Boston-based brokerage BMFN Group has acquired a controlling interest in Fair Trading Technology (FTT Sweden AB). The partnership between the companies comes as the former launches its new prime offering.
The strategic partnership is to deliver key technology to enable two new businesses. BMFN Prime is to focus on providing liquidity and technology, while the Swedish company is launching FTT Markets, a brokerage for introducing brokers and retail clients.
BMFN Prime will be managed by Finn Jakobsen as Executive Director and Mark Bringans, who will continue in his role as CEO of BMFN Pty Ltd. Jakobsen will be stepping down from his CEO role at FTT Sweden AB, but will continue to be involved with the company as Executive Director and member of the board of directors.
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The founder and Director of BMFN, Paul Belogour, commented on the new ventures: “While BMFN over the years successfully has managed to expand its brokerage business globally, based partly on technology that has been developed in-house, we have not really looked at providing neither technology solutions nor liquidity to other market participants.
“With this strategic partnership with FTT, we can utilize the white label capabilities of FTT and transfer knowledge and solutions between the companies to provide better solutions for the clients of BMFN and FTT,” Belogour explained.
Jonas Eldborn will be taking over as CEO of FTT Sweden and the newly formed FTT Markets. Tanner Serifler will continue in his role as CTO.
BMFN Prime will be a trading name for the Australian subsidiary of BMFN Group, regulated by the Australian Securities and Investments Commission (ASIC).