CMC Markets Plc FCA Consultation (8027J)
December 07 2018 - 3:01AM
UK Regulatory
TIDMCMCX
RNS Number : 8027J
CMC Markets Plc
07 December 2018
7 December 2018
CMC Markets PLC
FCA Consultation
CMC Markets plc, ("CMC" or the "Group"), a leading global
provider of online retail trading, notes the publication today of
FCA Consultation Papers restricting the sale and distribution of
contracts for difference (CFDs), other retail derivative products
and binary options (CP 18/37 and CP 18/38).
These measures are the same in substance as the existing
European Securities and Markets Authority restrictions, although
the FCA are also proposing to apply these rules to other closely
substitutable products.
CMC does not offer any other closely substitutable products so
this additional measure will have no impact on the Group.
The FCA also plan to consult on a potential ban on the sale of
cryptocurrency CFDs to retail clients in Q1 2019. For the six
months ended 30 September 2018, revenue generated from this asset
class was immaterial so any ban will not have a material impact on
the Group.
As previously disclosed, over 40% of the Group's UK and European
revenue is generated by elective professional clients, which
increases to 50% with the Group's institutional business. The Group
also generates 30% of its revenue from outside of Europe.
The Group's strategy of focussing on higher value retail and
professional clients, growing its institutional (B2B) business and
the increased size and scale of the Australian stockbroking
business puts the Group in a strong position going forward.
Enquiries
CMC Markets Plc +44 (0) 20 7170 8200
Grant Foley, Chief Operating and Financial Officer
Media enquiries
Camarco
Geoffrey Pelham-Lane/Ed Gascoigne-Pees/Jennifer Renwick Tel: +44
(0) 20 3757 4994
Notes to Editors
CMC Markets plc (CMC), whose shares are listed on the London
Stock Exchange under the ticker CMCX (LEI: 213800VB75KAZBFH5U07),
was established in 1989 and is now one of the world's leading
online financial trading businesses. The company serves retail and
institutional clients through regulated offices and branches in 14
countries, with a significant presence in the UK, Australia,
Germany and Singapore. CMC Markets offers an award-winning, online
and mobile trading platform, enabling clients to trade over 10,000
financial instruments across shares, indices, foreign currencies,
commodities and treasuries through contracts for difference
("CFDs"), financial spread bets (in the UK and Ireland only) and,
in Australia, access stockbroking services.
More information is available at
http://www.cmcmarkets.com/group
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END
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