Business Entrepreneur | CMC Markets: From £10,000 to Millions!
In the difficult economic times that businesses are currently faced with, it is worth remembering that some companies are thriving, if only to illustrate that there is hope in the business world if you have a service or product that people find valuable. CMC Markets certainly provide a service that many people find valuable, yet this company was once no more than a man with an idea and a £10,000 bank loan.
Like all good stories, the CMC one starts at the beginning, and that was back in 1989. At this point, founder and now Executive Chairman Peter Cruddas launched the company with a loan of just £10,000. He had a vision and used cutting edge technology (at the time) to get a leg-up over the competition in the foreign currency exchange market, and it worked.
Cruddas gained experience in foreign currency dealing while working for various banks, including the Bank of Iran and Marine Midland. By 1989 Cruddas was head of foreign exchange dealing at the Petra Bank, based in Jordan but with a branch in the City of London. By this point he saw an opportunity to go into business by himself so he set up CMC Markets with just £10,000 to fund the new enterprise.
Business Entrepreneur | CMC today
From its inception Cruddas seized every opportunity he could to make CMC succeed, and this heavily involved the use of modern technology. In the early 90s this meant an increased use of computers and the internet, before other companies had realised just how big this phenomenon would be.
In 1996 CMC launched a real-time Forex trading platform and it is believed that CMC did the very first FX deal over the internet. This paved the way for scores of institutional, professional and retail clients to use CMC as a broker, to enable them to deal on the Forex market, which would be financially prohibitive without such a broker.
This service along with others has led to CMC becoming an internationally renowned business and it has led to Peter Cruddas becoming a figure sought out for his expertise and experience. In 2011 he was appointed Conservative Party co-treasurer and he has raised a huge amount of money for the party.
CMC Markets now has 15 overseas offices across the world and deals with over 3,000 financial products. In 1989 CMC was worth £10,000. In 2009 its revenue was quite a bit more than that, at £193.2 – £10,000 to multimillions.