UK prime of prime provider Price Markets UK has promoted Alex Iakobachvili, who until recently served as a chief operating officer (COO), to take on the role of its newest Chief Executive Officer (CEO).
The FX industry veteran takes over from the company’s former CEO and founder, Alexander Talei, who sold his stake in the FCA-regulated PoP provider. The majority ownership is now being held by German angel investor Matthias Mokin.
Price Markets has already secured the FCA’s approval for its recent executive moves on June 18. Dr. Alex has originally joined back in November 2019, barely two months after he left his position at CEO of Global Markets Group (GMG).
Although he dumped his shares earlier this year, Talei continued with Price Markets under the auspices of its new owners until they parted ways in April 2020. The 22-year FX trader and entrepreneur didn’t reveal plans for the time being about the new interests outside his former business.
“It was a bittersweet moment leaving the company I founded after serving as the company’s CEO for 5 years. But I left the company in good capable hands and I am confident that Dr. Iakobachvili, Mr. Mokin, and the team will take the company to the next level,” said Alexander Talei.
Iakobachvili takes on his senior role as the brokerage has initiated a restructuring and reorganization process, across both its ownership and operational structures.
“I am delighted to be joining Price Markets UK Ltd, as a world-class brand focused on its clients, services, and technology solutions. The company was very successful in recent years becoming a well-established and highly regarded participant within the FX industry. I am confident we can build on these foundations; and through the investment we will extend our global coverage and enhance our clients’ experience, enabling us to continue to be the trusted leader in FX,” elaborated the new CEO of Price Markets UK in a statement to Finance Magnates.
Price Markets is currently in a rebranding stage
The beneficiary owner of Price Markets UK, Mr. Matthias Mokin, also noted: “We are extremely pleased to welcome Dr. Iakobachvili to Price Markets. As a professional, he combines a deep understanding of the trading sector with knowledge of financial technology, which will be invaluable as the Company will continue to execute the firm’s strategic vision in the years to come.”
Before GMI, Iakobachvili was Vice President of , where he worked for almost eight years. He also served in a variety of prime brokerage and sales roles, including a short stint at for just under a year. Other stops include senior positions at (FX ALL), where he was Director of Bank Sales, and at IDEAglobal, where he was Senior Account Manager. Earlier in his career, Iakobachvili joined Targetpoint Limited in 1995 as its Director, a position he held for two years.
Iakobachvili attended the City University of London between 1994 and 1995 where he was studying under the Royal Society Kapitza Fellowship.
Price Markets is an FX prime brokerage services provider based in London, which provides access to FX and CFDs liquidity sources as well as clearing, execution, hardware, software, and networking infrastructure. Earlier in 2019, the company shared with Finance Magnates that it is .