UK based retail forex and CFD trading service provider CPT Markets recently revealed in a statement that its CEO and Co-Founder Salam Alaswad is set to resign from the firm. The broker is based out of London and is registered with UK’s watchdog Financial Conduct Authority (FCA) while it also has a separate firm based out of and registered at Belize.
Alaswad has been a pivotal member of CPT Markets having remained at the firm since it was founded back in September of 2008 and had remained with the firm even after its acquisition by a UK based holding firm. The firm was called City Point Trading when it was founded but has been rebranded as CPT Markets post take over by Allen Market, the UK based holding firm which is owned by Chinese investor Zhijian Wang.
During his 19 year-long tenure at the firm, aside from his current role of Chief Executive Officer which he has held since the firm was founded, he also served as Compliance Officer & MLRO for a period of nearly 25 months from September of 2016 to September of 2018. Prior to starting up and becoming the head of his own brokerage, Salam served in a couple of small Middle Eastern-based firms which dealt with FX and CFD’s for nearly 9 nine years. Salam also holds an Advanced Certificate in Compliance issued by the International Compliance Association as per details in his LinkedIn profile.
Salam is an industry veteran with nearly 20 years of experience in forex and CFD sector of financial services industry with a successful record of leadership roles where he came up with business strategies that yield the firms high level of profits. Aside from Compliance management, he is also highly experienced and knowledgeable in other areas such as operations, risk management, and technology.
Since its rebranding post-acquisition, the firm has also launched two new websites and upgraded its license from basic Matched Principle to IFRRU730 license which requires the firm to hold nearly 730,000 British Pound in its accounts at all times as opposed to the requirement of holding 125,000 GBP for a matched license. This is a strategic move by the firm to attract more clients as it aims to expand its market share and client base from across the globe as many competitors are also working to upgrade their license in order to fight hard in today’s competitive markets where forex and CFD’s are seeing a considerable drop in investment. The acquisition of this license enables to firm to act as market maker enabling the firm to take on more risk to provide their clients with highly competitive pricing and product service offerings.
Please feel free to share your thoughts with us in the comments below.