Principal activities of the company

Principal activity and review of businessAs set out in more detail below, the global financial markets and global economy during 2022 were impacted by persistent broad macroeconomic and geopolitical concerns, which were exacerbated following Russia’s invasion of Ukraine, and the resulting ongoing war. Commencing on 24 February 2022, the Company’s business plan and its clients trading strategies was severely impacted by the resulting significant market turmoil, and then subsequently by international sanctions against the Russian Federation. Historically, the Company’s business was split broadly into three areas: Markets, Prime Services and Corporate Investment Banking (“CIB”). Following the imposition of sanctions in the first quarter of 2022, Prime Services and CIB were closed, and the remaining revenues were generated by Markets (equity and fixed income trading), acting, in an often extremely volatile and unpredictable market, primarily for international clients who were seeking to divest their holdings in Russian securities.BCS Prime Brokerage Limited’s principal business activity until the invasion was as a full-service broker, offering high-touch and low-touch solutions to assist clients to trade international assets both on global markets, and, hitherto, within the Russian Federation. Operating also through a branch in Moscow, the Company's approach was based on a hybrid model of capital markets and technology specialists, supported by strong financing and research capabilities through the wider Group ("BCS Group"), headed by FG BCS Ltd, a company registered in Cyprus (of which BCS Prime Brokerage Limited is a 100% subsidiary). BCS Group is currently owned by one shareholder, based in Novosibirsk, Russia.The Company is authorised and regulated by the Financial Conduct Authority ("FCA") as a non-SNI MIFIDPRU firm to provide brokerage services as well as investment advice, principal trading, receipt and transmission of orders and marketing directly to professional investors and financial institutions. The Company has no FCA Client Money permission (“CASS licence”) and, although it manages Title Transfer Collateral Arrangement (“TTCA”) accounts for clients, the Company does not hold client assets according to CASS MIFID rules. Neither it does participate in underwriting activities, nor does it serve retail clients.

Political and charitable donations

No Political or charitable donations were made during the reporting period.

Company policy on disabled employees

Employee welfare, inclusion and diversityThe Board of Directors oversees a business environment which encourages employee participation, and is committed to developing a team of individuals with the best skills to help the Company realise its goals, regardless of their age, faith, ethnicity, gender identity, sexual orientation, physical capacity and background. The Board monitors its diversity and inclusion strategy on a regular basis. In particular, applications for employment by disabled people are fully and fairly considered with regard to the aptitudes and abilities of each applicant. Efforts are made to enable any employees who became disabled during the employment to continue their career within the Company. Training, career development and promotion of disabled persons are, to the extent possible, identical to that of other employees who are not disabled.

Additional information

The following additional sections are included:Going concernDividendsCapital PositionPillar 3 risk disclosureFinancial risk managementThird party indemnityStandards of corporate governanceESG matter/Sustainability governanceConflicts of InterestsModern Slavery StatementStreamlined Energy and Carbon ReportingInternal AuditDisclosure of information to auditorAuditor

This report was approved by the board of directors on 13 September 2023
and signed on behalf of the board by:

Name: Christian Griffiths
Status: Director