Nicola Berardi, the CEO of Traders Trust, today (Friday) officially announced the launch of the new prop trading platform, TradingCult. The announcement came a couple of days after Finance Magnates’ exclusive report on the forex and contracts for differences (CFDs) broker’s jump into prop trading.
“After three months of tireless work, our team has built a firm that stands strong on the principles of trust, innovation, and collaboration,” Berardi wrote in a LinkedIn post announcing the TradingCult launch.
The Lucrative Business of Prop Trading
Berardi is the founder and CEO of the newly launched prop trading platform. He will also remain as the CEO of Traders Trust, a role he has held for the last 15 years. His prior experience includes being the Chief Financial Officer of Saxo Bank and Synthesis Bank.
Other than Berardi, TradingCult's LinkedIn page includes only one other employee, a business development manager who holds the same role at Traders Trust.
Although Berardi did not explicitly connect Traders Trust and TradingCult, the connections between the two brands are clear. They even operate from the same office space in Cyprus.
More Brokers into Prop Trading
Traders Trust’s entrance into the prop trading industry showcases the growing interest of brokers in this space. Earlier, OANDA, Axi, Hantec Markets, and IC Markets launched prop trading platforms, while many others are contemplating launching similar platforms.
Meanwhile, regulators are also taking an interest in prop trading. Finance Magnates recently reported that the pan-European regulator, ESMA, ran an initial check on prop trading firms and also discussed possible regulations for the industry. Furthermore, in a first for any regulator, the Czech National Bank talked about prop trading firms, highlighting that some of them “may be subject to the MiFID regulatory framework.”
