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CMC Markets opens office in Shanghai – media

CMC Markets, a major global forex and CFD broker, has opened an office in Shanghai, reports the site Finance Magnates. The broker already has an office in the capital Beijing, supported by the team in Australia.

 

The new office will help CMC Market expand and strengthen its presence in China.  “China’s significance as a key player in the global financial landscape continues to grow and this trend reflects our business expansion in the region”, said Head of CMC Markets Asia Pacific and Canada, Matthew Lewis, quoted by Finance Magnates.

 

The Chinese forex market is tightly controlled by the authorities, like almost all other aspects of business in the country. The main regulator is State Administration of Foreign Exchange (SAFE), which controls the flows of currencies in the country. Earlier this year the authority said it was planning to loosen its grip and would graduall phase out the limitations for individuals and companies in order to facilitate trade and investment.

 

Furthermore, the internet limitations and firewalls also pose a problem for online trading by slowing down the connection and causing latency. According to Lewis, the expansion of CMC Markets in China could partially solve the infrastructure problem.

 

“Having an office located in mainland China ensures better communication and a higher level of service to our clients, while demonstrating our commitment to traders in the market. Over the past ten years, we have invested heavily in our services in China including new technology, leading educational offerings and innovation of our platforms. This ensures that we continue to offer an exceptional proposition and standard of service to the Chinese market,” Lewis said.

 

CMC Markets is a major UK-based forex and CFD broker. It offers over 10 000 tradable instruments, including over 300 forex pairs and CFDs on commodities, shares, indices, ETFs and treasuries. The broker serves both retail and institutional traders. It and its subsidiaries have licenses from UK’s Financial Conduct Authority (FCA) and the Gambling Commission, as well as from the Australian Securities and Investment Commission (ASIC), New Zealand’s Financial Markets Authority.

 

CMC Markets has 15 offices across the world, focusing on the markets in the UK, Australia, Germany, and Singapore and over 60 000 clients globally. According to the latest report, for the financial year that ended on March 31, 2017, CMC Markets had a net operating income of £160.8 million, 5% lower, year-on-year.

 

  

TAGS: cmc markets  china  shanghai 

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