CMC Markets plc
Annual Report and Financial Statements 2025
Where
markets
meet
innovation
Strategic report
1 Summary of the year
2 Strategic roadmap
3 At a glance
4 Chairman’s statement
6 Operating environment
8 Chief Executive Officer’s statement
10 Business model
11 Our strategy
12 Strategy in action
14 Key performance indicators
16 Financial review
20 Risk management
21 Principal risks
25 Viability report
26 Section 172 statement
28 Stakeholder engagement
30 Sustainability
39 Non-financial information and sustainability
statement
Governance
40 Chairman’s governance overview
42 Board of Directors
44 Corporate governance
50 Group Audit Committee report
54 Group Risk Committee report
57 Nomination Committee report
61 Remuneration Committee report
78 Directors’ report
Financial statements
82 Independent auditor’s report
90
Consolidated income statement
90
Consolidated statement of
comprehensiveincome
91
Consolidated statement of financialposition
92 Consolidated statement of changesinequity
93 Consolidated statements of cashflows
93
Notes to the consolidated financial statements
121 Company statement of financialposition
122 Company statement of changesinequity
122 Company statements of cashflows
123
Notes to the Company financial statements
Shareholder information
125 Alternative performance measures
127 Consolidated five-year summary
128 Shareholder information
Discover more online at cmcmarkets.com
When I founded CMC Markets in 1989 it
waswith a simple ethos: to make financial
markets accessible, thereby empowering
investors to realise their trading and
investing needs. That belief remains at the
heart of everything we do and has been
pivotal to our success more than 35 years on.
Today, we continue to deliver against
thatpurpose, standing as a global fintech
leader providing online trading, investing and
increasingly decentralised finance solutions
toboth retail customers and institutions.
Ourunrivalled technology offering, combined
withour innovative culture,positions us for
continued sustainablegrowth in the
yearsahead.”
Lord Peter Cruddas
Founder and Chief Executive Officer
Summary of the year
Operational and strategic highlights
– Continued execution of strategy-key
partnerships announced with Revolut
and ASB Bank.
– Expansion into Bermuda, providing additional
global reach.
– Extended trading hours introduced across 80+
leading US stocks, with further planned.
– Building out of decentralised finance capabilities
including launch of 24/7 crypto trading and ability
for clients to fund accounts via stablecoin.
– Increased investment in our Invest businesses,
including launch of cash ISA products in the UK.
– Continued focus on cost control, with further
efficiencies expected in FY 2026, enabling
reinvestment in growth areas.
– Establishment of a Treasury Management and
Capital Markets Division to enhance balance
sheet returns.
– Strengthened and refreshed management team
through keysenior hires.
Financial highlights
Net operating income¹
£340.1m
24
£332.8m
£288.4m
23
25
£340.1m
Statutory profit before tax
£84.5m
24
£63.3m
£52.2m
23
25
£84.5m
Underlying EBITDA²
£103.4m
24
£92.7m
£70.1m
23
25
£103.4m
Basic earnings per share
22.6p
24
16.7p
14.7p
23
25 22.6p
Assets under administration
£37.5bn
24
£40.5bn
£39.6bn
23
25 £37.5bn
1. Net operating income represents total revenue net of introducing partner commissions and spread betting levies. A reconciliation to the statutory financials
is provided on page 126.
2. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA). A reconciliation of underlying EBITDA to statutory profit before tax is
provided on page 126.
Strategic report Governance Financial statements Shareholder information
1 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic roadmap
Purpose
We believe in
empowering
investors to realise
their trading and
investing needs.
Todeliver on this
weaim to deliver
thebesttechnology
andservice to make
financial markets
trulyaccessible.
What we are doing
We are creating a
superior platform
forinvesting, trading
and brokerage.
This is delivered through
threecore brands:
CMC Connect acts as a non-bank liquidity
provider offering access to a wide range of
asset classes.
CMC Markets provides clients access to a
wide variety of trading solutions.
CMC Invest offers a range of products and
tools on its investing platforms.
See our business model on page 10
Allowing us to generate a positive impact
forallourstakeholders
How we are doing it
Our strategic priorities:
Diversified growth
Drive revenue growth and diversification by leveraging our expertise to build long-term
sustainability across a broader geographic footprint while remaining competitive in our
core retail trading operations.
Continued investment
Maximise the potential of our existing technology and data capabilities, harnessing their
full value to enhance our customer offerings—particularly across the business-to-
business segment and emerging Web3.0 and decentralised finance spaces.
Greater balance
Expanding our institutional and investment offerings will create a more balanced
business mix.
Cost focus and discipline
Remain committed to cost and capital efficiency, reinforcing accountability and
disciplined execution to optimise financial and operational performance.
See sustainability on page 30
See our strategy on page 11
2 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
At a glance
Our brands
We operate across...
Where we operate
UK
The UK is our largest market for
trading, complemented by a growing
investment and savings business
under the UK Invest brand.
We also continue to expand our
diversified institutional offering,
including CMC CapX, one of the
mostactive fundraiser of public
companies in the UK.
Net operating income
(FY 2024: £92.3m)
£104.6 m
Rest of the world
We have a significant presence in
Singapore and Europe, with a growing
footprint in the Middle East and
North America. Our core offering in
these regions is focused on trading,
with a small but growing investment
business in Singapore and the USA.
During the year, we also received
regulatory approval in Bermuda,
further expanding our global reach.
8
regulatory licences
(including UK and Australia)
Net operating income
(FY 2024: £131.0m)
£126.3m
Australia
We serve customers across both
trading (including CFDs) and investing,
as one of the most established players
in both markets.
In addition to our direct-to-consumer
offering, we provide a white-labelled
version of our platform in Australia
and have recently secured a similar
partnership with ASB Bank in
New Zealand.
No.2
Biggest stockbroker
inAustralia
Net operating income
(FY 2024: £109.4m)
£109.2m
Markets
Our direct-to-consumer trading
offering under the CMC Markets
brand serves a broad range of
clients, with a focus on larger
professional clients through
CMC Alpha. This segment
continues to be the largest
component of our business.
– Contracts for
difference (“CFDs”)
– Spreadbetting
– Options
– Foreign exchange (“FX”)
Invest
Our direct-to-consumer
investing offering, primarily under
the CMC Invest brand, remains a
growing part of the business. We
are a market leader in Australia,
and our expertise positions us
well to scale this offering further.
– Stockbroking
– Crypto
– Cash ISAs
– Pensions
Connect
This cuts across both our retail
and trading segments and
comprises:
White-labelling or similar
partnerships, where we provide
our trading and investing
technology to institutional clients.
Our Connect offering,
which includes Prime
Brokerage services.
– Liquidity solutions
– White-labelling
– Prime brokerage
Strategic report Governance Financial statements Shareholder information
3 – CMC Markets plc – Annual Report and Financial Statements 2025
Chairman’s statement
Our investment in diversification
and enhancing our B2B offering
– through white-label and API
partnerships and increasing the
investment side of the business –
continues to build momentum with
clients. It positions us to deliver on
our strategic vision.
Strategic progress and
businessdevelopment
To help accelerate the delivery of our diversification
strategy, the Board has taken a long and hard look at
its role, along with other aspects of governance and
organisation, to determine how best to implement the
strategy. It has concluded that the overall intent is to
have a smaller and more strategic Board.
We have also reviewed the Group’s corporate structure
— covering legal entities, committees and reporting
lines. The aim is to achieve greater efficiencies at an
organisational level across our two core sectors,
namely trading and investment, and to enhance the
digital offering across both. This will ultimately result
in a reduction in the number of companies within the
Group and a more focused and symbiotic use of certain
Group companies. An example of the latter is CMC
Invest and Opto Markets now forming a jointly operated
and co-ordinated business unit targeting a single digital
wealth proposition in the UK, USA and Canada.
Although we will be reducing the overall number of
Group companies, we have established a Bermuda
subsidiary to more efficiently expand our retail trading
book in selected jurisdictions. Our staff continue to be
instrumental to our growth and diversification.
Delivering growth
through diversification
As a result of this review of corporate structure and
reporting lines across business units, we have entered
into consultation with over 40 members of staff across
the Group. While it is always a matter of great regret
when colleagues leave the business, we believe
we are now better placed to deliver on our growth
opportunities and leverage our scale to grow profit
margins, while continuing to invest in our products
andtechnology.
Financial performance and dividend
Net operating income rose 2% to £340.1 million in the
year (FY 2024: £332.8 million), following increased client
trading activity and a reduction in impairment charges.
Profit before tax for the year was £84.5 million (FY 2024:
£63.3 million). The Board recommends a final dividend of
8.3 pence per share, resulting in a total dividend payment
of 11.4 pence for the year, in line with our dividend policy of
50% of profit after tax.
Board changes
As mentioned above, the Board has carefully
considered its role and that of senior management
– most notably ExCo – in determining how best to
exploit the opportunities created by the Group’s recent
investment in its diversification strategy. As part of that
process, the Board has consulted with Egon Zehnder.
While their report has not been finalised at the date of
this Annual Report 2025, we have an understanding
of some of their more general recommendations – in
particular, the move to a smaller and more strategically
focused Board. Next year’s Annual Report will provide a
fuller account of the detailed recommendations and our
progress in implementing them.
With significant expansion and global opportunities,
it is important that we are structured and focused
on building our regional reach and forging key
partnerships. To support this, David Fineberg will not
4 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
be putting himself forward for re-election at the 2025
AGM. Instead, he will take up the newly formed role
of Global Head of Strategic Partnerships. This is an
important role in which he will work closely with our
major institutional clients as we build on the success of
our Revolut and StrikeX partnerships, along with our
other key clients. I would like to thank David for his hard
work and insight on the Board, and I am confident he will
embrace the challenges of his new role with enthusiasm
and dedication.
At the same time, Matt Lewis will also not be putting
himself forward for re-election at the 2025 AGM. He
will instead fully focus on his role as Head of ANZ,
particularly to expand our stockbroking and cash
crypto businesses in the region following a record year
and with many upcoming opportunities that demand
increased focus. I would also like to thank Matt for his
contributions on the Board and the opportunities he has
helped us to develop. We look forward to him dedicating
his full time to opportunities in his region.
In addition to these changes, the Board was delighted
to approve the appointment of Laurence Booth to the
Board on 5 June 2025 as our Global Head of Capital
Markets. With a broad global remit, Laurence brings
strategic commercial expertise to the Board.
As advised on 25 February 2025, Albert Soleiman
stepped down as CFO and we thank him for his
contributions over many years. Coverage for that
position is currently being managed at the executive
management level.
Although the Code advises that non-executive
directors should consider nine years as their maximum
tenure, approval was granted at the last AGM (2024) for
my continued appointment as Chairman until the AGM
2025. Given that I have been a non-executive director
of the Company since April 2015 and Chairman since
January 2018, I will have served for ten years and six
months by the AGM on 24 July 2025. Accordingly, I
have not put myself forward for re-election and will be
stepping down at the 2025 AGM. I am very pleased
to confirm that, following a Board meeting on 4 June
2025, it was agreed that Paul Wainscott, our Senior
Independent Director, will become Chairman following
the AGM. I wish him every success in the role.
People and stakeholders
Our workforce remains the bedrock of our business,
and the efforts of our people enable us to deliver on
our strategic goals and provide outstanding service
to our clients. The Board also considers our broader
stakeholder base and the communities in which we
operate — including our partnership with Making the
Leap, our commitment to charitable donations and
support for employee volunteering.
We very much hope and believe that the corporate
and organisational changes set out above will not be
unduly disruptive for our people. The Board would
like to express its gratitude to all CMC employees for
their significant contributions throughout the year, and
particularly during this period of heightened change.
Sustainable and
Responsible Growth
The Board is committed to putting in place the tools and
capabilities for our customers and employees to invest
for a better future. Further information is available in the
sustainability and responsible business section of the
2025 Annual Report and Financial Statements.
Outlook
The outlook for the Group remains positive as we
continue to invest in the business, develop the platforms
and technologies our clients want, and further improve
our operational efficiency – in particular through the
organisational changes highlighted above. We will
continue to build on the work to date in diversifying
the business to position it for future opportunities
and challenges. While there remains the potential for
uncertainty in the financial markets due to ongoing
geopolitical events, the Board will remain focused
onnavigating this period of volatility to the benefit
ofallstakeholders.
James Richards
Chairman
5 June 2025
Exposure to
growth markets
We operate in a diverse range of expanding markets, benefiting
from structural tailwinds that drive demand. Our strong positioning
enables us to capitalise on these opportunities, offering scalable and
highly addressable markets with significant growth potential.
Diversified
and resilient
business model
Our globally diversified business spans multiple geographies and
product offerings. Through our trading and investing divisions, we
cater to both short-term and long-term customer needs, ensuring
resilience across market cycles.
Expanding
high-quality
customer base
We continue to strengthen our core direct-to-consumer offering
while expanding our reach among institutional clients and strategic
partnerships, driving sustainable long-term growth
Market-leading
technology
Our proprietary platforms are best in class, offering industry-leading
reliability and customer satisfaction. Continuous innovation ensures
we remain at the forefront of trading and investment technology.
Positioned for
Web3.0 revolution
Our scalable technology and regulatory expertise position us to
capitalise on emerging trends in digital assets and decentralised
finance, ensuring we remain competitive as market structures evolve.
Strong cash
generation and
shareholder
returns
We have a proven track record of strong cash generation, enabling
us to invest in growth while consistently delivering returns to
shareholders.
Investment case
Why invest?
Strategic report Governance Financial statements Shareholder information
5 – CMC Markets plc – Annual Report and Financial Statements 2025
Operating environment
Adapting to change,
competing for growth
We operate in a fast-paced and competitive environment,
which brings both challenges and exciting opportunities
as we continue to grow.
Changing customer needs
Customer expectations are evolving rapidly, driven by
technological advancements and shifting behaviours.
Clients now demand seamless, real-time trading and
investing experiences, with intuitive interfaces and
powerful analytical tools accessible across devices.
The demand for personalisation is growing, with
investors seeking tailored insights, education and
strategies aligned to their goals and risk profiles. Social
media and online communities continue to influence
investment behaviour, highlighting a shift towards more
collective and real-time decision-making. At the same
time, interest in digital assets is increasing, with clients
seeking greater access to crypto and blockchain-
related investment opportunities.
How we are responding
We continue to enhance our digital platforms with
cutting-edge technology. In trading, we are expanding
our presence on platforms like TradingView, which are
seeing increased use by active traders.
On the investment side, we are building out our global
proposition alongside our established stockbroking
arm in Australia. This includes our partnership with
ASB Bank in New Zealand and the integration of our
UK Invest and Opto Markets teams, where we are
expanding capabilities such as thematic investing
and robo-advisory. We are also preparing for the next
evolution in finance by enhancing our crypto offering and
laying the foundations to participate in the Web 3.0 and
decentralised finance future.
Regulatory environment
The regulatory landscape for financial services
is becoming increasingly stringent and complex.
Regulators across key markets are enhancing client
protection measures, including stricter rules on leverage
limits, disclosure requirements and the marketing of
financial products such as CFDs.
In addition, anti-money laundering and counter-terrorist
financing regulations are tightening, requiring more
robust internal controls and oversight.
The rise of digital assets and decentralised finance is
also prompting new regulatory frameworks, which could
influence future product offerings.
How we are responding
We are investing in robust compliance frameworks,
enhancing our reporting capabilities and ensuring our
products and services meet regulatory standards.
Ourproactive engagement with regulators ensures
westay ahead of changes, safeguarding our reputation
and operational resilience.
At the same time, we continue to diversify our business
to offer a broader spectrum of products catering to a
wider range of clients, helping us remain resilient in the
face of adverse regulatory changes.
Structural growth drivers
Long-term demographic trends continue to drive
structural growth in the trading and investing space.
Ayounger, tech-savvy generation is entering financial
markets earlier, often with a preference for mobile-first
platforms and self-directed investment.
Wealth accumulation in emerging markets is enabling
greater participation in global financial markets, while
increasing financial literacy and access to information
are further fuelling this trend. At the same time, an
ageing population in developed markets is contributing
to demand for diverse investment solutions aimed
at wealth preservation and retirement planning. The
intersection of these trends is expanding the overall
addressable market and driving innovation.
In markets such as the UK, the relative lack of a retail
investment culture presents an opportunity for us to
grow, as clients increasingly seek to invest more actively.
How we are responding
We are tailoring our offerings to meet the preferences
of emerging investor demographics, including intuitive
platforms and educational resources.
We are working to enhance our proposition to ensure it
remains relevant and captures this shift across both our
trading and wealth segments.
By expanding our geographic presence, we aim to
capture growth in under-penetrated markets.
6 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
Competition
The competitive landscape is intensifying as new
entrants leverage advanced technology to disrupt
traditional models, offering low-cost, high-speed
platforms with innovative features. Established players
are broadening their offerings by introducing new trading
instruments and enhancing customer experiences.
Fintechs bring agility and innovation, while price
competition and commission-free trading continue to
challenge traditional revenue models. Globalisation has
further increased cross-border competition, raising the
need for differentiation.
How we are responding
As a forward-thinking fintech, we are focused
on standing out through superior technology, a
comprehensive product range and exceptional
customer service. We are prioritising being the best –
not necessarily the biggest.
Our investment in innovation and operational efficiency
enables us to stay competitive while delivering value
to clients and shareholders. At the same time, we are
laying the groundwork to capitalise on the next wave of
financial evolution, including the emergence of Web 3.0
and decentralised finance.
By strengthening our core capabilities and remaining
agile, we are positioning the business to respond to
future market shifts and unlock new opportunities in
anincreasingly digital, tokenised economy.
Large addressable
markets
The trading and investing sectors are expanding as
technological advancements democratise access
to global financial markets. Retail investors are
increasingly entering the space, driven by user-friendly
platforms, low-cost solutions and a growing appetite for
diversified asset classes such as ETFs, derivatives and
cryptocurrencies.
At the same time, institutional participation in products
such as CFDs is growing as firms seek efficient ways to
manage exposure. The continuous evolution of financial
products and platforms is broadening the appeal of
these markets.
How we are responding
We are scaling our operations to tap into these
opportunities, focusing on innovation and localisation.
Our broad product suite and strategic partnerships
position us to capture a greater share of this
growing market.
During the year, we signed a partnership with Revolut to
provide their European clients with trading services.
We also launched in Bermuda, which allows us to serve
international markets not covered by our existing offices.
Macro-economic
environment
The macro-economic environment remains volatile,
characterised by persistent inflation, fluctuating interest
rates and geopolitical tensions. Central banks’ monetary
policy decisions have led to significant shifts in market
sentiment, influencing both institutional and retail
trading activity.
Heightened market volatility has created opportunities
for active traders but also introduced risks and
uncertainties for long-term investors. Global supply
chain disruptions and energy price fluctuations have
further exacerbated market unpredictability. These
factors, along with growing interconnectivity in financial
markets, continue to shape client behaviour and trading
volumes across asset classes.
How we are responding
We are capitalising on volatility by providing clients with
tools to navigate market movements, while maintaining
a diversified revenue base to withstand economic
cycles. This includes extending trading hours for
certaininstruments.
During the year, we adjusted our market risk appetite,
which should enable us to retain a greater proportion
ofclient income, particularly during periods of
increasedvolatility.
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7 – CMC Markets plc – Annual Report and Financial Statements 2025
Chief Executive Officer’s statement
Under my leadership, and
particularly since our IPO in 2016,
CMC has had a clear, focused
strategy for growth as a technology-
driven, multi-asset, multi-platform,
financial services provider –
delivering results today, whilst
investing for the future and shaping
the industry of tomorrow.
Today, CMC is the go-to business for multi-asset,
investment products and platform technology built on
two core verticals:
– Platform Technology as a Service (“PTAS”):
Institutional-grade trading platform technology and
execution services to business-to-business (“B2B”)
and business-to-business-to-consumer (“B2B2C”)
through our open API and white-label solutions,
deriving higher turnover and profits through scale
and distribution.
– Direct-to-consumer (“D2C”): Offering a best-in-
class multi-asset trading experience, incorporating
platform technology, products, educational
resources, liquidity and execution services.
Redefining finance for a
borderless, 24/7 world
Our vision is simple:
one wallet, all assets,
anytime, anywhere.”
This two vertical approach enables us to access a
broad diverse global client base spanning institutional,
professional, retail traders and investors, ensuring
deep liquidity and varied revenue streams. Our global
ambition is to provide 24/7 execution, liquidity, investing
and trading access across multiple platforms.
However, Web 3.0 technologies, with its emphasis on
decentralisation, user ownership, and transparency,
is reshaping how financial products are structured,
accessed, managed and traded, particularly through
the influence of Decentralised Finance (“DeFi”),
tokenisation, and blockchain-based systems. Web 3.0
is a natural extension of everything we already do – just
more efficient, more accessible, and more scalable.
The advent of Web 3.0 technologies has necessitated
the development of our third vertical: DeFi functionality
on blockchain networks. This is a move that positions
CMC to take advantage of the structural changes
we are seeing in the financial ecosystem in the
years to come.
8 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
Web 3.0 is the natural evolution
Web 3.0 is the natural evolution for CMC and is driving
the launch of our third vertical.
Always On: 24/7, borderless, timeless
Web 3.0 markets don’t sleep. They align with CMC’s
vision for continuous access across global multi-asset
classes and enables seamless participation regardless
of geography, time zone, or banking infrastructure.
Self-custody & digital ownership
Web 3.0 will empower our clients to own, manage and
trade their assets directly, with no third-party custody
required – integration of cold storage wallets and DeFi
infrastructure will enable clients to hold assets safely
and independently.
On-/off-ramp infrastructure
Clients can fund and withdraw in digital currencies,
enabling seamless access to Web 3.0 markets and
unlocking borderless trading. In turn, this will create new
spread-based revenue and supports CMC’s role as a
digital gateway.
One-click trading across chains
Users can trade any asset, across any chain, with a
single click. Our smart wallet will abstract away all the
complexity – gas fees, bridging, routing – and delivers
aclean, all-in net price.
Tokenisation of everything
From equities to real estate, tokenisation turns illiquid,
inaccessible assets into tradeable, divisible tokens.
Thiswill enable fractional ownership, enhanced
liquidity,and broader inclusion across both retail
andinstitutional audiences.
Integrated payments and instant settlement
CMC’s treasury model is crypto-native: digital asset
settlement, on-chain clearing, and spread opportunities
when converting between fiat and crypto. We are
developing a single wallet that lets clients deposit,
withdraw, and pay in crypto, fiat, or tokenised assets,
seamlessly. One interface, fully integrated across
on-chain and traditional rails.
Programmability & Smart Contracts
Execution logic, yield strategies, and even fund access
can be automated and auditable via smart contracts.
This will reduce reliance on intermediaries, enhances
transparency, and cuts cost-to-serve.
Web 3.0 is not optional
-itisinevitable
Web 3.0 will transform traditional investing products
byintroducing tokenised assets, DeFi platforms, and
DeFi models that enhance accessibility, reduce costs
and offer new opportunities. The convergence of
traditional finance and DeFi looks to a future where
hybrid models dominate, blending Web 3.0’s innovation
with traditional stability.
DeFi infrastructure is the tech stack that makes
transparent, and permissionless financial services
possible, supporting everything from centralised
exchanges to yield farming. As the lines between
asset classes and products blur, CMC will sit at the
centre of this transformation – with technology that
empowers, educates and unlocks value for clients
andshareholders.
The advent of Web 3.0 is inevitable. With the launch
ofour third vertical and strategic investments in this
space, CMC is positioned firmly at the heart of this
major transformation.
DeFi and the three vertical
future state
For decades, CMC has been at the fore of innovation,
pioneering online trading in the 1990s and now, we are
leading the way once again with DeFi - unlocking the
power of blockchain, tokenisation, and decentralised
markets for our global client base.
Our strategic investment in StrikeX is a cornerstone
of our vision. By securing a 51% controlling stake,
completed in May 2025, we are not only accelerating
our DeFi ambitions but also bringing native blockchain
talent directly in-house.
StrikeX’s expertise in tokenisation, DeFi wallet custody,
and digital asset execution is matched by its team of
blockchain innovators who are now part of the CMC
family. This investment goes beyond technology – it
strengthens our internal capabilities and enables us to
build a bridge between traditional and decentralised
financial ecosystems.
Web 3.0 is an ecosystem that never sleeps, and I firmly
believe that the future of trading is 24/7, with round-
the-clock market access becoming the new global
standard. In FY 2025 we launched weekend crypto
trading, adding an extra 104 trading days to our trading
year. This is a central part of my broader vision for the
business where clients can access global markets
seamlessly, anywhere, anytime and without restriction.
We are actively implementing 24/7 access for a
wide range of asset classes, including major indices,
commodities, and equities – a shift which represents a
transformation in how financial markets are accessed
and traded.
To further support our expansion, we are enhancing
our Digital Asset Treasury & Payments infrastructure,
which is now fully crypto-native. This enables real-
time digital asset settlement and on-chain clearing.
Our infrastructure also allows clients to deposit and
withdraw in major digital currencies like Tether, Bitcoin
and Ether enhancing liquidity and facilitating borderless
market access. This foundation is crucial for unlocking
the full potential of DeFi and ensuring that CMC remains
a gateway for digital assets on a global scale.
Looking further into the future, we are developing a
Multi-Asset Wallet – a unified platform where clients
can seamlessly manage both traditional and digital
assets. This wallet will integrate cash, equities, crypto,
ETFs, funds, and tokenised assets under one interface,
offering real-time settlement, 24/7 access, and true
market fluidity. At CMC we intend to deliver a single,
secure gateway to the entire financial ecosystem,
providing clients with unmatched accessibility and
control over their investments.
The introduction of our third vertical – DeFi functionality
– will mark a significant step forward. Whilst this
will be transformational for the business; it is also a
natural extension of everything we do, designed to be
more efficient, accessible, and scalable. Alongside
our established strengths in D2C and PTAS, DeFi
represents the future of this business and the next
exciting phase of our growth and development.
Embracing the financial revolution
As we enter FY 2026, CMC stands as a well-capitalised,
highly cash-generative business with the vision,
technology, strategy, and leadership to deliver the next
phase of growth. Our two vertical model has firmly
established us as a leader in multi-asset trading and
technology solutions. Now, with the introduction of
our third vertical, in the form of DeFi functionality, I am
positioning CMC to lead the next wave of innovation.
I have dedicated most of my life to ensuring that CMC
remains at the forefront of financial technology and that
commitment is stronger than ever - I am fully focused
and energised on ensuring we stay ahead in a rapidly
evolving financial landscape. I am, and always will be,
100% dedicated to this business and I have no plans to
ever retire, or to sell any of my shares.
With my clear vision and the talented team around me,
I am confident CMC will continue to cement its status
as a global leader and world-class financial technology
business in the years to come with me at the helm.
With all the opportunities ahead of us, I am more
confident and excited than ever before.
Lord Cruddas
Chief Executive Officer
5 June 2025
Strategic report Governance Financial statements Shareholder information
9 – CMC Markets plc – Annual Report and Financial Statements 2025
Business model
Enablers
Technology
Our proprietary platforms are best-in-class, delivering industry-
leading reliability, performance, and customer satisfaction.
Continuousinnovation ensures we remain at the forefront of
tradingand investment technology.
Financial strength
We are financially strong, well-capitalised and highly cash generative,
with no debt. This solid financial foundation enables us to invest in
growth while maintaining resilience across market cycles.
See more on page 16
Reputation
Trust is at the core of our industry. We are committed to delivering
forour customers, maintaining our reputation for excellence,
integrity,and service quality.
Risk management
We adopt a robust, disciplined approach to risk management,
ensuring we operate within well-defined parameters to protect
our business and customers.
See more on page 20
What we do
Delivering value for
Customers
We help and empower out clients to
realise their trading and investing needs.
Colleagues
We strive to make CMC a positive and
inclusive workplace and great place
to work allowing colleagues to grow
and excel.
Shareholders
Sustained organic growth driven by
our successful business model. Strong
financial performance which funds further
investment in the business, whilst growing
shareholder returns.
How we make money
Trading
We generate revenue through spreads,
financing and commissions on client
transactions. Income retention depends
on risk management gains and losses,
driven by our exposure to client positions,
hedging activity and associated costs.
We also earn interest income from client
balances and our own funds.
Investing
We generate revenue through
commissions on client transactions and
interest income on client cash balances.
Revenue is influenced by the level of
client activity, asset growth and prevailing
interest rates. We also earn interest
income on our own funds.
Trading
Investing
Direct-to-consumer
(D2C)
Platform as a service
(including B2B and B2B2C)
Building a next-generation,
scalable platform business
10 – CMC Markets plc – Annual Report and Financial Statements 2025
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Our strategy
How we do it
We have continued to deliver on our three core strategic priorities throughout FY 2025.
While we have rebranded these for FY 2026, the underlying priorities remain unchanged,
with the addition of a fourth priority: a greater focus on cost efficiency and discipline.
FY 2025 focus Progress in FY 2025
Trading platform
productdiversification
– Regulatory approval in Bermuda, enhancing our global reach.
– Launch of OTC options and SB options in the UK.
– Introduction of cash ISAs in the UK.
– Build out of decentralised finance capabilities including the launch of 24/7
crypto trading.
– Extended trading hours across 80+ leading US stocks.
Investment in
business-to-business
technologycapability
– Revolut partnership launched, further diversifying our presence across
markets and geographies.
– ASB Bank deal agreed, cementing our position as a leading fintech in the
Asia-Pacific region.
Expansion of Invest platforms
and institutional offering
– Launch of cash equities institutional offering in the UK and the Middle East.
– Launch of options in new markets.
– Continued expansion of CMC CapX.
FY 2026 focus
Diversified growth
Drive revenue growth and diversification by leveraging our expertise to
build long-term sustainability across a broader geographic footprint while
remaining competitive in our core retail trading operations.
Continued investment
Maximise the potential of our existing technology and data capabilities,
harnessing their full value to enhance our customer offerings—particularly
across the business-to-business segment and emerging Web3.0 and
decentralised finance spaces.
Greater balance
Expanding our institutional and investment offerings will create a more
balanced business mix.
Cost focus and discipline
Remain committed to cost and capital efficiency, reinforcing accountability
and disciplined execution to optimise financial and operational performance.
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11 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategy in action
Bringing award-winning
technology toNew Zealand
During the year, we formed a long-term
strategic partnership with ASB Bank, one of
New Zealand’s largest financial institutions.
This collaboration enables ASB Bank’s
clients to access our cutting-edge trading
technology and execution services through
an ASB-branded web and mobile platform,
seamlessly integrated with ASB Bank’s
existing systems.
Why this partnership matters
This marks a key step in our strategy to grow our B2B technology
footprint and strengthen institutional relationships. ASB Bank
customers will now benefit from:
– Our award-winning trading technology across mobile and desktop.
– Access to over 15 international markets, broadening their
investmentopportunities.
– In-depth market research tools and tax reporting features to
enhance their trading experience.
Integration and financial impact
The integration process is expected to take 12 to 18 months, with
associated costs primarily capitalised. The revenue potential is
significant for the growth of our Invest business. Thanks to our scalable
model, ongoing costs are expected to be incremental, making this a
highly efficient partnership.
Additionally, we will become a full trading, settling and clearing
participant on the New Zealand Stock Exchange (NZX), reinforcing our
long-term commitment to the Australia and New Zealand region.
Strengthening market position
We are the second-largest stockbroker in Australia, managing over
A$70 billion in Assets Under Administration. This partnership further
solidifies our position in the Australia and New Zealand region,
showcasing our ability to deliver top-tier institutional trading solutions.
Looking ahead
This partnership demonstrates our ability to deliver world-class
technology solutions to financial institutions, reinforcing our reputation
as a global leader in brokerage services.
By combining ASB Bank’s strong customer network with our
technological expertise, the partnership is set to elevate share trading
services in New Zealand, fuel revenue growth and further establish our
presence across the wider Australia and New Zealand market. With no
regulatory or shareholder approvals required, the path to execution is
clear – making this a seamless and exciting opportunity for both parties.
12 – CMC Markets plc – Annual Report and Financial Statements 2025
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Embracing the future
of finance
This year, we made a bold move into the next
generation of financial technology. We’ve
begun building new capabilities that will allow
clients to access and manage their investments
in a way that is faster, more flexible and aligned
with how markets are evolving.
Why this move matters
Markets are evolving rapidly. Clients expect access on their terms –
anytime, anywhere – and they want greater control over how they hold
and trade their assets. That’s exactly what we’re building.
This is a natural evolution for us, taking what we already do best
and making it more efficient, more accessible and available around
the clock. Soon, clients will be able to deposit and withdraw using
digital currencies, securely hold their assets without relying on third
parties, and trade across platforms in one click – all within a seamless,
integrated experience.
We’re working to simplify what has traditionally been complex, using
a smart wallet that handles the background processes – fees, routing,
conversions – and presents a single, transparent price. At the same
time, we’re developing ways to digitise traditionally hard-to-access
assets, such as property and private equity, making them easier to
trade and opening up new markets to a broader range of investors.
We’re also re-engineering our treasury systems to be real-time and
crypto-ready, giving us the capability to process payments and
settlements instantly – whether in pounds, dollars or digital assets.
Strategic investment in StrikeX
To accelerate our progress, we invested in StrikeX in FY 2024 –
acompany at the forefront of digital asset innovation. In May 2025,
weincreased our stake to 51%, bringing in the people and technology
that will help power this next chapter.
Looking ahead
We’re already seeing this vision come to life. Weekend crypto trading is
now live, adding 104 additional trading days each year – a clear example
of what 24/7 market access looks like in practice.
We’re expanding this approach to other major markets, including
indices, commodities and equities, giving clients round-the-clock
access to more of the assets that matter to them. The next major
milestone will be the launch of our Multi-Asset Wallet – a single, secure
platform where clients can manage their entire portfolio, from cash and
shares to crypto and digital tokens.
This is more than just a product roadmap – it’s a fundamental shift in
how financial services are delivered. With the right technology, a clear
strategy and a strong financial position, we’re well placed to lead this
transformation and unlock real value for all our stakeholders.
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13 – CMC Markets plc – Annual Report and Financial Statements 2025
Key performance indicators
Measuring success
We use our key performance indicators (“KPIs”) to monitor progress towards achieving our strategic
goals and to assess the effectiveness of our business model. We regularly review and update our KPIs
to ensure they remain relevant and accurately reflect our performance. This year, we have refined a
number of measures to better align with our strategy and evolving priorities.
Non-financial KPIs
1 System uptime during the year was adversely impacted by the global CrowdStrike outage
Active clients
(Trading)
52,290
Why it is important
Active clients drive revenue and
market share. Growth reflects the
strength of our platform, offering
and client strategies.
How it is measured
Number of unique clients who
have placed at least one trade in
their trading account during the
reporting period.
System uptime
99.93%¹
24
99.95%
99.97%23
25 99.93%
Why it is important
Ensures reliable service delivery
and supports client trust and
operational efficiency.
How it is measured
The percentage of trading hours
that clients are able to trade on
the Next Generation and Invest
platforms.
Trustpilot score
4/5
24
4.2
4.023
25 4.0
Why it is important
Managing customers’ money
demands trust and reputation.
OurTrustpilot score reflects how
well we meet client expectations
and maintain that trust.
How it is measured
Scores are taken from Trustpilot at
the end of the reporting period for
CMC Markets.
Colleague engagement
57%
24
37%
72%23
25 57%
Why it is important
Engaged colleagues deliver better
outcomes for the business. High
engagement supports retention,
attracts talent and builds a strong,
inclusive culture.
How it is measured
Engagement is measured through
an annual survey using an external
provider. We use an “engagement
index” based on areas including
pride, commitment and motivation.
Revenue per active client
(Trading)
A
£4,761
Why it is important
Growth in revenue per active client
shows success in attracting and
retaining high value clients, and
reflects the strength of our platform,
products and service.
How it is measured
Total trading revenue divided by
the number of active clients within
the trading business over the
reporting period.
Active clients
(Investing)
238,656
Why it is important
Active investors drive the growth
and success of the Investing
business. Growth in this number
reflects the strength of our platform
and client engagement.
How it is measured
Number of unique clients who
placed a trade or contributed to
their investing account during the
reporting period.
24
£4,685
£3,96823
25
£4,761
24
55,294
58,73723
25
52,290
24
211,576
218,31023
25
238,656
A
Denotes an alternative performance.
Fordefinitions and a reconciliation to
thestatutory financials can be found
onpages 125 to 126.
14 – CMC Markets plc – Annual Report and Financial Statements 2025
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Profit before tax
£84.5m
24
£63.3m
£52.2m23
25 £84.5m
Why it is important
Statutory profit before tax
measures the our overall financial
performance and value creation
under accounting standards.
How it is measured
Profit before tax as reported in the
consolidated financial statements,
prepared under IFRS.
Profit before tax margin
A
24.8%
24
19.0%
18.1%23
25 24.8%
Why it is important
This margin shows how efficiently
we are converting revenue
into profit, reflecting our cost
management and operational
scalability priorities.
How it is measured
Statutory profit before tax
divided by net operating income,
expressed as a percentage.
Net operating income
A
£340.1m
24
£332.8m
£288.4m23
25 £340.1m
Why it is important
Net operating income reflects
ourcore revenue generation and
client activity levels, supporting
long-term growth.
How it is measured
Total revenue from operating
activities, net of rebates and
introducing broker commissions,
as reported in the consolidated
financial statements, prepared
under IFRS.
Financial KPIs
Assets under
administration
£37.5bn
Why it is important
Assets under administration
measures the scale of client assets
on our platform, which is a strong
indicator of future fee income.
How it is measured
Total market value of client assets
held in investing accounts at
period end.
Underlying EBITDA
A
£103.4m
24
£92.7m
£70.1m23
25 £103.4m
Why it is important
Underlying EBITDA is a key
measure of underlying operating
performance, removing the
effects of financing, tax and non-
cash items.
How it is measured
Statutory profit before tax adjusted
for interest, tax, depreciation and
amortisation as well as impairment
on non-current assets.
Own funds requirement
ratio
272%
Why it is important
A strong capital ratio supports
regulatory compliance, resilience
and future growth.
How it is measured
Total capital resources after
relevant deductions divided by own
funds requirements, expressed
as a percentage. Calculated in
accordance with the requirements
of MIFIDPRU.
24
£40.5bn
£39.6bn23
25
£37.5bn
24
312%
369%23
25
272%
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15 – CMC Markets plc – Annual Report and Financial Statements 2025
Financial review
The significant investment
made across our platforms over
recent years, along with our
institutional-first approach and
focus on high-value retail clients,
has resulted in continued strong
financial performance across
ourbusinesses.
Summary
FY 2025 was another year of strong results, with us
reporting a statutory profit before tax of £84.5 million
for FY 2025 – an increase of 33% from the £63.3 million
we reported in FY 2024 – aided by increased interest
income, reduced commissions and levies, and the non-
recurrence of impairment charges on intangible assets.
Net operating income increased by 2% to £340.1million
(FY 2024: £332.8 million) but was impacted by periods
of weaker trading revenue early in the second half
of the year, which was partly offset by a rebound in
performance towards the end of the year, in part as a
result of a revised hedging strategy we implemented in
late January as well as increased volatility. The slightly
weakened trading performance was partially offset
by strong stockbroking revenues, demonstrating the
benefits of our dual-track investing and trading model,
which will allow us to generate sustainable and reliable
returns in all market conditions.
Driving efficiencies by
leveraging our scale to
deliver growth and
margin expansion
Alternative performance measures
Financial information in this report is prepared on a statutory (taken directly from the financial statements)
andnon-statutory basis. While the Group limits the use of adjusted measures, they are used where necessary
to provide a clearer representation of financial performance. Further details, including a reconciliation of
alternative performance measures, are provided on pages 125 to 126.
We close the year in a position of continued financial strength, with no debt, a strong capital base, and robust liquidity,
underpinned by high cash generation. Our focus on delivering our strategic priorities positions us for sustained growth,
enabling us to generate attractive returns for shareholders while delivering benefits to our wider stakeholders.
£’million FY 2025 FY 2024 Change
Trading and investing revenue 313.3 320.1 (2%)
Other revenue 4.3 4.7 (9%)
Interest income 42.5 35.0 21%
Total revenue 360.1 359.8 —
Commissions and levies (20.0) (27.0) (26%)
Net operating income 340.1 332.8 2%
Operating expenses (250.0 ) (254.9) (2%)
Impairment of intangible assets (0.5) (12.3) (96%)
Operating profit 89.6 65.6 37%
Loss on share of associate (0.2 ) (0.3) (33%)
Impairment of associate (2.3) — n/a
Finance costs (2.6) (2.0) 30%
Profit before taxation 84.5 63.3 33%
Taxation (22.3) (16.4) 36%
Profit after tax 62.2 46.9 33%
Profit before tax margin 24.8% 19.0% 5.8ppts
Net operating income
Net operating income increased by 2% to £340.1 million (FY 2024: £332.8 million). Trading net revenue continues
to make up the majority of net operating income at 73% of the total, although is down year on year from 78% as
we continue to benefit from the growth in our investing businesses, higher interest income and a reduction in
commission and levies.
£’million FY 2025 FY 2024 Change
Trading net revenue¹ 248.9 259.1 (4%)
Investing net revenue¹ 44.4 34.0 31%
Other revenue 4.3 4.7 (9%)
Interest income 42.5 35.0 21%
Net operating income 340.1 332.8 2%
1. Trading and investing net revenue represent trading and investing revenue after deducting commissions and levies. A reconciliation can be found on page 125.
16 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
Trading performance
Our trading business continues to make up the majority of our revenue. The trading business consists of direct-to-
consumer offering , which comprises of retail and professional traders as well as a business-to-business offering.
£’million FY 2025 FY 2024 Change
Direct-to-consumer (D2C) 149.1 170.0 (12%)
Platform as a service (B2B and B2B2C) 99.8 89.1 12%
Trading revenue 248.9 259.1 (4%)
1. Where the we use external hedges to manage client positions, these are netted against revenue in accordance with our accounting policy. Given our
significant use of internal hedging, the net cost of hedging cannot be attributed to individual clients. Instead, these costs, along with other unallocatable
expenses, have been proportionately allocated between customer types.
We have continued to focus on expanding our Platform-as-a-Service offering, including progress in our white-
labelled proposition, most notably through our partnership with Revolut. In recent years, we have taken a more
selective approach to direct-to-consumer trading, scaling back marketing investment in this area – particularly
for retail clients – as we focused on more professional clients. However, looking ahead to FY 2026, we see strong
potential to reaccelerate growth in the retail segment. This will be supported by key initiatives such as our new
partnership with TradingView – the world’s largest charting platform and social trading network, used by over 100
million traders and investors globally – as well as the launch of our Bermudan operation.
Our trading revenue is primarily driven by two factors: turnover – the total notional volume of client trades from which
we earn spreads, fees and commissions – and client income retention, which reflects the proportion of this income
that we convert into revenue. Our business model remains anchored in robust risk management. In the fourth quarter,
we implemented a revised market risk appetite, increasing our overall risk tolerance following a detailed review.
Under this updated framework, we continue to benefit from natural hedging, with external hedging now applied
more selectively, targeting specific asset classes or exposures outside defined limits. This change is expected to be
earnings-accretive by lowering hedging costs, though it may lead to increased earnings volatility.
Investing performance
£’million FY 2025 FY 2024 Change
Direct-to-consumer (D2C) 32.9 24.4 35%
Platform as a service (B2B and B2B2C) 11.5 9.6 20%
Investing revenue 44.4 34.0 31%
Our investing revenues continue to be dominated by our direct-to-consumer offering in Australia, where we are the
country’s second-largest operator, only behind CommSec (part of Commonwealth Bank). This is primarily delivered
under the CMC Invest brand but also via a white-labelled offering.
FY 2025 was a year of record performance for our Invest business. Active investors increased to 238,656, up 13%
year-on-year (31 March 2024: 211,576). Revenue growth was supported by strong momentum in international share
and cryptocurrency trading. Whilst assets under administration were down 7% to £37.5 billion (31 March 2024:
£40.5 billion), this was driven primarily by exchange rate movements. On a constant currency basis, assets under
administration were down 1%.
During the year, we signed an agreement with ASB Bank, one of the largest banks in New Zealand, to provide a
white-labelled investment offering. Although the platform is not expected to be fully operational until late FY 2026, the
combination of ASB Bank’s extensive customer base and our technological expertise is expected to strengthen our
footprint in the Australia and New Zealand market and generate additional revenue.
Beyond Australia, we also operate direct retail investment offerings in Singapore (launched in 2023) and the
UK (launched in 2022). While both currently contribute a small proportion of retail revenue, they are showing
encouraging growth. These markets present attractive long-term opportunities, and we remain confident in their
potential.
In the UK, the cash ISA product launched during the year has gained meaningful traction despite minimal marketing.
By bringing customers onto the platform, we aim to highlight our broader investment proposition, including general
investment accounts, stocks and shares ISAs, and self-invested personal pensions. Uptake of these products is
expected to increase as interest rates decline.
Interest income
Interest income accounted for 12% of total revenue in FY 2025, up from 10% in FY 2024, as we continued to benefit
from high levels of client balances and improved the management of, and returns on, our own funds.
During the year, we focused on enhancing returns on our own balances through the newly established Treasury
Management and Capital Markets Division, as interest rates began to ease from recent highs. This resulted in a 65%
increase in income on own funds, rising to £18.5 million (FY 2024: £11.2 million). Given the reduction in interest rates
during the year and the softer near-term outlook, this remains a priority area to ensure our balance sheet is delivering
optimal returns.
Net interest income on client balances increased marginally to £24.0 million (FY 2024: £23.8 million), aided by
continued high levels of segregated client balances which totalled £694.9 million as at 31 March 2025 (31 March
2024: £542.0 million), which are off balance sheet.
Operating expense
Operating expenses decreased by 2% year-on-year to £250.0 million (FY 2024: £254.9 million), reflecting modest
reductions in staff costs, occupational expenses and sales and marketing, which helped offset an increase in
information technology costs. We continue to maintain a strong focus on cost discipline, ensuring operational
leverage is maximised.
Staff costs remain the largest component of operating expenses. Including variable remuneration, staff costs
declined by 4% to £113.7 million (FY 2024: £118.5 million). Fixed remuneration fell by 7% to £93.9 million (FY 2024:
£101.5 million), reflecting the redundancies made at the end of the prior year. This reduction was partially offset by
a 19% increase in variable remuneration, which rose to £19.8 million (FY 2024: £17.0 million), in line with improved
performance outcomes.
We continue to manage headcount carefully, with the average number of employees over the year reducing to 1,068
(FY 2024: 1,181). This has been achieved while continuing to invest in key areas of the business. While the salary
inflation pressures experienced in FY 2024 have eased, we continue to face cost headwinds, including the impact of
changes to employer National Insurance contributions in the UK.
Non-staff costs declined slightly year-on-year. As a fintech business, information technology remains the largest
component of our non-staff costs, which increased by 17% to £46.4 million (FY 2024: £39.7 million) as the Group
continued to invest in enhancing and supporting its front- and back-office systems.
Strategic report Governance Financial statements Shareholder information
17 – CMC Markets plc – Annual Report and Financial Statements 2025
Operating expense continued
Sales and marketing expenses fell by 6% to £33.5 million (FY 2024: £35.6 million), reflecting a shift towards more
targeted marketing campaigns. Looking ahead to FY 2026, we intend to increase marketing investment as part of
our growth strategy, particularly in the retail segment.
Operating expenses for FY 2025 include a one-off charge of £4.3 million relating to customer remediation in
Australia, following an industry-wide regulatory review into margin netting. This provision is expected to be fully
utilised in FY 2026, with affected customer accounts credited accordingly.
As we enter FY 2026, we will maintain a disciplined approach to cost management to ensure our operating model
remains appropriately sized to support the business. Further opportunities are expected to emerge to reduce the
underlying cost base, while continuing to invest in areas that support growth and drive operational efficiency. The
focus will remain on both staff and non-staff costs, including ensuring we have the right talent in the right locations.
This will include an expansion of offshore capabilities to reduce reliance on higher-cost locations. In parallel, we will
look to rationalise non-staff expenditure through improved supplier negotiations, consolidation and a greater focus
on value for money. These efficiencies will allow resources to be redirected into strategic growth areas.
Impairment of intangible assets
Our impairment charge on intangible assets reduced significantly from £12.3 million in the prior year to £0.5 million
inthe current year, as the one-off charge previously recognised in relation to our CMC Invest platform did not recur.
Investments in associate
In September 2024, we fully wrote down our investment in Strike X, a customer-centric blockchain solutions
business acquired in June 2023. This accounting adjustment reflected the ongoing financial performance of the
investment and the continued operating losses incurred.
Despite this, we remain supportive of Strike X and its strategic objectives, and continue to see long-term value in its
underlying technology as part of our decentralised finance build-out. In May 2025, we increased our shareholding
in Strike X to 51% following an agreement with its existing shareholders. As a result, we assumed control of the
business, allowing for deeper integration and strengthening its ability to leverage Strike X’s blockchain capabilities as
it develops crypto and tokenisation solutions.
Taxation
Our total taxation for FY 2025 was £22.3 million (FY 2024: £16.5 million), which equates to an effective tax rate of
26.4%, up from 26.0% in FY 2024.
Profitability and earnings
The combination of the above factors drove a 33% increase in profit before tax to £84.5 million (FY 2024: £63.3 million) and
earnings per share (both basic and diluted) to 22.6 pence (FY 2024: 16.7 pence). This also translated to an increased profit
before tax margin of 24.8% (FY 2024: 19.0%), as we continued to benefit from enhanced operational leverage.
Financial position
31 March 2025
£’million
31 March 2024
£’million Change
Fixed assets 53.2 57.5 (7%)
Trade and other receivables 147.7 164.8 (10%)
Financial investments 111.0 50.9 118%
Amounts due from brokers 140.0 228.9 (39%)
Cash and cash equivalents 247.7 160.3 55%
Other assets 32.4 54.5 (41%)
Total assets 732.0 716.9 2%
Trade and other payables 253.6 272.8 (7%)
Amount due to brokers 12.2 7.0 74%
Obligations under repurchase agreements 7.5 — n/a
Lease liabilities 14.3 16.9 (15%)
Other liabilities 26.4 16.7 58%
Total liabilities 314.0 313.4 —
Total eq uity 418.0 403.5 4%
Total equity and liabilities 732.0 716.9 2%
Fixed assets declined by 7% since the year-end, reflecting our progression beyond the peak of our recent investment
cycle. Amortisation and depreciation now exceed capitalised expenditure, although we continue to allocate
resources to maintain and enhance our product and platform capabilities.
Financial investments increased by 118% to £111.0 million (31 March 2024: £50.9 million), driven by a rise in equity
positions to support client trading activity and a strategic shift towards investment-grade corporate bonds, the
majority of which are short-dated. This new investment strategy, developed by our Treasury Management and Capital
Markets Division, aims to generate improved yields relative to traditional cash holdings and government securities.
Despite the increased allocation to financial investments, we also reported a 55% rise in cash and cash equivalents to
£247.7 million (31 March 2024: £160.3 million), reflecting our strong cash generation and a reduction in amounts due
from brokers as we undertook less external hedging.
Other assets decreased from £54.5 million to £32.4 million, primarily due to a £12.2 million reduction in crypto-assets.
These had previously been used to hedge client positions but were disposed of following a revision to our
hedging strategy.
Financial review continued
18 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
Regulatory capital
The Group and its UK-regulated subsidiaries fall within the scope of the FCA’s Investment Firms Prudential Regime
(“IFPR”), with the Group’s German subsidiary, CMC Markets Germany GmbH, subject to the provisions of the
Investment Firms Regulation and Directive (“IFR/IFD”).
Our total capital resources increased to £363.7 million (FY 2024: £340.1 million), with increases in retained earnings
for the year being partly offset by the proposed final dividend distribution. At 31 March 2025, we had a total OFR ratio
of 272% (FY 2024: 312%). The decline in the OFR ratio was due to an increase in own fund requirements to £133.6
million (FY 2024: £109.0 million). The following table summarises our capital adequacy position at the year-end.
Group own funds resources and requirements
31 March 2025
£’million
31 March 2024
£’million
Common equity tier 1 capital before regulatory adjustments
1
412.4 383.1
Less: regulatory adjustments
2
(48.7) (43.0)
Common equity tier 1 capital after regulatory adjustments 363.7 340.1
Own funds requirements (“OFR”)
3
133.6 109.0
Total OFR ratio (%)
4
272% 312%
1. Total audited CET1 capital resources as at the end of the financial year of £435.0 million, less proposed dividends.
2. Regulatory adjustments include the deduction of deferred tax assets. Deferred tax assets are the net of assets and liabilities shown in note 8 of the
financialstatements.
3. The minimum capital requirement in accordance with MIFIDPRU 4.3.
4. The OFR ratio represents common equity tier 1 capital as a percentage of OFR. CMC Markets plc has no additional tier 1 or tier 2 capital.
Liquidity and funding
Funding
Our primary source of funding is equity, which includes our equity capital resources, retained profits and any
unrealised gains or losses on open hedging positions.
We also receive title transfer funds (“TTFs”) from professional clients and eligible counterparties (as defined in the
FCA Handbook) under a title transfer collateral agreement (“TTCA”). Under these agreements, full ownership of
such funds is unconditionally transferred to us. Clients are not required to sign a TTCA to be treated as a professional
client; in these cases, funds remain segregated. We consider TTCAs to be an ancillary source of funding. All cash
received from segregated clients is excluded.
In addition, we have access to a committed facility of up to £55.0 million, available to fund margins posted at brokers
to support our trading activities. The facility consists of a one-year term facility of £27.5 million (FY 2024: £27.5 million)
and a three-year term facility of £27.5 million (FY 2024: £27.5 million). The maximum amount available at any time is
dependent upon initial margin requirements at brokers and margin received from clients. There was no drawdown
onthe facility as at 31 March 2025 (FY 2024: £nil).
Liquid assets
We have deployed our funding to support our business activities and to maintain appropriate buffers of liquid assets.
Funds deployed to support the business primarily consist of margins maintained with our brokers to support trading
activity, and “blocked cash” held in subsidiaries to meet local regulatory and exchange requirements. Liquid assets
are held to meet future liquidity needs, serve as a contingency, and satisfy regulatory requirements.
Our Total Unencumbered Liquid Assets (“TULA”) include cash and cash equivalents, funds in excess of margin
requirements held with brokers, and financial investments after haircuts.
Group funding sources and liquid assets
31 March 2025
£’million
31 March 2024
£’million
Equity 418.0 403.5
Obligations under repurchase agreements 7.5 —
Title Transfer Funds 117.7 119.6
Total Available Funding 543.2 523.1
Less: non-current assets net of liabilities (47.0) (53.4)
Less: Other non-liquid assets net of liabilities 1.5 (29.6)
Less: blocked cash (74.0) (68.5)
Less: initial margin requirement at brokers (92.2) (184.7)
Less: hair cuts on financial investments (29.1) (4.6)
Less: Other encumbered financial investments (8.8) —
Total Unencumbered Liquid Assets 293.6 182.3
Dividend
The Board has proposed a final dividend of 8.3 pence, in addition to the 3.1 pence we paid as an interim dividend,
reflecting our policy of paying out 50% of full-year profit. We continue to maintain this policy based on our strong
cash generation and our commitment to rewarding shareholders and returning excess capital as part of our
capital allocation strategy. This approach is balanced with a focus on ensuring capital stability to support ongoing
investment and regulatory requirements.
Outlook
We enter FY 2026 from a position of continued strength, with strong capital and liquidity foundations, no debt, and a
proven, diversified business model that allows us to generate consistent performance in a range of conditions.
In trading, our revised risk appetite and hedging strategy are expected to enhance earnings efficiency, while renewed
investment in retail – including our partnership with TradingView – will support growth in this segment.
In investing, we expect continued momentum in Australia and New Zealand, driven by scale, product innovation and
new partnerships, including the upcoming ASB Bank launch. In the UK, the outlook remains encouraging, offering
attractive long-term potential.
We will maintain tight cost control while continuing to invest in growth, operational efficiency and platform capability.
Our strong balance sheet and active capital management give us flexibility to pursue opportunities while delivering
value to shareholders.
Strategic report Governance Financial statements Shareholder information
19 – CMC Markets plc – Annual Report and Financial Statements 2025
Risk management
A consistent approach
toidentifying, mitigating
and managing risks
Our Risk Management Framework
provides a consistent approach
to identifying, mitigating, and
managing risks, which is essential to
achieving our strategic objectives.
Given the nature of our business and the financial,
market and regulatory environments in which we
operate, we are naturally exposed to strategic, financial
and operational risks. While it is not possible to eliminate
all risks, effective risk management ensures they are
managed to an acceptable level.
To support the Board in discharging its risk oversight
responsibilities, we have an Enterprise Risk
Management (“ERM”) Framework in place. This
framework aligns risk identification, mitigation and
management with our risk appetite. It is regularly
reviewed – along with our risk tooling and resources
– toensure it remains effective, in line with market
practices and regulatory expectations.
Governance and oversight
The Board, through the Group Risk Committee, is
responsible for defining and overseeing our risk
strategy. Key responsibilities include:
– Monitor, review and advise the Board on the Group’s
overall risk appetite, tolerance and strategy alongside
current and prospective risk exposures.
– Monitor and review the effectiveness of the Group’s
risk management and internal control systems.
– Monitor the adequacy, effectiveness, design and
implementation of the Group’s processes and
procedures to manage risk and the internal control
framework and carry out a review of its effectiveness.
– Monitor the ability of the Group’s risk management
and internal control systems to identify the risk facing
the Group and ensure that a robust assessment
of the emerging and principal risks has been
undertaken.
Risk management is a core responsibility of all
colleagues, with oversight provided by Management
and Board Committees, as well as the Group Risk and
Compliance functions.
The ERM framework follows the Three Lines Model,
ensuring clear risk ownership and accountability:
1. First Line: Business teams manage and
implement controls.
2. Second Line: Group Risk and Compliance provide
oversight and guidance.
3. Third Line: Internal Audit provides independent
assurance.
The Board has implemented a governance structure
suited to an online financial services group, aligned
with our strategic objectives and product offerings.
This structure is regularly reviewed, with any changes
requiring Board approval. Additionally, we conduct
root cause analysis to enhance processes, improve
resilience and embed strong corporate governance
practices across the Group.
Risk culture
We foster a risk culture that emphasises accountability
and proactive risk management. Responsibility for
managing risk sits with everyone across the Group.
Our second line of defence, led by the Risk Team,
plays a key role in embedding this culture. Their
responsibilities include communicating, educating
and providing guidance on the ERM framework, and
overseeing the Risk and Control Assessment (“RACA”)
process, which forms the foundation of our bottom-up
risk assessment.
The RACA process supports a comprehensive
understanding of risks and controls at the operational
and business process level. By enabling self-review
of risks and controls, as well as the oversight and
escalation of issues where necessary, it allows risk
and control owners to identify any gaps in the risk
environment and address control weaknesses.
Group Audit CommitteeGroup Risk Committee
First Line
Business Functions
Responsible for
identification, assessment
and management of risks.
Second Line
Risk and
Control Functions
Maintain risk management
and control policies
and monitor risks
against appetite.
Third Line
Internal Audit
Provide independent
assurance reviews of
appropriateness and
effectiveness of controls,
governance structures
and processes.
Executive Committees
Responsible for execution of Board’s risk strategy
including risk appetite and management of our key risks.
Board
Ultimately responsible for defining risk appetite, risk strategy and the evaluation of the adequacy
of our risk framework. Achieved through Board sub-committees.
Risk appetite and principal risks
Our risk appetite defines the level and types of risks
we are willing to accept in pursuit of our strategic
objectives. This is assessed as part of our Risk Appetite
Statement, which integrates risk tolerances across the
organisation. Risk appetite is fundamental to effective
risk, capital and liquidity management, ensuring
appropriate risk control and positive client outcomes
The Board oversees and considers the annual
assessment of emerging and principal risks, which is
conducted by senior management. This assessment
evaluates the potential impact of these risks on the
Group’s business model, performance, capital, and
liquidity. These risks are monitored through key risk
indicators (“KRIs”) and are linked to our risk appetite.
Wealso consider reputational and regulatory
implications, client impact and broader market effects.
Our principal risks are outlined in the following pages.
Thesehave been streamlined from the prior year to
provide greater clarity and focus, while maintaining
a comprehensive view of the key exposures facing
the business.
20 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
Principal risks
Business and strategic risks | Risks arising from the nature of our business, strategy and operating model
Emerging risks
We see emerging trends from demographic and social shifts, including evolving customer expectations and behavioural trends. These include growing demand for self-directed investing, interest in digital assets such as crypto and
increasing appetite for wealth management solutions. As part of our strategy, we aim to design and deliver products that are aligned to these changes while ensuring they are appropriately governed, risk-managed and commercially viable.
Strategic risk
Key risk description
The risk that our ability to execute our business strategy is impacted by internal
decisions or external factors. This includes risks associated with defining and
delivering strategic initiatives, as well as potential reputational damage affecting market
perception, client trust and regulatory relationships.
Risk exposure and appetite
We are exposed to, and have appetite for strategic risk through the execution of our
strategic initiatives where there is a risk of failing to successfully deliver what we set out
to achieve.
As part of our strategic risk, we are also exposed to potential damage to our brand and
reputation with the market, clients and regulators. Failure to manage reputational risks
could significantly impact our ability to implement our strategic plan.
During the year, enhanced focus on our key strategic priorities has strengthened how
we deliver on our strategic goals.
Key mitigations and controls
We manage strategic risk through:
– Governance & Oversight – Strong challenge and oversight from independent Non-Executive Directors.
– Strategic Alignment – Ensuring all significant initiatives align with the corporate strategy.
– Risk Assessment – Evaluating risks associated with strategic initiatives before execution.
– Accountability & Ownership – Assigning clear responsibility for delivery and risk mitigation.
– Product & Initiative Governance – Requiring Board approval for all material products and strategic initiatives.
These measures ensure a structured approach to strategic decision-making and risk management.
Financial risks | Risks arising from our exposure to market movements, liquidity, credit and capital management
Emerging risks
Geopolitical and macroeconomic developments are a potential emerging risk that could materially impact the business, although broader market volatility is typically beneficial. In response, we monitor our client margin, market risk limits,
broker exposures and entity-level capital as well as our strategic plans to ensure we remain within risk appetite.
Market risk
Key risk description
The risk that the value of our residual portfolio decreases due to market fluctuations,
including price movements, interest rates and foreign exchange rate changes.
Risk exposure and appetite
As an online trading provider acting as principal to clients across different markets, we
are exposed to financial risks arising from market movements. We have appetite to
retain some market risk, balanced with a low appetite for liquidity and capital risk, to
ensure effective risk management and financial stability.
Key mitigations and controls
We manage market risk through:
– Real-Time Exposure Management – Trading risk management monitors and controls inherited exposures from clients in real-time within
Board-approved limits.
– Market-Making in Liquid Instruments – Primarily acting as a market maker in highly liquid financial instruments, enabling efficient risk
reduction via prime broker arrangements.
– Stress Testing & Scenario Analysis – Conducting regular stress testing to assess financial and capital adequacy impacts from severe
market events.
– Liquidity & Funding Monitoring – Actively managing market risk with close oversight of funding requirements to maintain liquidity stability.
These measures ensure we effectively manage market risk while maintaining financial resilience.
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21 – CMC Markets plc – Annual Report and Financial Statements 2025
Liquidity risk
Key risk description
The risk that we have insufficient liquidity to meet our financial obligations as
theyfalldue, or can only secure required liquidity at excessive cost. This includes
funding margin requirements, failed settlements or market events that impact
liquidityavailability.
Risk exposure and appetite
We are exposed to liquidity risk through our core business activities, including funding
margin requirements for hedging strategies and managing unfunded commitments
inthe matched principal business. We have a low appetite for liquidity risk and
maintain a robust framework to ensure we remain well-funded under both normal
andstressed conditions.
Key mitigations and controls
We minimise liquidity risk through:
– Liquidity Modelling & Stress Testing – Regular forward-looking liquidity forecasting under both normal and stressed conditions to ensure
obligations can be met.
– High-Quality Liquid Assets & Funding Diversification – Maintaining unencumbered, high-quality liquid assets and diversified
funding sources.
– Contingency Planning – Establishing liquidity facilities, contingency funding levers, and wind-down strategies where necessary.
– Market Condition Monitoring – Assessing liquidity impacts of significant market moves to ensure resilience.
For our Matched Principal and Exchange-Traded Business, additional controls include:
– Offering only liquid assets based on an asset suitability assessment.
– Producing daily cash position reports covering surplus liquidity, unencumbered liquidity, and short-term forecasts.
– Conducting stress testing to ensure sufficient liquidity for business continuity over a 15-month horizon.
Credit and counterparty risk
Key risk description
The risk of financial loss arising from a counterparty failing to meet its obligations as
they fall due, including exposure to both clients and financial institutions.
Risk exposure and appetite
We are exposed to credit and counterparty risk through our client trading activities
and relationships with financial institutions. We have a moderate appetite for such
exposures and actively manage them through stringent controls and mitigants to
minimise potential losses.
Key mitigations and controls
We manage credit and counterparty risk through:
– Margin Requirements & Risk-Based Controls – Applying a tiered margin structure to manage riskier positions and utilising liquidation
features when client total equity falls below predefined thresholds.
– Guaranteed Stop Loss Orders – Offering clients risk management tools to prevent debt accumulation.
– Credit Risk Modelling & Stress Testing – Setting limits and using potential credit risk exposure models to quantify and stress-test client
credit risk across CFDs and Spread Bets.
– Counterparty Creditworthiness Reviews – Conducting at least annual assessments of counterparties’ financial stability.
– Diversification & Concentration Risk Management – Engaging with multiple prime brokers (“PBs”) per asset class to reduce
concentration risk.
– Investment-Grade Counterparty Standards – Preferring to work with counterparties holding investment-grade credit ratings, with daily
exposure monitoring.
– Intermediary Limits & Oversight – Setting and monitoring intermediary limits daily, with escalation procedures for large exposures.
These measures ensure credit and counterparty risks are actively managed to protect the firm’s financial stability.
Principal risks continued
Financial risks continued
22 – CMC Markets plc – Annual Report and Financial Statements 2025
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Capital and solvency risk
Key risk description
The risk that we do not maintain sufficient capital to meet regulatory requirements,
absorb financial shocks or support business growth. This includes risks arising from
market volatility, regulatory changes and adverse business performance impacting
capital adequacy.
Risk exposure and appetite
As a regulated financial institution, we are required to hold sufficient capital to meet
both regulatory and internal thresholds. We have a low appetite for breaching capital
requirements or operating with insufficient buffers. Effective capital management
ensures our financial stability and resilience under stress scenarios.
Key mitigations and controls
We minimise capital and solvency risk through:
– Capital Planning & Forecasting – Regular stress testing and scenario analysis to assess capital adequacy under adverse conditions.
– Regulatory Compliance – Maintaining capital levels above regulatory minima and engaging pro-actively with regulators on capital
requirements.
– Liquidity & Risk Management – Ensuring adequate liquidity to absorb market shocks and financial stress.
– Robust Governance – Ongoing monitoring by senior management and the Board to ensure capital strength and strategic alignment.
Operational risks | Risks arising from our people, processes, systems and external service providers
Emerging risks
We monitor emerging regulatory developments and technological advancements, including the rise of artificial intelligence and broader digital disruption. These trends have the potential to reshape how financial services are delivered and
consumed. As part of our strategy, we aim to adapt our platforms, processes and product offerings to remain compliant, competitive and aligned to evolving client expectations.
Financial crime
Key risk description
The risk of money laundering, terrorist financing, sanctions violations, bribery,
corruption and failures in Know Your Customer (“KYC”) procedures, which could lead
to regulatory penalties, financial losses or reputational damage.
Risk exposure and appetite
As a financial institution handling significant volumes of client data, money and assets,
we are exposed to financial crime risks, including money laundering and market abuse.
The short-term nature of some client relationships further heightens this exposure.
We have a low appetite for financial crime and implement robust preventative and
detective controls to mitigate these risks. We continuously enhance our framework
through process improvements, system investments and staff training.
Key mitigations and controls
We mitigate financial crime risk through:
– Risk-Based KYC & Due Diligence – Applying rigorous KYC procedures, including Enhanced Due Diligence (“EDD”) for higher-risk clients
such as Politically Exposed Persons (“PEPs”).
– Ongoing Monitoring & Surveillance – Maintaining risk-based transaction monitoring and customer activity surveillance systems.
– Suspicious Activity Reporting – Enhancing procedures for detecting and reporting suspicious activity to law enforcement and regulators.
– Market Abuse Prevention – Strengthening controls to mitigate risks from repeat offenders of market abuse.
– Sanctions & Restrictions Management – Maintaining a restricted list of individuals and entities, with systems to block transactions that
breach regulatory guidelines.
– Risk Classification – Classifying customers and entities at onboarding to assess financial crime risks effectively.
These measures ensure compliance with financial crime regulations and protect the integrity of our business.
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23 – CMC Markets plc – Annual Report and Financial Statements 2025
Information security and technology risk
Key risk description
The risk of data breaches, unauthorised access, system outages and technology
failures, including non-compliance with security and regulatory requirements. This
encompasses client, employee and proprietary data, as well as critical systems,
hardware and networks.
Risk exposure and appetite
As a fintech company, we are exposed to significant information security and
technology risks. We have a low appetite for data loss, misuse or system failures
that impact operations or client services, and we mitigate these through robust
preventative and detective controls.
Key mitigations and controls
We minimise these risks through:
– Data Security & Access Controls – Enforcing least privileged access, regular system access reviews, and data classification to protect
sensitive information. Physical security measures prevent unauthorised access to buildings and sensitive areas.
– Technology Resilience & Monitoring – Investing in a robust technology stack, systemic monitoring tools to detect downtime or performance
issues, and maintaining scalable infrastructure to accommodate growth and fluctuations.
– System Stability & Incident Response – Ensuring IT production support, proactive system capacity planning, and contingency measures to
prevent and remediate failures.
These measures ensure the confidentiality, integrity, and availability of our systems and data, safeguarding clients, employees, and business operations.
Compliance risk
Key risk description
The risk of failing to comply with legal and regulatory obligations, which could result
in financial penalties, reputational damage, or operational restrictions, including
obligations under Consumer Duty.
Risk exposure and appetite
We operate in a highly regulated environment across multiple jurisdictions, exposing
ourselves to compliance and regulatory risk. We have a low appetite for failing to
meet regulatory or legislative obligations and are committed to full compliance with
applicable laws and regulations, including the Consumer Duty requirements to ensure
fair outcomes for customers.
Key mitigations and controls
We minimise compliance risk through:
– Risk-Based Regulatory Interpretation – Applying a proportionate, risk-based approach to interpreting and implementing regulatory requirements.
– Resourcing & Expertise – Ensuring compliance teams are adequately staffed, trained, and supervised, with a specific focus on Consumer
Duty and customer outcomes.
– Regulatory Horizon Scanning – Monitoring and assessing new regulations and legislation to evaluate business impact.
– Regional Compliance Oversight – Conducting thorough regulatory analysis to ensure adherence across jurisdictions, particularly for new initiatives.
– Advisory & Monitoring Frameworks – Providing technical guidance to the business, alongside comprehensive monitoring, surveillance, and
policy enforcement.
– Regulatory Engagement – Maintaining strong relationships with regulators and proactively planning for regulatory changes, including
engagement on Consumer Duty expectations and compliance standards.
Operational risk
Key risk description
The risk of financial loss, business disruption, or reputational damage due to
inadequate or failed processes, systems, people, or external events. This includes
fraud, cyber threats, IT failures, and regulatory non-compliance.
Risk exposure and appetite
We are exposed to operational risk as a fintech company operating in a highly
regulated and technology-driven environment. We have a low appetite
for operational failures that could cause material financial, reputational, or
regulatory impact.
Key mitigations and controls
We manage operational risk through:
– Process & System Controls – Automating key processes, optimising workflows, and implementing robust IT security measures.
– Incident & Risk Management – A structured incident response framework, continuous monitoring, and risk escalation procedures.
– Regulatory Compliance – Regular audits, internal control reviews, and staff training to reinforce risk awareness.
– Governance & Oversight – Active risk management by senior leadership and Board committees to ensure resilience and accountability.
Principal risks continued
Operational risks continued
24 – CMC Markets plc – Annual Report and Financial Statements 2025
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Viability report
The Directors have assessed the
Group’s financial position, future
prospects and ability to continue
operating and meeting its liabilities
as they fall due over the assessment
period. This review considers the
Group’s strategic outlook, risk
management framework, financial
projections and the results of stress
testing scenarios.
The assessment of long-term viability begins with a
review of the Group’s principal risks as set out on pages
21 to 24. Among these risks, the Directors identified
liquidity and funding constraints and insufficient capital
as those most likely to have a direct impact on the
Group’s ability to continue in its current form. While
other principal risks, such as market risk, could also
have a significant effect, their impact would typically
materialise through one of these two core areas.
Alongside these risks, the Directors considered
the effectiveness of the Group’s risk management
framework and internal control systems. This assessment
included a review of financial, operational and compliance
controls, all of which are subject to ongoing monitoring
and evaluation by the Group Risk Committee, Group Audit
Committee and the Board. The structured governance
framework ensures that risks are identified, managed
and mitigated in a timely manner, providing confidence
in the Group’s ability to respond to challenges as
they arise.
The viability assessment is underpinned by the
Group’s three-year forecast, covering the period
from 1 April2025 to 31 March 2028, with the first
year aligned to the Group’s FY 2026 budget. This
forecast represents management’s best estimate
of the Group’s future financial outlook, incorporating
a detailed assessment of the resources required to
execute the Group’s strategy and the associated
revenue expectations. It reflects the anticipated impact
of strategic initiatives, including the diversification of
revenue streams through the expansion of the wealth
and investment business and the institutional offering,
both of which are expected to contribute to profit margin
expansion in the medium term.
The Group is currently well capitalised with high levels
of liquidity and no debt. It also has access to a lending
facility should additional liquidity be required. The
Directors considered these factors when reviewing
the Group’s ability to withstand financial stress and
determined that its strong capital position and financial
flexibility provide a significant level of resilience against
potential adverse events.
In determining the appropriate time horizon for the
viability statement, the Directors considered the period
over which the Board formally reviews the success of
the Group’s forecasts as well as the timeframe over
which internal stress testing occurs. Given that the
Group’s business model operates within a dynamic
external environment, a three-year period provides an
appropriate balance between long-term visibility and
meaningful financial analysis.
As part of the viability assessment, the Directors
considered downside scenarios focusing on the most
material risks that could impact the Group’s ability
to continue operating. The forecasts are particularly
sensitive to movements in revenue, which is heavily
influenced by customer activity and external factors
such as market movements and volatility. The Group’s
ability to retain revenue through its market risk strategy
introduces an additional layer of uncertainty, making
this a key focus area in the downside analysis. The
impact of external market conditions and regulatory
changes was also assessed, with stress testing results
reviewed to determine whether the Group would have
sufficient liquidity and capital to withstand severe but
plausible risk events.
Stress testing forms an integral part of the Group’s
ongoing risk management processes. The Group
regularly models adverse scenarios, including the
impact of a sustained downturn in market conditions
and potential regulatory changes that could affect
capital or liquidity requirements. These scenarios are
also incorporated into the Group’s Internal Capital
Adequacy and Risk Assessment (ICARA) document.
The results of this analysis demonstrate that, due to the
resilience of the business, the Group would be able to
withstand severe stress scenarios over the financial
planning period by taking management actions
identified in the scenario analysis.
Based on this assessment of prospects and viability,
the Directors confirm that they have a reasonable
expectation that the Group will continue to operate and
meet its liabilities as they fall due over the three-year
assessment period to 31 March 2028. The Directors have
no reason to believe that the Group will not remain viable
beyond this period, taking into account existing operations
and known future changes to relevantregulations.
Going concern statement
In addition to the viability assessment, the Directors
have undertaken a separate review of the Group’s ability
to continue as a going concern, covering a period of
at least 15 months from the date of approval of these
financial statements. This review considers the Group’s
liquidity and capital position, expected cash flows
and the broader economic environment in which the
Group operates.
The Directors have assessed whether the Group
continues to maintain sufficient capital and liquidity
tomeet its obligations over the period of assessment.
The review included consideration of the Group’s
financial forecasts and downside stress scenarios as
well as the availability of funding options should adverse
conditions arise. The Group remains well capitalised
with strong liquidity levels and no external debt, with
access to a lending facility should it be required. Given
this assessment and in light of the fact that the Directors
have no intention to liquidate or cease operations, they
concluded that there is a reasonable expectation that
the Group has adequate resources to continue as a
going concern.
The Directors have also considered whether there are
any material uncertainties that could cast significant
doubt over this assessment. Having reviewed the
Group’s financial position, risk management framework
and stress testing outcomes, they have concluded that
no such material uncertainties exist. As a result, the
financial statements have been prepared on a going
concern basis, with further details provided in Note 1 to
the financial statements.
Lord Cruddas
Chief Executive Officer
5 June 2025
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25 – CMC Markets plc – Annual Report and Financial Statements 2025
Section 172 statement
Relationships with
stakeholders
At CMC we understand our responsibilities towards all of
our stakeholders. The Board continues to take account
of the interests of these stakeholders when taking key
decisions, recognising the impact of its decisions on
different groups.
More information on our engagement with stakeholders and the outcomes over the
financial year under review is included on pages 28 to 29.
The Directors are mindful of their duty under Section 172 of the Companies Act 2006
(“Section 172”) to act in a way which they consider, in good faith, is most likely to promote
the success of the Company and its members as a whole and, in doing so, consider
the matters set out in Section 172 at each meeting. This includes, amongst other things,
having regard to wider stakeholder interests when making decisions and considering
the interests of the various stakeholders.
Decision making by the Board
Board information
Board strategic
discussion
Board decision
– Review key commercial
financial performance
information and forecasts.
– Assess and discuss
operational metrics and
key performance indicators
relating to business outcomes
and stakeholder measures.
– Evaluate management’s risk
assessments against the
Enterprise Risk Management
Framework and associated
risk mitigation strategies.
– Analyse the customer, market
and regulatory trends and the
competitor landscape.
– Receive updates on
regulatory, compliance and
legal matters.
– Define the Group: strategy,
structure, operational
objectives and long-term goals.
– Consider growth strategies
including expanding the
business into new jurisdictions
and commercial areas or
developing new strategic
partnerships.
– Allocate Group resources to
achieve the designated Group
strategic outcomes.
– Consider the objectives
and desired outcomes of
stakeholder groups.
– Assess technological
developments that arise both
internally and externally and
how these developments
canbe leveraged to the
benefit of stakeholders.
– Approve material investments,
financial plans and budgets,
capital expenditure, strategic
initiatives and changes in the
Group structure or operation.
– Review and agree changes
to corporate policies,
governance arrangements
and risk and control structures.
– Oversee Group succession
plans, key Board and
management appointments
and Executive remuneration.
– Determine dividend payments
and other mechanisms to
return value to shareholders.
– Approve external
financial reporting and
key announcements to
the markets.
Our stakeholders:
Shareholders
People
Local community/charities
Environment
Suppliers
Regulators
Clients
Section 172 considerations
Likely long-term consequences
Employee interests
Relationships with customers,
suppliers and others
The impact on the community
and the environment
Maintaining reputation for high
standards of business conduct
Acting fairly between members
of the Group
26 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
Key decisions
The key matters, and their impact on stakeholder interests, considered by the Board and/or management during the year are set out below:
Investment in new
business opportunities
Review of the Enterprise
Risk Management
(“ERM”) framework
New partnerships Dividend
Sustainability strategy
and targets Consumer duty
The Board continued to oversee
and support investment in new
business opportunities. During the
year the Board has continued to
pursue its strategy of diversifying
the business, scaling up our
global wealth management,
prime brokerage and institutional
offerings. We have combined
our UK Invest and Opto Markets
businesses which is an important
step in creating a modern platform
for clients. A new business hub
has been established in Bermuda
and we have begun onboarding
new clients.
The Group Risk Committee and
the Board has continued to review
and refine the ERM. The ERM
framework was reviewed and a
series of updates agreed during
the year to further strengthen our
risk management systems and we
have also simplified and further
focused our assessment of
principal risks. Further information
can be found in the Risk
Management section on page 20.
During the period the Board
reviewed a new partnerships
and the development required to
support those new partnership.
In particular we have are now
working with Revolut to offer FX,
Index, Commodities, Treasuries
and equity CFDs. We also signed
a partnership agreement with
ASB Bank, which is expected to
take 12 to 18 months to integrate,
but reinforces the position of CMC
as a trusted financial services
technology provider. We also
deepened our relationship with
StrikeX by taking a majority
shareholding position.
The Board considered
appropriateness of the current
dividend policy and no changes
were recommended to the
existing policy. The Board
therefore proposed the final
dividend for the year, subject
to approval by shareholders, of
8.3pence per Ordinary share.
The Board continues to support
management’s evolving approach
to sustainable business. During
the year the Board reviewed
developments in the sustainability
strategy. Further information is set
out in our Sustainability section on
pages 30 to 38.
The Board continued to review
the embedding of the Consumer
Duty regime. Oversight of the
Consumer Duty workstream was
led by Clare Francis, Consumer
Duty Champion and Chair of the
Group Risk Committee.
Our stakeholders:
Section 172 considerations:
Our stakeholders:
Section 172 considerations:
Our stakeholders:
Section 172 considerations:
Our stakeholders:
Section 172 considerations:
Our stakeholders:
Section 172 considerations:
Our stakeholders:
Section 172 considerations:
Please also refer to the Group’s strategy and business model which are described throughout our Strategic report, our Risk management section (pages 10 to 25), our Sustainability section (pages 30 to 38) and our Corporate governance
report (pages 44 to 49 ) for further information.
Strategic report Governance Financial statements Shareholder information
27 – CMC Markets plc – Annual Report and Financial Statements 2025
Stakeholder engagement
People RegulatorsClients
Why we engage
Meeting our clients’ needs is crucial for our business. Understanding
what our clients needs are, be they institutional or individual clients,
continues to drive our investment in and development of new products
and services.
Our employees define our culture and values. Having an engaged
workforce is central to our strategy and delivering great outcomes
forour clients and supporting our other stakeholders.
During the year we made some headcount reductions in roles across
the Group as we refocused the Group on its diversified strategy.
During these times of change it is even more important to engage with
our people.
Engagement with regulators is key to ensuring that we have in place
appropriate frameworks and controls to meet their expectations and
requirements in each jurisdiction in which we operate. As we expand
our operational footprint into new jurisdictions this continues to be an
area of focus for the Board.
We expect all our suppliers to demonstrate the same integrity and
accountability as we do to our clients. Engagement with suppliers which
perform any critical or material outsourced services ensures that we
remain compliant with European Banking Authority (“EBA”) requirements.
We take a zero tolerance approach to modern slavery and human
trafficking, as reflected in our Modern Slavery Statement (available at
www.cmcmarkets.com/group/about-us/governance), and are committed
to acting ethically and with integrity in all our business relationships. A
working group of relevant individuals from across the business reviews
controls and procedures and assesses their effectiveness.
Our shareholders provide long-term support to our business
and have expectations on how the business performs.
We recognise the importance of supporting our communities
through initiatives with our charity partners.
CMC recognises that the Group has a duty to
support the environment in the areas that we
operate. Our approach to our sustainability
strategy can be found in the Sustainability section
on pages 30 to 38.
How we engage
CMC actively engages with clients to seek feedback across a range
of channels, including our client service, sales and product teams.
Thefocus on clients has further increased with the introduction in
theUK of the new Consumer Duty regime.
Appropriate marketing and the provision of educational material
continues to be a key feature, particularly in relation to leveraged
products, to allow clients to understand which products align best
withtheir individual risk appetite.
Our employee engagement is driven through numerous channels.
This includes team meetings and briefings to our colleagues. We
undertake a global employee engagement survey with follow-up
focus groups to better understand the results and hold “town hall”
style forums to enable communication and engagement between
management and employees. During the year Susanne Chishti
stepped down as our Non-Executive Director for workforce
engagement at the 2024 AGM and her replacement remains under
active review.
Further information on how we engage with our people is described
within the Sustainability section on pages 30 to 38.
We engage in open and active dialogue with regulators, to assist their
understanding of our business and how we protect our clients and
deliver good customer outcomes. We seek to meet the expectations
of our regulators through upholding high standards of regulatory
compliance and aligning our interests with those of our clients. Our
intention is to establish strong relationships with our regulators as a
responsible participant in the markets in which we operate.
All business partners follow a mandatory procurement process to review
the external market and complete a robust evaluation of all available options.
Once a supplier is appointed, regular direct engagement between the
business owner and supplier is maintained through our Supplier Management
Programme (which sets out how we interact with our suppliers and vendor
management). As part of the procurement process, all suppliers are
categorised according to how critical the service or goods provided are to
the Group’s ability to service its clients. This categorisation determines the
frequency of interaction and level of engagement between CMC relationship
owners and the suppliers. We are continually enhancing this framework to
ensure we are always abreast of all relevant supplier issues or concerns and
there will remain a focus on a roadmap to determine the scope and frequency
of our risk assessments and monitoring activities for suppliers.
Engagement with current and prospective shareholders
continues throughout the year. Our Executive Board
members communicate the Group’s strategy and
performance and receive feedback on both these and other
matters. We provide regular half and full-year presentations,
the Annual Report and Financial Statements, our Annual
General Meeting and investor-related content on our
website. The Chairs of the Board and its Committees are
also available to meet with major shareholders.
We maintain relationships through both financial and volunteering
support with charity partners that we have committed to support.
We continue to review the Group’s Scope 1, 2 and
3 emissions and how we will seek to reduce our
impact on the environment. More information is
included in the Sustainability section.
Board oversight
The Board receives regular updates from management on client
feedback. Key issues are discussed with the Executives with a view
seeking to improve customer outcomes. Clare Francis is the Group’s
Consumer Duty Champion.
The Nomination Committee receives regular updates from members
of the HR Function on various people metrics and employee issues
and the outcome of employee surveys.
The Nomination Committee continues to monitor risks relating
to employee and people matters and their potential impact on
the business.
The Board and/or the relevant Board Committee receives regular
updates from management on the Group’s compliance with its
regulatory obligations and certain communications with the regulators
in each region in which we operate. A number of governance and audit
issues were identified in two operating subsidiaries during the year that
required engagement with the local regulator to agree the appropriate
resolution.
The Board relies on the Executives to manage the relationship with suppliers
on a day-to-day basis. Any significant new relationships will be approved
by the Board, which will also receive information on any issues with current
material outsourced services suppliers.
Shareholder feedback and details of any major movements
in our shareholders are embedded within our regular Board
meetings and are integral to our decision-making process.
The Board promotes the support of local charities in all our
global offices.
The Board has considered the appropriate
sustainability targets during the year under review
and emissions data in order to better understand
the Group’s carbon footprint. The Sustainability
section sets out details of the data on our
greenhouse gas emissions.
Outcomes
With the support and oversight from the Board during the year, we
have launched the cash ISA in the UK. The new product supports our
customers to achieve their long-term savings goal. In addition, the
Board reviewed the combination of the UK Invest and Opto products
to enhance the customer experience.
Our engagement with clients allowed us to continue to develop our
Invest products.
The Nomination Committee discusses the feedback from all the
engagement channels and provides input to senior management.
Further information on our current HR initiatives is described in the
Sustainability section on pages 30 to 38.
During the year, we have monitored the progress of a number of
regulatory consultations and guidance documents and put in place
project teams to update or adapt our procedures and practices where
appropriate in response. The Board agreed the additional resources
to resolve the matters identified in the operating subsidiaries, will
provide oversight of the communication with the local regulator and
will monitor the closure of the audit issues.
Our robust governance process allows the Group to select the best supplier
for the business and ultimately our clients. Our considered approach also
allows us to treat vendors with respect and prioritise collaboration and value
generation to mutually benefit all parties, whilst remaining compliant with
all relevant regulations. Our average time to pay invoices is in line with our
standard supplier payment terms of 30 days. This ensures that all suppliers
are treated fairly and receive payment for services or goods provided in a
timely manner.
The Board takes into account feedback from shareholders
that is obtained after major announcements. The Chair of
the Remuneration Committee will contact a number of our
shareholders to set out the proposals for the updates to our
Remuneration Policy to be presented at the 2025 Annual
General Meeting.
More information is set out in the Governance section of this
report on pages 40 to 81.
The Group and its staff have been involved in various charitable
initiatives, examples of which are provided in the Sustainability
section on pages 30 to 38.
We have reported against the Task Force
on Climate-Related Financial Disclosures
requirements and have provided further
information in the Sustainability section of
this report.
28 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
Shareholders Local community/charities EnvironmentSuppliers
Why we engage
Meeting our clients’ needs is crucial for our business. Understanding
what our clients needs are, be they institutional or individual clients,
continues to drive our investment in and development of new products
and services.
Our employees define our culture and values. Having an engaged
workforce is central to our strategy and delivering great outcomes
forour clients and supporting our other stakeholders.
During the year we made some headcount reductions in roles across
the Group as we refocused the Group on its diversified strategy.
During these times of change it is even more important to engage with
our people.
Engagement with regulators is key to ensuring that we have in place
appropriate frameworks and controls to meet their expectations and
requirements in each jurisdiction in which we operate. As we expand
our operational footprint into new jurisdictions this continues to be an
area of focus for the Board.
We expect all our suppliers to demonstrate the same integrity and
accountability as we do to our clients. Engagement with suppliers which
perform any critical or material outsourced services ensures that we
remain compliant with European Banking Authority (“EBA”) requirements.
We take a zero tolerance approach to modern slavery and human
trafficking, as reflected in our Modern Slavery Statement (available at
www.cmcmarkets.com/group/about-us/governance), and are committed
to acting ethically and with integrity in all our business relationships. A
working group of relevant individuals from across the business reviews
controls and procedures and assesses their effectiveness.
Our shareholders provide long-term support to our business
and have expectations on how the business performs.
We recognise the importance of supporting our communities
through initiatives with our charity partners.
CMC recognises that the Group has a duty to
support the environment in the areas that we
operate. Our approach to our sustainability
strategy can be found in the Sustainability section
on pages 30 to 38.
How we engage
CMC actively engages with clients to seek feedback across a range
of channels, including our client service, sales and product teams.
Thefocus on clients has further increased with the introduction in
theUK of the new Consumer Duty regime.
Appropriate marketing and the provision of educational material
continues to be a key feature, particularly in relation to leveraged
products, to allow clients to understand which products align best
withtheir individual risk appetite.
Our employee engagement is driven through numerous channels.
This includes team meetings and briefings to our colleagues. We
undertake a global employee engagement survey with follow-up
focus groups to better understand the results and hold “town hall”
style forums to enable communication and engagement between
management and employees. During the year Susanne Chishti
stepped down as our Non-Executive Director for workforce
engagement at the 2024 AGM and her replacement remains under
active review.
Further information on how we engage with our people is described
within the Sustainability section on pages 30 to 38.
We engage in open and active dialogue with regulators, to assist their
understanding of our business and how we protect our clients and
deliver good customer outcomes. We seek to meet the expectations
of our regulators through upholding high standards of regulatory
compliance and aligning our interests with those of our clients. Our
intention is to establish strong relationships with our regulators as a
responsible participant in the markets in which we operate.
All business partners follow a mandatory procurement process to review
the external market and complete a robust evaluation of all available options.
Once a supplier is appointed, regular direct engagement between the
business owner and supplier is maintained through our Supplier Management
Programme (which sets out how we interact with our suppliers and vendor
management). As part of the procurement process, all suppliers are
categorised according to how critical the service or goods provided are to
the Group’s ability to service its clients. This categorisation determines the
frequency of interaction and level of engagement between CMC relationship
owners and the suppliers. We are continually enhancing this framework to
ensure we are always abreast of all relevant supplier issues or concerns and
there will remain a focus on a roadmap to determine the scope and frequency
of our risk assessments and monitoring activities for suppliers.
Engagement with current and prospective shareholders
continues throughout the year. Our Executive Board
members communicate the Group’s strategy and
performance and receive feedback on both these and other
matters. We provide regular half and full-year presentations,
the Annual Report and Financial Statements, our Annual
General Meeting and investor-related content on our
website. The Chairs of the Board and its Committees are
also available to meet with major shareholders.
We maintain relationships through both financial and volunteering
support with charity partners that we have committed to support.
We continue to review the Group’s Scope 1, 2 and
3 emissions and how we will seek to reduce our
impact on the environment. More information is
included in the Sustainability section.
Board oversight
The Board receives regular updates from management on client
feedback. Key issues are discussed with the Executives with a view
seeking to improve customer outcomes. Clare Francis is the Group’s
Consumer Duty Champion.
The Nomination Committee receives regular updates from members
of the HR Function on various people metrics and employee issues
and the outcome of employee surveys.
The Nomination Committee continues to monitor risks relating
to employee and people matters and their potential impact on
the business.
The Board and/or the relevant Board Committee receives regular
updates from management on the Group’s compliance with its
regulatory obligations and certain communications with the regulators
in each region in which we operate. A number of governance and audit
issues were identified in two operating subsidiaries during the year that
required engagement with the local regulator to agree the appropriate
resolution.
The Board relies on the Executives to manage the relationship with suppliers
on a day-to-day basis. Any significant new relationships will be approved
by the Board, which will also receive information on any issues with current
material outsourced services suppliers.
Shareholder feedback and details of any major movements
in our shareholders are embedded within our regular Board
meetings and are integral to our decision-making process.
The Board promotes the support of local charities in all our
global offices.
The Board has considered the appropriate
sustainability targets during the year under review
and emissions data in order to better understand
the Group’s carbon footprint. The Sustainability
section sets out details of the data on our
greenhouse gas emissions.
Outcomes
With the support and oversight from the Board during the year, we
have launched the cash ISA in the UK. The new product supports our
customers to achieve their long-term savings goal. In addition, the
Board reviewed the combination of the UK Invest and Opto products
to enhance the customer experience.
Our engagement with clients allowed us to continue to develop our
Invest products.
The Nomination Committee discusses the feedback from all the
engagement channels and provides input to senior management.
Further information on our current HR initiatives is described in the
Sustainability section on pages 30 to 38.
During the year, we have monitored the progress of a number of
regulatory consultations and guidance documents and put in place
project teams to update or adapt our procedures and practices where
appropriate in response. The Board agreed the additional resources
to resolve the matters identified in the operating subsidiaries, will
provide oversight of the communication with the local regulator and
will monitor the closure of the audit issues.
Our robust governance process allows the Group to select the best supplier
for the business and ultimately our clients. Our considered approach also
allows us to treat vendors with respect and prioritise collaboration and value
generation to mutually benefit all parties, whilst remaining compliant with
all relevant regulations. Our average time to pay invoices is in line with our
standard supplier payment terms of 30 days. This ensures that all suppliers
are treated fairly and receive payment for services or goods provided in a
timely manner.
The Board takes into account feedback from shareholders
that is obtained after major announcements. The Chair of
the Remuneration Committee will contact a number of our
shareholders to set out the proposals for the updates to our
Remuneration Policy to be presented at the 2025 Annual
General Meeting.
More information is set out in the Governance section of this
report on pages 40 to 81.
The Group and its staff have been involved in various charitable
initiatives, examples of which are provided in the Sustainability
section on pages 30 to 38.
We have reported against the Task Force
on Climate-Related Financial Disclosures
requirements and have provided further
information in the Sustainability section of
this report.
Strategic report Governance Financial statements Shareholder information
29 – CMC Markets plc – Annual Report and Financial Statements 2025
Sustainability
Sustainable and
responsible business
We are committed to acting responsibly in delivering on our purpose:
empowering investors to achieve their trading and investing goals. A
fundamental component of this commitment is ensuring sustainable
and responsible practices. By doing so, we create value not only for
our shareholders but also for our customers, employees and wider
stakeholders.
UN SDG targets
Our ESG strategy aligns with several United
Nations Sustainable Development Goals
(UN SDGs), and we have highlighted these
connections throughout the following pages
where relevant.
Case study: Our people
Creating opportunities
We are proud to support Making The Leap, helping
young people access careers in financial services.
Since 2016, we have sponsored the Social Mobility
Careers Fair and placed many into full-time roles at
CMC Markets.
Our commitment to social mobility is deeply
personal. Lord Cruddas, who founded CMC
Markets in 1989, left school at 15 and worked his
way up in finance. Many colleagues share similar
journeys, and we remain dedicated to creating
opportunities for the next generation.
As part of this commitment, we have refined our
approach to sustainability, focusing on the areas
most critical to our success. We have streamlined
our key pillars from five to three, ensuring greater
clarity, alignment with our strategy and reduced
overlap. These core pillars define how we operate as a
responsible business:
• Platform and Proposition – Delivering a robust,
innovative and transparent trading and investing
platforms that meet the evolving needs of
ourcustomers.
• People – Creating a diverse, inclusive, and
high-performing workplace that enables our
employees to thrive.
• Planet – Managing our environmental impact and
integrating sustainable practices into our operations.
These pillars underpin our approach to responsible
business, guiding our decision-making and ensuring
that we continue to operate in a way that is sustainable,
ethical and aligned with our long-term strategic goals.
Oversight of sustainability principles
The Board oversees the conduct of our business, shaping
our strategic direction while ensuring a focus on long-
term, sustainable success. Sustainability considerations
are embedded in our decision-making processes and are
regularly reviewed by our Executive Committee.
Our Group Risk Committee is responsible for overseeing
the framework for managing and reporting risks related
to climate change, ensuring that we understand and
mitigate potential financial and operational impacts. Our
Group Audit Committee plays a key role in reviewing
our sustainability updates and disclosures, including
those required under the Task Force on Climate-related
Financial Disclosures (“TCFD”), as part of its broader
oversight of our Annual Report.
Accountability for driving our sustainability strategy
sits with the Executive Committee, who ensure that
sustainability and responsible business practices remain
integral to our operations and long-term growth.
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30 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
Platform and proposition
High-quality offering
Our platform is at the core of our business — if clients
are unable to trade, we cannot generate revenue.
Maintaining a high level of uptime is crucial to our
continued success, ensuring that customers can
access markets whenever they need.
Central to delivering this reliability is our commitment to
maintaining a resilient, high-performing infrastructure.
While we have experienced outages — including
those related to the global CrowdStrike incident — we
maintained uptime in excess of 99.9% during the year,
demonstrating the robustness of our technology.
We are continuously investing in our platform to
improve outcomes for our customers, providing
them with the products and features they need to
trade effectively. To date, we have invested over £100
million in our technology, ensuring it remains market-
leading while expanding our range of instruments and
geographic reach.
During the year, amongst many other initiatives,
we launched extended trading hours across a
range of US stocks and progressed work to accept
stablecoin payments through our Bermudan entity
— enhancing flexibility for clients and positioning
the platform for future opportunities in Web 3.0 and
decentralised finance.
The quality of our offering continues to be recognised
through numerous industry awards. In FY 2025, a
selection of these accolades included:
– UK – Best For Low-cost ISA > £50 – Boring Money
Best Buy Awards 2024
– Australia – Best for Foreign Exchange Trading –
WeMoney Investment Awards 2024
– UK – Best Mobile Trading Platform – ADVFN
International Financial Awards 2024
– UK – Best Trading Technology Partner –
HedgeWeek European Awards 2024
– Australia – Best for Portfolio Insights – WeMoney
Investment Awards 2024
– Global – No.1 Most Currency Pairs –
ForexBrokers.com
– UK – Best For Share Traders – Boring Money Best
Buy Awards 2024
Our ongoing focus on innovation, resilience and
customer-centric enhancements ensures that
we remain a trusted platform for traders and
investors globally.
Platform uptime
99.93%
UN SDG targets
Our approach
We provide a range of products and services
designed to empower individuals to trade and
invest with confidence. Our goal is to support
customers in achieving their financial objectives,
whether through short-term trading or long-term
wealth building. We are committed to offering a
secure, reliable and user-friendly platform, along
with a transparent and fair product suite that meets
the diverse needs of our customers.
FY 2025 Highlights
– Continued launch of new products, including
the Cash ISA in the UK and extended trading
hours across a range of major US stocks.
– Winner of numerous industry awards across
the globe.
Accessible investing
In our investment arm, we are committed to making
investing more accessible, helping customers achieve
their financial goals while ensuring good outcomes.
Our low-cost stockbroking businesses in Australia —
where we are the second-largest provider — as well
as in Singapore and the UK, enable customers to save
and grow their wealth through an intuitive and cost-
effective investment platform. We continue to enhance
our offering, ensuring that investing is straightforward,
efficient and aligned with customer needs.
Through our thematic investing product in the USA, we
provide opportunities for customers to invest in causes
that matter to them, fostering deeper engagement
and enabling personalised investment strategies. By
offering access to themes shaping the future — such
as technology, sustainability and healthcare — we
empower customers to align their investments with their
values and long-term objectives.
Access to information
Whether on our trading or investment platforms,
we believe that informed decision-making is key to
achieving financial success. We offer a comprehensive
suite of educational resources, including online
materials to help customers understand financial
products and determine what is suitable for their needs.
We also offer our Sessions podcast, which won the
#1 Podcast Series award at the 2024 ForexBrokers.
com Awards.
We are committed to conducting our business in line
with the highest ethical standards. Transparency is
at the core of our proposition, and we heavily invest
in governance, technology and customer support to
ensure our services remain clear, fair and accessible.
Our robust compliance framework ensures that
customers can trade and invest with confidence,
knowing that their interests are at the heart of
everything we do.
Through continuous investment in
technology and infrastructure, we ensure
that our clients have access to the markets
whenever they need.”
Strategic report Governance Financial statements Shareholder information
31 – CMC Markets plc – Annual Report and Financial Statements 2025
Case study: Our proposition
Responding to customer demands – the launch of
CMC Invest’s Flexible Cash ISA
During the year, we launched our Flexible Cash ISA in
the UK, responding to strong customer demand. This
strengthens our presence in the growing cash savings
market, providing customers with an attractive, tax-
efficient option.
With fintech firms driving innovation, the savings
market is evolving rapidly. Our entry ensures
customers benefit from a modern product offering
accessibility, flexibility and security. The ISA can be
opened with as little as £1, is managed via our app,
and allows withdrawals and replacements within the
same tax year without affecting the ISA allowance.
Customers can access funds at any time without
penalties or rate reductions.
While we are not a bank, we are authorised and
regulated by the FCA to accept ISA deposits.
Customer funds benefit from Financial Services
Compensation Scheme protection, with deposits held
by NatWest and in Qualifying Money Market Funds —
ensuring security up to £85,000 per customer.
Since launch, our Flexible Cash ISA has been well
received, reflecting strong demand for high-yield,
accessible savings. As we continue to innovate, we
remain focused on delivering value-driven products
that help customers achieve their financial goals. We
are committed to staying at the forefront of financial
product development, ensuring we remain a trusted
partner for savers and investors alike.
Platform and proposition continued
Partnerships
Alongside our direct-to-consumer offerings, we
continue to expand our strategic partnerships to
enhance both our market presence and service
capabilities. These collaborations enable us
to reach new customer segments, scale our
operations efficiently and reinforce our position as a
trusted provider.
During the year, we entered into partnerships with
Revolut and ASB Bank, providing a scalable and
robust trading and investment infrastructure. These
agreements reflect the confidence that leading
financial institutions have in our platform, demonstrating
the quality, reliability and innovation that underpin
our offering.
By partnering with established brands, we continue to
strengthen our market reach and deliver high-quality
trading solutions to a broader audience — further
solidifying our reputation as the partner of choice in
the industry.
Resilience
To enhance operational resilience, we maintain detailed
business continuity planning frameworks. Over the
past year, we have successfully implemented DORA
requirements and are actively working to align with
the new Corporate Governance Code, reinforcing
our commitment to a strong and effective control
environment.
Information security and
dataprotection
We manage significant amounts of sensitive data
relating to our customers, products and business
operations. Protecting this information is critical to
maintaining customer trust and ensuring business
continuity. Our systems undergo regular testing, with
robust backup and monitoring processes in place.
Human rights and modern slavery
We uphold the highest ethical standards and have
a zero-tolerance approach to modern slavery. This
commitment extends across our business, covering all
employees, contractors and suppliers.
To enforce this, we have implemented robust systems
and controls to prevent modern slavery and human
trafficking within our operations and supply chains.
Employees receive mandatory training to help them
identify and mitigate risks. Additionally, as part of our
recruitment process, we conduct thorough eligibility-
to-work checks to safeguard against human trafficking
and ensure compliance with employment regulations.
Anti-bribery and corruption
We are committed to conducting business with honesty
and integrity, operating with a zero-tolerance stance
on bribery and corruption. Our policy ensures that
all employees, suppliers, contractors and business
partners are clearly informed of our ethical expectations
at the outset of any business relationship and
throughout our engagement with them.
Sustainability continued
32 – CMC Markets plc – Annual Report and Financial Statements 2025
Strategic report Governance Financial statements Shareholder information
People
Employee engagement
Employee engagement rebounded from 37% to 57%
globally, recovering from the previous year’s decline,
which had been impacted by workforce reductions and
the transition away from hybrid working. We recognise
the importance of fostering a positive workplace culture
and will continue taking action to enhance engagement.
Talent development
We are committed to providing an environment where
employees can develop their careers and prosper. All
colleagues have access to development tools, including
LinkedIn Learning, and many undertake structured
training across a range of professional qualifications
to support their career progression. Alongside this, we
operate a number of successful mentoring programmes
to support colleagues’ development and growth.
Working environment
We operate a fully office-based model, recognising
the benefits of face-to-face collaboration. As part
of our commitment to a modern and engaging
workplace, we have completed the refurbishment of our
London office and opened a new office in Singapore.
Complimentary breakfast is also provided as part of our
workplace benefits.
We are committed to ensuring equality of opportunity
for disabled applicants and employees. We make
reasonable adjustments during recruitment and provide
support to help disabled colleagues thrive in their roles.
High performance culture
We are committed to fostering a high-performance
culture that underpins our strategy. Central to this is
supporting internal moves and promotions, enabling
our people to grow and succeed within the organisation.
Our pay and benefits package is comprehensive and
regularly benchmarked to ensure it remains attractive.
As an investment business, share ownership is core
to our culture. Encouraging colleagues to become
shareholders strengthens alignment with our investor
Case study: Our people
Pedal power – London to Brighton
BikeRide
Several CMC Markets employees cycled from London to Brighton in support of
the British Heart Foundation, raising £3,109. Fundraising activities, including a
bake sale and raffle, boosted contributions, with support from key suppliers.
Ahead of the ride, the team completed a final practice route through London,
taking in landmarks such as Hyde Park and Buckingham Palace, before finishing
with a well-earned coffee break.
Raised by colleagues in Singapore for the
Kidz Horizon Appeal
S$30k
Colleague engagement score
57%
UN SDG targets
Our approach
We are committed to developing and empowering
our people, providing them with the support and
opportunities needed to reach their full potential.
We foster an engaging and inclusive workplace
where talent is recognised and valued. Our
success is driven by the expertise and dedication
of our people, who embody our values and deliver
exceptional service across the business.
FY 2025 Highlights
– Global engagement of 57% up from 37% the
prior year.
– Continued growth of colleague and charity
events, fostering collaboration and teamwork
– Eighth year of working with Making the Leap,
helping support young people into careers in
financial services.
People are at the heart of CMC’s success, and
attracting, developing and motivating top talent
iskey to our future growth.”
base and rewards long-term commitment. In addition
to share awards for Executive Directors and senior
managers under the Long-Term Incentive Plan, we offer
a tax-efficient share scheme open to all employees.
We also run a Leadership Development Programme
to support the next generation of leaders from within
the business.
Communication
Open communication is fundamental to our culture.
We facilitate regular ‘Meet the Execs’ sessions,
providing employees with direct access to leadership.
Additionally, over the year, Lord Cruddas visited all our
main offices, reinforcing our commitment to transparent
and meaningful engagement with colleagues.
Strategic report Governance Financial statements Shareholder information
33 – CMC Markets plc – Annual Report and Financial Statements 2025
Sustainability continued
Case study: Our people
Empowering inclusion
Over the past year, we continued to foster Women in CMC — our
internal women’s network — through a series of inclusive and engaging
events designed to inspire, connect and support women across the
organisation. The network plays a key role in promoting gender equity
and helping colleagues build confidence, share experiences, and grow
both professionally and personally.
One of the highlights of the year was a special event held to celebrate
International Women’s Day, where we were proud to host Jo Fairley,
co-founder of Green & Black’s. Jo shared her entrepreneurial journey,
the challenges she faced in scaling an ethical chocolate brand, and her
perspective on what it means to be a female founder in a traditionally
male-dominated industry.
Throughout the year, the network also ran a number of other activities.
These included yoga sessions to promote wellbeing and balance, and a
series of spotlight sessions featuring women from across the business.
These internal spotlights gave colleagues the opportunity to hear from
one another about career paths and the diverse ways women contribute
to CMC’s success.
The Women in CMC initiative continues to build momentum, creating a
space for open conversation, support and professional development.
It’s one of several ways we’re working to build a more inclusive culture —
where everyone feels empowered to thrive.
People continued
Gender balance
We are a signatory of the Women in Finance Charter and actively support
our colleague network, Women in CMC. We recognise that the brokerage,
trading and investing sectors continue to have a higher proportion of men
at all levels. We are committed to fostering greater gender diversity and
actively participate in initiatives to attract more women to the profession,
including dedicated networking and recruitment events such as Women
in Broking.
We acknowledge that achieving parity at all levels will take time, but our
priority is to create an environment where everyone can succeed. While we
remain committed to diversity, we do not set specific internal targets, as we
believe in hiring the right person for each role based on merit, irrespective of
any other characteristics.
We recognise that we do not currently meet the diversity targets set out by
the Listing Rules. However, we remain committed to ensuring that diversity
is a key consideration in Board appointments, while maintaining the right
balance of skills and expertise.
31 March 2025
Women Men
Directors 2 (29%) 5 (71%)
Senior Managers 11 (18%) 51 (82%)
Company 307(29%) 753 (71%)
Charity and volunteering
During FY 2025, we continued to support charitable causes. We have
moved away from large corporate partnerships to an approach that
supports staff-nominated causes, allowing employees to contribute to
initiatives that resonate with them personally. We have also partnered with
Making the Leap, an organisation dedicated to transforming the futures of
disadvantaged young people in the UK.
In Singapore, we raised over S$30,000 during Christmas for the Kidz
Horizon Appeal, supporting the KKH Health Fund (part of SingHealth
Fund). Additionally, we donated 150 drawing pads and coloured pencils
to beneficiaries of the Child Life Therapy Programme at KK Women’s and
Children’s Hospital.
In the UK, employees took part in various fundraising and volunteering
activities. Our London to Brighton Bike Ride raised £3,109 for the British
Heart Foundation, while staff participated in the Standard Chartered Great
City Race and the London Legal Walk, raising funds for legal aid charities.
A two-minute planking challenge in June raised £2,100 for Great Ormond
Street Hospital. Staff also supported Breast Cancer Now through a ‘Wear It
Pink’ event, bake sale and coffee morning, raising £519. For Remembrance
Day, poppies were sold at reception, and a fundraising initiative in honour
of servicemen raised £1,500. Our partnership with Hackney Foodbank in
November and December resulted in six boxes of essential items being
donated to support those in need.
Health and wellbeing
We prioritise employee wellbeing through comprehensive health insurance
and a regular calendar of initiatives promoting physical and mental health.
Events included puppy therapy, perfume-making workshops for relaxation
and mindful floristry exploring colour psychology.
Financial wellbeing and menopause awareness workshops provided
valuable insights, while a men’s mental health session highlighted key health
risks. Cleaner Appreciation Day recognised the efforts of our Housekeeping
Team, including a well-deserved lunch.
Whistleblowing
We are committed to maintaining a strong ethical workplace culture where
employees feel confident in reporting concerns about misconduct or
unethical behaviour. Our whistleblowing framework provides a confidential
and anonymous channel for raising concerns, including access to an
independent external whistleblowing service. Reports are handled
impartially, following a structured process that ensures whistleblowers are
protected from retaliation.
Staff events
Social events play a key role in fostering a connected and inclusive
workplace. We host a diverse calendar of events throughout the year,
including our annual Christmas party and regular office socials. We also
celebrate cultural and awareness events such as Black History Month,
Chinese New Year and International Women’s Day, reinforcing our
commitment to an inclusive workplace.
Monthly themed social events brought staff together, with activities such as
football screenings and food pop-ups. Seasonal events included a pumpkin
carving workshop for Halloween and festive-themed creative sessions,
such as candle making, wreath making and bauble decorating. These
initiatives helped foster a sense of community while promoting creativity and
wellbeing.
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34 – CMC Markets plc – Annual Report and Financial Statements 2025
Global energy emissions (tCO
2
e) by scope
– Scope 1 Emissions – Direct emissions from
sources owned or controlled by a company (e.g.
fuel combustion in company vehicles, on-site
energy generation).
– Scope 2 Emissions – Indirect emissions from
purchased electricity, heat steam, or consumed
by the company.
– Scope 3 Emissions – Indirect emissionsfrom
the company’s value chain, including suppliers,
business travel, employee commuting
andproduction.
Planet
As a digital-first business, our operations naturally result in lower direct
carbon emissions compared to more resource-intensive industries,
with the majority of our emissions lying within our value chain. While we
recognise our responsibility and remain committed to supporting a more
sustainable future and reducing our impact, our response is designed to be
proportionate.
UK colleagues participating in our
electric vehicle leasing scheme
36
UN SDG targets
Our approach
We are committed to minimising our
environmental footprint and take a proportionate,
risk-based approach to managing climate-related
issues. We consider the potential impacts of
climate change on our business and take steps to
address both risks and opportunities. Recognising
the importance of collective action in achieving
global net zero goals, we are dedicated to playing
our part in building a more sustainable future.
FY 2025 Highlights
– Relocated our secondary UK-based data
centre to a new co-located facility, resulting in a
50% reduction in power consumption.
– Signed a lease for a new head office in
Singapore, which has received an award for
excellence in its environmental design.
Our carbon profile
The majority of our greenhouse gas (GHG) emissions
are Scope 3, arising primarily from cloud computing,
marketing, and other upstream services. While these
emissions fall outside our direct control, we actively
engage with key suppliers to promote transparency,
encourage renewable energy use, and support their
decarbonisation journeys. We recognise the progress
many of them are making towards their own carbon
targets and continue to support their transition.
Our direct (Scope 1) and indirect (Scope 2) emissions
remain low. Nonetheless, we continuously look to
improve our infrastructure and see opportunities to
reduce these emissions further.
We have also modernised our data centres in recent
years, adopting more energy-efficient infrastructure
and moving workloads to cloud-based solutions
wherever feasible. This reduces reliance on traditional
data centres and contributes to improved overall energy
efficiency.
Sustainable ways of working
As a global organisation, we value collaboration but also
recognise the importance of minimising unnecessary
travel. Where essential, we will continue to visit our sites
and engage with teams in person, but the vast majority
of meetings and engagements are now conducted
through digital collaboration tools — significantly
reducing our travel-related emissions.
Employee commuting
We offer a range of initiatives to help colleagues make
environmentally conscious commuting choices,
including:
– Cycling facilities at our main offices.
– Season ticket loans to support public
transport usage.
– Electric vehicle leasing schemes in the UK and
Australia.
These initiatives are designed to promote well-being
while contributing to our sustainability goals.
Addressing Scope 3 and Supply Chain Emissions
Scope 3 emissions are central to our long-term
sustainability strategy. We are working with suppliers
to assess emissions across our value chain and are
exploring more sustainable procurement approaches.
Our ongoing supplier engagement aims to improve
transparency and identify opportunities to reduce
environmental impact without compromising
operational resilience.
B
C
A – Scope 1 0%
B – Scope 2 1%
C – Scope 3 99%
Operational Emissions and Infrastructure
Our main sources of Scope 1 and 2 emissions include
our offices and data centre operations.
We are currently relocating our Singapore office to
a larger but more energy-efficient space, which has
received a BCA Green Mark Platinum award — the
highest level of certification for best practices in
environmental design, construction, and adoption of
green building technologies. Similarly, our London
office will be moving in the coming years as part of a
site redevelopment, which presents an opportunity
to reduce energy consumption and align with our
sustainability objectives.
Strategic report Governance Financial statements Shareholder information
35 – CMC Markets plc – Annual Report and Financial Statements 2025
Sustainability continued
Planet continued
Our approach to net zero and energy markets
We support global efforts to reach net zero and remain committed to playing our part. However, we acknowledge
that fossil fuels will continue to play a role in the global energy mix during the transition.
We believe that informed choices and transparency are essential in the evolving ESG landscape. Clients should
always have the freedom to make their own investment decisions. For this reason, we continue to support our
customers’ ability to take positions in all commodities, including oil and gas products and energy companies.
Likewise, our corporate brokerage arm, CMC CapX, continues to support hydrocarbon producers in raising capital.
This reflects our view that the path to decarbonisation must remain inclusive, flexible, and market-led.
TCFD Compliance statement
We have set out our climate-related financial disclosures in accordance with the 11 recommendations of
the Task Force on Climate-related Financial Disclosures (TCFD) and confirm compliance with Listing Rule
6.6.6R(8). These disclosures also meet the requirements of the UK Government’s Climate-related Financial
Disclosure (CFD) regulations, under the Companies Act 2006 (as amended).
The disclosures address all eight statutory requirements and are structured around the four TCFD pillars:
Governance, Strategy, Risk Management, and Metrics and Targets.
Governance
Board oversight
The Board oversees climate-related issues as part of its broader sustainability responsibilities. It considers these
matters when reviewing and guiding strategy, major plans of action, and risk management policies. The Board
approves targets related to climate change and receives formal updates at least three times per year, enabling it to
monitor progress against agreed goals.
Our governance framework includes:
Group Board
Audit
Committee
Provides
independent
oversight of
climate-related
reporting within the
TCFD disclosure.
Risk
Committee
Reviews reports
on principal
business risks,
including climate-
related risks, and
recommends
approval of the
TCFD disclosure to
the Board.
Nomination
Committee
Ensures the Board
has appropriate
sustainability
knowledge through
appointment
processes and
ongoing training.
Remuneration
Committee
Evaluates
Executive
Directors’
performance
against
sustainability-
related objectives.
Management’s role
Day-to-day responsibility for managing climate-related
risks and opportunities sits with the Sustainability
Committee. The Committee includes two Board
members (the Deputy Chief Executive Officer and the
Head of Asia Pacific), alongside other senior leaders
from across the business.
The Committee meets at least three times a year to
review climate-related matters, supported by input
from teams across the Group and external subject
matter experts. Climate-related issues are escalated
to the Committee through regular updates from the
business. The Committee monitors developments
by reviewing external regulatory updates, market
developments, and emerging risks. Key outputs are
summarised and reported to the Board to ensure that
climate considerations are integrated into strategy, risk
management, and operational decision-making.
Strategy
Climate-related risks and opportunities and the
impact of these on our business
We assess climate-related risks and opportunities
across short- (up to 1 year), medium- (1–10 years),
and long-term (over 10 years) horizons, reflecting the
expected pace of regulatory and market developments
Our business is considered resilient to climate-related
risks. The Directors have assessed the potential
impacts of climate change on the Group’s financial
reporting and concluded that there is currently no
material effect on accounting judgements or estimates.
Similarly, climate-related risks are not expected to have
a material impact on the Group’s longer-term viability.
Materiality is assessed consistently with our financial
reporting thresholds, or £5 million for non-financial
disclosures.
While risks have the potential to become material in
the future, they are not currently considered so. As a
result, climate risks are not factored directly into the
Group’s financial planning process, which covers a
three-year period. APAC and Canada are identified as
having the highest exposure to medium- and long-term
climate risks.
Case study: Our Planet
Sustainable Data
CentreTransition
In 2025, we completed the full decommissioning
of our secondary UK-based data centre and
transitioned to a new co-located facility in
partnership with KAO Data. A key factor in
choosing KAO was the strength of its sustainability
credentials, which align closely with our own
environmental objectives.
The facility is designed with sustainability at its core,
boasting BREEAM “Excellent” certification, an
ultra-efficient power usage effectiveness of 1.2, and
energy sourced entirely from a specific UK provider.
It also uses sustainable generators for backup
power fuelled by hydrotreated vegetable oil.
This move has allowed us to consolidate our data
centre footprint by nearly 50%, reducing overall
power consumption and improving operational
efficiency across our infrastructure.
36 – CMC Markets plc – Annual Report and Financial Statements 2025
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Key climate-related risks and responses:
Risk Description Potential Impact Time frame Response and mitigation plan Metrics
Severe weather
events
Physical Revenue loss and higher energy
costs due to cooling and
infrastructure damage
Medium to
long term
We continue to monitor exposure across our locations and
suppliers, embedding climate considerations into infrastructure
planning, particularly in relation to data centre resilience.
Platform uptime
Energy transition
Transitional Volatile energy costs and potential
service disruption
Short to long
term
We monitor energy market dynamics, engage with suppliers to
support a stable, lower-carbon energy supply and assess
opportunities to improve energy efficiency. Given our limited
influence over most suppliers, progress in reducing scope 2 and
3 emissions is largely dependent on government targets and policies.
Scope 1, 2, 3
emissions,
tCO
2
e per
employee
Enhanced
reporting
obligations
Transitional Increased compliance costs and
reputational risk from non-
compliance
Short to
medium term
We regularly monitor emerging regulatory requirements and
adapt internal policies accordingly to ensure full compliance
andtransparency.
Not currently
tracked
Changing
customer
behaviour
Transitional Demand shifts, asset write-downs
and increased investment needs
Short to
medium term
We track evolving customer expectations and align our product
strategy to support low-carbon investments, maintaining
long-term relevance.
Not currently
tracked
Key Climate-related Opportunities and Responses:
Opportunity Time frame Potential impact Response and mitigation plan
Climate-related
products and
services
Medium term Increasing client interest in the energy transition and sustainable
investments presents an opportunity to broaden our product offering,
attract new clients and strengthen long-term revenue. This also
supports alignment with evolving regulatory expectations and investor
preferences.
We continue to monitor market trends and client demand
toexpand our range of climate-aligned financial products.
Wehave already integrated sustainability filters and
climate-conscious options across our platforms, and we
remain focused on enhancing access to transition-related
investment opportunities.
Resilience Analysis
We mapped climate risks to our climate risk register in
2023, supported by Ever Sustainable. This mapping
focused on material risks across our business model,
taking into account our geographic footprint and service
delivery model. We reassessed the output in 2024 and
confirmed the mapping remains valid given there were
nosignificant changes to our operational structure.
We undertook qualitative scenario analysis across a
2°C and a 3°C+ pathway:
– In a 2°C or lower scenario, we anticipate a rapid
policy shift and growing market volatility. This could
temporarily drive increased demand for cash liquidity
within our institutional segment, while also increasing
client engagement across our trading platform as
clients navigate uncertainty.
– In a 3°C+ scenario, more severe physical impacts
could affect our data centre infrastructure and
energy usage. Economic slowdown in markets such
as Australia may affect demand for our investing
platform in the medium to long term.
While we do not currently model full climate scenarios
as part of our ICARA or viability assessments, we are
actively developing capabilities to integrate scenario
analysis into these frameworks, including stress testing
climate-linked risks.
Risk management
Risk identification and assessment
In 2023, we conducted a comprehensive climate risk review,
supported by Ever Sustainable, to integrate climate risks into
our enterprise risk management framework. This included
benchmarking against peers, stakeholder interviews, and
mapping climate risks to principal risk categories.
We classify climate risks into:
– Physical risks: acute (e.g. storms, heatwaves) and
chronic (e.g. rising temperatures, sea level rise)
– Transitional risks: arising from regulatory,
technological, legal or reputational change
This assessment has been undertaken at a Group level
but considers all the geographies we operate in.
Risk management process
While climate-related risks are not currently classified
as principal risks, they are embedded within broader
principal risk categories. We will continue to monitor
developments and escalate risks where materiality
thresholds are met.
Metrics and targets
Metrics for assessment
We use a range of metrics to monitor and assess
climate-related risks and opportunities, aligned with
our strategy and risk management processes. These
include both operational and strategic indicators
relevant to our business model as a technology-led
financial services provider.
As climate-related risks are not currently considered
material to the Group, climate-related metrics are not
included in our approach to determining remuneration.
This position is kept under regular review in line with
evolving expectations and risk assessments.
Targ ets
We initially committed to achieving net zero (reducing
emissions by 100%, as far as possible first with the use
of offsetting for any residual emissions that are not
feasible to eliminate) in Scope 1 and 2 emissions by
2030. However, given that our Scope 2 emissions are
derived from leased properties where we have limited
operational control and staff commuting is influenced by
societal factors, we have aligned our net zero ambition
to 2050, consistent with government targets in our two
largest markets (UK and Australia).
By this date we also aim to be net zero in total emissions,
including Scope 3 emissions. We retain an interim target
to remain net zero in our scope 1 emissions by 2030.
We continue to:
– Engage with landlords and suppliers to encourage
the use of renewable energy
– Promote behaviour change among employees
– Support our suppliers’ transition strategies through
regular engagement
Strategic report Governance Financial statements Shareholder information
37 – CMC Markets plc – Annual Report and Financial Statements 2025
Sustainability continued
Planet continued
Metrics and targets continued
Assurance approach
Given we do not consider the impact of climate-related risks or opportunities to be material, the Board has chosen
not to obtain external assurance over the TCFD disclosures or the related metrics and targets. However, the process
for measuring carbon emissions was subject to an internal audit review during FY 2024.
Emissions and energy use summary
Greenhouse gas emissions
– Scope 1: Relates to vehicles provided through our salary sacrifice schemes in the UK and Australia. These are
electric vehicles, resulting in zero emissions.
– Scope 2: Relates to electricity used in leased offices. These emissions are classified as indirect due to lack of
operational control.
– Scope 3: Encompasses upstream and downstream emissions, including cloud services, business travel, capital
goods and employee commuting.
Calculation methodology
We use the operational control approach. GHG emissions have been calculated in line with the GHG Protocol
methodology. Where we do not directly control energy sources (e.g. landlord-controlled heating), these are classified
as Scope 2 or 3. We follow SECR guidance and apply AIB emissions factors for Scope 2, and DBT/Exiobase
for Scope 3.
Global energy consumption by location
Year ended
31 March 2025
(kWh)
Year ended
31 March 2025
%
Year ended
31 March 2024
(kWh)
Year ended
31 March 2024
%
UK 1,715,174 89% 2,990,245 85%
Rest of World 214,322 11% 540,823 15%
Total 1,929,496 100% 3,531,068 100%
Global energy emissions by location
Year ended
31 March 2025
(tCO
2
e)
Year ended
31 March 2025
%
Year ended
31 March 2024
(tCO
2
e)
Year ended
31 March 2024
%
UK 4,094.0 35% 4,714.9 38%
Rest of World 7,442 .4 65% 7,606.9 62%
Total 11,536.4 100% 12,321.8 100%
Greenhouse gas emissions by scope
Sub category Unit
Year ended
31 March
2025
Year ended
31 March
2024
Year ended
31 March
2015
(base year)
Scope 1:
tCO
2
e — — —
kWh — — —
Scope 2:
Electricity
tCO
2
e 159.1 168.3 3,560.4
kWh 1,929,496 3,531,068 5,940,440
Scope 3:
Purchased goods and services
tCO
2
e 7,823.3 9,864.6 —
Fuel- and Energy-Related Activities tCO
2
e 114.8 218.9 —
Upstream transportation and distribution tCO
2
e 37.9 126.2 —
Waste generated in operations tCO
2
e 4.5 6.4 —
Business travel tCO
2
e 412.7 541.5 —
Employee commuting tCO
2
e 391.4 384.7 —
Upstream leased assets tCO
2
e 1,074.1 1,009.0 —
Investments
tCO
2
e 1,518.5 2.1 —
Total global emissions
tCO
2
e 11,536.4 12,321.8 3,560.4
kWh 1,929,496 3,531,0680 5,940,440
Net operating income £m 340.1 332.8 143.6
Headcount (as at 31 March) number 1,060 1,175.0 473.0
Intensity ratio (total global emissions/net operating income)
tCO
2
e/£m 29.5 37.0 24.8
Intensity ratio (total global emissions/employee) tCO
2
e/HC 10.9 10.4 7.5
Renewable % for electricity 100% 95% —
Assumptions
The greenhouse gas emissions calculations are based on data provided by internal and external sources, including
our value network and suppliers. Assumptions regarding emission factors and the scope of activities covered have
been aligned with recognised industry standards, ensuring accuracy and consistency in reporting.
Movement in year
The continued reduction in emissions is primarily driven by efforts within our value network and suppliers, reflecting
our ongoing commitment to sustainability. However, this has been partially offset by an increase in investment-
based emissions, resulting from a shift in our financial investment strategy. Scope 2 electricity usage reduced owing
to a movement of our in house data centre to a third party provider. Additionally, the intensity ratio, measured by
headcount, which we use as a KPI, has seen a slight increase due to a reduction in headcount over the year.
38 – CMC Markets plc – Annual Report and Financial Statements 2025
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