Price Markets UK Ltd, a provider of foreign exchange (forex) prime brokerage and infrastructure services, shared with Finance Magnates that it is winding down its retail operations.
According to the filing through UK Companies House, one of the directors of the company, Christoph Flefel resigned from his position on March 18 this year. According to his LinkedIn profile, he held the position of Director, Head of Legal and Compliance at Price Markets UK.
Refocusing of Business
Commenting to Finance Magnates, the CEO of Price Markets UK, Alexander Talei said: “This comes as a result of company reorganization as we are winding down our Retail division to maintain focus on our Liquidity Provision and Technology Solutions.”
“In the meantime, I am taking on the role of Mr Flefel during the restructuring phase. I am grateful for Mr Flefel’s work over the last few years and wish him all the best in his future endeavors,” Talei elaborated.
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The restructuring of the retail division yields leads to a refocusing of the company’s resources onto the institutional side of business.
Through its prime brokerage, Price Markets provides clearing, execution, hardware, software and networking infrastructure to a variety of Price Takers and Price Makers.
Price Markets Revenues
As Finance Magnates reported towards the end of last year, during the firm’s 2017 financial year, the UK-based company managed to make £367,860 in gross profit, the first time the company has managed to achieve this.
That same year, Price Markets UK recorded a turnover of £603,780. From this, the cost of sales was £235,920. In addition, the firm’s UK institutional trading volume exceeded $1 billion in 2017.