Goldman Sachs invests in spread bettor CMC

British spread-betting firm CMC Markets said yesterday investment bank Goldman Sachs had agreed to take a 10 per cent stake in the firm.

CMC said it hopes the investment will help fund its growth and that its technology could be used by Goldman Sachs.

It also hopes Goldman’s backing could help open new markets.

“Goldman Sachs, we feel, can open doors to major banks, major brokers,” said CMC executive chair Peter Cruddas. “They have fantastic corporate clients and we have fantastic technology.”

CMC did not disclose a value for the deal, but a source familiar with the matter said it was worth up to $284 million (Canadian).

Jan Boomaars, a managing director at Goldman Sachs, said the firm hopes to capture “the significant opportunities in the global retail derivatives market.”

Financial spread betting allows speculation on securities movements.

Tags: CMC, CMC Markets, cmcmarkets, Goldman Sachs, Peter Cruddas

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