Admirals, formerly known as Admiral Markets, has appointed Andrey Koks as a new member of the Management Board as of 2 August 2021.
The Supervisory Board of Admiral Markets AS added Andrey Koks as a board member following four months in which the executive worked as Chief Information Officer at the FX broker. The board now consists of Sergei Bogatenkov, Andrey Koks, and Jens Chrzanowski.
Andrey Koks was already acting as Chief Information Officer since August 2020 after four months as Chief Infrastructure Officer, based in Tallin, Estonia.
The new board member at Admiral Markets (Admirals) joined the broker from Kuehne + Nagel, where he was Lead EMEA Infrastructure Services. He spent over seven years at that firm.
Prior to that, worked at Symantec for five years as ICT Quality Assurance Engineer and Tech Support Engineer. Another five years were spent at Elcoteq as ICT Support Engineer.
Admirals has recently launched its branded Visa debit card, available to Admirals clients after first issuing a free virtual card. The physical card is available for €10 but is free for clients whose total wallet balance exceeds €5,000.
The debit card allows Admirals clients to transfer funds from their account wallet and spend returns any way they want. The card can be set up to automatically top-up the balance to maintain a defined amount.
Admirals, formerly known as Admiral Markets, is committed to growing from an FX and CFD broker to a global financial hub. The debit card is one more step in that direction.
The broker has doubled its net trading income in 2020 to EUR 47.1 million from EUR 23.2 million in 2019.
The report highlights the EBITDA of €21.6 million (2019: EUR 5.8 million), with a margin of 46% (2019: 25%). Net profit was EUR 20.3 million (2019: EUR 4.6 million) and its margin was 43% (2019: 20%).
The cost to income ratio was 56% (2019: 83%), the value of trades rose by 68% to EUR 998 billion (2019: EUR 590 billion), and the number of trades rose by 110% to 66.9 million (2019: 31.8 million).
The Estonian financial watchdog – Finantsinspektsioon – has recently decided to fine Admiral Markets AS 32,000 euros for breaching its legal obligations in providing investment services.
The trading platform has contested the decision as “not all market-specific circumstances have been taken into account”.
“We have always been committed to ensuring that the interests of our customers around the world are protected. In this situation, we stood up to reduce the potential impact on our customers. The goal of Admiral Markets is always to be a quality leader, to offer the best service, and open communication with its customers and cooperation partners. We informed our customers early on of possible anomalies in the financial markets and asked them to be vigilant”, said CEO Sergei Bogatenkov.