CMC Markets, a UK-based provider of spread betting, contracts-for-difference (CFDs) and foreign exchange, today announced that its senior independent director Manjit Wolstenholme has advised the company that she will step down during July 2017.
In a filing with the London Stock Exchange, the online retail broker said that its board is conducting an executive search for a successor, with Manjit remaining in her current non-executive role until a one has been appointed.
Ms. Wolstenholme joined the group as a Non-Executive Director back in December 2015. The appointment of the investment banker was a step to strengthen its flotation plans in 2016.
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Prior to CMC, Manjit was a partner in an M&A boutique, Gleacher Shacklock LLP, where she had a particular focus on financial institutions and the media.
Ms. Wolstenholme also served as co-head for investment bank Dresdner Kleinwort Wasserstein, where she served for 13 years and was responsible for managing the division as well as advising clients on a wide range of transactions.
Last week, CMC Markets launched a new prime FX proposition, part of a growing institutional offering for the group and its latest bid to help shore up an industry liquidity gap.
The development comes at a time when a number of traditional prime brokers have been scaling back or mitigating the scope of their dealings with smaller banks and brokers. This has created a shortage of liquidity, resulting in gaps. CMC Markets’ Prime FX was launched with the aim of reconciling this disparity and better meet client demands.