CMC Markets (LON: CMCX), the UK-based online brokerage, has promoted its long-time employee, Neil Vinall as the new head of operations.
He was previously heading the UK business operations of the broker for nine-and-a-half years and was responsible for various regulatory reporting, post-trade services, payments, and reconciliations.
On his Linkedin profile, Vinall described himself as a ‘specialist in regulatory reporting (MiFID, EMIR, etc)’ and ‘skilled in process control, operations management, bank reconciliation, account reconciliation, and market risk’.
Vinall has been a part of CMC Markets for over sixteen years now and joined the company right after finishing his bachelor’s degree in Economics from the University of Birmingham. He started his career as a middle office analyst at the brokerage and climbed the ranks to become one of its key executives.
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Additionally, he headed financial risk at CMC Markets for almost three years.
The Broker Is Growing Aggressively
Meanwhile, CMC Markets is recording exceptional growth in the trading industry. In the last fiscal year, its profits before taxes jumped 1,459 percent to £98.7 million. Moreover, this included the market volatility period due to COVID-19 that turned many retail traders towards the markets.
The brokerage is now seeing a solid trading demand in the 2021 fiscal year and is expecting its net operating income to exceed the forecasts. Furthermore, the publicly listed stock of the company was promoted to the FTSE 250, an index that measures the largest companies on the London Stock Exchange.
The UK-based brokerage is further focusing on international expansion and launched its new Prime Derivatives platform in Australia earlier this year.