London-based FX broker, Ballinger & Co. announced on Wednesday that it has partnered with ED&F Man Capital Markets, a global financial brokerage.
Under the signed agreement, ED&F will provide spot and forward forex liquidity to Ballinger. This arrangement will enhance the FX broker’s capacity to offer flexible terms to clients via a credit facility.
Ballinger revealed that it has already received £10 million in new funding from ED&F and other investors, whose names were not disclosed.
“Entering into this partnership with ED&F Man Capital Markets is a landmark moment for Ballinger,” Ballinger CEO, Tom Dudderidge said in a statement.
“MCML’s liquidity and settlement capabilities will revolutionize our client offering, their team is world-class, and we look forward to deepening our collaboration. It concludes what was a transformational year for us and, looking ahead to this year, we are set to capitalize on our ambition to become the market leader in the Deliverable FX space.”
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Smashing Targets in 2020
Regulated by the Financial Conduct Authority (FCA), Ballinger offers its services to corporations and institutions. The brokerage is expecting to benefit from the leadership of Tracey who has decades of experience in the FX industry.
Moreover, the broker revealed that it traded over $1.75 billion forex instruments last year on behalf of its clients. The achieved figure was more than double its projected revenue.
Finance Magnates earlier reported on several top-level appointments at Ballinger that mostly include the former Monex Europe executives.
“Our collaboration with Ballinger is a perfect example of our ability to be nimble, entrepreneurial, and to work with partners to bring together best in class solutions for our clients. I am sure that this will be the first step of many in our journey together,” Gary Pettit, UK CEO at ED&F Man Capital Markets, said.