BlackBull Markets

The derivatives issuer licence of Black Bull Group Limited was confirmed on New Zealand’s Financial Service Providers Register, and BBG Limited is listed by the Financial Services Authority of Seychelles. BlackBull states that the New Zealand company primarily serves New Zealand clients and that the Seychelles company serves eligible clients elsewhere, so a large share of the business runs through the offshore entity.

• StrengthBlack Bull Group Limited (FSP403326), trading as BlackBull Markets, is recorded on the Financial Service Providers Register as a licensed derivatives issuer, authorised by the Financial Markets Authority on 12 August 2020. Its audited accounts for the year to 31 March 2026 state that it complied with the standard conditions of its derivatives issuer licence.
• MediumBBG Limited, incorporated in Seychelles (company 857010-1), appears on the FSA Seychelles list of securities dealers under the trade name Black Bull Markets. BlackBull states that it holds licence SD045 and that it provides investment services to eligible clients outside New Zealand. It sits outside the main retail protection regimes.
• ObservationThe FSA Seychelles list does not show licence numbers, so the number SD045 is taken from BlackBull’s disclosures.
• ObservationBoth client-facing entities offer leverage of up to 1:500 on all account types. This is lawful in the jurisdictions concerned, so under our methodology it is recorded but not scored.

The group is privately held, and its owners are on the public record: the New Zealand Companies Register lists every shareholder of the parent, Black Bull Global Limited. The New Zealand company files audited consolidated accounts each year. No accounts were found for the Seychelles company.

• StrengthBlack Bull Group Limited is wholly owned by Black Bull Global Limited. The Companies Register lists Black Bull Global’s shareholders, including holdings in the names of founders Michael Walker and Selwyn Loekman, LMAX Exchange Group Limited (20.77%) and Milford Private Equity Fund III LP (20.62%).
• StrengthBlack Bull Group Limited’s consolidated financial statements for the year to 31 March 2026, audited by BDO Audit Pty Ltd with an unqualified opinion dated 21 May 2026, were filed at the Companies Register on 8 July 2026. Accounts have been filed there every year since 2021.
• ObservationThe auditor’s report states that Black Bull Group Limited entered into an arrangement with Black Bull Trade Limited, a company owned by the same parent, under which Black Bull Trade accepted equal and opposite positions for client trading, so that the issuer’s revenue was mainly commission income from that related party. Black Bull Trade Limited is registered on the Financial Service Providers Register but does not hold a derivatives issuer licence.
• ObservationBBG Limited is a sister company of the New Zealand issuer and is not included in its consolidated accounts. No accounts for BBG Limited or for the group as a whole were found in public sources.

Neither client-facing entity is covered by an investor compensation scheme. New Zealand clients’ money is held on trust in a segregated client trust account under the conditions of the derivatives issuer licence. The Seychelles client agreement allows client money to be held by third parties in pooled accounts and makes clients liable for any deficit.

• StrengthBlack Bull Group Limited’s product disclosure statement (11 September 2026) states that client money is held on trust in a segregated client trust account with ANZ Bank, operated under the requirements of its derivatives issuer licence, and remains the property of clients if the company is placed into receivership or liquidation.
• MediumBBG Limited’s client services agreement (version 3.1, May 2024) commits to paying client money into a segregated client account, but allows it to be passed to exchanges, clearing houses or intermediate brokers that may hold it in an omnibus account, states that BBG Limited is not liable for their solvency, and states that the client will be liable for any deficit after positions are closed.
• MediumNo investor compensation scheme applies to clients of either entity, and we found no negative balance protection commitment in either entity’s client documents. The New Zealand disclosure statement warns that clients may lose more than they deposit. Financial Services Complaints Limited, of which the New Zealand company is a member, is a dispute resolution scheme, not a compensation scheme.

Not assessed in a desk audit. Spreads, slippage and fill quality can only be measured with live accounts.

No public enforcement action against a BlackBull company was found in the last eight years in the sources we searched. The Reserve Bank of India’s Alert List names BlackBull, which under our methodology is recorded but not scored.

• ObservationNo proceedings were found at the Ontario Capital Markets Tribunal, in the Brazilian CVM’s sanctions case data or site, in the FSA Seychelles enforcement pages or in CySEC’s board decisions under the names BlackBull, Black Bull Group, Black Bull Global, Black Bull Trade or BBG Limited. The Financial Markets Authority’s website could not be loaded for this audit.
• ObservationThe Reserve Bank of India’s Alert List (updated 19 November 2025) names BlackBull among entities not authorised to deal in forex in India. Such lists name many licensed groups and are not scored.

Not assessed in a desk audit. Uptime, incident history and security controls require evidence from the firm or live monitoring.

No Great Place to Work certification was found. BlackBull reports that it has joined the Starship Foundation, which raises funds for New Zealand’s national children’s hospital, as a Major Partner providing sponsorship over three years.

• ObservationNo Great Place to Work certification was found in public sources.
• ObservationThe Starship Foundation partnership is reported by BlackBull itself, without a start date or amount; we found no independent reporting, and the foundation’s partner page does not name BlackBull in its text. Its partnership with Auckland FC is a commercial sponsorship and is not counted.