Exclusive: Markets.com Continues Consolidating Staff, Dozens Let Go

Markets.com, an online brokerage for forex and CFDs trading, has let dozens of its employees go, Finance Magnates has confirmed with Playtech. The business is part of the financial trading portfolio of the London listed gaming giant. The company acquired TradeFX, which owns the Markets.com brand, back in April 2015.

The news doesn't come as a surprise amid the ongoing transformation in the business model of Playtech’s financial trading subsidiary. Back in December 2015, Finance Magnates already reported that the operational structure of the company’s financial business is getting a revamp alongside client on-boarding procedures.

Automation and Regulation Prompt Changes

With CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term publication from yesterday which warrants limitations of direct sales to clients, and enforces new requirements on the customer support aspect of the business, the decision made by Playtech last year is in line with industry trends.

The regulatory backdrop has become increasingly developed with tighter restrictions and controls

“Markets Group is a leading CFDs broker and Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term provider that, since the end of 2015, has been undergoing a period of strategic transformation in line with new regulatory and technology changes. The regulatory backdrop under which we operate, for example, has become increasingly developed with tighter restrictions and controls imposed on the brokerage industry,” a spokesperson for Playtech elaborated.

Playtech’s financial trading subsidiary contributed about €100 million to Playtech’s revenues throughout 2015. In order to optimize costs and adjust to the regulatory framework, the industry is rapidly evolving and a number of on-boarding and retention functions which were previously executed by staff are now rapidly transitioning towards automation.

“Established businesses such as our own must react and adapt to and foresee emerging market trends. In order to continue to grow and further enhance the business in the face of changing regulation, we have invested in the latest automated customer management and user experience systems that are, and will, continue to drive the business forward,” Playtech’s spokesperson elaborated on the matter.

This process will ensure the business is future proofed with improved automated operational functionality

The staff reorganization which the company has undertaken resulted in dozens of employees getting laid off. Playtech shared with Finance Magnates that the firm is currently undergoing a consultation process with staff members and is working closely with them to ensure they find alternative employment.

“This process will not affect Markets Group and, once concluded, will ensure the business is future proofed with improved automated operational functionality and customer service, we are better placed to capture new and profitable business, while also ensuring the very highest standards of compliance are at the forefront of our strategy,” the spokesperson concluded.