Finance news provider LeapRate has informed that Jacob Plattner has joined Belize based FX broker Scope Markets as its new CEO.
As was exclusively reported at LeapRate last summer, Mr. Plattner resigned his position as Managing Director at FCA licensed broker GKFX, one year after joining the company following five years at Alpari UK, where Mr. Plattner was COO. LeapRate readers will recall that GKFX then planned to onboard former ETX Capital executive Joe Rundle to take his place, but Rundle decided to join ThinkMarkets. Instead, GKFX hired Brian Myers who had recently resigned as VP Sales of OANDA Europe.
Scope Markets is an offshore broker offering both MT4 and its own proprietary platform Scope GT. Scope is formally domiciled in Belize and regulated by the International Financial Services Commission of Belize (IFSC) under license number IFSC/60/373/TS/17.
Scope Markets is controlled by UAE-based entrepreneur Serkan Ismailoglu, with Mr. Plattner now also holding a significant stake in the company. Key markets to date for Scope have been the Middle East and Europe. The company is also now expanding in China, Latin America and Africa.
Why move to a Belize broker, from an FCA regulated broker?
What are the differences between running an FCA licensed broker and a Belize broker?
What are Scope Markets’ plans in the coming months?
LeapRate spoke exclusively with Jacob Plattner, here is what he had to say:
LR: Hi Jacob. Please let us know a little more about Scope Markets, and your decision to join the company.
Jacob: Scope Markets offers a wide range of FX and CFDs to retail and institutional clients via our proprietary platform “GT” and via MT4. For the last six months we have been working on getting ready for a big push in the retail space as most of our business to date is on the institutional side.
The decision was an easy one as the founders of the company and I have worked together for a long time now and had been discussing the possibility of partnering together for some time. I was looking for a new venture which would allow me not only to help run and grow the business but also to become a significant shareholder. It was an opportunity that I have wanted for a long time and I am extremely excited to see what we can do together.
LR: What is the key difference between managing an FCA licensed brokerage like GKFX, and a Belize-licensed broker such as Scope Markets?
Jacob: The regulatory framework in Belize is not as exhaustive as the FCA framework which makes sense considering the experience the FCA has with regulating the financial services industry. With that said, the IFSC had already been in contact with us and other firms discussing the improvements they are making as it has become a very popular place to become regulated. This can be seen by the IFSC’s decision to increase capital. I don’t see any main difference in the way we run our business compared to how I had run an FCA brokerage but the reporting is nowhere near as intensive yet and it is certainly easier to market our products at the moment.
LR: What changes do you foresee for the Retail FX sector in the coming months?
Jacob: I think the biggest change coming to the Retail FX space is the change in regulation throughout Europe, which is no surprise to any of your readers at this point. I think a lot of the new regs are warranted but some are just making it more difficult for clients. In terms of product and spreads I don’t see a whole of change and innovation coming from the industry at the moment.
LR: Where do you see the most opportunity?
Jacob: We still see a lot of opportunity in China, Africa and in South America. At Scope Markets we have had our own technology for nine years now and I do think there will be an even greater shift to proprietary platforms in the coming 12-24 months and I see this is a massive opportunity for us. I think there is also a lot of opportunity in managed services for retail clients. Whether it is managed accounts or tailored education but so far very little has been done that truly helps clients gain an edge when it comes to helping them make money. I hope this is something we can help do in the coming months for our clients.