EC Markets Group Restricted (beforehand often called GCM Prime), an FCA-registered brokerage, resumed its operations final yr, producing an annual turnover of $187,000 by the top of December 2022.
Nonetheless, it continued to be a loss-making firm with an working lack of $660,140, in comparison with $779,996 within the earlier yr. The London-based firm made a gross loss with a gross sales price of $191,207. Additional, an administrative expense of $656,433, larger than the earlier yr’s $643,372, pushed the losses even deeper.
The dealer ended the yr netting a lack of $659,579, following a minimal curiosity revenue of $565.
Below its FCA license, EC Markets gives the margin spot foreign exchange and contracts for variations (CFDs) devices of treasured metals, indices, and crude oil. “The Firm’s principal exercise through the interval continued to be that of an execution-only dealer brokerage of CFD and rolling spot foreign exchange,” the Firms Home submitting said.
Other than the UK entity, the EC Markets model additionally operates with two offshore licenses: one obtained from the Seychelles Monetary Companies Authority and one other from the Mauritius Monetary Companies Fee. The retail-focused providers underneath the offshore entities are a lot broader with cryptocurrency CFDs as properly.
The Quick Fall of GCM Prime
GCM Prime shuttered its providers in 2017, solely a few years after its launch, after recording losses of over £3 million ($3.87 million), Finance Magnates reported earlier. The prime of prime brokerage agency’s issues may be traced again to the primary few months of 2017 when Gallant Capital Markets, a retail dealer often called GCMFX, filed for chapter .
GCM Prime had no connection to GCMFX regardless of its similar-sounding title. Nonetheless, rumors unfold throughout the trade that there was certainly a connection between the 2 companies and that GCM Prime can be negatively impacted by the dealer’s chapter submitting. London-based Chinese language entrepreneur Xiaoliang Lyu later acquired the belongings of GCM Prime, resulting in the rebranding of the platform.
EC Markets Group Restricted (beforehand often called GCM Prime), an FCA-registered brokerage, resumed its operations final yr, producing an annual turnover of $187,000 by the top of December 2022.
Nonetheless, it continued to be a loss-making firm with an working lack of $660,140, in comparison with $779,996 within the earlier yr. The London-based firm made a gross loss with a gross sales price of $191,207. Additional, an administrative expense of $656,433, larger than the earlier yr’s $643,372, pushed the losses even deeper.
The dealer ended the yr netting a lack of $659,579, following a minimal curiosity revenue of $565.
Below its FCA license, EC Markets gives the margin spot foreign exchange and contracts for variations (CFDs) devices of treasured metals, indices, and crude oil. “The Firm’s principal exercise through the interval continued to be that of an execution-only dealer brokerage of CFD and rolling spot foreign exchange,” the Firms Home submitting said.
Other than the UK entity, the EC Markets model additionally operates with two offshore licenses: one obtained from the Seychelles Monetary Companies Authority and one other from the Mauritius Monetary Companies Fee. The retail-focused providers underneath the offshore entities are a lot broader with cryptocurrency CFDs as properly.
The Quick Fall of GCM Prime
GCM Prime shuttered its providers in 2017, solely a few years after its launch, after recording losses of over £3 million ($3.87 million), Finance Magnates reported earlier. The prime of prime brokerage agency’s issues may be traced again to the primary few months of 2017 when Gallant Capital Markets, a retail dealer often called GCMFX, filed for chapter .
GCM Prime had no connection to GCMFX regardless of its similar-sounding title. Nonetheless, rumors unfold throughout the trade that there was certainly a connection between the 2 companies and that GCM Prime can be negatively impacted by the dealer’s chapter submitting. London-based Chinese language entrepreneur Xiaoliang Lyu later acquired the belongings of GCM Prime, resulting in the rebranding of the platform.
