UK prime of prime provider Price Markets UK has installed Alex Iakobachvili as Executive Director, having already received the FCA’s approval on February 17. The FX veteran has originally joined Price Markets back in November 2019, barely two months after he left his position at CEO of Global Markets Group (GMG).
Iakobachvili takes on his senior role as the brokerage has initiated a restructuring and reorganization process, across both its ownership and operational structures. More specifically, the company’s CEO and founder, Alexander Talei has sold his stake in the FCA-regulated PoP provider, with the majority ownership is now being held by German angel investor Matthias Mokin, Finance Magnates has learned.
Although he dumped his shares earlier this year, Talei will continue with Price Markets under the auspices of its new owners with no plans announced for the time being to pursue interests outside of the business.
Talei further commented to Finance Magnates: “After my exit as a shareholder of Price Markets UK Ltd, with majority ownership now being held by German angel investor Mr. Matthias Mokin, the company is better positioned to push its institutional liquidity provision growth plans with Dr. Iakobachvili at the helm. I will remain at Price Markets UK, with the support of Mr Mokin, Dr. Iakobachvili and a growing team of specialist, enabling me to maintain focus on our technology development and infrastructure expansion.”
Iakobachvili’s added: “I am delighted to join the team at Price Markets, a well-established and highly regarded participant within the FX industry. I look forward to input my experience in further developing and strengthening the firm’s position on a global level. I am confident that my skills and experience will contribute to ambitious business tasks highlighted by the new company strategy”.
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Iakobachvili joins amid dramatic changes at Price Markets
Before GMI, Iakobachvili was Vice President of CFH Clearing Limited, where he worked for almost eight years. He also served in a variety of prime brokerage and sales roles, including a short stint at London Capital Group for just under a year. Other stops include senior positions at Thomson Reuters (FX ALL), where he was Director of Bank Sales, and at IDEAglobal, where he was Senior Account Manager. Earlier in his career, Iakobachvili joined Targetpoint Limited in 1995 as its Director, a position he held for two years.
Iakobachvili attended City University of London between 1994 and 1995 where he was studying under the Royal Society Kapitza Fellowship.
Commenting on his appointment, Talei said: “I am very happy to welcome Dr. Iakobachvili, with his decades of experience in the industry, to our management team. As we continue our expansion globally and increase our footprint in the institutional arena, Dr. Iakobachvili will be the leading force behind our future development plans.”
Price Markets is an FX prime brokerage services provider based in London, which provides access to FX and CFDs liquidity sources as well as clearing, execution, hardware, software, and networking infrastructure. Earlier in 2019, the company shared with Finance Magnates that it is winding down its retail operations.