Britannia Global Markets Launches Prime Brokerage Business

abdelaziz Fathi

FCA-regulated broker Britannia Global Markets Limited (formerly Destek Markets) has launched its own prime brokerage unit in an effort to capitalise on the decline of banks’ traditional dominance in the multi-billion market.

Britannia Prime’s offering involves a blend of broking, clearing and trading services to investment clients, typically hedge funds, family offices and other buy-side institutions. More specifically, institutional clients will have access to FX, bullion & NDF markets utilising BGM’s relationships with liquidity providers and harmonisation with its banking operations.

The new unit caters to a client segment that has been experiencing challenges accessing the wholesale price matching community via a prime brokerage model‎, which is typically capital intensive. ‎

Britannia’s version of the lucrative leveraged prime brokerage model will enable businesses of all sizes to access markets using GUI or API from a technology provider of their choice. The available options are Britannia Navigate (powered by Flextrade systems), Lume FX and PrimeXM. BGM will continue to offer voice execution across both currency and options instruments.

“We are delighted to launch our new FX Prime offering which will enable us to better serve our professional and institutional clients. This development is part of the ongoing expansion of Britannia Global Markets, and we remain focused on broadening our foreign exchange and bullion offering and providing exceptional service and value to clients,” said Sam Gunter, Head of Foreign Exchange Trading.

The increase in banking regulation, which mandates increased minimum ‎levels of capital and higher reporting expenses, has resulted in a lot of ‎banks leaving the prime broking space‏.‏ ‎The exit of legacy players in the prime ‎brokerage space has indeed allowed new offerings to rapidly ‎gain customers and fill the void. ‏

Prime brokerage is, however, perceived as risky business since it involves servicing deep-pocket clients that can quickly withdraw their funds and take their trades elsewhere.

Britannia was originally established as a retail broker back in 2017, but was acquired in 2018 by Britannia Financial Group Limited. The takeover allowed Britannia to open up a more professional and institutional business while keeping the retail side of the business.

Earlier this year, the FCA-regulated firm appointed Richard Maguire as its FX Prime Manager. Richard was tasked with further developing the global sales of Britannia’s growing prime of prime brokerage, as well as technology sales and client acquisition.

Prior to Britannia, Richard spent nearly six years at UK broker IS Prime, where he was head of institutional sales. The latter is part of the ISAM Capital Markets Group and operates a prime of prime business owned by the London-based hedge fund International Standard Asset Management.

Additionally, Maguire’s career includes a three-year stint at Alpari (UK) Ltd, where he left just as the defunct FX broker closed its doors after it became insolvent following the SNB’s black swan.

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