FNG has learned that former LMAX executive Robert Brown has launched a new deliverables FX boutique firm called SugarCane Capital. Brown was in institutional FX sales for LMAX from 2011 until last year. Prior he was CMC Markets for three years.

Sugarcane Capital provides Foreign Exchange and payment services to private and corporate clients. The company was incorporated in January 2019. Following the receipt of regulatory approvals (see below), and a soft launch in February 2020 with a small number of key clients, the brokerage is now offering a full range of core services and joint partnerships.

The company said its goal is to offer market-leading products and solutions which provide real cost saving value and offer more transparency when executing trades in the FX markets. Core services of SugarCane include: FX Deliverable, FX Forwards (Fixed + Window), International Payments and Multi-Currency Accounts. SugarCane said that it will use cutting edge third-party technology to ensure clients benefit from institutional quality support, regardless of their size.

The company has also announced a partnership with Just Financial, an Oslo-based company which provides corporate treasurers with the information leverage required to avoid being exploited by their FX providers. The partnership with Just will allow SugarCane to offer its clients access to the ‘Just FX Analytic’ tool, which provides FX-exposed companies deep insight into their unknown fees charged by their banks or FX provider.

Robert Brown, CEO of SugarCane Capital, commented to FNG:

“Despite the global economic slowdown, there is no escaping how foreign exchange markets remain at the very heart of cross-border trade. The current climate will however see even greater scrutiny of service cost and quality, two factors which are key to the SugarCane Capital proposition. We look forward to working with both new and existing clients to offer a wide range of services and solutions which are aimed at reducing their costs and saving them time.”

SugarCane Capital is an approved ‘Programme Manager’ of Ebury UK Partners who are authorised and regulated by the FCA as an Electronic Money Institution. Capital Adequacy and Segregated Account requirements are obligations met by Ebury Partners UK limited. SugarCane Capital itself is registered with the Financial Conduct Authority as a ‘Small Payment Institution’ to provide money remittance service to Private Clients based in the UK.