EC Markets Group secures London Stock Exchange membership for enhanced growth and innovation in forex and CFD trading.
EC Markets Group secures London Stock Exchange membership for enhanced growth and innovation in forex and CFD trading.
London-based forex broker Ec Markets Group Limited has successfully secured membership status on the London Stock Exchange (LSEG). This is part of a strategic move to bolster growth and innovation within the company.EC Markets Group has played a significant role in the financial sector. Their entry into the London Stock Exchange is going to enhance their visibility and credibility and broaden their access to a more extensive investor base.
Matthew Smith, the CEO of EC Markets Group, expressed, “Becoming a member of the London Stock Exchange is a testament to our long-term goals of innovation, growth, and a relentless drive to expand our presence in financial markets worldwide.”This strategic maneuver will positively impact the company’s trajectory for growth. As an LSEG member, EC Markets Group Limited is strategically positioned to explore new opportunities and contribute to London’s financial hub.
As previously reported by Finance Magnates, EC Markets Group Limited, formerly known as GCM Prime, resumed its operations in 2022. This helped them achieve an annual turnover of $187,000 by the end of December. Although still facing challenges, with an operating deficit of $660,140, it marked an improvement compared to the previous year’s shortfall of $779,996. The company incurred a gross loss due to sales costs of $191,207 and administrative expenses of $656,433, higher than the previous year’s $643,372, resulting in an overall net deficiency of $659,579. Additionally, it generated a minimal interest income of $565.
Operating under an FCA license, EC Markets offers margin spot forex and CFD instruments in precious metals, indices, and crude oil. It primarily functions as an execution-only trader brokerage of CFDs and rolling spot forex.
In addition to its UK operations, EC Markets operates under two offshore licenses, one from the Seychelles Financial Services Authority and the other from the Mauritius Financial Services Commission. The offshore entities offer a broader range of retail-focused services, including cryptocurrency CFDs.
GCM Prime, previously known as EC Markets Group Limited, ceased its services in 2017 due to substantial losses. These challenges were partially linked to rumors of a connection to another broker, GCMFX. This had filed for bankruptcy. Chinese entrepreneur Xiaoliang Lyu acquired GCM Prime’s assets. This led to its rebranding as EC Markets Group Limited.
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