The high-risk strategy known as “zero-zero” lines proved disastrous for Argentex amid the sharp decline in the U.S. dollar.
As a result, the company, which had a market cap of $69 million, was acquired to avoid collapse and valued at £3 million.
Foreign
exchange (FX) broker Argentex has agreed to be acquired by rival IFX Payments
in a deal valuing the troubled company at approximately £3 million, following a
severe liquidity crunch triggered by recent turmoil in global currency markets.
Broker Argentex Rescued by
IFX Payments After Dollar Crash
Argentex Group
Plc, a London-listed provider of currency risk management and alternative
banking services, was forced to suspend trading of its shares on April 22 after
a
sharp decline in the U.S. dollar led to significant margin calls and a
rapid deterioration in its liquidity position. The company, which had built up
substantial U.S. dollar exposures for clients without securing sufficient
collateral, was left exposed when the dollar fell to a three-year low against
major currencies.
Trading in Argentex shares (left) was suspended as the dollar fell to a three-year low (right)
To
stabilize operations, Argentex secured a £6.5 million bridging loan from IFX
Payments, which is also in discussions to provide further liquidity support.
The acquisition, recommended unanimously by the Argentex board, will see
shareholders receive 2.49 pence per share. Holders representing over 58% of
Argentex’s share capital have already pledged to support the deal.
Will Marwick, CEO at IFX Payments, Source: LinkedIn
“We are
very pleased to announce the proposed acquisition of Argentex, which will
enhance our regulated capabilities, diversify our product portfolio,
particularly in FX risk management and institutional offering, and further
expand our geographical reach and network,” said Will Marwick, CEO at IFX Payments.
Zero-Collateral Bet
Backfires
The
company’s liquidity crisis was exacerbated by its use of “zero-zero” margin
arrangements, allowing some clients to trade without posting collateral. When
the dollar’s value dropped abruptly-driven
by new U.S. tariffs and critical remarks from President Donald Trump-Argentex
faced margin calls from its own banking partners but did not have corresponding
collateral from clients, leading to a cash shortfall.
Argentex’s
CEO, Jim Ormonde, resigned immediately ahead of the deal announcement. Chief
Operating Officer Tim Rudman has been named interim CEO as the company
transitions through the acquisition process.
H2 2025
The transaction
is subject to regulatory approval and is expected to be completed in the
second half of 2025. IFX Payments, a cross-border payments and fintech firm,
aims to use the acquisition to expand its regulated FX capabilities and
institutional client base.
Argentex’s
board stated that the immediate cash value offered by the deal was preferable
to the limited returns shareholders might receive if the company entered
insolvency. The company had previously declined two other non-binding offers,
including one from Lumon Acquisitions.
Foreign
exchange (FX) broker Argentex has agreed to be acquired by rival IFX Payments
in a deal valuing the troubled company at approximately £3 million, following a
severe liquidity crunch triggered by recent turmoil in global currency markets.
Broker Argentex Rescued by
IFX Payments After Dollar Crash
Argentex Group
Plc, a London-listed provider of currency risk management and alternative
banking services, was forced to suspend trading of its shares on April 22 after
a
sharp decline in the U.S. dollar led to significant margin calls and a
rapid deterioration in its liquidity position. The company, which had built up
substantial U.S. dollar exposures for clients without securing sufficient
collateral, was left exposed when the dollar fell to a three-year low against
major currencies.
Trading in Argentex shares (left) was suspended as the dollar fell to a three-year low (right)
To
stabilize operations, Argentex secured a £6.5 million bridging loan from IFX
Payments, which is also in discussions to provide further liquidity support.
The acquisition, recommended unanimously by the Argentex board, will see
shareholders receive 2.49 pence per share. Holders representing over 58% of
Argentex’s share capital have already pledged to support the deal.
Will Marwick, CEO at IFX Payments, Source: LinkedIn
“We are
very pleased to announce the proposed acquisition of Argentex, which will
enhance our regulated capabilities, diversify our product portfolio,
particularly in FX risk management and institutional offering, and further
expand our geographical reach and network,” said Will Marwick, CEO at IFX Payments.
Zero-Collateral Bet
Backfires
The
company’s liquidity crisis was exacerbated by its use of “zero-zero” margin
arrangements, allowing some clients to trade without posting collateral. When
the dollar’s value dropped abruptly-driven
by new U.S. tariffs and critical remarks from President Donald Trump-Argentex
faced margin calls from its own banking partners but did not have corresponding
collateral from clients, leading to a cash shortfall.
Argentex’s
CEO, Jim Ormonde, resigned immediately ahead of the deal announcement. Chief
Operating Officer Tim Rudman has been named interim CEO as the company
transitions through the acquisition process.
H2 2025
The transaction
is subject to regulatory approval and is expected to be completed in the
second half of 2025. IFX Payments, a cross-border payments and fintech firm,
aims to use the acquisition to expand its regulated FX capabilities and
institutional client base.
Argentex’s
board stated that the immediate cash value offered by the deal was preferable
to the limited returns shareholders might receive if the company entered
insolvency. The company had previously declined two other non-binding offers,
including one from Lumon Acquisitions.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
