CMC Markets taps Finalto’s Julia Free to head UK compliance

abdelaziz Fathi

CMC Markets PLC (LSE:CMCX) has onboarded Julia Free as its newest head of UK compliance as part of a broader organizational reshuffling at the UK’s biggest spread better.

In her multi-focused role, Julia will be charged with leading the broker’s compliance operations, including the responsibility for management of all aspects of the wider anti-money laundering (AML)) functions.

Free’s knowledge of the institutional FX business, combined with her legal expertise and extensive exposure to the RegTech space has made it a perfect fit to head up the combined functions.

Ms. Free leaves a long tenure of more than five years at Finalto, where she held several compliance roles. She originally joined its old brand, CFH Clearing, in 2014 and served in a variety of functions, including more than one year as the group’s onboarding/compliance manager.

Free rejoined the firm in August 2017, and her extended responsibilities there coverd the role of money laundering reporting officer (MLRO) after she has gained a CF11 accreditation with the FCA. Most recently, the FX Liquidity and Prime of Prime solutions provider promoted Julia to head its newly-restructured unit which intended to merge legal, compliance and onboarding into a single department.

Julia has an in-depth understanding about CMC business as well as the increasingly complex legal requirements it needs to adhere to as an FCA regulated firm with a global client base.

CMC Markets, founded by tycoon Lord Cruddas, has been ramping up hiring to capture more market share in a booming wholesale market. As a result, the company has been looking to find talents with in-depth knowledge about its regulatory requirements and a proven track record in the industry at senior levels.

The broker has set ambitious growth targets for their B2B arm of business which the company expects to achieve by catering to a greater range of institutional client types and their respective trading strategies. This was further boosted with the launch of their new UK investment platform in September, which offers both B2C and B2B potential.

In addition, the listed broker will be launching a new investment platform in Singapore within a year, as well as considering two other jurisdictions for launch in 2023. CMC says the move comes as the firm continues to diversify and expand its geographic footprint through its technology, leveraged institutional offering, and non-leveraged platforms.

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