Exclusive FNG… FNG has learned through regulatory filings that FCA and CFDs regulated broker Global Market Index Limited has seen its second consecutive year of revenue decline in 2023, with the company bringing in just £616.6k (US$787,000), down by 37% from £981k in 2022.
Global Market Index Limited, trading as GMI (or GMI UK) on the website gmimarkets.co.uk, provides access to online trading for financial products, including FX and CFDs for professional and ECP clients. The company uses proprietary software developed by its affiliate (Finstek) to provide key parts of the infrastructure, such as the Bridge, FIX API and advanced pricing aggregation technologies.
In 2023 GMI UK broke even, making a modest profit of £24,000, compared to £386,000 in 2022. Despite the breakeven year, during 2023 the company paid a £1m dividend, which reduced its total capital ( Net assets) from £2.33m at the end of 2022, to £1.36m in 2023.
GMI UK said the revenue drivers in 2024 are expected to come from four key 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 position and strength in the institutional space, the Company is well positioned to meet the needs of business professionals.
3. The Company will continue to work in partnership with its affiliate, Finstek, and use Finstek’s technologies, such as Bridge and Aggregation software. This allows Managers to pass on their savings to the customer and compete on price as well as speed of execution and quality of service, especially as the Company is no longer fully dependent on third parties.
4. Recruit motivated sales team and increase local and global geographic reach to attract and convert more customers.
About GMI UK
GMI UK is an FCA regulated provider of turnkey solutions to institutions and brokerage firms. The company operates as a B2B/STP-ECN broker, providing customizable and low-cost liquidity for professionals and institutions. GMI UK continues to use proprietary software developed by a related company (Finstek) to provide key parts of its infrastructure such as the Bridge, FIX API and advanced rate aggregation technologies. Its model and FCA rights allow it to act only as a matched authority, so no risk is taken on any client transaction.
GMI UK is controlled by former CEO Ashraf Ebid. In 2022, Mr. Ebid handed over the day-to-day management of GMI to Zaid Alkhatib.
Below is GMI UK’s 2023 income statement and balance sheet.
