London-based trading provider CMC Markets (LSE: CMCX) has just parted ways with its company secretary Jonathan Bradshaw. In a with low turnover, Bradshaw is one of the longest serving executives who has remained on the job since he originally joined in October 2010.
No formal announcement has been made, but Jonathan confirmed to Finance Magnates that he leaves on good terms.
“I wanted a break after 9 years and go into a different industry. Was previously in software, then FS, now something else. CMC is a great place to work,” he added.
According to a filing with the UK companies’ registrar, a new secretary named Patrick Wolfe Davis has been appointed on February 27 to replace Bradshaw, whose career in finance spans more than two decades.
Virus fears drive trading up
Earlier this month, said it has seen a significant uptick in trading activity following the coronavirus-inspired market volatility since the start of 2020.
As a result, CMC expects to deliver financial results for the year ending March 2020 ahead of market consensus, with its net operating income is set to beat the current estimate of £199 million to land somewhere above the $200 million mark. Plus500 also reported a significant increase in as coronavirus fears has heightened volumes.
CMC and its rivals like Plus500 and IG suffered throughout 2019 from ESMA’s tighter restrictions on the sale of leveraged products to retail investors which had a less severe impact than initially anticipated. CMC Markets, however, tempered fears somewhat at this time, saying that the overall impact on profitability in the next years would be mitigated by tight cost controls.
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