By Lisa Paton – Head of Multi-Asset Brokerage. Meraki Talent

For several years, the multi-asset brokerage market has been strongly defined by expansion. In a short space of time, we have seen more jurisdictions demanding more licences. This has had a spiralling effect on instruments, platforms and, delightfully for us all, more clients.

Although expansion continues, the strategic rationale behind it is changing. The sector’s most important conversations are no longer simply about increasing trading volumes, but about building greater resilience, credibility and long-term relevance.

I see three developments as being particularly significant: the growing importance of exchange-traded products, renewed interest in acquiring regulated UK entities, and the gradual convergence of trading, investing and digital-asset platforms.

The outcome of all of this is that we are beginning to reshape what it means to be a multi-asset broker.

Exchange-traded products are moving towards the centre of the proposition

The rise of exchange-traded products is far more than another product launch; it reflects a fundamental shift in investor behaviour. Clients increasingly expect to move seamlessly between active trading, long-term investing and portfolio diversification without leaving the same platform. They no longer see themselves as purely traders or investors and they expect choice.

The scale of ETF demand underlines this trend. BlackRock reported a record $1 trillion of global ETF inflows during the first half of 2026, with equity ETFs leading growth alongside strong demand for fixed income and actively managed strategies. Responding to this demand, CMC Markets recently introduced fractional share and ETF investing for UK clients from just £1, while other brokers are expanding into equities, ETFs, derivatives and digital assets through integrated investment platforms.

This is about far more than offering additional products. It is about building deeper, longer-term client relationships and increasing customer lifetime value. However, adding exchange-traded products also brings operational and regulatory complexity, from custody and clearing to disclosures, execution and client servicing.

For leadership teams, the strategic question is no longer "Should we add ETFs?" but rather "What kind of financial relationship do we want to build with our clients?"

Acquiring a UK-regulated business can provide access—but not instant scale

Another notable development is the continued interest in gaining access to the UK through the acquisition of smaller FCA-regulated entities.

From conversations across the market, some prospective buyers appear willing to consider relatively modest acquisitions (in the region of £500,000 to £750,000) to secure an initial regulated footprint.

The intention is not always to acquire a large existing client base or a substantial revenue-generating operation. In some cases, the objective is to obtain a credible starting point from which the buyer can enter the market, build local capability and expand gradually.

The UK remains one of the most respected and strategically important financial-services markets in the world. An FCA-regulated presence can support credibility with clients, banking partners, liquidity providers, institutional counterparties and potential employees.

Acquisition can also appear more attractive than beginning a completely new authorisation process but I think leadership teams should be careful not to view a change-of-control transaction as a regulatory shortcut.

The FCA requires proposed controllers of regulated firms to submit a change-in-control notification and assesses factors including the buyer’s suitability, financial soundness, ownership structure and plans for the business. The FCA’s guidance was updated as recently as 30 June 2026, underlining the continuing regulatory attention given to these transactions. A licence also has limited value without the people and infrastructure required to operate it properly.

An acquired entity may require investment in compliance, finance, risk, governance, technology, client-assets arrangements and regulatory reporting before it can support meaningful growth. The buyer must demonstrate more than the ability to complete a transaction. It must show that it can control and develop a regulated UK business responsibly.

The market is converging

Perhaps the biggest strategic trend is the gradual disappearance of traditional industry boundaries. Crypto exchanges are adding equities and ETFs. CFD brokers are launching cash-investment products. Investment platforms are adding derivatives. Exchanges are developing smaller and more accessible futures and options contracts.

The result is a more competitive and less clearly defined market.

A multi-asset brokerage is no longer competing only with other FX and CFD providers. Depending on its proposition, it may also be competing with neobrokers, investment apps, banks, crypto platforms, wealth businesses and established institutional providers.

That raises difficult questions for leadership teams.

• Where does the business genuinely have permission to compete?
• Is its advantage price, product range, education, technology, service, local regulation, brand trust or specialist market access?
• Does it want to attract active traders, long-term investors, professional clients, introducing brokers or institutions?
• And can its operating model support all those audiences without becoming fragmented?

The firms most likely to succeed will not necessarily be those with the longest instrument lists. They will be those that can bring products, technology, regulation and client experience together into a coherent proposition.

Product expansion creates a leadership challenge

These changes have a significant implication for talent in each Brokerage.

A business moving from leveraged trading into exchange-traded investing may need expertise it has not traditionally employed. That could include senior leaders from stockbroking, custody, asset management, exchange-traded derivatives, wealth platforms or institutional execution.

Acquiring a regulated entity creates its own leadership requirements. Boards need individuals who understand not only the global commercial ambition but also the FCA’s expectations around governance, Consumer Duty, financial resilience and individual accountability.

The most valuable hires may increasingly be people who can bridge worlds:

• Trading and investing
• Product and regulation
• Technology and operations
• Global strategy and local market execution
• Commercial growth and responsible governance

These people are relatively scarce because the sector itself is crossing established boundaries and that makes leadership hiring more than a supporting part of the strategy. In many cases, it will determine whether the strategy can be executed at all.

Our next phase will be about depth, not just breadth

Multi-asset brokerages have spent years broadening their footprint but we must recognise that our next phase will be about developing greater depth.

Adding exchange-traded products must be accompanied by the infrastructure and expertise needed to deliver them properly. Entering the UK through acquisition must be supported by genuine local governance and investment. Serving multiple client types must not result in a confused proposition.

There is a considerable opportunity for Brokerages that get this right to create more durable client relationships, diversify their revenues and position themselves at the intersection of trading and investing.

Simply owning more licences or listing more instruments will not be enough because the defining question for the next generation of multi-asset businesses will be whether expansion has created a larger brokerage or a stronger one.

If you want to discuss an of the above, please email me on Lisa.Paton@merakitalent.com or meet me on LinkedIn