MultiBank Group has reported revenue of $306,636,717 in 2023, based on the latest audited financial statements which point to a 10% revenue increase, growing from $279,523,140 in 2022.
The Dubai-headquartered financial derivatives company also highlighted a 26% rise in net income from $180,013,709 in 2022 to $226,837,355 in 2023.
MultiBank Group manages a daily trading volume of over $12.1 billion as part of its efforts to serve a vast and diverse clientele of more than 1 million traders across 90 countries. The brokerage group is licensed by 15 financial regulators globally.
Naser Taher, Founder and Chairman of MultiBank Group, said: “The unprecedented financial success we have achieved this year is a testament to our robust strategic planning and resilience, as well as our ability to anticipate and navigate the complexities of the global financial landscape.
“The sustained revenue growth and remarkable increase in net income underscore our relentless pursuit of innovation, operational excellence, and client-centric solutions. As we continue to expand our global footprint, we remain steadfast in our commitment to setting new benchmarks in the financial derivatives industry, ensuring that we deliver unparalleled value to our stakeholders and maintain our leadership position in this dynamic market.”
MultiBank Group recently announced the rollout of its new Institutional Investor Electronic Communications Network (ECN), MEX Exchange, intended to break the regional dominance of the USA and Europe in the global ECN market and become a leading venue, based in the BRICS and GCC countries.
Despite being adept at breaking such regional dominance, MultiBank Group was founded in California, USA, in 2005.
Behind the development of MEX Exchange is a team of seasoned developers utilizing proprietary technology, under the direction of MultiBank Group Founder Naser Taher and MEX Exchange CEO, David Ogg.
David Ogg is an industry giant, mainly known as the founder of HotspotFX, the pioneer ECN platform launched in 2002 that offers spot foreign exchange market access to market participants. Hotspot was acquired by Knight Capital Group, Inc., the predecessor of KCG Holdings, in 2007 in an all-cash deal for approximately $77.5 million. In January 2015, KCG sold Hotspot to BATS Global Markets for $365 million in cash. It was then sold to CBOE Holdings as part of the $3.2 billion acquisition of Bats Global Markets, which closed in February 2017.
As the founder of HotspotFX, David Ogg played a crucial role in the development and growth of ECNs and pioneered how prime brokerage operated across multi venue platforms.
The goal of MEX Exchange is to enable banks and other financial institutions in the emerging markets that have historically been under-served in best execution capabilities. The new ECN is focused on the BRICS and GCC, which will benefit from MultiBank Group’s regional know-how and localized product offerings to fill the void left by existing market participants in their operations within the established markets. The group’s award-winning trading platforms offer a diverse range of products, including Forex, Metals, Shares, Commodities, Indices, and Digital Assets.
