FNG Exclusive… FNG has learned that the changing of the guard is continuing at FCA licensed Retail FX and CFDs broker Global Markets Group Limited, which operates the gmgmarkets.co.uk website.

After we reported exclusively earlier this week that the company’s previous CEO Alex Iakobachvili had rejoined GMG Markets, we have now learned that Sadek Baksh, who led the company’s management team the past two years as Managing Director, has left the company.

Sadek Baksh joined GMG Markets in late 2020, as was also reported exclusively at the time here at FNG. Mr. Baksh, who goes by the Twitter handle @HotTrader, was a Sales Manager at CMC Markets from 2007-2011, leaving to become VP Institutional eFX at CapMar Financial. He was then Vice President of Institutional eFX at CFH Clearing from 2015-2017, leaving soon after the company’s acquisition by Playtech.

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