FX industry veteran Ilies Larbi informed LeapRate that he is quitting FXCM after 15 years with the firm.
Larbi leaves the forex broker to create Ouinex, an international cryptocurrency exchange based in France.
Larbi was most recently the Global Head of Retail Partnerships. He held that position for the last year and a half. He began his career at FXCM in 2007 as an FX Sales associate and worked his way up to senior management.
Ouinex CEO Ilies Larbi commented: “Ouinex is a Crypto Exchange for Active Traders. While the initiative began in Paris, France in early 2022, Ouinex will be a multinational operation with an emphasis on the EU, Africa, and Latin America.”
“Our objective is to provide a complete environment geared for active traders who depend on quick execution, minimal spreads, and asset security.”
International initiative focusing on the EU, Africa, and Latin America
Ouinex is a cryptocurrency exchange aimed at both institutional and individual traders. Larbi, the company's CEO, already has an international team of top executives from Latin America, Africa, the United Kingdom, and Europe.
Furthermore, Larbi said in our interview that Ouinex has created its matching engine and General User interface with additional functionality and cooperated with other parties to execute this ambition, including enabling HF automated trading and the usage of trading bots. Customer service is also a top emphasis for Ouinex, according to Larbi.
We are now in the pre-seed phase of fundraising; shortly after, we will announce the launch of our initial coin offering (ICO), which will be for our token OUIX; OUIX holders will be entitled to a variety of advantages and bonuses, but I can't say much more at this time.
Lisa Majmin is Ouinex's Chief Strategist Officer and a seasoned financial expert with over 15 years of experience worldwide across a variety of enterprises.
She has substantial experience in the hedge fund and banking businesses. With Global Markets and Standard Bank (South Africa), she is currently advising them on several projects, including foreign exchange pricing formulation and the use of alternative data to train machine learning models. Quantitative analysis, macroeconomic stress testing, portfolio management, investor communications, and strategy are just a few of the areas of expertise she has.
Based on the recent approval of Binance to operate as a Digital Asset Service Provider by the French government, Lisa Majmin, Chief Strategist Officer at LeapRate, believes that Ouinex is well-positioned to benefit from the improved regulatory climate and broader adoption of cryptocurrency in general. We have geared our crypto exchange service to active traders and high-net-worth people, differentiating ourselves from competitors by delivering complex trading capabilities and great customer assistance. In addition, our staff has a track record of success in the brokerage market in France, Europe, Latin America, and Africa (EMEA).
“As a result, we are confident in the integrity and sustainability of our plan.”
About FXCM
FXCM is a forex trading platform. Forex Capital Markets (Forex Capital Markets), often known as Forex Capital Markets, is a retail foreign exchange broker that allows customers to trade on the foreign currency market. Trading on the foreign exchange market is made possible by Forex Capital Markets (FXCM), which also offers CFD trading on significant indices and commodities such as gold and crude oil. It is headquartered in London.
For cheating its consumers, the firm was barred from entering US markets. On December 11, 2017, its former parent business, Global Brokerage, Inc., declared bankruptcy. The FXCM Group operating firm is currently owned by Jefferies Financial Group, which changed its name from Leucadia National Corporation in 2018. Since January 2015, Global Brokerage stockholders have lost more than 98 percent of their investment.
On February 6, 2017, the business agreed to pay a $7 million penalty to resolve a CFTC claim alleging deceptive misrepresentation by FXCM to its clients and regulators. FXCM revoked its CFTC registration and promised not to re-register, thereby prohibiting it from trading in the United States. Under regulatory pressure, three key executives resigned, and the firm's primary owner changed its name to Global Brokerage Inc. on January 27, 2017.
Global Brokerage declared bankruptcy in November 2017 but reconstituted in February 2018. While the business nominally has a 51 percent ownership investment in FXCM Group, its agreement with Leucadia (formerly Jefferies Financial Group) and FXCM about future cash flow distributions place its true economic interest in FXCM between 10 and 50 percent. The FXCM Group's de facto parent firm is Jefferies Financial Group.
Chairman of the FXCM Group board of directors was designated a Managing Director of Jefferies Financial Group, which held a 49.9% ownership stake in the operating business before to the bankruptcy. Gain Capital purchased its US accounts. Approximately 40,000 user accounts were auctioned for $375 apiece.
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