Admirals (company)

Admirals (previously referred to as Admiral Markets) is a Tallinn, Estonia-based trading platform for forex, contracts for difference (CFDs) and foreign exchange transactions across various financial markets.[4][5][6] Established in 2001 by Alexander Tsikhilov, it is listed on the Nasdaq Nordic stock exchange.[2]

Admirals
TypePublic
Nasdaq Baltic: ADMB080027A
IndustryFinancial services
FoundedMarch 5, 2001 (2001-03-05)
FoundersAlexander Tsikhilov
Headquarters
Tallinn, Estonia
Area served
worldwide
Key people
Sergei Bogatenkov (co-CEO)[1]
Alexander Tsikhilov (Founder and Chairman)
[2]
ServicesElectronic trading platform
Forex & CFD Brokerage Services
Number of employees
300+[3]
Websiteadmiralmarkets.com

History

Admirals was founded in 2001 in Kesklinn, Estonia by Alexander Tsikhilov, a former engineer.[7] In 2019, Admiral Markets started collaborating with Trading Central, Acuity and Dow Jones & Company to provide an analytical portal for its clients.[8] The company was registered as a security and commodity contracts broker in 2003,[2] and listed on Nasdaq Tallinn's Baltic Bond Lis in January 2018.[2] In 2019, Admiral Markets received the Global Banking & Finance Awards as the Best Forex Company Estonia 2019.[9] It was awarded ADVFN International Financial Awards in 2021.[10] In 2021, the company changed its brand name from Admiral Markets to Admirals.[11][12][13][14] As of 2021, the company has affiliates and trading licenses in the United Kingdom, Cyprus, Australia and Jordan.[15][16]

In March 2021, the company rebranded from "Admiral Markets" to "Admirals", also changing the company's logo.[17]

In June 2022, Admirals SA (PTY) Ltd., an operating subsidiary of Admirals, received regulatory approval to offer CFD trading to investors in South Africa.[18]

As of 2022, Admiral Markets Group had representative offices in 18 countries through its regulated investment company subsidiaries and had a client portfolio in more than 145 countries. In the same year, Admirals started its operations in Jordan, expanding its presence in the Middle East and North Africa (MENA) region, and also obtained a license for financial activities in South Africa.[19]

Management

In 2017, Admiral Markets underwent a change in management after Jens Chrzanowski, Victor Gherbovet and Mindaugas Deksnys, were appointed on the board, along with Sergei Bogatenkov and James Chernikov, who had been serving on the board previously.[20] In 2018, Stephen Ayme was appointed as the company's general manager, replacing Simon Roberts.[21][22]

In September 2022, the Board of Admirals consisted of two members: Sergei Bogatenkov and Andrey Koks after Jens Chrzanowski left the company.[23][24]

Controversies

Admiral Market reported fake, clone websites offering unrealistic promises using the brand of Admiral Market and this happened several times, specifically in the year 2017, 2018 and 2020.[25][26][27][28][29]

In March 2020, the mass media reported that Admiral Markets allegedly exited the Poland Market, though the company stated that it denied such a report that its Polish branch was scheduled for a "switch of affiliations" as previously the branch had been working under the Estonian arm whereas it had been switched to be worked under its subsidiary Admiral Markets Cyprus Ltd, which is a CySEC regulated firm.[30][31]

In February 2021, Estonian financial watchdog Finantsinspektsioon fined Admiral Markets a sum of €32,000 for allegedly not complying with its legal obligations toward providing investment services.[32][33] Consequently, the company moved to the Harju County Court, challenging the imposition of fine by Finantsinspektsioon. On April 1, 2021, The Harju County Court annulled the decision of the fine by Finantsinspektsioon.[34] On May 26, the second-tier Tallinn Circuit Court endorsed the decision of Harju County Court.[35][36]

Further reading
  • Williams, B. M., Gregory-Williams, J. (2004). Trading Chaos: Maximize Profits with Proven Technical Techniques. United Kingdom: Wiley. ISBN 9780471463085 [37]
  • Lownsbrough, R. (2020). Scalp the Forex Markets - Bank 50 Pips a Day. (n.p.): ISBN 9781716936937.
  • Financial Behavior: Players, Services, Products, and Markets. (2017). United States: Oxford University Press. ISBN 9780190269999. [38]

References
  1. "Sergei Bogatenkov, Chairman of the Management Board and co-CEO at Admiral Markets Group". Executive Library.
  2. "Admiral Markets AS". Nasdaq Baltics.
  3. "ADMIRAL MARKETS AS". Dun & Bradstreet.
  4. "Coinbase трябва да влезе в портфолиото на почти всеки инвеститор". Bloomberg (in Bulgarian). Retrieved 2021-05-17.
  5. Breznik, Ziga (2021-03-14). "Best CFD Trading Platforms UK 2021". www.publicfinanceinternational.org. Retrieved 2021-05-17.
  6. "Best Broker For Scalping: Here's How To Find It [2021]". The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com. 2021-04-03. Retrieved 2021-05-17.
  7. "CySEC "Cypriot Investment Firm" - Admiral Markets Cyprus Ltd".
  8. "Admiral Markets teams up with Trading Central, Acuity and Dow Jones Newswires".
  9. "GLOBAL BANKING & FINANCE AWARDS® – 2019 – Award Winners - Global Banking & Finance Review". www.globalbankingandfinance.com. Retrieved 2021-05-17.
  10. "ADVFN 2021 International Financial Awards". uk.advfn.com. Retrieved 2021-05-17.
  11. "Admiral Markets rebrands as Admirals". FX News Group. 2021-03-04. Retrieved 2021-05-17.
  12. "Admiral Markets are rebranding to Admirals". Admirals. Retrieved 2021-05-17.
  13. "Admiral Markets rebrands to Admirals".
  14. "Interview: Jens Chrzanowski talks about Admiral Markets rebranding and 20 year anniversary".
  15. "Admirals". FXNewsGroup.
  16. "Admirals open a regulated subsidiary in Jordan". LeapRate.
  17. Toogood, Darren (2021-11-21). "Rebranding Of Admiral Markets, What Does It Signify?". Island Echo.
  18. Fathi, Abdelaziz (2022-06-20). "Admirals Acquires CFDS Broker License In South Africa, Sets Up Shop In Cape Town". Finance Feeds.
  19. "Admiral Marketsi esimese poolaasta tulu vähenes koguni kolm korda". Investor Postimees. 2021-09-01.
  20. "Admiral Markets Adds to its Board with Three New Appointments | Finance Magnates". Finance Magnates | Financial and business news. 2017-05-08. Retrieved 2021-05-17.
  21. "Admiral Markets Appoints New General Manager and Compliance Officer | Finance Magnates". Finance Magnates | Financial and business news. 2017-06-08. Retrieved 2021-05-17.
  22. "Admiral Markets UK Parts Ways with General Manager Simon Roberts | Finance Magnates". Finance Magnates | Financial and business news. 2018-07-26. Retrieved 2021-05-17.
  23. Segal, Gerald (2022-08-30). "Exclusive: Jens Chrzanowski resigns from Admirals, joins XTB". FXNewsGroup.
  24. Fathi, Abdelaziz (2022-08-30). "Admirals Parts Ways With Long-serving Jens Chrzanowski". Finance Feeds.
  25. "Admiral Markets Warns Clients of Fake AdmiralFxMarkets Website". Finance Magnates | Financial and business news. 2020-11-09. Retrieved 2021-05-17.
  26. "Admiral Markets Warns of Clone Website | Finance Magnates". Finance Magnates | Financial and business news. 2018-11-29. Retrieved 2021-05-17.
  27. "Malaysian Watchdog Warns of Admiral Markets Clone | Finance Magnates". Finance Magnates | Financial and business news. 2020-12-30. Retrieved 2021-05-17.
  28. "Admiral Markets Ltd (Clone of FCA Authorised firm)". FCA. 2017-08-02. Retrieved 2021-05-17.
  29. "Admiral Markets Warns Clients Against Fraudulent Clone Website". Admirals. Retrieved 2021-05-17.
  30. Raza, Ali (2020-03-12). "Admiral Markets Denies Allegations By Media Over Poland Exit". FXDailyReport.Com. Retrieved 2021-05-17.
  31. "Admiral Markets Denies Media Reports on Poland Exit | Finance Magnates". Finance Magnates | Financial and business news. 2020-03-11. Retrieved 2021-05-17.
  32. "ALL EYES ON ESTONIA'S REGULATOR AFTER FINING ADMIRAL MARKETS AS".
  33. ERR, BNS, ERR News | (2021-02-09). "Financial authority fines online traders Admiral Markets €32,000". ERR. Retrieved 2021-05-17.{{cite web}}: CS1 maint: multiple names: authors list (link)
  34. admin (2021-04-01). "Harju County Court annulled the decision of the Finantsinspektsioon (FSA) from 08.02.2021 regarding Admiral Markets AS". RIZDEX. Retrieved 2021-05-17.
  35. ERR, BNS, ERR News | (2021-05-26). "Court rejects regulator complaint over Admiral Markets fine annulment". ERR. Retrieved 2021-05-29.{{cite web}}: CS1 maint: multiple names: authors list (link)
  36. "The Tallinn Circuit Court rejected the appeal of the Financial Supervision Authority and agreed with the order of the Harju County Court to revoke the fine of the Financial Supervision Authority against Admiral Markets AS". uk.finance.yahoo.com. Retrieved 2021-05-29.
  37. Gregory-Williams, Justine; Williams, Bill M. (2004-02-27). Trading Chaos: Maximize Profits with Proven Technical Techniques. John Wiley & Sons. ISBN 978-0-471-46308-5.
  38. Baker, Harold Kent; Filbeck, Greg; Ricciardi, Victor (2017). Financial Behavior: Players, Services, Products, and Markets. Oxford University Press. ISBN 978-0-19-026999-9.
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