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Former City Index CEO Joins ETX Capital

London, England: Former City Index CEO Mark Preston is set to join the board of FCA-regulated Monecor Ltd, parent company of retail spreadbetting broker ETX Capital.

Preston will be serving as an independent non-executive director to the company's board and will not hold a management role at ETX the news article confirmed.

For about two years Mark Preston served as the Chairman and CEO of ETX's rival City Index between 2013-15. He left the company last May following the acquisition of City Index by US rival Gain Capital Holdings Inc. - the parent of Forex.com.

He then went on to become a managing partner at Exotix Partners; an investment firm that specialised in frontier markets. Preston has also served as a non-executive board member for several other companies.

This appointment by ETX comes after two long-serving independent directors, Edwin Marlow and Joanna Nader, recently stepped down. Typically, ETX non-executive directors are appointed for two terms of three years each - six years in total.

In addition to the appointment of Mark Preston, ETX Capital plans to name another independent non-executive director in the near future.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.