LeapRate Exclusive… LeapRate has learned via regulatory filings that FCA regulated Forex and CFD brokerage GCM Prime Ltd has named Levy Benarroch as its COO. Mr. Benarroch has also been added to the company’s board.
Levy Benarroch joined GCM Prime via its acquisition late last year of CMS UK / CapMarFX, where he was Compliance Officer. Prior to that Mr. Benarroch was COO of FX liquidity and technology solutions provider Finotec.
GCM Prime Ltd used to be known an AlumFX, an inactive retail forex broker which was acquired in 2015 by forex entrepreneur Salvatore Buccellato, via his US holding company Prime Trading Holdings Corp. GCM Prime was then relaunched in late 2015 as a service provider to Retail Forex brokers, providing liquidity solutions, full white label broker solutions, and Prime of Prime services.
Mr. Buccellato hired FXCM (now Global Brokerage Inc (NASDAQ:GLBR)) veteran Adam Toro, FXCM’s VP Institutional Sales and Business Development from 2003-2015, to be CEO of GCM Prime.
Salvatore Buccellato continued to run his own offshore retail forex brokerage called Gallant Capital Markets Ltd, based in the British Virgin Islands. Gallant filed for Chapter 11 bankruptcy last month in the US.
During 2016, Mr. Buccellato’s Prime Trading Holdings put another £4.2 million of capital into GCM Prime, to maintain its cash flow.