CMC Markets’ bet on wealth pays off

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CMC has seen its profits jump by 24% as a bet on wealthy clients pays off. The CFD and spread betting broker announced pre-tax profits for the year to March 31 had risen to £60.1million, up from £48.5million the year before.

The company was set up by former Conservative Party Chairman Peter Cruddas and had recently chosen to focus on wealthy clients ahead of tough regulatory clampdowns on the sector. The move seems to have paid off. While the number of active clients declined by 2% to 59,165 the amount of revenue the platform secures per client increased by 18% to £2,964.

Sales boost for FX Pro

FX Pro has seen its UK revenues leap by 36% during 2017. Trading volumes increased by 39% to £4.4million as it continues its drive to increase its UK presence. Last year it went live with its new spread betting platform FX Pro Edge which will give users with a UK IP address a spread betting option when they log onto their website.

Capital Index Founder Joins GKFX

Financial spread betting platform Capital Index has lost its founder. Rob Woolfe has joined GKFX to be its CEO after the resignation of Bryan Myers two months ago. Woolfe set up Capital Index in 2013 after stints at ETX Capital and IG Markets. It’s unclear whether he will continue to play a role in the company he set up.

New Broker Enters the Field, the Retail FX arm of online gaming platform Playtech PLC is set to launch a new service targeting high net worth investors. The new service will be called Markets X and it continues Playtech’s attempts to break away from its core business of online gaming and move further into the financial markets.

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