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LeapRate has learned that Simon Bird has joined the board of FCA regulated Monecor (London) Limited. Monecor is the parent company of London-based spreadbetting and CFDs broker ETX Capital.
We had just reported earlier today that Simon Bird was named as Non Executive Chairman of one-time ETX rival Ikon Finance.
Mr. Bird’s full-time job is Managing Partner at Objectivus Financial Consulting Ltd, which provides risk, governance and compliance consulting services to companies in the financial services sector. Objectivus works with fintech, payment service providers, asset managers, brokerages, proprietary trading firms and investment banks.
Mr. Bird’s (multiple) appointments highlight the increased importance that brokers are placing on compliance and risk management. In part due to changing and tightening regulations, such as MiFID II and ESMA’s leverage limitation proposals, but also due to more discerning clients which are driving brokers to be more open and transparent about their operations. A number of brokers have recently added experienced and knowledgeable directors with strong regulatory capabilities.
The appointment also (likely) means that Ikon Finance, once it presumably emerges from its virtual shutdown after the FCA closed Ikon Finance to new business in early 2017, will have a very different business model and target client base than it had previously. It would be unlikely for two rival brokers to have the same people on their boards, especially if that person was actually Chairman of one of those companies. While ETX primarily serves the retail trading market, Ikon will most likely be focused on the institutional FX and broker market.