Sovereign International CEO Update - June 2024

Good morning All,

A warm welcome to our 10 new Business Development Executives! Considering all 10 of you have come with no prior FX experience (we prefer to train our own team members to ensure they have no bad habits or wrong expectations from competitors) and some of you are getting application forms back from sizeable clients already, you are off to a fantastic start - well done all. Another warm welcome to our new MLRO who has taken to the role like a duck to water after years of experience in banks, EMI’s and FX brokerages.

An equally exciting development is our move into new offices next week! Our new city-based HQ is over double the size of our current Bevis Marks home, and I can’t wait for you all to see what we have planned!

The board are happy to know that I have finally delegated almost all my old clients to our talented dealing team so I can give my full attention to driving our growth through strategic partnerships and of course working with you all, so please do not hesitate to reach out at any time, inside or outside of working hours, I will get back to you at my earliest convenience with anything I can help with.

Our Supercar Driver partnership is off to an amazing start, and we have already saved members tens of thousands on corporate and private transfers compared to their banks and previous brokers, whilst giving them access to industry leading capabilities and levels of service. A big thank you to the SCD team for inviting us to host their hospitality at Silverstone last week, it was great to host many new and existing clients and of course meet many new people we can help.

In terms of the FX industry, June has been a slightly underwhelming. After such a big May it felt a shame to lose some momentum, but when you consider the fact that we are on the brink of global elections and interest rate cuts, it comes as no surprise. H1 has been good for us, but I am confident that H2 will bring significantly more market volatility meaning clients will need more help implementing hedging strategies to protect their bottom lines. For clients that choose not to set budget rates and prefer to trade at spot, we can offer significant exchange rate savings against banks and general brokers, whilst accelerating their global growth through our partner’s suite of FinTech products such as free same day payments, global collection accounts and 150+ currencies to trade.

We remain well on our way to our tenth record year in a row - keep your eyes peeled for imminent information on our “10 Years Of Sovereign” celebrations this December!

Bloomberg forecasts to follow in a separate e-mail – have a great day! ??

Sean Galvin

CEO

Sovereign International (UK) Ltd