LeapRate Exclusive… LeapRate has learned that FCA regulated startup Retail FX brokerage Global Markets Group Limited has hired FX industry executive Alex Iakobachvili as the company’s new Managing Director and CEO.
Alex Iakobachvili
Alex Iakobachvili joins Global Markets Group from Global Markets Index Limited (or GMI UK, despite the similar name no relationship to his new employer) where he was VP Sales for most of the past year. He moved to GMI UK after spending more than seven years as a VP at FX liquidity provider and prime of prime brokerage CFH Clearing, leaving the company in late 2017 after CFH’s acquisition by Playtech.
Global Markets Group was established in 2016 and began to onboard clients in early 2017, recording Revenues of £202,000 in 2017 and a net loss of £94,000. The company is controlled by Chinese entrepreneur Shi Lu, via holding company Citypark Investments Limited.
We understand that Global Markets Group is now in the process of restructuring under Mr. Iakobachvili’s new leadership. Apparently the company is planning on raising some more money from the company’s controlling shareholder, and will look to expand to new regions including Asia and South America.