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UK spreadbetter CMC says to float in February

Reuters
A trader works in a dealing room at CMC Markets in the City of London, August 5, 2009. REUTERS/Luke MacGregor

LONDON (Reuters) - CMC Markets said on Wednesday it will float early next month on the London Stock Exchange in a widely anticipated move by the British financial spreadbetting firm.

CMC was founded in 1989 by Peter Cruddas and operates in 14 countries, and reported a net operating income of 78.9 million pounds for the six months ending 30 Sept. 2015.

The company said it is expected to raise gross primary proceeds of about 17 million pounds to meed stock market admission and staff incentive plan costs.

"Bringing CMC to the public markets will enable us to continue to grow our global brand, build our client base, attract and retain employees and enhance our ability to enable retail traders around the world to trade," Cruddas, who is also CMC chief executive, said in a statement.

As part of the float, CMC is offering "eligible clients" the opportunity to participate.

(Reporting by Huw Jones, editing by Sinead Cruise)