LeapRate Exclusive… LeapRate has learned that longtime Forex industry executive Ashraf Ebid has joined FCA regulated retail forex broker Global Market Index Limited (or GMI) as its new CEO.
GMI was co-founded by Chinese entrepreneur Jeff Chao, who is the firm’s current President. GMI started its brokerage services in 2009 with a heavy focus on the Asia Pacific market, and was an early pioneer in introducing ECN and STP technologies into the Asia Pacific region. In 2015 GMI expanded to the UK by receiving an STP-ECN broker license from the Financial Conduct Authority (FCA).
GMI also has a joint venture with CFH Systems in China. The partnership offers institutional clients CFH’s ClearVision technology combined with local network infrastructure and specialization in MT4 hosted services. Mr. Chao also serves as Managing Director of the JV, CFH Systems China.
The hiring of Mr. Ebid is clearly aimed at helping GMI expand outside of the Asia Pacific region, and specifically in the UK now that the company is licensed by the FCA.
Before joining GMI, Mr. Ebid served as Global President and CEO of GKFX in London, and as President of FXdirekt Bank, Oberhausen, Germany. However most of his time in the FX industry was spent in New York and London as a Director of Global Futures & Forex, Ltd. (GFT), and a member of its executive committee. Mr. Ebid was one of the main architects behind the success of GFT and he personally established GFT’s U.S. Sales offices as well as its overseas sales offices/companies and business operations in Japan, UK, Australia, Singapore and Dubai. He also served as Director of GFT Global Markets UK, and as Director of GFT Global Markets Asia.
GFT was acquired by Gain Capital Holdings Inc (NYSE:GCAP) in 2013 for $28 million, after a brief takeover battle for the company with FXCM Inc (NYSE:FXCM).
GMI Founder and President Jeff Chao told LeapRate:
We are very fortunate to have Ashraf join us as our Global CEO and lead our company into our next phase of business development and global expansion. Ashraf was one of the main architects behind the success and building of GFT (now part of Gain Capital) from a smaller new company to an online trading world leader in FX and CFD trading. Ashraf brings a wealth of knowledge in planning, and executing unique and profitable global business plans. With Ashraf’s addition to the company, as our global CEO, we are raising our level of sophistication globally which will enable us to provide a more superior experience to our B2B clients. Additionally, we’ll be able to attract a wider client base including more complex partnerships.
Ashraf Ebid said of his latest challenge:
Jeff has assembled a great team of professionals and has built a great company. I’m excited for the opportunity to work with Jeff and the GMI team to enter our next phase of aggressive growth plans and providing one of the best liquidity solutions, prices and trade execution services available in the industry. We are truly excited being a B2B/STP-ECN only broker about our unique institutional offering to white label partners where we provide them with access to an impressive array of six major FX and CFD’s trading platform technologies as well as a powerful pricing aggregation from three major ECNs.
Since leaving his last management role at GKFX in 2014, Ashraf Ebid had been running his own company called Finstek LLC. Finstek provided FX industry sales, marketing and technology consulting services. Finstek and Forex platform provider ActTrader Technologies struck an agreement earlier this year for Finstek to market and sell their jointly created new Forex, CFD and Binary Options platform called Act2020. Finstek will now be folded into GMI.