OvalX

OvalX (formerly ETX Capital) is a British financial services product providing financial derivatives trading such as contracts for difference (CFDs) and financial spread betting and, As of 2020, corporate brokerage services.

Monecor (London) Limited trading as OvalX
IndustryFinancial services
FoundedLondon, UK (1965 (1965))
Headquarters
London
,
UK
Key people
Luca Merolla (CEO)
ServicesOnline trading, CFDs and Spread Betting
Number of employees
200+
Websitewww.ovalx.com

In February 2023, the company announced that it was winding down its business after making significant losses in the previous year. It had agreed to transfer client assets to rival firm Capital.com.[1]

OvalX is the trading name of two operating entities including Monecor (London) Limited, authorised and regulated in the UK by the Financial Conduct Authority, and Monecor (Europe) Limited, authorised and regulated in Cyprus by the Cyprus Securities and Exchange Commission.

History

Foundation

The company was originally incorporated on 16 June 1965 as Dusrolgraph Ltd.[2] On 30 May 1973, the company changed its name to Monecor (London) Ltd. In 2002 Monecor (London) Limited launched a retail derivatives arm called TradIndex.[3]

Growth between 2007-2020

In 2007, the group was acquired by a joint venture between the UK-based JRJ Group and the Netherlands-based BXR Group, whereupon TradIndex was relaunched with a new name – ETX Capital. ETX is an acronym for the services the company offers; Electronic Trading, Telephone Trading and Execution Services.[4]

In 2010, ETX Capital launched a German-language version of the website and trading platforms.[5] The firm extended its operations to France, South Africa and Portugal in 2011. That same year, it won Best Futures & Options Broker at the 2011 Shares Awards.

ETX Denmark, ETX Romania and ETX China come online in 2013,[6] and the company launched its affiliates program.[7]

Two new platforms were launched in March 2014, ETX Trader and a binary option service ETX Binary. Russian, Arabic, Turkish, Polish, Czech, Slovenian and Hungarian versions of the website became available that same year. ETX acquired Dublin-based Shelbourne markets, making the new ETX Ireland the largest Spread Betting/CFD provider in the country.[8] ETX purchased its technology partner, Ariel, in 2014.[9]

In 2015, ETX acquired the customer base of Alpari UK.[10][11] following the collapse of the retail forex broker in January 2015.

In 2017, ETX launched a new version of its proprietary TraderPro platform and launched Bitcoin markets on the new platform. That same year, it won Best Forex Educators at the 2017 UK Forex Awards and Best Trading Education at the 2017 Shares Awards.[12]

In 2018, ETX launched a number of new Cryptocurrencies and won 2 awards for the new TraderPro platform: Best Trading Platform at the 2018 Online Personal Wealth Awards and Best Spread Betting Platform at the 2018 ADVFN Financial Awards, as well as Best Education at the 2018 Online Personal Wealth Awards.

Acquisition and change of direction

In October 2020, Swiss based private equity firm, Guru Capital, completed the acquisition of ETX Capital from UK based, JRJ Group.[13] In June 2022, ETX Capital was rebranded as OvalX[14] and in September 2022 appointed Luca Merolla as CEO.[15]

Winding down its business

In Feb 2023, OvalX agreed to sell client assets to rival London firm Capital.com after having experienced significant losses since the acquisition by Guru Capital.[1]

References
  1. "EXCLUSIVE: Capital.com Buys OvalX Client Assets". Financial and Business News | Finance Magnates. Retrieved 2023-02-08.
  2. "MONECOR (LONDON) LIMITED - Overview (free company information from Companies House)". find-and-update.company-information.service.gov.uk. Retrieved 28 December 2020.
  3. "Interview with Mr Chris Cheverall, Head of Spread Betting at ETX Capital". Contracts for Difference and CFDs Trading. Retrieved 1 May 2018.
  4. "ETX Capital Review". spread-betting.com. Retrieved 22 June 2013.
  5. "Germany Welcomes ETX Capital". PR Newswire. 10 January 2011. Retrieved 1 May 2018.
  6. "ETX Capital Ventures Further Into Europe – Opens Three New Offices". www.forexmagnates.com. Retrieved 12 October 2015.
  7. "ETX Capital Launches Affiliate Programme with Income Access". Incomeaccess.com. Retrieved 12 October 2015.
  8. "Shelbourne Markets Purchased by ETX Capital". Irish Times. 27 June 2017. Retrieved 1 May 2018.
  9. "Breaking: ETX Capital Focuses on Technology by Acquiring Ariel Communications". Finance Magnates. Retrieved 12 October 2015.
  10. Agnew, Harriet (26 March 2015). "ETX Capital snaps up Alpari client list". www.ft.com. Financial Times. Retrieved 26 March 2015.
  11. "Interview with Joe Runde of ETX Capital on the acquisition of Alpari". Broker-test. Retrieved 1 May 2018.
  12. "UK Forex Awards 2017 Winners". UK Forex Awards. Retrieved 1 May 2018.
  13. "Guru Capital Completes Acquisition of ETX Capital". www.businesswire.com. 8 October 2020. Retrieved 28 December 2020.
  14. "ETX Capital rebrands as OvalX". www.fxnewsgroup.com/. 31 May 2022. Retrieved 12 July 2022.
  15. "Oval Money appoints new CEO". www.finextra.com/. 30 September 2022. Retrieved 30 September 2022.
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