The UK – Peter Cruddas, the former Conservative Party Treasurer and renowned successful banker and businessman in the CMC Markets today, this week made a statement regarding the UK’s move to crackdown on CMC Markets trading. As a prominent multi-millionaire after setting up CMC in 1989, Cruddas reassured reporters that his operation was a “no churn and burn organization,” therefore positioned to benefit from tougher regulation.
“I am in favour of the city regulator taking a look at the sector for a long time and making sustainable changes that will help CMC snap up more market share,” said Cruddas. “The worst possible outcome is that they don’t implement these changes. I fully support the move to revolutionize the otherwise unregulated industry.”
Last December, CMC plunged to 37pc when news spread that the city watchdog was looking to tighten the rules around spread betting. Spread betting, where speculators bet on which way a financial instrument will be used, was causing detrimental growth effects to those legally part of the industry.
The UK is not the only nation making moves to ensure some type of regulation with CMC markets today. The CMC already welcomed the outcome of an investigation regarding spreadbetting in Germany last month. The FCA announced they will be publishing the official results of the probe later this summer for all to read.
“Anyone who is running a legal, kosher operation stands nothing to lose with a UK investigation,” said Cruddas. “If anyone is nervous, that means they are bending the rules for their own profitability today. With new regulation, more confidence will spread among the players, which is nothing but good for everyone involved with the trading. I look forward to the upcoming findings and resulting changes.”
A few weeks ago, Cruddas reshuffled CMC’s management, giving chief financial officer Grant Foley they extra job of chief operating office today. When approached about further personnel changes, Cruddas confirmed he was unaware of any other changes at this time.
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