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CMC Markets Founder and CEO, Lord Peter Cruddas, discusses the structural evolution of the Group, the accelerating opportunity across B2B and institutional markets, major global partnerships including Revolut, Westpac, and ASB, and his outlook for the remainder of the financial year ahead.
CMC has changed considerably in recent years. How would you describe the business today?
"CMC today is a vastly different business from the traditional retail trading operation many still associate with our brand. We have spent years investing heavily in our proprietary technology, global infrastructure, balance sheet, regulatory framework, and talent. The result is a sophisticated global financial services platform capable of serving both diverse retail clients and some of the largest institutional wealth managers in the world.
Our platform leads the industry in the breadth of its offering, providing continuous trading, 24 hours a day, five days a week, across asset classes – including options, equities, fractional shares and CFDs. Our Spectre account further broadens that proposition with tax-efficient, non-leveraged spread betting, while our unique private equity marketplace offers access to marquee pre-IPO investment opportunities. Together, these capabilities give both B2B and B2C clients greater choice in how they trade and invest, across both public and private markets, and provide a powerful foundation for our global Super App.
Alongside our traditional B2C business, we now power more than 300 B2B partnerships globally across an expanding multi-asset proposition. We achieved this scale by deliberately building our own technology infrastructure from the ground up, rather than buying legacy systems. Building allows us to tailor solutions precisely to institutional demands while capturing significant technology synergies and cost efficiencies. Our recent record-high share price and upgraded financial guidance are a direct reflection of this business model delivering material results.
Ultimately, our proprietary B2B technology sets us apart. It unlocks non-linear scale that simply cannot be replicated in a pure B2C model. To put that into perspective: just one of our major B2B institutional clients generated an onboarding volume in a single year that would typically take us a decade to acquire via standard B2C channels."
Your partnership with Revolut has already scaled significantly across Europe. What comes next?
"CMC Markets has strengthened its relationship with Revolut UK through a new partnership agreement, building on our successful collaboration across Europe. This marks another step in our broader partnership, supporting continued collaboration as we grow together internationally. We are delighted to be expanding this relationship into the UK."
You also have major partnership agreements with Westpac and ASB. Can you provide an update on those?
"Both implementations are progressing exceptionally well and remain strictly on schedule. The ASB New Zealand partnership is nearing its launch phase, with go-live expected before the end of this calendar year, while Westpac remains fully on track for an early 2027 launch.
These are transformative relationships for the Group. ASB unlocks a premium opportunity in New Zealand, while Westpac represents a major, long-term institutional anchor for us in Australia. In both instances, leading banks have audited the market and chosen CMC’s technology and regulatory infrastructure to power core elements of their client proposition.
For me, this validates how far we have come. We have built the operational capacity and institutional trust required to support tier-one banks. As these partnerships come online, they will become increasingly meaningful contributors to our recurring B2B revenue mix."
Are there particular areas where you see the next major growth opportunities coming from?
"The pipeline is incredibly diverse. Over the coming months, we will see:
• Tier-one banking partnerships transitioning to live, revenue-generating operations.
• The expansion of existing institutional relationships into new products and regions.
• A rapidly scaling warrants business alongside new initiatives in private markets.
• A continuously upgraded retail proposition, culminating in the launch of our global Super App.
Crucially, CMC is one of the few players with the technology, deep liquidity, regulatory expertise, and balance sheet strength to execute all these initiatives simultaneously. The future has never looked brighter."
How do you feel about the remainder of the financial year, and what can we expect from your upcoming half-year results?
"While I cannot disclose specific figures ahead of time, I remain highly confident in our financial trajectory and the structural opportunities ahead, particularly following our significant guidance upgrade at the end of Q1.
It is well documented that broader market volatility has remained subdued, with the VIX hovering at historically low levels, causing a tougher operating backdrop for some of our industry peers. However, that macro headwind is not reflected in CMC’s performance. Our momentum remains incredibly strong, led by the accelerating scale of our B2B division.
My recent personal purchase of approximately £5 million in CMC shares underlines that absolute confidence. Since our IPO a decade ago in 2016, I have not sold a single CMC share. Instead, I have continued to increase my holding as a clear demonstration of my belief in our pivot to an institutional platform provider. CMC Markets has been the finest financial investment of my life, and I have no intention of selling any shares, the company just keeps building and building.
We will formally report our half-year interim results on 26 November 2026, and I look forward to providing a more detailed operational update then. Until then, our absolute focus remains on execution."
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