Update: FXCM emerges as buyer
Contrary to previous announcements, Alpari UK informed its clients this evening it has not entered a formal insolvency process.
A sale is in the cards now, and we may expect some dramatic news regarding the UK branch of the global broker soon.
Earlier FXCM had announced that it was supplied with a $300 million cash lifeline from Leucadia National holding group (NYSE: LUK). This after the US headquartered broker suffered a massive blow, with a negative clients’ balance of $225 million.
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A plethora of brokers have been releasing updates over the weekend about their reaction to the game-changing floor drop by the Swiss National Bank (SNB). While some faced losses, others made it clear they are on the hunt for new clients, either by targeting them directly as a marketing strategy or by expressing interest in acquiring assets from failing market participants.
All of these rapid movements are tracked on this real time post.
Read the full announcement by Alpari UK:
The recent move on the Swiss franc caused by the Swiss National Bank’s unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity. Retail client funds continue to be segregated in accordance with FCA rules. For the avoidance of any doubt and notwithstanding previous announcements by the company, Alpari (UK) Limited has not entered a formal insolvency process. The board of directors are urgently considering all options including a sale and are liaising closely with the FCA. We hope to make a further announcement shortly.