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What have been the biggest breakthroughs at CMC Markets over the past year?
We feel that because an ever-increasing number of people, without a history or background in the financial markets, come into the market, we brought out an education package called Trading IQ. That’s been extremely successful and has attracted a lot of new clients into the business. We also offer a free bet in that you can trade in £2 per point in the FTSE in and out all day with the position of no greater than £2 per point. This has helped people understand the dynamics of the market. We also brought out a third platform, a light, web-based trading platform to complement the heavier, platform.
How has your profile changed in the UK over the course of the year?
Perhaps 12 months ago, our average trade volume was somewhere in the region of 100,000 trades a day. But at around September, October time, we maxed out at 250,000 trades in a day. So that gives you a sense of how much more volume was going through the system primarily driven, not only by increasing interest from clients, but because there’s so much going on in the financial market; they’re trading more actively and there was so much volatility in so many products. Of course on our platform, we offer access through one platform to so many other things that are going on. That was very exciting.
What has been the biggest hurdle to overcome?
I’m not sure there were any hurdles or obstacles particular that we encountered because the products are diverse so there was always something going on in one market or another. I guess the only hurdles are the ones we put in front of ourselves, which are an increasing desire to offer ever better products and services at the client base—for anyone, from hedge-fund managers to taxi drivers; people whose day jobs are totally removed.
As much as you can disclose, what milestones are you striving for in 2009?
Basically, to keep pace with increasing interest from a broader range of clients, so to meet those challenges and to meet their requirements and needs which aren’t necessarily the ones that were required two years ago. Therefore the challenge is to meet and exceed their expectations on the experience and the service they get from us.
What sets CMC Markets apart from its competition?
We are always striving to set ourselves apart. From a competitive front, we have market-leading technology in our award-winning web-based market maker platform. Because of that, we’re consistently, from a pricing perspective, the market leader.
Patrick Latchford, European MD, CMC Markets
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