A couple of months after the announcement from CMC Markets that it is opening an office in Shanghai, we can now confirm that the event is part of a broader regional push. At the time we reported that the London-headquartered brokerage hired Biyi Cheng will lead the effort. A company representative confirmed to Finance Magnates that the company is starting a broader push into the region.
In a recent LinkedIn post, the Institutional Business Development Manager of CMC Markets in Sydney, Andrew Wood, wrote: “Demand for FX and CFD products in the Asia Pacific region continues to grow apace with an ever-increasing number of local providers either setting up for the first time or looking at how to they can enhance their current offerings.”
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The company is focusing on building a dedicated sales team with its experienced executive Michael Bogoevski moving from the firm’s Australian office to Singapore. As Head of the Singapore office, he is now leading the broker’s effort across the South-East Asia region.
With demand from local brokers for institutional liquidity growing, the company is accelerating the rollout of its API tools across the board. Clients include locally-based banks, brokerages, that are interested in the CMC FX Prime service which delivers 59 FX pairs, gold, and silver. CFD liquidity across multiple asset classes is being delivered via the company’s OTC API.
“The Asia Pacific region remains one where there still is a lot of growth in the provision of retail derivatives with no shortage of evolution from the service providers,” Mr Wood said in his LinkedIn post.