Tory peer Lord Cruddas lost another £25 million today as shares in CMC Markets, the City trading house he founded in 1989, plunged further after a second profit warning in five months.
CMC said it had seen “subdued market conditions” this month, with August revenue set to be down 20% on last year. Retail trading in particular has fallen off, leading to a greater reliance on lower-margin institutional investors.
