Exclusive FNG… FNG has learned that Retail FX and CFDs broker Trive has applied to cancel the FCA license of its UK subsidiary Trive Financial Services UK Limited as the group prepares to exit the UK market.
The move comes after Trive Financial Services UK Limited, which operates under the Trivepro brand out of offices in London’s Canary Wharf, left its chief executive Adam Dougall earlier this year, as well as head of institutional sales David Papier, who joined CPT Markets.
Shravan Joshi MBE, elected member of the Court of Common Council for Bishopsgate Ward, in the City of London Corporation, has also stepped down from the board of Trive Financial Services UK Limited.
The application to cancel Trivepro’s FCA license was formally submitted on June 14 and is still pending. Trivepro has been FCA licensed since 2010.
Interestingly, in its most recently reported financial period (2022) Trivepro saw revenue grow 9x to £10.8m, with Net Profits of £2.5m. Trive UK has yet to report its results for 2023.
Trivepro is a multi-asset brokerage offering online financial services to financial professionals and institutional investors, acting as the institutional brokerage arm of the Trive brokerage brand. We had exclusively reported in early 2023 that retail FX and CFDs broker GKFX (and UK institutional brokerage arm GKPro) were both rebranding as Trive. This followed a 2022 restructuring at parent company Global Kapital Group in Turkey, in which Global Kapital Group transferred ownership of the retail (GKFX) and institutional (GKPro) exchange arms to Amsterdam-based Trive, which also has Global Kapital Group shareholder Kasim Garipoğlu. interesting.
The company’s Malta-licensed operation is managed by the Retail FX division of the business. This operation was renamed from AKFX Financial Services Ltd to Trive Financial Services Malta Limited as part of the aforementioned restructuring. The retail brand was then changed from GKFX to just Trive and the institutional brand to Trivepro, operating out of the UK.