FNG Exclusive… FNG has learned that longtime FXCM non-executive director Lorenzo Naldini has stepped down from the board of directors of Stratos Markets Limited, the FCA regulated company which now operates the Retail FX and CFDs brokerage brand FXCM.
Lorenzo Naldini had been serving as a non-executive director of Stratos Markets (formerly Forex Capital Markets Limited) for nine years, which is effectively the maximum term for a non-executive director of a UK company. According to the UK Corporate Governance Code there is no cap on the term of a company director, but after nine years directors are no longer considered independent, which in many instances acts as a de facto ceiling on tenure.
Lorenzo Naldini was a co-founder of retail online broker ODL Securities, which he and fellow co-founder Graham Wellesley sold to FXCM in 2010 for $55 million. FXCM is ultimately owned by US based financial services provider Jefferies Financial Group Inc (NYSE:JEF).
