Publicly listed retail trading company Plus500 (LSE: PLUS) has appointed Nick Scarf as Chief Executive Officer (CEO) of its Australian entity, effective this month, as the company continues to strengthen its presence in the Australian market.
Plus500 Appoints Marex Executive as CEO of Australian Operations
Scarf joins Plus500 from Marex, where he most recently served as Chief Operating Officer for Australia and New Zealand. He brings extensive experience in financial markets, having held senior leadership positions across multiple trading and brokerage firms throughout his career.
Before his tenure at Marex, Scarf worked at E D & F Man Capital Markets Australia as Chief Operating Officer until the company was acquired by Marex in November 2022. His executive experience also includes a five-year stint as CEO of Genesis Proprietary Trading from 2015 to 2020.
“I'm happy to share that I'm starting a new position as Chief Executive Officer at Plus500 Australia,” Scarf announced on his social media profile.
His previous roles include senior positions at Newedge Singapore, MF Global, and several other financial institutions dating back to the early 1990s, when he began his career at L Quay Futures Brokers.
Australia Important for Plus500
The appointment comes as Australia remains an important market for Plus500, which generated $51.4 million from its Australian operations last year. The broker's total revenue in 2024 was $768.3 million, with the Australian market representing approximately 7%, despite the local branch being relatively small.
The financial services provider globally saw an expansion in its customer base, with new customer numbers increasing to 118,010, up 30% from 2023. Active customers totaled 254,138, marking a 9% rise. Customer deposits reached $3.0 billion, with the average deposit per active customer at approximately $12,000.
Although the company has not issued an official statement regarding this matter and the information comes only from Scarf's social media, he most likely replaces Sean Murphy, who has led the division for the past 10 years.
