Peter Cruddas, the billionaire founder of online trading platform CMC Markets, isn’t shy about talking about his country’s impending departure from Europe.
“I voted for Brexit and I can tell you why” the self-made East Londoner declares. “It’s about sovereignty.”
Thus begins a passionate rant which might seem incongruous from someone so connected to the financial heart of the UK.
CMC, which he founded in 1989, listed on the London Stock Exchange earlier this year with a valuation of more than $1 billion.
His is a rags to riches success story. Peter Cruddas grew up in the then tough, working-class East London borough of Hackney and left school with no qualifications at 15.
But he found his way to the City of London where he thrived as a currency trader, working his way to management positions before going out on his own to start CMC.
In the mid-90s he was one of the first traders to pick up on the potential of the internet and launched a live online platform for trading currency and trading derivatives that has seen the company grow into a major global player.
“Back in 1989 when I started CMC we had a telephone and we had a telex machine and we had a Reuters terminal,” he says.
Risky or not, Peter Cruddas traded his way to the top and has a passion for enabling others.
“Trading the financial markets is all about managing risk,” he says.
“If you are going to flip a coin every time you trade then you are going to come unstuck.
“You’ve got to learn to build positions, you’ve got to learn to take losses and this is where we can help you.”
He talks about in-built safety nets – guaranteed stop losses, position limits and tiered margins.
He doesn’t see it as a casino or lottery. “If you think you are going to make millions from a $5000 deposit in a week it’s not going to happen. But it’s all about making a career out of trading, making it happen and making it enjoyable.”
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