FNG Exclusive… FNG has learned via regulatory filings that FCA regulated FX and CFDs broker Global Market Index Limited has seen a second consecutive year of Revenue declines in 2023, with the company bringing in just £616.6 thousand (USD $787,000), down by 37% from £981K in 2022.
Global Market Index Limited, which operates under the brand GMI (or GMI UK) at website gmimarkets.co.uk, provides access to online trading for financial products including FX and CFDs for Professional and ECP clients. The company utilises proprietary software developed by its associated company (Finstek) for the provision of key parts of the infrastructure such as Bridge, FIX API, and advanced price aggregation technologies.
In 2023 GMI UK operated at roughly breakeven, posting a modest £24K profit, versus £386K in 2022. Despite the breakeven year, during 2023 the company paid out a dividend of £1 million, which reduced its total capital (Net Assets) from £2.33 million as at year-end 2022, to £1.36 million in 2023.
GMI UK stated that Revenue drivers in 2024 are expected to come from four core areas:
1. Market leading liquidity and White Label solutions for institutional clients targeting MT4 and MTS, and FIX API brokers.
2. Continued focus on professional traders. Given its positioning and strength in the institutional space, the Company is well placed to meet the needs of the professional trades.
3. The Company will continue to work in partnership with its associated company, Finstek and utilise the Finstek technologies such as its Bridge and Aggregation software. This allows the Directors to pass on savings to the client and compete on price as well as to compete on execution speed and quality of service, especially as the Company is no longer wholly reliant on third parties.
4. Recruiting motivated sales team and increasing local and global geographical reach to attract and convert more clients.
About GMI UK
GMI UK is an FCA-regulated provider of turnkey solutions to institutions and brokerages. The company acts as a B2B/STP-ECN broker, providing customizable and low-cost liquidity for professionals and institutions. GMI UK continues to utilize proprietary software developed by an associated company (Finstek) for the provision of key parts of its infrastructure such as Bridge, FIX API, and advanced price aggregation technologies. Its model and FCA permissions only allow it to act as matched principle so no risk is taken on any client trades.
GMI UK is controlled by former CEO Ashraf Ebid. In 2022 Mr. Ebid ceded day-to-day management of GMI to Zaid Alkhatib.
GMI UK’s 2023 income statement and balance sheet follow.
