Plus500 Names David Zruia as CEO, Sees Record New Customers in H1 2020

Plus500 announced this Tuesday that it has appointed David Zruia as its permanent Chief Executive Officer (CEO) after having held the role on an interim basis since the 20th of April this year.

As Finance Magnates reported, Zruia was named as interim CEO after Asaf Elimelech, the former CEO of Plus500, handed in his resignation. Zruia was the Chief Operating Officer of the online trading provider, having held the role since 2013. He has been working with the broker since 2010.

In addition to announcing the appointment of Zruia, Plus500 has also provided a trading update for the six months ended on the 30th of June 2020. According to the company’s statement published today, the firm saw continued Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term during its second quarter.

As a result, the trading provider has seen a consistently high level of customer trading activity. In fact, for the first half of 2020 Plus500 has reported a record number of active customers trading on its platform.

In particular, 198,176 New Customers were onboarded during the first half of this year, as opposed to 47,540 in the first half of 2019, representing a growth of 316.9 per cent. In the second quarter of 2020, 115,225 new customers joined Plus500. This is also stronger by 339.2 per cent from the 26,234 onboarded in Q2 of 2019.

Clients trade smarter on Plus500

Furthermore, Plus500 achieved a record level of half-yearly Customer Income of approximately $556.9 million. This is up by 218.2 per cent from the $175.0 million Customer Income achieved in the first half of last year.

During the period, Plus500 also saw the period-end position of Customer Trading Performance revert to insignificant historical levels, with revenues from customer trading performance contributing about 1 per cent to the total revenues during the period.

Commenting on his appointment and the trading update David Zruia, Chief Executive Officer of Plus500, said in the statement: "Having been part of the Plus500 team for almost 10 years, I am honoured to be given the opportunity to become CEO of the Company. It has been exciting to lead the business on an interim basis over the last few months and I believe that Plus500 is in an extremely strong position, both operationally and financially, to deliver future growth for our shareholders.

"This position is highlighted by our exceptionally strong performance during the first half of 2020. The significant number of New Customers on-boarded is a strong signal of the sophistication and accessibility of our proprietary technology platform. This performance is also a testament to our people, who have been fully committed to ensuring that we have offered our customers a consistent, seamless, high quality service in extremely challenging, and unprecedented, circumstances.

"Given our performance in the first half, we remain very confident about the prospects for the Company."