LeapRate Exclusive… LeapRate has learned that Admiral Markets Group Chairman and controlling shareholder Alexander Tsikhilov has stepped down from the board of the company’s London-based, FCA regulated subsidiary Admiral Markets UK Ltd.
Dmitri Laus, Admiral Markets Group Supervisory Board Member and Co-owner provided the following comment on the matter to LeapRate:
I can confirm that Alexander Tsikhilov ceased to act as a non executive director of Admiral Markets UK Ltd, with effect from 28 February 2018. It was considered more beneficial for Alexander to concentrate on his strategic role in the Admiral Markets Group. This change allows Alexander to focus on strategic visionary goals and does not diminish his involvement at the group level.
Estonia-based Retail FX broker Admiral Markets (Admiral UK’s sister company Admiral Markets AS is licensed by the Estonian Financial Supervision Authority EFSA) has been pouring more resources into its UK arm, and has been somewhat successful in doing that – for its most recently reported period (2016) Admiral Markets UK more than doubled Revenues and activity to £3.5 million, although the company is still operating at about breakeven.
To support its growth, Admiral Markets recently raised €5 million in its home market, with a Nasdaq Tallinn listed 10-year bonds issue.