FNG Exclusive… FNG has learned that seasoned FX industry executive Alex Iakobachvili has rejoined FCA licensed Retail FX and CFDs broker Global Markets Group Limited, a firm he previously led as CEO in 2018-2019.

We had reported back in May that Alex Iakobachvili had left his role as Executive Director at FX broker tech solutions provider B2Broker’s London arm B2B Prime Services UK Ltd , and joined institutional-focused digital assets and FX brokerage GCEX as its new VP Business Development. Apparently that was a temporary / consulting role, and now Mr. Iakobachvili has (re)joined Global Markets Group.

As noted above, Alex Iakobachvili was CEO of Global Markets Group, which operates the gmgmarkets.co.uk website, from 2018-2019, before moving on to become CEO of FX broker Price Markets for two years, before joining B2Broker. Alex also previously worked as VP Sales at Global Market Index Limited (GMI UK); as Vice President at CFH Clearing (now Finalto) from 2010-2017; and also had work stints at Squared Financial, London Capital Group, and FXall.

We understand that Mr. Iakobachvili will be charged with helping Global Markets Group reinitiate and rebuild its retail brokerage business. The company indicated in filings made in early 2021 that following a review, it was decided that the company’s capital base was insufficient to compete in its market and to be in a position to make the company profitable in the future. A decision was therefore taken to stop trading and undertake an orderly closing down of the company whilst seeking a buyer for the business. At the end of July 2019, the company notified clients and the regulator of its intention to stop trading and to return all client funds.

Global Markets Group Limited is controlled by Chinese entrepreneur Shi Lu, via UK holding company Citypark Investments Limited.