LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Exclusive… LeapRate has learned during the past weeks in close contact with management and is now able to share with the public that Christopher Gore will be taking on the CEO role of major Australian headquartered MT4 Forex and CFD brokerage GO Markets.
Mr. Gore started his tenure with the Melbourne-based firm back in 2009 as a currency analyst, and now assumes the position as CEO 8 years later. With the formalities taken care of, we are pleased to present the following interview with the new CEO.
LeapRate: How did it come about you assuming the position of CEO of GO Markets?
Christopher: It’s been quite a long road. I’ve worn a few hats over the years, and at times taken a back seat through various changes in the business. Overall, I’d suggest the decision for the board of directors came down to my industry experience and knowledge of the business, and of course, timing. My focus and general interest relating to regulatory compliance, was also a major factor in our discussions, considering the material changes anticipated in the years to come.
LeapRate: What is your experience to date in the FX trading industry?
Christopher: My first exposure to FX was back in 2002 when I was working in a sales capacity with a charting (technical analysis) software company. Things were quite different back then, and there were limited options for retail participants, except for those trading physical stocks.
It wasn’t long before I received an opportunity as a Sales Trader with IG Australia in 2004, later moving to an analyst role. The focus towards FX came when I joined GO Markets in 2009.
LeapRate: Any immediate changes or new features that will enhance traders experience you will implement?
Christopher: We’ve just launched our new client portal and we are working on expanding our product range to include CFD Shares – which is something we haven’t offered for some years. My current focus is on the longevity of a client, with a focus on free education and trading tools.
Sustainability is key, so I’ll be doing my best to roll out initiatives that I consider to be effective for our clients, and perhaps regain a few of our former clients along the way.
LeapRate: How many employees and offices does GO Markets currently have?
Christopher: GO Markets has around 35 employees globally between our Australian office and UK support center. We also have a representative office in China, and currently evaluating other parts of the Asia region.
LeapRate: Do you believe ASIC has done a good job of upholding the reputation of retail Forex brokers?
Christopher: The retail derivatives and margin foreign exchange industry has been under heavy ASIC scrutiny in recent years. ASIC has been very vocal about its intention to clean up the industry, and it is my view that ASIC is fulfilling its mandate in an effective manner.
ASIC’s intervention in the industry has been nothing but positive for the industry. It has created a high barrier to entry, which is great for current licensees and for the industry generally, notwithstanding the significantly higher compliance costs compared to 5-years ago.
It’s also perhaps important to acknowledge more abstract reasons why Australia is a jurisdiction of choice, with its ability to maintain (relative) composure through significant global turmoil is also attractive for international traders.
LeapRate: How can industry and regulators work side-by-side to ensure a healthy business environment moving forward?
Christopher: I’d like to see a more consultative approach between regulators and industry. Certainly, we’ve seen a slight shift towards this to some degree in the last few years – but it would be reasonable to assume the regulators would like to see increased industry contribution. I’d welcome even more transparency in terms of the expectations of the regulators and focus on a pre-emptive as well as reactive approach.
In terms of specific suggestions for how this could be achieved, I would invite new initiatives such as those seen from the UK’s FCA who regularly invite senior management to industry specific forums to communicate current concerns and to discuss these with the industry. The industry is then left in no doubt as to the thoughts and expectations of the regulators and this can only lead to improved consumer protection.
ASIC’s proposals to develop and implement a Financial Services Panel (as set out in its recently released consultation paper), introduce a strong element of peer review, which is a welcome step in the right direction.
Watch below a video of Mr. Gore from back in 2013 discussing the currency markets: