Following Alpari UK, the repercussions of the Swiss franc debacle continue to be felt across the foreign exchange industry. According to information obtained by Forex Magnates’ reporters confirmed with a company representative, Boston Prime and BT Prime are entering into bankruptcy proceedings.
Traders were informed earlier today that their open positions will be closed and that they should await further information about their accounts with the companies. According to information confirmed by a Boston Technologies representative, the current situation is closely related to the events unfolding in the immediate aftermath of the removal of the Swiss franc floor.
According to information obtained by Forex Magnates’ reporters, the company’s monthly turnover has allegedly been between 15 and 20 yards per month.
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Earlier today, Forex Magnates reported that the firm has been experiencing financial difficulties. The latest development essentially puts an end to the speculation, revealing that Boston Technologies is identifying a receiver and its clients will be getting receiver contacts for further actions related to their accounts.
The Swiss franc debacle is on track to change the landscape across the foreign exchange trading industry with various players registering massive losses in the aftermath of the black swan event, while a number of firms have been looking into acquiring new business.
In an email to its clients, BT Prime has cited the refusal of some of its clients to repay negative account balances as the primary reason it has contacted the Financial Conduct Authority (FCA) informing it about its insolvency.