BidX Markets has rebranded as Multi Asset Solutions, effective from February 28, 2024. The London-based liquidity solutions provider has officially changed its name to Multi Asset Solutions Limited, according to the documents filed with the UK government.
BidX Markets offers tailored access to liquidity, connectivity, and distribution services for brokers, asset managers, and funds. The company caters to a broad range of clients in the financial markets, including professional traders and established brokers.
From BidX Markets to Multi Asset Solutions
Last year, BidX Markets unveiled an offer of up to 5.1% interest on uninvested cash balances, with the highest rates for USD and GBP. This offer allows clients to earn interest by allocating idle funds into interest-bearing accounts. Finance Magnates has contacted BidX Markets for comment and will update this article once we receive the feedback.
The firm's CEO, Simon Blackledge, emphasized the opportunity for clients to optimize their cash resources and seize market opportunities, Finance Magnates reported.
The timing of BidX's announcement raised questions about regulatory influence, especially in light of a warning against "double dipping" practices by the UK's Financial Conduct Authority (FCA).
Regulatory Implications
The FCA directed investment platforms to address practices like retaining interest on cash balances and charging additional fees, highlighting regulatory scrutiny in the UK's financial sector.
As a London-headquartered firm regulated by the FCA, BidX Markets swiftly responded to these regulations to ensure compliance and transparency in its offerings. With a focus on forex , CFDs trading, and spread betting services, BidX aims to expand its market presence and deliver value to institutional and professional clients.
Recently, the company named Liam Bonfield as its new Chief Finance Officer. In his new role, Bonfield, who previously served as the CFO at Valutrades, will oversee the financial planning, reporting, and analysis at BidX Markets.
Meanwhile, BidX Markets reported a growth of 253% in revenue for the fiscal year 2023. The company's annual revenue reached an impressive £1,046,768 during this period. BidX Markets reported a pre-tax profit of £35,566, marking a significant improvement from the previous year.
