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CMC Markets profit plunges on stringent rules, low volatility

CMC Markets profit plunges on stringent rules, low volatility
FILE PHOTO: Dealers work at their desks whilst screens show market data following a vote on Prime Minister Theresa May's Brexit 'plan B' at CMC Markets in London, Britain, January 30, 2019. REUTERS/Dylan Martinez -
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(Reuters) – Online trading firms CMC Markets Plc’s annual profit before tax crumbled to roughly a tenth of what it reported a year earlier, as regulatory curbs on highly leveraged betting and lower market volatility hit retail brokers.

CMC Markets’ profit before tax came in at 6.3 million pounds for the 12 months ended March 31, an 89% slump year-on-year, with the company saying the “deterioration in performance” was due to regulatory changes in Europe as well as market conditions.

Separately, the company said Euan Marshall, who has held senior financial roles at CMC Markets for seven years, will take over as interim chief financial officer from Grant Foley who announced his departure in April.

Grant will be stepping down from the CMC Markets board as of June 7, the company added.

(Reporting by Muvija M in Bengaluru, Editing by Chris Peters)

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