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CMC Markets’ former group director of legal Dominic Bacon has joined spread-betting company WorldSpreads as general counsel and group head of compliance.
Bacon, who left CMC last June after two years at the trading platform, becomes WorldSpreads’ first-ever general counsel and replaces David Dudeney in the compliance role.
He joins WorldSpreads along with CMC’s former managing director of Western operations Roger Hynes, who joins as CEO, and former director of trading Geoff Langham, who joins as chief operating officer.
Bacon plans to build the legal team immediately.
“I’d envision the legal and compliance team numbering five people by the end of the first 12 months. Three of those, including me, will be lawyers,” said Bacon. “In the immediate short term I might look to take on a secondee.”
As the company’s first legal chief Bacon plans to establish a legal panel. The company currently uses Olswang as its main UK adviser and Flynn O’Driscoll in Ireland. Bacon intends to finalise his panel within the next three months.
“The panel will be smaller and more compact than I had before,” he said. “At CMC I had in excess of nine firms, but I’m looking to keep it at about four or five. Olswang and Flynn O’Driscoll will be on there.”