Weekly Recap: Inside LCG’s Three-Year Buyout; CMC Markets Plans Prop Trading Launch

London Capital Group is now fully owned by its management, concluding a buyout that took nearly three years. Managing Director Matt Basi and co-director Dave Worsfold bought the FCA-regulated broker through MBDW Holdings from the estate of collapsed FlowBank, having failed to agree a price with the bank since 2022. FlowBank's 2024 bankruptcy forced Swiss liquidators to market-test the business before accepting a bid. The price was undisclosed; terms included upfront cash, a payment tied to LCG's profits over 24 months and settlement of a roughly £200,000 intercompany balance.

CMC Markets Funded has set 1 October 2026 as the public launch date for its simulated trading evaluation programme. Legal documents name Dubai-based True North Tech as operator, with CMC Markets Singapore listed as the programme's exclusive financial services and brokerage partner; the documents stress that CMC Singapore is neither operator nor guarantor and that its regulatory status does not extend to the programme. Trading infrastructure appears tied to MatchTrader, though no commercial agreement is confirmed. Participants trade simulated accounts and receive contractual rewards rather than profits from live company capital.

In the UK, the Financial Conduct Authority has shut 21 CFD providers since 2025 as it targets firms with little or no British business but links to overseas operations. It cancelled the permissions of three more companies and is investigating two others over misleading customers. The regulator said the move concerns 'halo' firms, where UK authorisation can suggest British protection while clients actually contract with an overseas entity. As of December 2025, 74 firms were authorised to offer CFDs to UK retail clients.

London-listed iFOREX swung to a first-half net loss of $2.5 million from a $1.2 million profit a year earlier, with revenue down 2% to $26.9 million in the six months to 30 June. It cited the stronger Israeli shekel, costs from its February listing and a client-related charge, and will cut operating costs by about $500,000 a month from October. Net cash was roughly $6.3 million by mid-September. Active clients rose 8%, while average revenue per user fell 9% on lower volatility.

BlackBull Markets has pushed its planned IPO to 2027 after its board decided against listing 'at this time', according to a source familiar with the matter. Co-founder and CEO Michael Walker said the roadshow was constructive and investor feedback positive, but the board wanted to focus on growth and upcoming milestones. The broker had appointed Barrenjoey Capital Partners, UBS and Forsyth Barr ahead of a possible dual listing in Australia and New Zealand. New Zealand client funds are up 85% to almost NZ$100 million, with monthly volume around US$200 billion.

Elsewhere, eToro starts moving clients to its redesigned trading app on 4 October, with accounts and portfolios carrying over automatically, while Switzerland's Bern Commercial Court gave BDSwiss three months to drop 'Swiss' from its name and logo under the country's 'Swissness' rules.