CXM Prime launches as FCA licensed liquidity provider, headed by Ashraf Agha
The CXM group of companies has announced that a newly established UK subsidiary called CXM Prime Ltd has received FCA authorization, and will launch in 2023.
The company was established in May 2021, and received its FCA licensed on December 20, 2022. Its license allows it to control client money but it must not hold client money. The group launched CXM Prime with initial capital of £1.2 million.
CXM Prime will be headed as CEO by FX industry veteran Ashraf Agha, out of London. Mr. Agha served as Head of Treasury at Saxo Bank from 2000-2008, Head of Operations at CFH Markets from 2008-2010, and COO for the Foreign Exchange business of Marex Spectron from 2011-2014. Most recently he was involved as an advisor at 4T Markets, and as a board member at RegTech firm Muinmos.
Also joining CXM Prime as Head of Compliance is Peter Wilson, who formerly held compliance roles at ATFX, Capital Index, IKON Finance, ICM Capital, and Finotec.
Headquartered in London, CXM Prime (at website cxmprime.co.uk) plans to deliver a premium liquidity and trading experience for its clients. Rolling Spot and CFD liquidity will be available to Per Se Professional and Eligible Counterparty clients in the UK, EU and globally, on an exclusively non-advised basis. CXM Prime Ltd will provide liquidity solutions for CFDs and leveraged FX.
Ashraf Agha said of the new venture:
“This is an exciting opportunity intersecting top liquidity and prime providers. I relish the opportunity to expand the geographical reach of CXM Prime and bring our industry expertise to clients in the UK and overseas. We have operated with an innovative, tailored approach from inception, with a focus on deep liquidity, and solutions for our clients’ needs. Through maintaining high regulatory standards, we shall maintain this trajectory.”
The CXM group also operates offshore Retail FX and CFDs broker CXM Direct LLC, domiciled in St. Vincent & the Grenadines and Mauritius and operated mainly from Malaysia.