Exclusive: CXM Group Buys 50K CFD Traders-Heavy TD Markets

CXM Group, the multi-asset trading group founded in 2015, has agreed to acquire Johannesburg-headquartered TD Markets. Financial terms of the transaction were not disclosed. TD Markets will retain its brand, leadership team and South African FSCA licence, with CEO Amar Ramith continuing in his role.

South African clients will remain with the local TD Markets unit, so their accounts, funds and regulator will not change, CXM said. Existing agreements with introducing brokers and partners will also stay with TD Markets. Ramith said the process was focused on securing a long-term partner for the broker’s clients and staff, and that customers would experience the same TD Markets with greater backing.

The acquisition gives CXM a regulated presence in South Africa. Its existing licences are in Seychelles, Mauritius, the UAE and Cambodia. TD Markets, also founded in 2015, serves more than 50,000 active clients across Africa and operates in South Africa under a Financial Services Provider licence from the local regulator.

Product and regional expansion

After completion, CXM and TD Markets plan to offer South African clients 24/7 gold trading, TradingView connectivity and access to CXM’s liquidity and execution infrastructure. CXM introduced 24/7 gold trading and linked its trading accounts to TradingView earlier this year. Andrei Alekseev, CMO of CXM Group, said the group intends to invest in liquidity, technology and staff in Johannesburg rather than alter what clients value.

TD Markets partners will gain access to CXM’s international partnership programme. CXM also plans to invest in the Johannesburg team as a base for further expansion across Africa.

The deal follows other brokers entering South Africa through FSCA-regulated entities. ACY Securities acquired Ingot Brokers South Africa to obtain an FSCA licence, and Mitrade bought an FSCA-regulated firm as part of its expansion push. Exness has also established a local presence in South Africa. At the same time, South Africa’s over-the-counter derivatives provider licensing regime has been difficult for international brokers, with high operational costs prompting some firms to exit and others to withdraw applications.