The competitive FCA regulated brokerage market is getting even more crowded.
A new brokerage calling itself True Trade Ltd has received an FCA licence, and is planning to launch in 2017. The company does not yet have an active website.
True Trade is owned by New York based entrepreneur Michael Frey, whose company designs and develops electronic trading platforms for use in Exchange / ECN environments. Presumably, True Trade will launch with Frey’s proprietary platform, as well as possibly MT4.
The team hired by Frey includes veterans of Saxo Bank, Gain Capital Holdings Inc (NYSE:GCAP), Marex Spectron, CFH, CitiFX and City Index.
The group issued the following press release:
London based FX & CFD provider True Trade Ltd. to launch in 2017. FCA License granted.
London, November 28th 2016.
A new London based FX and CFD provider, True Trade Limited, founded by industry veterans Klaus Buhl, Ashraf Agha, and Paul Cassidy is set to launch in 2017 with their FCA license granted in late November 2016.
True Trade Ltd. is a subsidiary of True Trade Holdings, a US based privately owned holding company whose majority shareholder is Michael Frey.
Mr Buhl who has previously held senior positions in Saxo Bank and Gain Capital both within Europe and Asia Pacific will assume the position as Chief Executive Officer.
Mr Agha, Chief Operating Officer of True Trade, has previously held multiple senior and board positions in Marex Spectron, CFH, and Saxo Bank.
Mr Cassidy, Chief Marketing and Strategy Officer of True Trade, has previously worked in the sector as Global Head of Marketing for CitiFX Margin Trading as well as a Board Director and Global Head of Marketing for City Index.
Mr Buhl commented:
We are very pleased to be granted our license by the Financial Conduct Authority. As a team this has been an important milestone in the build up to our launch in 2017. We have been working tirelessly behind the scenes on developing our proprietary technology, securing our FCA license and recruiting a first class team to deliver our vision both to the market and for our investors. We are very ambitious about our business; we believe our proposition is so unique and disruptive that it will really resonate with clients.