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FOREIGN EXCHANGE

Branding: No such thing as a free deal

Was there an ulterior motive for CMC Group’s decision to drop the deal4free brand?

The recent decision by CMC Group to rebrand globally as CMC Markets has brought to an end its use of deal4free.com as a trading name. According to the company, the decision was made as part of a strategic plan to adopt a unified global brand, which would help it consolidate its recent expansion and facilitate growth.

In a statement, CMC Market’s chairman, Peter Cruddas, said: “The CMC Group and deal4free.com names have been exceptionally powerful in recent years and have without doubt helped us establish our market-leading position in the UK. However, now that we have seven offices across the globe and clients in more than 100 countries, we need to ensure that there is a single cohesive brand that works – regardless of the territory’s rebranding.”

There are whispers in the market that the real reason the deal4free name was dropped was because CMC was running into problems advertising its services as being free. CMC is believed to have been prevented from using the deal4free name in Australia, mainly on the basis that it charged commission. The company says it notified its Australian clients about commission charges and its rebrand in December 2003.

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