News · Analysis
LCG Buyout Completed; CMC Markets Sets Prop Trading Date
According to Finance Magnates reporting dated 26 September 2026, London Capital Group (LCG) has completed a management buyout nearly three years in the making, with managers Matt Basi and Dave Worsfold now fully owning the FCA-regulated broker through MBDW Holdings. Separately, CMC Markets has confirmed 1 October 2026 as the public launch date for its simulated prop trading evaluation programme, CMC Markets Funded. The same weekly recap notes BlackBull Markets has postponed its IPO to 2027 and iFOREX reported a first-half loss of $2.5 million.
The past week's developments, as compiled by Finance Magnates in its 26 September 2026 weekly recap, span ownership changes, regulatory pressure and product expansion across retail trading. Two threads stand out: the conclusion of a long-running broker buyout and a major platform's formal entry into simulated proprietary trading.
What happened
Finance Magnates reported that LCG is now fully owned by its management following a buyout process that took nearly three years to complete. Managing Director Matt Basi and co-director Dave Worsfold acquired the FCA-regulated broker through MBDW Holdings from the estate of collapsed FlowBank, according to the outlet's interview with Basi. The publication states the managers had sought to buy LCG since 2022 but could not agree a price with FlowBank, and that FlowBank's 2024 bankruptcy altered the process by requiring Swiss liquidators to test the market before accepting any bid. MBDW ultimately made the successful offer, though Finance Magnates notes the purchase price was not disclosed. The deal structure, per the report, includes an upfront cash payment plus a further obligation tied to LCG's profits over the following 24 months, alongside settlement of an intercompany balance of about £200,000.
Separately, CMC Markets has set 1 October 2026 as the public launch date for its simulated trading evaluation programme, CMC Markets Funded, according to Finance Magnates' 26 September 2026 reporting. The same recap notes BlackBull Markets has postponed its planned IPO until 2027, citing board focus on business growth, and that iFOREX reported a first-half loss of $2.5 million with plans to cut monthly operating costs by $500,000.
Why it matters
The LCG transaction illustrates how insolvency proceedings elsewhere in Europe can reshape ownership of UK-regulated brokers, with liquidators' obligation to test the market adding time and complexity to what began as a straightforward management buyout. For CMC Markets, entry into simulated prop trading reflects a broader pattern the recap describes among brokers expanding into adjacent products, as established platforms compete with dedicated prop trading firms for a growing segment of traders seeking funded-account structures.
What it means for traders
For clients of LCG, the completed buyout removes the ownership uncertainty that lingered through FlowBank's collapse, though the financial terms remain undisclosed and traders may wish to monitor how the profit-linked payment obligation affects the firm's strategy over the next two years. For those interested in CMC Markets Funded, the 1 October 2026 launch date gives a concrete point at which terms, evaluation criteria and costs should become clearer; prospective participants should review official documentation once published rather than relying on preliminary reporting. Readers evaluating prop trading providers more broadly may find our Best Prop Trading Firm award category a useful starting point for comparison, noting that this recap does not state any of the firms mentioned here have won or been endorsed by that award.
What to watch
Key near-term markers include the formal launch of CMC Markets Funded on 1 October 2026 and whether its terms differ materially from established prop trading challenge models. On the LCG side, the 24-month profit-linked payment period will be worth tracking for any further disclosure. BlackBull's IPO timeline and iFOREX's cost-cutting progress, both flagged in the same recap, are separate threads likely to resurface in future reporting. For readers assessing how such developments are weighed in our own award process, our methodology page sets out the criteria applied.
FAQ
Who now owns LCG? According to Finance Magnates' 26 September 2026 interview with Managing Director Matt Basi, LCG is fully owned by its management, Basi and Dave Worsfold, via MBDW Holdings, following acquisition from the estate of collapsed FlowBank.
When does CMC Markets Funded launch? Finance Magnates reports 1 October 2026 as the public launch date for CMC Markets' simulated prop trading evaluation programme.
Was the LCG purchase price disclosed? No; Finance Magnates states the purchase price was not disclosed, though the deal reportedly includes an upfront cash payment, a profit-linked obligation over 24 months, and settlement of an intercompany balance of about £200,000.