The retail trading industry saw developments across
proprietary trading, listed derivatives and broker performance this week.
FTMO’s founders discussed the firm’s futures launch, its acquisition of OANDA
and its ambitions to build a larger trading group. Meanwhile, Plus500 raised
its full-year outlook, and NinjaTrader extended its futures platform into the
UK.
London’s trading industry is coming home!
Quarterly results also highlighted contrasting trends among
brokers. CFI reported record trading volumes, while XTB’s profit rose sharply
despite lower client trading activity. XTB’s client assets also showed a
growing preference for stocks and exchange-traded funds, even as contracts for
difference continued to generate most of its trading income.
Elsewhere, institutional trading technology and customer
acquisition strategies remained in focus, with analysis examining execution
infrastructure and the challenges of reaching forex traders across markets in
the Commonwealth of Independent States.
FTMO co-founders Otakar Šuffner and Marek Vašíček discussed
the firm’s move into futures trading, its acquisition of OANDA and the
challenges facing proprietary trading firms. Founded in 2015, FTMO initially
focused on CFDs because it lacked the capital and experience to enter futures.
The company launched its futures offering recently, responding to customer
demand and a market where futures evaluations can cost less than comparable CFD
and forex challenges. The founders said combining FTMO’s business with OANDA’s
established reputation could help distinguish the group from newer firms.
FTMO Futures is officially LIVE. 🏆
The gold standard of prop trading, now powered for the exchange via Tradovate, NinjaTrader, and TradingView.
No compromises. Just raw execution and total transparency.
Explore FTMO Futures today 🙌🏻 https://t.co/g8HztyeUu4 https://t.co/WMDSy8DcRX
— FTMO.com (@FTMO_com) August 31, 2026
They
also discussed regulatory uncertainty, abusive trading groups targeting
evaluation systems and the possibility of a future initial public offering.
Plus500 Raises Its 2026 Outlook After Revenue Growth
David Zruia, CEO of Plus500
Plus500
expects full-year 2026 revenue and EBITDA to exceed market expectations,
reversing its guidance from July, when it forecast results in line with
consensus. Third-quarter revenue rose 11% year on year to $203.2 million, while
EBITDA increased 7% to $88.4 million.
Revenue for the first nine months reached
$666.1 million, up 11%. New customers rose 27% to 28,747 in the quarter, active
customers increased 4% to 119,528 and average revenue per user reached $1,700.
Customer deposits hit a quarterly record of $1.9 billion. The company also
reported growth in customer trading income, while interest income fell amid
lower global interest rates.
NinjaTrader Brings Its Retail Futures Platform to the UK
NinjaTrader has
launched its retail futures trading platform in the UK, extending a
European rollout that already covers Germany, France, Italy, Spain and the
Netherlands. UK customers can access futures on US equity indices, energy,
metals and foreign exchange through CME and Eurex markets.
The platform
includes proprietary charting tools, algorithmic trading capabilities and
native TradingView integration. NinjaTrader said UK traders had sought direct
market access, transparent pricing and execution , and a platform designed
specifically for futures.
The launch comes as European brokers explore listed
products amid regulatory pressure on CFDs, more experienced retail traders and
competition from US firms specialising in futures and options.
CFI Reports Record Quarterly Trading Volume of $3.45
Trillion
CFI Financial Group reported third-quarter
notional trading volume of $3.45 trillion, a record for the Dubai-based
broker and an increase of about 123% year on year. The figure was 14% higher
than in the second quarter. Trading volume for the first nine months reached
$8.8 trillion, roughly double the same period last year and already above CFI’s
full-year 2025 total of $6.4 trillion.
The company has reported higher volumes
in each quarter of 2026, rising from $2.3 trillion in the first quarter to
$3.03 trillion in the second. The growth came as the broader broker market
tracked by Finance Magnates Intelligence contracted in the second quarter.
XTB’s Quarterly Profit Rises Fourfold Despite Lower
Client Trading
XTB reported preliminary
third-quarter net profit of PLN 213.7 million, around $54 million, four
times the result a year earlier and 6.4% above the average analyst forecast.
The figure was nevertheless less than half the PLN 492.2 million recorded in
the second quarter. Revenue rose 65.9% year on year to PLN 623.3 million, even
as clients traded 18.3% fewer CFD lots.
Revenue per lot nearly doubled to PLN
301 from PLN 152 a year earlier. Commodity CFDs generated 70.8% of the broker’s
gross result on financial instruments. The year-on-year comparison reflected a
weaker third quarter in 2025, when low market volatility weighed on revenue and
profit.
Stocks Dominate XTB Client Assets, While CFDs Drive
Trading Income
XTB
clients held PLN 56.2 billion, about $14.2 billion, with the broker at the
end of September, up by two-thirds since the start of the year. Stocks and
exchange-traded funds accounted for 86% of those assets, while open CFD
positions represented 1.3%.
However, CFDs continued to generate most of the
broker’s trading income, contributing 90.5% of its gross result on financial
instruments in the third quarter, based on Finance Magnates’ calculation from
XTB’s preliminary report.
That share was down from 96% in the first half. Chief
executive Omar Arnaout has said he wants to reduce the contribution from CFDs
to around 70%, as investment products attract more clients.
Institutional Traders Put Execution Infrastructure Ahead
of Spreads
Trading
technology and execution quality are becoming key differentiators for
brokers serving institutional clients, according to an analysis of the market.
Tight spreads and deep liquidity remain important, but institutions also need
pricing aggregation, low latency, smart order routing, automated hedging,
reliable market data and systems that can withstand market stress.
They
increasingly expect APIs and integration with order management, execution
management and transaction cost analysis tools. Paul Golden highlights the
difficulty of assessing execution costs for index CFDs, whose prices can be
affected by futures markets, dividends and changing conditions.
Brokers may
need stronger benchmarks to demonstrate execution quality, while proprietary
technology can offer a closer fit for institutional requirements.
Russian-Language Campaigns Missed Audiences in Parts of
the CIS
Campaign results across six Commonwealth of Independent
States markets suggest that a
single Russian-language acquisition strategy may overlook local differences.
In an analysis, Stanislav Galandzovskyi found that switching to Uzbek-language
creative and adding local payment options Click and Payme reduced the reported
cost per acquisition in Uzbekistan from about $650 to around $380.
The markets
also differ in purchasing power, regulation and payment access. Kazakhstan and
Azerbaijan were described as higher-value opportunities, while Uzbekistan
offers scale but lower average deposits. Kyrgyzstan may suit smaller tests.
Tajikistan’s limited disposable income and Turkmenistan’s currency controls,
which complicate withdrawals, were cited as barriers. The analysis argued for
allocating budgets according to funded-trader acquisition costs before
assessing longer-term customer value.
The retail trading industry saw developments across
proprietary trading, listed derivatives and broker performance this week.
FTMO’s founders discussed the firm’s futures launch, its acquisition of OANDA
and its ambitions to build a larger trading group. Meanwhile, Plus500 raised
its full-year outlook, and NinjaTrader extended its futures platform into the
UK.
London’s trading industry is coming home!
Quarterly results also highlighted contrasting trends among
brokers. CFI reported record trading volumes, while XTB’s profit rose sharply
despite lower client trading activity. XTB’s client assets also showed a
growing preference for stocks and exchange-traded funds, even as contracts for
difference continued to generate most of its trading income.
Elsewhere, institutional trading technology and customer
acquisition strategies remained in focus, with analysis examining execution
infrastructure and the challenges of reaching forex traders across markets in
the Commonwealth of Independent States.
FTMO co-founders Otakar Šuffner and Marek Vašíček discussed
the firm’s move into futures trading, its acquisition of OANDA and the
challenges facing proprietary trading firms. Founded in 2015, FTMO initially
focused on CFDs because it lacked the capital and experience to enter futures.
The company launched its futures offering recently, responding to customer
demand and a market where futures evaluations can cost less than comparable CFD
and forex challenges. The founders said combining FTMO’s business with OANDA’s
established reputation could help distinguish the group from newer firms.
FTMO Futures is officially LIVE. 🏆
The gold standard of prop trading, now powered for the exchange via Tradovate, NinjaTrader, and TradingView.
No compromises. Just raw execution and total transparency.
Explore FTMO Futures today 🙌🏻 https://t.co/g8HztyeUu4 https://t.co/WMDSy8DcRX
— FTMO.com (@FTMO_com) August 31, 2026
They
also discussed regulatory uncertainty, abusive trading groups targeting
evaluation systems and the possibility of a future initial public offering.
Plus500 Raises Its 2026 Outlook After Revenue Growth
David Zruia, CEO of Plus500
Plus500
expects full-year 2026 revenue and EBITDA to exceed market expectations,
reversing its guidance from July, when it forecast results in line with
consensus. Third-quarter revenue rose 11% year on year to $203.2 million, while
EBITDA increased 7% to $88.4 million.
Revenue for the first nine months reached
$666.1 million, up 11%. New customers rose 27% to 28,747 in the quarter, active
customers increased 4% to 119,528 and average revenue per user reached $1,700.
Customer deposits hit a quarterly record of $1.9 billion. The company also
reported growth in customer trading income, while interest income fell amid
lower global interest rates.
NinjaTrader Brings Its Retail Futures Platform to the UK
NinjaTrader has
launched its retail futures trading platform in the UK, extending a
European rollout that already covers Germany, France, Italy, Spain and the
Netherlands. UK customers can access futures on US equity indices, energy,
metals and foreign exchange through CME and Eurex markets.
The platform
includes proprietary charting tools, algorithmic trading capabilities and
native TradingView integration. NinjaTrader said UK traders had sought direct
market access, transparent pricing and execution , and a platform designed
specifically for futures.
The launch comes as European brokers explore listed
products amid regulatory pressure on CFDs, more experienced retail traders and
competition from US firms specialising in futures and options.
CFI Reports Record Quarterly Trading Volume of $3.45
Trillion
CFI Financial Group reported third-quarter
notional trading volume of $3.45 trillion, a record for the Dubai-based
broker and an increase of about 123% year on year. The figure was 14% higher
than in the second quarter. Trading volume for the first nine months reached
$8.8 trillion, roughly double the same period last year and already above CFI’s
full-year 2025 total of $6.4 trillion.
The company has reported higher volumes
in each quarter of 2026, rising from $2.3 trillion in the first quarter to
$3.03 trillion in the second. The growth came as the broader broker market
tracked by Finance Magnates Intelligence contracted in the second quarter.
XTB’s Quarterly Profit Rises Fourfold Despite Lower
Client Trading
XTB reported preliminary
third-quarter net profit of PLN 213.7 million, around $54 million, four
times the result a year earlier and 6.4% above the average analyst forecast.
The figure was nevertheless less than half the PLN 492.2 million recorded in
the second quarter. Revenue rose 65.9% year on year to PLN 623.3 million, even
as clients traded 18.3% fewer CFD lots.
Revenue per lot nearly doubled to PLN
301 from PLN 152 a year earlier. Commodity CFDs generated 70.8% of the broker’s
gross result on financial instruments. The year-on-year comparison reflected a
weaker third quarter in 2025, when low market volatility weighed on revenue and
profit.
Stocks Dominate XTB Client Assets, While CFDs Drive
Trading Income
XTB
clients held PLN 56.2 billion, about $14.2 billion, with the broker at the
end of September, up by two-thirds since the start of the year. Stocks and
exchange-traded funds accounted for 86% of those assets, while open CFD
positions represented 1.3%.
However, CFDs continued to generate most of the
broker’s trading income, contributing 90.5% of its gross result on financial
instruments in the third quarter, based on Finance Magnates’ calculation from
XTB’s preliminary report.
That share was down from 96% in the first half. Chief
executive Omar Arnaout has said he wants to reduce the contribution from CFDs
to around 70%, as investment products attract more clients.
Institutional Traders Put Execution Infrastructure Ahead
of Spreads
Trading
technology and execution quality are becoming key differentiators for
brokers serving institutional clients, according to an analysis of the market.
Tight spreads and deep liquidity remain important, but institutions also need
pricing aggregation, low latency, smart order routing, automated hedging,
reliable market data and systems that can withstand market stress.
They
increasingly expect APIs and integration with order management, execution
management and transaction cost analysis tools. Paul Golden highlights the
difficulty of assessing execution costs for index CFDs, whose prices can be
affected by futures markets, dividends and changing conditions.
Brokers may
need stronger benchmarks to demonstrate execution quality, while proprietary
technology can offer a closer fit for institutional requirements.
Russian-Language Campaigns Missed Audiences in Parts of
the CIS
Campaign results across six Commonwealth of Independent
States markets suggest that a
single Russian-language acquisition strategy may overlook local differences.
In an analysis, Stanislav Galandzovskyi found that switching to Uzbek-language
creative and adding local payment options Click and Payme reduced the reported
cost per acquisition in Uzbekistan from about $650 to around $380.
The markets
also differ in purchasing power, regulation and payment access. Kazakhstan and
Azerbaijan were described as higher-value opportunities, while Uzbekistan
offers scale but lower average deposits. Kyrgyzstan may suit smaller tests.
Tajikistan’s limited disposable income and Turkmenistan’s currency controls,
which complicate withdrawals, were cited as barriers. The analysis argued for
allocating budgets according to funded-trader acquisition costs before
assessing longer-term customer value.
