LeapRate Exclusive… LeapRate has learned that the longtime CEO of London-based FX, CFDs and spreadbetting broker ETX Capital, Andrew Edwards (pictured above), has resigned. We also understand that Mr. Edwards has left ETX to take a similar job at a rival firm, which will be unveiled shortly.
Replacing Mr. Edwards as CEO of ETX Capital, which is the operating name for FCA regulated Monecor (London) Limited, will be Arman Tahmassebi, who was hired at ETX last year as COO. Before joining ETX Mr. Tahmassebi had been COO at London Capital Group Holdings plc (LON:LCG), and also previously served as Global Head of Operations at IG Group Holdings plc (LON:IGG).
Andrew Edwards had been with ETX for 14 years, joining as Head of Trading in 2003 after beginning his brokerage career at City Index, now part of Gain Capital Holdings Inc (NYSE:GCAP). He has been CEO of ETX Capital since 2009.
ETX had seen a long period of growth under Mr. Edwards’ leadership becoming one of the leading UK CFD providers, but hit something of a speed bump last year following a shift in strategy. As we exclusively reported earlier this month, ETX saw Revenues drop by 17% in 2016 to £34.3 million (USD $45 million), down from £41.2 million the previous year. The company reported a loss of £2.7 million for the year. The results came after ETX went live at the beginning of 2016 with a new website, logo and branding.
At a time when several of its rivals were expanding operations with IBs and other third party channels, especially in the Far East, ETX stated that its change in strategy in the other direction led to a decrease in trading volumes and a 32% drop in web-base spread revenue – with 83% of the drop coming from ETX’s Chinese and introducer business.
LeapRate contacted ETX Capital, which provided the following statement to us on the matter:
ETX Capital one of the largest spreadbetting & CFD providers in the UK today announces that Andrew Edwards will step down as CEO and director. Arman Tahmassebi a Board member and COO of ETX since 2016 will assume the CEO role immediately.
Andrew Edwards commented:
After 14 thoroughly enjoyable years of leading and growing ETX Capital I have decided that it’s time for me to move on and seek new challenges. I’m very proud of our achievements at ETX over the last 14 years which has now grown to be one of the largest spreadbetting provider in the UK and a market leader in the online trading service we supply traders throughout the world. Although we have achieved so much over the last decade and continue to develop our platforms and services, I believe the company will be best placed under fresh leadership going in to the next phase of its development and I wish Arman the best of luck in his new role.
John Wilson Non-Executive Chairman of ETX Capital said:
The Board wishes to thank Andrew for the commitment and leadership he has shown throughout the last 14 years. During his time at ETX Andrew has helped build the company from a small UK firm to a truly global online trading provider. The Board wishes him well for the future.
The Board is also pleased to announce the appointment of Arman Tahmassebi as CEO. Arman has played a key role in ETX since his appointment as COO in 2016 overseeing the Operations, Dealing and Product Development teams. The board is certain his leadership and wealth of industry experience will continue to drive ETX forward in the next phase of our journey.