Salim Sebbata has officially taken up his new role as CEO of the UK arm of UAE-based broker APM Capital.
As reported in TradeInformer in July, APM Capital acquired the UK entity that had belonged to Dutch broker BUX. Sebbata had been the CEO of this entity as well.
BUX was one of the early players to offer no dealing fee stock trading in the UK. However, it then separated its CFD trading arm into a separate brand called Stryk.
Ultimately higher rates and a tougher macro environment put a lot of pressure on stock trading apps and BUX was finally acquired by Dutch investment bank ABM AMRO this year.
APM’s main entity is in Abu Dhabi and the broker offers both CFDs and options and futures. It is unclear exactly what their plans are for the UK market.
APM is not the only new player to come to the UK retail market. Liquidity provider Onyx recently announced that it would be launching a retail-focused CFD product for oil trading.