Exclusive: GMG Markets hires CFH / CMC alum Sadek Baksh as CEO
FNG Exclusive… FNG has learned that FCA regulated Retail FX broker Global Markets Group Limited, which operates under the moniker GMG Markets at website gmgmarkets.co.uk, has hired Sadek Baksh as the company’s new Managing Director.
Sadek 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.
GMG Markets was acquired in 2017 by Chinese entrepreneur Shi Lu, but has been mostly inactive since then (see more on that below). The company hired experienced FX industry executive Alex Iakobachvili (now CEO of Price Markets) in 2018, but he departed after one year. It appears as though Mr. Lu has now turned to Sadek Baksh to revive the company’s fortunes.
GMG is regulated in the UK by the FCA as a full-scope investment firm. The company is regulated to hold client money and is a matched principal agency for the trading of FX and and Contract for Differences (CFDs) to its retail and institutional clients. The company offsets all of Its FX and CFD trades with liquidity providers and the main source of revenue is derived through the bid/ask spread and trading commission.
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. The decision was taken to stop trading and undertake an orderly closing down of the company whilst it continues to seek a buyer for the business. At the end of July 2019, GMG Markets notified clients and the regulator of its intention to stop trading and to return all clients funds. The gmgmarkets.co.uk website was eventually taken offline.
The company’s official stance is that it continues to seek a buyer for its infrastructure and business assets.