Industry veteran Ramy Soliman has been appointed as Chief Executive Officer of new London-based Prime of Prime (PoP) brokerage, Stater Global Markets. He will be heading the new market player in a growing segment of the industry after serving in key executive roles at Citi, IG and Integral.
The venture is backed by New Zealand based Stater Holdings. Commenting to Finance Magnates on the launch, Mr Soliman explained, “Since my Citi days I have seen the direction into which the prime brokerage world is heading and I thought there is a good space for a new prime-of-prime provider.”
“I made a proposal to my financial backers in the middle of 2015 and we had two possible routes – an acquisition of an FCA licensed company or a new license. We started an acquisition process late last year and submitted a change in control application to the UK regulator in March, which was approved in July.”
Stater Global Markets will offer its clients institutional access to the FX market. The FCA-regulated brokerage launches today with a double digit number of bank and non-bank liquidity providers, the CEO of the company explained.
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Currenex & MetaTrader 4 Offerings
Some clients need liquidity, others technology or a white label, others want to make markets. Stater Global Markets will cater to all these needs.
Commenting on the technology side of business, the company will start by providing access to the FX market via two platforms.
“We have relationships with Currenex and with MetaQuotes MetaTrader 4, but we are looking to add different technology providers to give us more scope,” Soliman explained.
Elaborating on the needs of the industry in the segment, the CEO of Stater Global Markets said, “I think everyone in the PoP industry is servicing a different client segment. PoP can mean liquidity and technology, but it can also mean credit intermediation and no liquidity. I feel the need for competitive prime-of-prime solutions has been on the rise and we have the structure to be able to provide quality services.”