UK based online brokerage house CMC Markets Plc (LON:CMCX) has announced the launch of its new Prime FX proposition, as the company continues to bolster its institutional offering.
Prime FX from CMC Markets has been designed to help fill the liquidity gap that has been left by many of the traditional prime brokers scaling back their dealings with smaller banks and brokers. Although there has been a proliferation of firms moving into the ‘prime of prime’ market, recent failings have highlighted the potential benefits of dealing with counterparties who are both appropriately regulated and are able to leverage their own strong balance sheets.
Richard Elston, head of institutional at CMC Markets, commented:
We have been actively providing our services to other institutional clients for over twenty years, during which time we have seen constant evolution in client demands. Our offering has changed to address this, but the recent scaling back of prime brokerage services by a number of major banks has created a huge market need. Our London Stock Exchange listing, international regulation and significant balance sheet means that CMC Markets is ideally placed to be a trusted counterparty when it comes to Prime FX.
The Prime FX offering from CMC Markets puts the dissemination of tier one liquidity first, ensuring access at scale on an ever-widening range of currency pairs and bullion types. This is another step in delivering a comprehensive and flexible venue to cater for all institutional client trading needs, supported by quick integration and a highly intuitive user interface.
CMC Markets was established in 1989 and is now listed on the London Stock Exchange. The company operates through regulated offices and branches in 14 countries, with a significant presence in the UK, Australia, Germany and Singapore.