CMC Markets, one of the leading forex brokers in the UK, has launched Prime FX to service hedge funds, institutions and professional traders that are too small for the traditional prime brokers.
This puts CMC Markets in direct competition with brokers like Saxo Capital markets who have always looked after more high net work private clients and institutional accounts that require direct market access and greater liquidity.
Smaller funds are finding it harder to open accounts with the major prime brokers as commission and revenue from FX brokerage reduces. Many smaller accounts have been closed at the major prime brokers. A demographic that Saxo Capital Markets has been chasing over the past few years.
On CMC Markets new Prime FX Richard Elston, head of institutional at CMC Markets, commented:
“We have been actively providing our services to other institutional clients for over twenty years, during which time we have seen constant evolution in client demands. Our offering has changed to address this, but the recent scaling back of prime brokerage services by a number of major banks has created a huge market need. Our London Stock Exchange listing, international regulation and significant balance sheet means that CMC Markets is ideally placed to be a trusted counterparty when it comes to Prime FX.”
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
To contact Richard, please ask a question in our financial discussion forum.
