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Lord Peter Cruddas: When I first discovered the internet, I actually tried to buy it
Lord Peter Cruddas, founder and chief executive of CMC Markets, describes a career shaped by early work, the fast pace of financial markets and his belief in the internet’s potential. His account shows how that belief led to a trading platform that helped transform his company and broaden access to financial markets.
Cruddas began as a milkman while still at school, then worked as a telex operator before joining a bank dealing room. In the early 1990s, he tried to buy the internet, recognising its promise; later, CMC launched Europe’s first online retail foreign-exchange trading platform, despite being told it would fail. After more than 35 years, he says the company is still investing in technology and expanding its multi-asset, institutional and investing businesses.
In short
- Cruddas says he recognised the internet’s potential in the early 1990s.
- CMC launched Europe’s first online retail FX trading platform.
- He says the company is still investing and expanding.
Explained simply
CMC Markets is a financial services company founded by Peter Cruddas, who began his career delivering milk and working with telex machines before joining a bank dealing room. Financial markets trade currencies and other assets, and their prices can change quickly.
In the early days of the internet, Cruddas saw that people might be able to trade currencies online. CMC went on to offer an online platform for individual customers, at a time when such services were still unfamiliar. Its story reflects how the internet changed the way people could access financial markets.