CMC Markets’ Artur Delijergijevson Metals Demand, Volatility, and What It Takes to Keep Pricing StableExtreme volatility does not just change what traders buy and sell. It changes how they hedge, how they judge risk, and what they expect from execution when prices move fast.In a Finance Magnates Executive Interview at iFX Dubai, Finance Magnates spoke with Artur Delijergijevs, Head of Systematic Market Making at CMC Markets, about what he is seeing across client flow and product demand, and what it takes to keep pricing and execution stable in stressed conditions.Delijergijevs pointed to a clear trend in metals demand, questioned whether gold still fits the classic safe-haven definition given large daily moves, and described how hedging activity rises alongside opportunistic trading. He also explained why electronic execution needs to be paired with human relationship support, how machine learning is being used in day-to-day operations, and why Dubai’s location matters for covering global trading sessions.Metals are seeing the strongest demandAsked what product is being traded most right now, Delijergijevs said metals are leading."The huge demand has been in metals. Retail clients and institutional clients are flooding the metal markets, fleeing to so-called safe-haven products."He said the move reflects both risk sentiment and the performance metals have delivered. In his view, rising prices over the last couple of years have also attracted investors seeking strong returns. He added that shifting policy expectations, including trade tariffs, are driving people to look for trades.Delijergijevs also said the demand is visible across both retail and institutional activity. While much of CMC’s business is B2C, he said that even institutional clients often represent underlying retail flow that is being hedged through CMC.He also referenced ETF activity, pointing to significant inflows into gold ETFs in recent months.Finance Magnates has also reported on CMC Markets’ push into physical precious metals in Singapore, amid ongoing volatilityIs gold still a safe havenDelijergijevs questioned whether gold should still be described as a safe-haven asset given the volatility he is seeing."I don’t think so. I mean, what safe-haven asset moves 10% a day?"He said gold has delivered strong returns over the last couple of years, but suggested that whether those returns continue depends on macro conditions. He highlighted three drivers: policy direction, central bank rate changes, and geopolitics."It all depends on what’s going to happen with the policy, the central bank rate changes, and most importantly, probably for gold, geopolitics."In the interview, he also pointed to political headlines as a trigger of volatility."Trump is basically starting a new war."Volatility increases hedging, but also opportunistic tradingDelijergijevs said volatile markets drive more hedging demand."Certainly in volatile times, we see a lot more hedging activity from our clients."He described how quickly exposures can change. In his words, a desk can start the day with a relatively flat book and then become meaningfully long or short within minutes as clients react to volatility.At the same time, he said increased volatility also brings opportunistic trading. Some participants look to take advantage of sharp moves and try to buy dips in fast-moving markets.How a market maker prepares for stressed marketsFrom a desk perspective, Delijergijevs said preparation is essential around key economic events and announcements."Around specific key economic events and announcements, we prepare our systems, we prepare our pricing."For unexpected moves, he said the priority is staying on top of conditions while maintaining consistent pricing and execution quality. He highlighted controlling slippage, providing timely executions, and staying competitive even when volatility is elevated.He also said it is natural for spreads and commercial terms to reflect higher underlying market volatility, but the objective is to remain competitive in that environment.Electronic execution needs a human layerDelijergijevs was asked whether customer relationships take precedence over software-led execution changes during volatile periods. He argued the best model is a mix of both."Ultimately, the best setup is the combination of both, a hybrid model."He said electronic execution is the default approach because it delivers speed and consistency. But relationship management becomes critical when clients need context, face connectivity issues, or attempt to execute larger volumes under pressure.He also stressed the importance of being able to reach a person quickly when something goes wrong."Something goes wrong, and you’re trading electronically, you want to be able to pick up a phone and call someone on the other side, or message them on WhatsApp."Where AI fits in the workflowOn AI, Delijergijevs said CMC is integrating machine learning models into multiple parts of daily operations, including risk management, pricing, and automating routine tasks.He was also clear about the limits. He said he does not expect AI and machine learning to replace human decision-making soon, particularly during stressed markets."I don’t think AI and machine learning models will replace human decision-making anytime soon, especially in instances of stressed markets."He positioned AI as a way to optimise operational tasks so teams can spend more time on higher-value client conversations.Why Dubai matters for global trading coverageDelijergijevs also spoke about Dubai as a base for trading operations. He said he spent about 15 years in London and moved to Dubai 2.5 years ago.From his perspective, Dubai’s geographic position supports coverage across trading sessions. He described it as a bridge between Asia, Europe and the US, allowing overlap with APAC colleagues early in the day, followed by full coverage with Europe and the UK, and then participation in the early US session.ConclusionDelijergijevs’s interview offered a desk-level view of what volatility changes look like in practice. Metals are drawing heavy demand from both retail and institutional activity, while large daily moves are challenging traditional safe-haven assumptions.For market makers, he said the priority is consistent pricing and reliable execution, supported by a hybrid approach that combines electronic connectivity with human responsiveness. AI can improve daily workflows, but in stressed markets, Delijergijevs argued that experienced judgment and real-time client support remain central.CMC Markets Singapore: Most Innovative Broker 2025 (Asia)CMC Markets Singapore has been recognised at the Finance Magnates Awards 2025 for its dedication to innovation and improving the trading experience in Asia. The company is redefining this experience by delivering new tools and practical features specifically tailored to the region's markets.About CMC MarketsCMC Markets is a leading global provider of online trading and investing services, catering to retail, professional, and institutional clients. Founded in London in 1989, the CMC Markets group now serves over 2 million clients worldwide. The company is recognised as a pioneer in online trading, offering a diverse range of products including CFDs, forex (FX), equities, indices, commodities and treasuries. This article was written by Finance Magnates Staff at www.financemagnates.com.

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