Yiannos Xenophontos has left FxPro after over 14 years to join the Dubai offices of Equiti as the Group Head of Trading, FinanceMagnates.com has learned. At FxPro, he was most recently the Group Chief Operating Officer and Head of Dealing on Own Account.
A Seasoned Industry Executive
Xenophontos joined FxPro in mid-2010 as a Forex Dealer at the broker’s execution department. He later climbed the corporate ladder to become the Assistant Chief Dealer and then the Group Chief Dealer for Trading Operations. In his latest role there, he directed its daily operations and strategic initiatives.
He brings over two decades of experience to Equiti, as before FxPro, he had stints at Mizuho and Dresdner Kleinwort Investment Bank.
Equiti’s Push for Expansion
The appointment of Xenophontos came only months after Equiti onboarded Navin Dsouza as the new Chief Operating Officer for Digital Assets and Gold. Last year, the broker strengthened its executive team with Sophie Squillacioti as the Director of Sales for Asia-Pacific. She also told FinanceMagnates.com that her role there is “to take MultiBank back into the Chinese market.”
However, Equiti’s primary market is the Middle East. The broker operates from its headquarters in Dubai and also has a presence in Jordan. Furthermore, the broker holds licences from regulators in the United Arab Emirates, Jordan, the United Kingdom, Kenya, Seychelles, Armenia, and Cyprus.
Meanwhile, the UK unit of Equiti witnessed a revenue gain in 2023, but its total comprehensive income turned out to be over 30% lower than the previous year. The unit ended the year with a net profit of $1.1 million on revenue of over $31 million.
Equiti is also focused on expanding its product offerings. Earlier this year, it introduced stock CFDs for companies listed on major Middle Eastern exchanges, expanding its product range to include securities from the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX). Moreover, the group is preparing to launch the Equiti Global Balanced Fund under its wealth management division and has received preliminary approval from the UAE’s regulator, signalling progress towards its rollout.
This article was written by Arnab Shome at www.financemagnates.com.
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