Breaking: IronFX UK Rents Out Leased Premises, Posts Loss for 2016
- The headcount at IronFX UK is reduced to a bare minimum as the firm appears to have shifted all operations to Cyprus.
The UK-operating subsidiary of IronFX, 8SAFE UK Ltd, posted an operating loss for the full year 2016. The broker renamed its FCA regulated company to 8SAFE Limited back in November 2015. While the company has been using its matched principal license in the UK to channel trades to its Cyprus-headquartered entity, its business saw a massive decline last year.
The FCA-regulated subsidiary of IronFX reports that its revenues declined 73 percent when compared to last year, to $1.1 million. The company registered an operating loss of $240,000 after laying off 38 employees throughout the year.
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IronFX UK is keeping its staff to a bare minimum, with only three employees remaining with the firm as of the end of 2016.
Sub-Lease of London Office Premises
The brokerage has also rented out two of its leased premises to third parties that are not connected to the company, booking about $872,000 in revenue last year.
Total assets at the firm amounted to $20 million, with the trades and other payables figure amounting to about $17 million. This last figure probably includes client funds held with the UK subsidiary of the Cypriot brokerage.
IronFX UK appears to be channeling all of the retail foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and CFDs transactions of its clients via its Cyprus-based subsidiary. Back in December, Finance Magnates exclusively reported on what the Cypriot Auditor General termed a $176 million Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term hole.
The company rebuked the numbers outlined in the report, stating that it was taking steps to rectify the details related to the investigation into client withdrawals. Six months after the publication of the report, no substantial information from the company has been publicized, leaving a lot of questions unanswered.
A deal between IronFX and a subsidiary of Currency Mountain Holdings Bermuda named Nukkleus was widely publicized last year, but in the end it led to no conclusion. The Chairman of Nukkleus Emil Assentato recently confirmed to Finance Magnates that the deal has been put on hold.
The UK-operating subsidiary of IronFX, 8SAFE UK Ltd, posted an operating loss for the full year 2016. The broker renamed its FCA regulated company to 8SAFE Limited back in November 2015. While the company has been using its matched principal license in the UK to channel trades to its Cyprus-headquartered entity, its business saw a massive decline last year.
The FCA-regulated subsidiary of IronFX reports that its revenues declined 73 percent when compared to last year, to $1.1 million. The company registered an operating loss of $240,000 after laying off 38 employees throughout the year.
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IronFX UK is keeping its staff to a bare minimum, with only three employees remaining with the firm as of the end of 2016.
Sub-Lease of London Office Premises
The brokerage has also rented out two of its leased premises to third parties that are not connected to the company, booking about $872,000 in revenue last year.
Total assets at the firm amounted to $20 million, with the trades and other payables figure amounting to about $17 million. This last figure probably includes client funds held with the UK subsidiary of the Cypriot brokerage.
IronFX UK appears to be channeling all of the retail foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and CFDs transactions of its clients via its Cyprus-based subsidiary. Back in December, Finance Magnates exclusively reported on what the Cypriot Auditor General termed a $176 million Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term hole.
The company rebuked the numbers outlined in the report, stating that it was taking steps to rectify the details related to the investigation into client withdrawals. Six months after the publication of the report, no substantial information from the company has been publicized, leaving a lot of questions unanswered.
A deal between IronFX and a subsidiary of Currency Mountain Holdings Bermuda named Nukkleus was widely publicized last year, but in the end it led to no conclusion. The Chairman of Nukkleus Emil Assentato recently confirmed to Finance Magnates that the deal has been put on hold.