CMC Markets holds virtual breakfast briefing as shares tumble

abdelaziz Fathi

CMC Markets Connect, the institutional business arm of UK’s biggest spread better, is launching a new series of virtual events starting with a breakfast briefing on September 16, at 8am GMT. 

The first breakfast briefing will feature founder and CEO Lord Cruddas, alongside members of the senior management team.

The event is designed to brief participants in the wholesale ‎‎foreign exchange market on hot topics that are shaping the future of the industry in the post-COVID landscape.

The featured speakers will also explore a self-discovery process to explain what was the catalyst for CMC Connect’s move into SpotFX and the value retail flow can provide to an institutional order book. They will draw upon their decades of experience and in-depth knowledge of the strategies and tactics that key and emerging players alike are deploying as overall market activity has been subdued.

CMC Markets Connect has recently upgraded its tech stack to facilitate faster price construction across a wider range of asset classes that are available to their institutional client book. Their clients now have access to an additional 60-plus spot FX pairs and precious metals.

London-based trading provider has set ambitious growth targets for their B2B arm of business which CMC expect to achieve by catering to a greater range of institutional client types and their respective trading strategies.

Interacting with their existing and potential customers is crucial for CMC Markets after it warned of a potential slowdown in trading revenue as the boom in retail investing starts to decelerate.

Shares in the FTSE 250 company fell as much as 27% on Thursday, which wiped off more than £300 million of its market cap after hitting their lowest level in just over a year.

CMC Markets warned that its annual net revenue is forecast to be in a range of £250 million to £280 million, sharply lower from more than £330 million it had set out in July.

CMC had a strong underlying performance earlier in the pandemic, which was enhanced by increased market activity in the first quarter. The company saw its shares shine earlier this year as the online trading platform operator doubled its annual net trading revenue, bolstered by the coronavirus-induced volatility.

This solid performance led CMC to get inducted into the FTSE 250, an index which measures the largest companies on the London Stock Exchange. The FTSE 250 Index is a capitalisation-weighted index, and lists the largest 101st to the 350th publicly quoted companies in the UK market.

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