Finance Magnates learned on Wednesday that Salam Alaswad has stepped down as the CEO of retail broker CPT Markets.
Based in London, CPT is regulated by the Financial Conduct Authority. The company also has a separate entity licensed in Belize.
Alaswad was one of the broker’s co-founders, helping to launch the UK firm, which was originally called Citypoint Trading, back in 2009
Prior to his founding the broker, he held a number of senior positions at currency and CFD trading firms in Jordan.
The outgoing CEO’s departure comes just over a year after CPT was acquired by Allen Market, a UK-based holding company owned by Chinese investor Zhijian Wang.
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Since that acquisition, the company has rebranded from Citypoint Trading to CPT Markets and launched two new websites.
Last month, the broker also upgraded to an IFPRU €730k license with the FCA.
Most retail trading firms based in the UK are upgrading from a matched-principal license to get full-scope IFPRU €730k firm status.
This means that brokers can act as market makers and are forced to take on more market risk with their clients.
As its name suggests, this FCA license also means firms are required to have £730,000 ($880,000) in funds. By comparison, a company with a matched-principle license only has to have capital holdings of £125,000.