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"I can wait another year if it means getting double the valuation for the company" Peter Cruddas, CMC |
The press coverage also extended to the company’s founder and chief executive, Peter Cruddas, who established CMC in 1989 with £10,000 of his own money as a foreign exchange service provider dedicated to catering for the then neglected retail sector. Few in the market would disagree that CMC has fulfilled its original aims. In the process it has made Cruddas a wealthy man. CMC and other companies like it have done a fantastic job of attracting a fresh range of participants, such as the retail sector, to various financial markets and instruments. A fresh approach to risk management – almost no deal is considered too small – and the early embrace of technology, which has enabled small tickets to be processed and has helped to distribute CMC’s prices to a diverse, global audience, has underpinned the business. CMC pioneered the trading of FX on the internet in 1996, now something virtually taken for granted.
Cruddas and CMC’s story can easily be described as a rags to riches tale.