CMC Markets, the FTSE-250 trading firm founded by prominent Brexiteer Peter Cruddas, has warned its European clients they are set to be banned from opening new trades and will have their open positions on the firm's UK platform closed by April.

The firm has contacted active European clients of its UK arm in the last week to tell them that "in the near future" they will be moved to “reduce only” trading activity on its UK platform, and invite them to open a new account with CMC’s EU-based subsidiary in Germany, according to a person familiar with the matter.