Britannia widens prime brokerage business to include FX, CFDs

FCA-regulated broker Britannia Global Markets Limited (formerly Destek Markets) has expanded its prime brokerage service to include the trading of FX, index and commodity CFDs. 

The expanded offering will be supported by financial services technology platforms, including Lucera, PrimeXM, MetaQuotes and MaxxTrader. It comes barely a year after Britannia launched its own prime brokerage unit in an effort to capitalise on the decline of banks’ traditional dominance in the multi-billion market.

Britannia said its alliance with these tech provider will assist in providing clients with aggregation software, low-latency connectivity, hosting solutions and MT4/MT5 bridging and white labels. Britannia has also partnered with PrimeXM to deliver its data analytics to users of XCore platform.

Commenting on the news, Samuel GUNTER, Britannia’s head of foreign exchange trading, said: “We are excited to grow our Prime Brokerage offering to include CFDs and further expand our technological infrastructure, which will allow us to effectively service the increasing demand from our clients. Britannia is committed to providing a best-in-class service to our growing professional and institutional clients through a broad range of trading and investment solutions. This new offering and investment reflect the bedrock of Britannia’s strategy, to utilise technology to innovate the Group’s trademark boutique, personalised services.”

Britannia Prime’s offering involves a blend of broking, clearing and trading services to investment clients, typically hedge funds, family offices and other buy-side institutions. More specifically, it offers institutional clients with access to FX, bullion & NDF markets utilising BGM’s relationships with liquidity providers and harmonisation with its banking operations.

Britannia was originally established as a retail broker back in 2017, but was acquired in 2018 by Britannia Financial Group Limited. The takeover allowed Britannia to open up a more professional and institutional business while keeping the retail side of the business.

The PB unit, which launched in 2021, caters to a client segment that has been experiencing challenges accessing the wholesale price matching community via a prime brokerage model‎, which is typically capital intensive. ‎

Britannia’s version of the lucrative leveraged prime brokerage model is said to enable businesses of all sizes to access markets using GUI or API from a technology provider of their choice. The available options are Britannia Navigate (powered by Flextrade systems), Lume FX and PrimeXM. BGM also continues to offer voice execution across both currency and options instruments.