On December 24, Michael Nichols, the Director of Institutional Sales at Institutional-focused prime broker , TopFX, announced in a LinkedIn post about his departure from the company. However, he did not give the reason for leaving the firm nor disclose any details about his next move.
Nichols joined the Cyprus-based firm as the Head of Institutional Sales in April 2019. TopFX’s move to hire him was based on the need to develop the company's bottom-line sales and build its reach of newly launched business operations during that time. In October 2019, TopFX promoted Nichols to serve as the Director of Institutional Sales.
Nichols’ extensive experience is what influenced TopFX to appoint him to guide the strategy and vision of its institutional sales department. During that time, the company announced plans to expand its business into non-EU economies and the launch of a new program for asset managers and market intermediaries.
Before working at TopFX, Nichols served as a B2B sales consultant at Panda Trading Systems, a leading technology provider in the world of online brokerage. At PandaTS, Nichols played a crucial role in helping brokers and introducing them to Panda’s technology to help them manage their brokerage businesses and increase their KPIs.
Prior to that, Nichols worked for many other firms. He worked as an account manager at 24Options, a major CFD and forex firm from October 2017 to May 2018. Additional firms where he started developing his FX industry sales experience include Randstad Technologies US, Edward Jones Investments, a financial services company, and MindGeek, an information technology firm.
Nichols’ departure comes at a time when in recent months TopFX has shifted its business focus from its traditional B2B business, offering liquidity solutions to retail FX brokers, to operating and promoting its own retail FX brand. Last year, the firm established an EU retail FX site, after it launched an offshore brokerage operation in the Seychelles.
Nichols talked about his departure and stated: “It has been an exciting journey working as Head of Institutional sales TOPFX LTD, I would like to personally thank the company and team for everything I have learned throughout my three years at TopFX. I have met some truly amazing people, learned a lot and watched the institutional department grow. Although bitter-sweet, I look forward to the next chapter in my life and continuing my career working for companies that shape the industry and have a clear strategic focus on expansion. Happy holidays to TopFX and to all the people that make it.”
What Brokers Can Expect In 2022
In 2019, Finance Magnates media outlets had a conversation with the outgoing director of sales Michael Nichols, who talked about what brokers were to expect in 2020 and, therefore, urged them to be aware of the constant changes in reporting and regulation. Such a topic is related to the current time as the world is just about to exit 2021 and embrace 2022.
Although 2020 was majorly characterized by falling markets, rising unemployment rates and financial uncertainty across the world, 2022 is expected to be more positive. As some nations have witnessed recovery and growth in 2021, the positive outlook and trajectory are expected to continue in 2022, unless the world encounters unprecedented conditions. Though the forex market is growing in popularity and continues attracting new traders on a daily basis, it has been subject to high volatility and extreme conditions of late, which has had an impact on many investments.
As it is commonly known, social, economic and political conditions have an impact on the forex market, which explains the turbulence witnessed in 2020. As the global economy is considered to be on the road to recovery, it is expected that 2022 will continue with a positive outlook. Beginner investors who flooded markets last year are expected to stay. Retail investors are expected to remain as a key driver of the online market, but new accounts opening could decrease. Cryptocurrency is expected to remain one of the major stories to watch in 2022, but regulations are likely to come. The Chinese real estate bubble, inflation, emerging new variant of Covid-19, interest rate hikes and increasing energy prices could endanger any post-lockdown recovery but could also create opportunities for traders.
