FX Week in Review: Admirals Licence Revoked, Capital Index Acquired, XTB Posts Record as Others Slide

The forex brokerage industry saw a sharp divergence in fortunes during the week ending May 1, 2026, with regulatory changes, ownership transitions, and stark earnings contrasts dominating the news cycle.

Admirals Licence Revoked

Admiral Markets AS had its Estonian investment firm licence revoked by the Estonian Financial Supervision Authority on April 28, 2026. The firm stated the revocation followed a "voluntary application submitted earlier this year as part of a broader strategic restructuring within the Admirals Group." Clients are being migrated to other regulated Admirals entities across the EU.

Capital Index Acquired, Rebranded as Vantos Markets

Capital Index, an FCA-licensed CFD broker previously owned by entrepreneur Greg Secker, was acquired by Sun Siyuan and rebranded as Vantos Markets. The FCA-regulated entity retains its UK operating licence under the new ownership.

CFI Financial Group Enters Brazil

CFI Financial Group secured authorisation from Brazil's Central Bank (Banco Central do Brasil) to operate as a securities brokerage firm, expanding its footprint in Latin America and enabling access to Brazilian equities and fixed-income instruments for its international client base.

Earnings Divergence

Q1 2026 earnings season highlighted a stark split in broker performance:

• XTB: Record revenues of $301 million (79% growth), record net profit of $147 million
• Dukascopy: Revenues fell 49% to just $9 million, with a $3 million net loss — its worst quarter in recent memory

The divergence reflects how well individual brokers were positioned to capture volatility during the commodity CFD surge driven by Middle East tensions.

Executive Moves

Richard Elston joined Edgewater Markets following his tenure leading CMC Connect, while multiple specialists in cryptocurrency and institutional FX transitioned to new roles at various trading platforms and market-makers.