager

Moneta Markets, a leading multi-asset financial brokerage, appoints Faisal Morrar as the Regional Business Development Manager for the MENA region. Morrar, equipped with extensive industry experience, aims to drive further growth in the region, leveraging his background in global brokerages.

With a track record in key roles at various brokerages, including Senior Relationship Manager and Project Manager, Morrar’s expertise spans strategic projects across multiple markets. David Bily, Founder & CEO of Moneta Markets, emphasized Morrar’s appointment as a strategic move to bolster the team with exceptional talent, underscoring the company’s commitment to expansion in the MENA region. Morrar expressed enthusiasm about leveraging his skills to enhance Moneta’s offerings and drive growth in the region.

Discover more about Moneta Markets’ strategic appointments and expansion initiatives, positioning the company for heightened presence and influence in the MENA financial landscape.

Michael O’Sullivan, Source: LinkedIn

Hantec Markets Promotes Michael O’Sullivan as Chief Technology Officer

Hantec Markets, a prominent forex trading platform, has elevated Michael O’Sullivan, previously Head of Technology Strategy, to the position of Chief Technology Officer. With extensive experience at firms like INFINOX, ATFX UK, and CMC Markets, O’Sullivan brings a wealth of industry expertise to his new role. His appointment underscores the company’s commitment to technological advancement and innovation.

Last year, Hantec Markets introduced proprietary trading services, allowing traders to engage in live trading without initial deposits. This service, as reported by Finance Magnates, empowers traders to explore market dynamics and craft strategies with an initial balance of up to $200,000. Additionally, the company saw a surge in revenue of 7% in 2022, reflecting its continued growth trajectory. Furthermore, the appointment of Lee Holmes as Head of Institutional Sales highlights Hantec Markets’ strategic focus on enhancing institutional offerings, exemplified by the launch of Hantec Prime, a specialized trading platform catering to institutional investors.

Display more about Hantec Markets’ strategic initiatives and the evolving role of Michael O’Sullivan in driving technological innovation and market growth.

Adam Jones, Source: LinkedIn

Adam Jones Ascends to EVP at Mastercard for Expansion in West Arabia

Adam Jones has been promoted to Executive Vice President (EVP) and Division President of West Arabia at Mastercard. Jones, the former Senior Vice President (SVP) and Regional General Manager for MENA Central, brings extensive experience to his new role, overseeing operations in dynamic markets, such as Saudi Arabia, Egypt, and Iraq. His leadership aims to drive growth and innovation in the region, as he expressed: “The new chapter for the
West Arabia Division will unfold in one of the most dynamic and innovative
regions globally and promises to deliver many more inspiring stories of
creativity and success.”

Before his current appointment, Jones served as SVP of Travel & Expense at Mastercard where his contributions significantly influenced the company’s travel solutions. His professional journey includes roles at HyperPay and American Express Middle East where he held positions such as Board Member and Vice President, respectively, showcasing his expertise and impact in the finance and commercial sectors.

Reveal more about Adam Jones’s strategic leadership and his vision for Mastercard’s expansion in West Arabia.

KiroboFlow’s Chief Operating Officer Michael Pearl Joins Cyvers as VP GTM Strategy

Michael Pearl

Michael Pearl, formerly the Chief Operating Officer at KiroboFlow, transitions to Cyvers as the VP for GTM Strategy. With a background encompassing roles at Finance Magnates and Natural Intelligence, Pearl brings extensive experience to Cyvers. In his LinkedIn post, he expresses gratitude for his time at KiroboFlow, highlighting the support of colleagues Asaf Naim and Tal Asa.

Blockchain security gains prominence as Cyvers, leveraging machine learning, detects cryptocurrency attacks. The adoption of smart contracts in the banking sector exemplifies blockchain’s evolution, enhancing both efficiency and security. Finance Magnates notes the transformative impact of smart contracts, streamlining transactions and reducing reliance on intermediaries, albeit challenges such as legal recognition and standardization persist.

Investigate more about the intersection of blockchain technology and banking security through Michael Pearl’s transition to Cyvers and the growing utilization of smart contracts in financial institutions.

Luuk Strijers, Source: LinkedIn

Deribit Secures Conditional Dubai VASP License, Names Luuk Strijers as CEO

Deribit FZE, the Dubai-based arm of Deribit Group, obtains a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), signaling a significant regulatory milestone. The license, covering spot and derivatives trading, awaits fulfillment of remaining requirements outlined by VARA. Concurrently, Deribit initiated the relocation of its global headquarters to Dubai and appointed Luuk Strijers as the CEO, bringing extensive industry experience to lead strategic growth initiatives.

Strijers, emphasizing VARA’s progressive regulatory framework, aims to leverage Deribit’s strong position in the crypto options market to drive innovation and cater to institutional and qualified investors. The expansion into Dubai, complemented by the addition of Non-Executive Directors Dennis Dijkstra and Willem Meijer, underscores Deribit’s commitment to long-term growth and market leadership.

Find out more about Deribit’s strategic initiatives and future plans as it navigates regulatory advancements and strengthens its position in the digital asset market.

Markus Kegler, Source: LinkedIn

CMC Markets Germany’s Director Markus Kegler Bids Farewell

Markus Kegler, the Director of CMC Markets Germany, announces his departure from the company after over four years in the role. Reflecting on his tenure, Kegler expresses gratitude for the enriching experience and acknowledges the warm farewell received from colleagues. Last month, CMC Markets revealed an optimistic forecast, projecting net operating income for the fiscal year 2024 to surpass previous estimates, following strategic measures to enhance financial performance.

Despite a challenging start to the fiscal year marked by decreased revenue and workforce reduction initiatives, CMC Markets remains optimistic about its financial outlook. With a focus on global expansion, including the introduction of a stock investment platform in Singapore, the company demonstrates resilience amidst evolving market conditions.

Identify more about Markus Kegler’s departure from CMC Markets Germany and the company’s strategic initiatives aimed at sustaining growth and enhancing global presence.

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