Broker of the month: City Index, read our expert and client reviews here
I love the way that even the FT trivialises what brokers do by calling them websites instead of massive financial institutions.
It’s a bit like calling Facebook a blog, or Amazon an online shop.
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Anyway, CMC Markets is clearly benefitting from the regulators clampdown on spivvy little brokers nicking the big boys customers by tempting them away with welcome bonuses and excessive leverage.
The proportion of high value clients has increased, driving a significant improvement in revenue per client compared to the prior year. Overall, active client numbers are slightly below the previous year although the final quarter has seen an increase from the prior year.
You can read the full statement here and find out how to register for more information when CMC Market release full year results on 7th June 2018.
The CMC share price had a healthy boost up 10% on the back of the news trading at 170. That’s up 25% on the year, nicely outperforming the FTSE 100 index (which is actually down 4%), but still not outperforming it’s main rival IG (up nearly 65%)
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Richard started the Good Broker Guide in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously acting as multi asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2000.