LeapRate has learned, via filings made with the London Stock Exchange, that retail forex broker Plus500 (LON:PLUS) has seen one of the world’s largest financial institutions – JP Morgan (NYSE:JPM) – continue to build its holding in the company.
After initially buying a 4% interest in Plus500 back in March, JP Morgan has now upped its stake to 12.2%.
Plus500 share price since IPO. Source: Google Finance.
As we reported previously, part of the stake is held by JP Morgan Asset Management (4.4%), and part by JP Morgan Securities (7.8%) – meaning that some of the stake is being held for clients of JP Morgan, but part for JP Morgan’s own nostro account.
With Plus500 shares trading at about £5.63 translating into a market value of about $1.1 billion, JP Morgan’s stake in Plus500 is worth more than $130 million.
This is not JP Morgan’s only significant holding in the sector – JP Morgan also owns 6.7% of Payments company SafeCharge (LON:SCH), stake worth about $30 million. SafeCharge is a leading payments services provider to retail forex brokers.