Michael Zimkind has just become the second former employee of FXDD to join Matador Prime. After last year when the company acquired a MiFID license in Bulgaria, which allows it to passport its services across the European Union, the sales team of the firm keeps growing.
FXDD has been recently involved in a deal with Nukkleus, a holding company which has acquired interest in infamous Cypriot brokerage IronFX. The move by Mr Zimkind follows over 11 years in his previous position as Vice President of Sales at FXDD. Back in December another former employee of the company joined Matador Prime – Gokhan Yuzbasioglu was appointed as Head of Institutional Sales.
Matador Prime is a relatively new company in the industry, and last year officially gained MiFID regulation through using a relatively unpopular regulatory destination. The company got licensed by the Bulgarian Financial Supervision Commission (BFSC) about 6 months after it started the application process in 2015.
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The move by Zimkind is reiterating the commitment of Matador Prime to developing a new offering on the market. While Bulgarian financial services authorities currently do not possess any reputation amongst traders or brokers, the relatively new regulatory destination allows companies which are regulated to gain access to the single European Union market.
With operating costs of running a brokerage in Bulgaria estimated to be close to 20 per cent lower than in other jurisdictions which offer MiFID regulation, the country’s regulator is slowly going to have to prove to market participants that it is credible enough to adequately supervise licensed companies.
Matador Prime is one of the pioneers in the industry to establish a regulated subsidiary in Bulgaria, with the bulk of the brokerages authorized by the BFSC targeting the local market.