One of the pioneers on the retail side of the foreign exchange markets, RTFX Ltd, formerly known as Realtime Forex SA has issued a short announcement on its website that informs its clients that it is shutting down its operations.
RTFX Ltd will be closing doors after getting regulated and operating within the jurisdiction of the Maltese Financial Services Authority (MFSA) since 2009. The former Swiss broker has relocated its operations after the local authorities have started requiring a Swiss banking license in order to provide foreign exchange services to retail investors.
The brokerage will be closing its doors starting tomorrow (29th of May) after its asset management division made it into the Barclay Hedge top performers on a couple of occasions in 2013 and 2014.
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This latest development adds some substance to a number of market rumors heard by Finance Magnates reporters that the local regulator in Malta is attempting to squeeze foreign exchange brokers out of the island.
Realtime Forex was established in 2000, after starting its business way back in 1995 under the name Gay, Glauser & Cie. The firm launched its asset management services in 2009 under the MFSA regulatory environment.
According to the official communique published on the website of RTFX the firm requested that the MFSA accepts the surrender of the company’s category 3 investment services license which permitted it to provide broker and asset management services.
The company’s announcement highlights, “This request is voluntary and does not arise as a result from any regulatory action taken by the MFSA.”