CMC Forex

Before you begin using a forex broker, you should get as much information about the company as possible. You want to be confident that the company you chose fits your needs and will offer exactly the kind of service that suits you. CMC Group is one of the most significant forex brokers in the UK, and they are worthy of some close consideration.

About CMC Group

In 1989, CMC Group was founded by Peter Cruddas in the UK as “Currency Management Corporation”—a Foreign Exchange market maker. In 1996, the company offered one of the earliest real-time forex trading platforms on the internet. CMC Group also began offering Contracts for Difference (CFDs) in 2000 and online spread betting in 2001. CMC largely defined how these products have been delivered to the retail market by offering them on the internet. CFDs and online spread betting are the core of CMC Group’s business today.

Plans for an IPO were scuttled in 2006 because of market conditions, but Goldman Sachs bought a 10% stake in the company in 2007. Profits declined in 2009 with the Global Financial Crisis, resulting in the closing of seven offices. CDC Group currently operates offices around the world, but not in the US due to regulations on CFDs and spread betting. They continue to be one of the largest global providers of these products with a little over 1,000 employees and annual revenue of £193 million. Though they are based in London, with the acquisition of the stock broker “Andrew West” in 2008, the company also conducts significant business in Australia. As members of that stock exchange (ASX), CMC allows Australians to purchase ASX-listed equities.

Key Registrations

• CMC is registered with the Australian Stock Exchange (ASX).
• CMC is regulated by the Financial Services Authority in the UK (FSA).