Each week, we dig into the memory bank of the City’s great and good. Today, Lord Peter Cruddas, founder and CEO of CMC Markets, takes us through his career in Square Mile and Me

• Job title: Founder & CEO of CMC Markets
• Previous roles: Milkman as a schoolboy
• Borough of Hackney, London, UK
•  I left school at 15. Big mistake, I should’ve left at 14!
• Biggest perk of the job?: Keeping me young
• Coffee order: Strong flat white
• Cocktail order: Matcha
• Favourite book: Passport to Success, written by me!

What was your first job? 

I was a milkman while I was still at school. It was an early introduction to the value of hard work, and one that has stayed with me throughout my career.

What was your first role in the City? 

I started out as a telex operator at Western Union before moving into a bank’s dealing room. That gave me my first real taste of the fast-paced world of financial markets.

When did you know you wanted to build a career in the City?

I loved the buzz of City life, particularly the fast-moving markets and the rush from buying and selling, where profits (and losses) could be made in an instant. I was hooked from the start. 

What’s one thing you love about the City of London? 

The history. I love that you can walk through the City and be surrounded by centuries of history, while at the same time being at the heart of one of the world’s leading financial centres.

And one thing you would change? 

Less unnecessary regulation and red tape. Strong regulation is important, particularly in financial services, but we need to make it easier for businesses to grow, innovate and compete, while ensuring the City remains one of the most attractive places in the world to do business.

What’s been your most memorable business lunch or dinner? 

Dinner with the Queen and Prince Philip at Windsor Castle. It was an extraordinary occasion, although one of my abiding memories is feeding the corgis under the table.

And any business faux pas? 

When I first discovered the internet in the early 1990s, I actually tried to buy it. Of course, that wasn’t possible, but I immediately recognised its enormous potential and the opportunities it would create. 

What’s been your proudest moment? 

There have been many, but launching Europe’s first online retail FX trading platform has to be one of the proudest. We were told it wouldn’t work, but I believed in it. It transformed CMC Markets and helped change the way people could access and trade financial markets.

Who do you look up to? 

My mum, first and foremost. She was an enormous influence on me. I’ve also always admired people with the courage of their convictions, from Margaret Thatcher and Winston Churchill to Nelson Mandela.

What’s the best career advice you’ve ever been given? 

Always stand by your beliefs, even when others disagree.

And the worst career advice? 

Being told to stop developing our internet trading platform because it would never work. Thankfully, I ignored that advice, and it turned out to be one of the best decisions I ever made.

Are you optimistic for the year ahead?

I’m always optimistic. At CMC Markets, we’ve never been a business to stand still. We’re continuing to invest in our technology, expand our multi-asset offering and grow our institutional and investing businesses. There are significant opportunities ahead, and after more than 35 years, I’m still just as excited about what we can build next.

We’re going for lunch, and you’re picking – where are we going? 

Sushisamba at the Heron Tower. Great food, spectacular views across London and a fantastic place to appreciate the City from a different perspective.

And if we’re grabbing a drink after work?

Harry’s Bar in Mayfair.

Where’s home during the week? 

Mayfair. Having grown up on a council estate in East London, I sometimes have to pinch myself when I think about how far I’ve come.

And where might we find you at the weekend? 

Usually at Wentworth Golf Club, trying to get a decent round of golf in.

You’ve got a well-deserved two weeks off. Where are you going and who with?  

The Marbella Club with my wife.