CMC Markets’ layoffs of about 200 people worldwide should shave about £21 million annually off its expense base.
CMC Connect clients will now have access to a broad range of UAE stocks as a derivative product.
At the current share price, CMC Markets has a market capitalization of just over £300 million (USD $379 million).
The integration provides CMC Markets clients with access to Skale’s back office, CRM, multi-layered IB portal and traders’ area.
Leading the move to Dubai is Richard Elston, CMC’s Group Head of Institutional.
CMC Markets Connect will be staffing the Dubai office using both the incumbent team, plus a mix of locally recruited staff.
Patrick Davis joined CMC Markets in 2020 after previously spending 15 years as Head of Legal and Company Secretary at ICE in London.
CMC Markets’ marketing focus on premium customers continues to act as a successful strategy for the Group.
Nathan Sage joins CMC Markets from neobroker BUX, where he worked since 2018. At BUX he was a Senior Trader.
Michael Bogoevski, based in Australia, served as CMC Markets’ Head of Singapore for the past five years.