GBM SECURITIES LIMITEDActive

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 capab

As described in the company's latest filed accounts.