A new London-based prime-of-prime service, Stater Global Markets, has launched today, with former Citi, IG and Integral executive Ramy Soliman appointed as CEO.
The FCA-regulated brokerage is seeking to capitalise on the fact that many traditional prime brokers (PBs) have either pulled out of this segment of the market completely or have reduced the number of firms that they are willing to provide services to, leaving a gap in the market for prime-of-prime to potentially fill.
“Risk appetite and credit appetite at the traditional prime brokers has contracted post-SNB
David Dohmen has been appointed head of compliance at Stater Global Markets, a London-based prime-of-prime service provider.
Reporting directly into CEO Ramy Soliman, Dohmen is expected to focus on ensuring that the business operates within the regulatory framework laid out by the Financial Conduct Authority (FCA).
He joins Stater with over 17 years' experience in legal and compliance roles – most recently from prop trading firm Ronin Trading UK/Europe, where he was director of compliance and operations for more than four years.
Stater Global Markets, a prime-of-prime brokerage launched in October 2016, has announced its core technology partners as well as the introduction of CFDs in indices and commodities.
Currenex, Integral and Flextrade have been selected as front-end platforms. Gold-i has been chosen as the bridge provider for Stater's MT4 White Label solution.
FXecosystem, who recently set up a point of presence in HK1 in Hong Kong and SG1 in Singapore, will provide connectivity. Stater Global Markets will use regulatory reporting services from NEX Abide.
"Prime-of-Prime" has become something of an umbrella term these days, used by many firms operating very different business models. So Profit & Loss asked a number of firms that place themselves in this category exactly what constitutes a "true" prime-of-prime service provider.
Mark Chesterman has joined Stater Global Markets in a newly created COO role.
Chesterman joins from IG Institutional, where he spent 14 years in a variety of different roles, most recently as COO.
As part of his remit at Stater Global Markets, Chesterman will work closely with CEO, Ramy Soliman on global expansion plans and new product development and he will also oversee the day-to-day activity of the firm.
oliman comments, "Mark played a key role in IG's rapid growth into a FTSE 250 organisation and the world's largest spread betting and CFD brokerage. His extensive experience in trading, operations and management is tailor-made for our requirements. Mark headed up IG's institutional division, overseeing liquidity management and working closely with banks, hedge funds and brokers.
Simon Henry has been appointed by Stater Global Markets as head of compliance.
He joins the FCA regulated prime-of-prime brokerage with over 20 years' experience in the FX industry; 17 of those years in compliance-based roles.
Henry's experience includes head of compliance roles at Gain Capital, Forex.com, London Capital Group, ETX Capital, LMAX Exchange and Goldenway Global Investments. He also has deliverable FX experience, having worked for both HIFX and Moneycorp earlier in his career. Henry has held CF10 and CF11 accreditations with the FCA since 2006 and is a Fellow of the International Compliance Association.
Ayhan Gurcuoglu has been appointed by Stater Global Markets as regional sales manager (Turkey). He joins from Sucden Financial, where he was also regional manager for Turkey.
In addition to three years at Sucden Financial, Gurcuoglo was at Sanko Securities for five years, where he progressed from financial dealer to foreign markets assistant manager and was, the firm says, instrumental in building up the organisation’s FX and CFD departments. His career history also includes working at Tera Brokers and at Raymond James in Turkey.
Ashraf Agha has been appointed by Stater Global Markets as a strategic advisor, focusing specifically on operations and compliance.
Agha has almost 30 years' experience in the financial sector, with roles including head of treasury at Saxo Bank, COO for the FX business at Marex Spectron, and co-founder and executive director of CFH Clearing, where he was accountable for all operations. He is also currently a board member of the regtech firm, muinmos.
Ramy Soliman, CEO at Stater, says: "Appointing Ashraf as a strategic advisor underpins our strategy of leveraging significant institutional experience to fast-track our growth.
Stater Global Markets (SGM), the London-based prime-of-prime brokerage, has joined oneZero’s EcoSystem network.This means that SGM will be able to extend the distribution of its FX and CFD liquidity to oneZero’s network. The firm has co-located with oneZero in LD4, with cross connections now in place to provide liquidity to oneZero’s institutional clients.Ramy Soliman, CEO of SGM, comments: “Being part of oneZero’s EcoSystem and offering our multi-asset liquidity to their bank, broker and hedge fund client base is a key part of our global growth strategy. In particular, the strength of oneZero in key regions such as Australia and Cyprus fits well with our growth objectives. oneZero’s market reach and robust infrastructure combined with our customisable, high quality liquidity make this an ideal partnership.”