FNG has learned that UK online broker CMC Markets plc (LON:CMCX) has picked up one of the former Cyprus based senior executives of rival IG Group, following IG’s closure of its CySEC-licensed Brightpool Ltd operation last year.

Joining CMC is Nicos Demetriades, who will serve as Executive Director of CMC Markets Cyprus. Nicos had been with IG Group / Brightpool since 2019, and was promoted to head Brightpool in early 2022, as was reported exclusively at the time here at FNG. Prior to IG/BrightPool Nicos was Head of Finance and Risk Manager at Purple Trading (2017-2019), and at Spot Capital Markets (2015-2017). He worked in the Financial Services Audit Department at Ernst & Young Cyprus from 2009-2015.

In 2024 IG said that it would take “decisive action” to close initiatives not delivering acceptable returns, which ultimately included BrightPool, including the voluntary renunciation of BrightPool’s CySEC CIF license.

CMC isn’t licensed in Cyprus, however subsidiary CMC Markets Germany GmbH is regulated by German financial regulator BaFin, allowing it to offer services throughout the EU.

It appears as though Nicos will have a mandate to grow CMC’s operation in Cyprus, which is likely to include hiring some of his former IG/Brightpool colleagues.

Nicos posted the following note on LinkedIn about his move to CMC.

I’m excited to share that I have joined CMC Markets, a global powerhouse in online trading and investment services.

CMC Markets is a business with an impressive international footprint, strong brand recognition, and a long track record of innovation in financial markets. I’m looking forward to contributing to the Group’s continued growth, working with talented colleagues across the business, and supporting the next stage of its strategic development.

It is a privilege to be part of an organisation with such strong ambition, capability and global reach. I’m excited for the journey ahead.