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Objectivus Managing Partner Simon Bird has been announced as the latest new board member of Monecor Limited, the parent company of spread betting broker ETX Capital. Simon Bird will be a non-executive Director, and has a heavyweight pedigree in the industry, having founded risk and compliance consultancy firm Objectivus in 2015 after a six-year stint as Chief Operating Officer of City Index.
Mr Bird joined City Index in 2008 after the financial crash and steered the company through troubled waters until they were bought out by GAIN Capital, after which he remained in his position until 2013. Simon brings a wealth of regulatory experience with him to the role, which is likely to be attractive to ETX, who recently began offering Cryptocurrency CFDs on its platform, in order to satisfy growing demand. This appointment is a sign that the company will be looking to increase its market share, and with it its capacity to negotiate the regulatory landscape.
The appointment is the second of two major changes at the organisation, after CEO Andrew Edwards left for Saxo Bank UK in November. He was replaced by Arman Tahmassebi in early December. Bird’s appointment is a sign that ETX are, like other spread betting brokers in the industry, becoming increasingly concerned with compliance and regulations, and looking to broaden their expertise in the area. The potential for tightening regulations in markets like Bitcoin and spread betting in general, such as leverage limitation proposals, make moves like this inevitable in future. Concerns around the security and transparency of brokers will also motivate these organisations to ensure that their directors are as experienced and knowledgeable as possible around regulatory frameworks.
As well as his appointment to the board of ETX Capital, Mr Bird was also made chairman of fellow spread betting broker Ikon Finance. This signifies a change in direction for a former rival of ETX, as two competing firms who share a director would represent a definite conflict of interest. It remains to be seen how this appointment will affect Ikon once they are allowed to take on new business again by the FCA, after being closed in early 2017.
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