Lord Peter Cruddas: When I first discovered the internet, I actually tried to buy it

Lord Peter Cruddas, the founder and CEO of CMC Markets, shared his career journey in the City of London during a recent interview. Cruddas, born in Hackney, London, and now residing in Mayfair, left school at 15, a decision he later regretted as it could have set him on a different path. His first job was as a milkman, a role that instilled in him the value of hard work.

Cruddas began his City career as a telex operator at Western Union, followed by a stint in a bank's dealing room, which exposed him to the fast-paced world of financial markets.

He was captivated by the thrill of financial markets from the start, enthralled by the opportunity to make profits and losses in an instant. Cruddas expressed a deep appreciation for the City's history, admiring the blend of centuries-old landmarks and modern financial significance. However, he believed that excessive regulation could hinder business growth and innovation.

One of his most memorable business lunches was a dinner with the Queen and Prince Philip at Windsor Castle, where he fondly recalled feeding the corgis under the table.

Cruddas's proudest moment was launching Europe's first online retail FX trading platform, which he believed would revolutionize the way people accessed and traded financial markets. Despite being told that the project was unfeasible, he remained firm in his convictions, ultimately transforming CMC Markets and reshaping the financial landscape.

When asked about his career advice, Cruddas emphasized the importance of standing by one's beliefs, even in the face of opposition. He also recounted an instance where he ignored advice not to pursue an internet trading platform, which turned out to be one of his best decisions. Looking ahead, Cruddas remains optimistic about the future, citing continued investments in technology, expansion of services, and the potential for growth in institutional and investment sectors.

As he prepares to enjoy a meal at Sushisamba, a drink at Harry’s Bar, and a round of golf, Cruddas reflects on his remarkable journey in the City of London.