Darren Dale leaves ADSS to head compliance at Trading 212

abdelaziz Fathi

Compliance veteran Darren Dale, whose previous experience includes senior roles at ADS Securities and FXCM, has joined FCA-regulated broker Trading 212 in the capacity of chief compliance officer.

In his new multi-focused role, Dale 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.

He arrives at Trading 212 after a more than four-year tenure as head of compliance and money laundering reporting officer (MLRO) at ADS Securities, the Abu Dhabi-based and owned international financial services firm.

Prior to joining ADSS, Darren spent eight months FXCM, where he served in a similar role as deputy head of compliance in the UK and Europe. Other stops include legal roles at Financial Partners Group Ltd, where he served for more than six years, as well as head of compliance at City Credit Capital. Darren is a graduate of University of Hertfordshire.

Trading 212 has recently made a series of changes to its management structure, appointing new board members earlier last month.

Trading 212 was the first retail UK broker to offer commission-free trading and its core product portfolio consists of stocks, ETFs, FX, and derivatives products.

In terms of CFD products, the company operated from January 2021 to May 2021 on a spread revenue model, profiting from the difference between the prices offered to clients and those on which hedging trades were conducted via a back-to-back hedging agreement with a group affiliate. From May 2021 onwards, T212 opted to end this arrangement to manage its own risk based on defined parameters for each product and asset class, hedging exposures outside of these with third parties.

For the stock trading business, the company operates a zero-commission model where clients do not pay commission for trading nor custody fees for the assets held. Instead, T212 earns fees from clients when they trade in a currency different to that in which their cash was deposited, and through a collateralised stock lending program.

Outside of the UK entity, and following Brexit, Trading 212 revealed that it plans to transfer some of its clients around the group. This will see the UK entity transferring circa 14% of its clients (all being EU clients) to the new Cyprus entity, while the Bulgarian entity will also be transferring its client to either the Cyprus or UK entity.

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