FNG Exclusive… FNG has learned that UAE based CFDs brokerage APM Capital has taken the next step in rebuilding the FCA licensed BUX UK brokerage it acquired in mid 2024, naming its Dubai based Senior Executive Officer, Nick Spencer-Skeen, as Executive Director at its APM Capital Markets Limited unit in London.

Nick Spencer-Skeen was formerly Chief of Staff in Europe for US based institutional broker StoneX for more than 10 years. Nick joined APM Capital in Dubai in 2022, as was also exclusively reported at the time here at FNG, as the broker was beginning operations after receiving a license from the Financial Services Regulatory Authority in the Abu Dhabi Global Market.

APM Capital acquired BUX Financial Services Limited, the UK arm of Amsterdam based neobroker BUX, after BUX itself was taken over in 2024 by Dutch banking firm ABN Amro and decided to shed its non-core (i.e. non EU) operations. BUX UK did just £843K in Revenues in 2023, posting a loss of £3 million. As recently as 2020 the company did more than £18 million in Revenue. The new ownership plans to launch a new trading platform and develop a new customer base in the UK under the APM Markets brand.

APM Capital is part of Asseta Holding Limited, the holding company controlled by Disha Rajdev, an Indian national resident in the UAE.