Vantage Global Prime has parted ways with the founder of Atom8, David Andrews. The move comes only five months after the deal between the companies. Vantage has appointed Ulric Ojeer to a senior compliance role following the termination of David Andrews.
The Australian brokerage Vantage Global Prime acquired the FCA-regulated Atom8 in October 2017. The firm was founded by David Andrews in 2012 and acquired official authorization from the UK regulator in 2013.
Following the acquisition, the brand was retained and Vantage Global Prime group was rebranded to Vantage Global Prime UK. Vantage Global Prime, which is the Australian-regulated entity of Vantage Group, made the move as part of its global expansion.
As the regulatory reshape in Europe is taking shape, brokers are facing a difficult transition in their business. The firms that are operating in the market have been broadly pressured after the regulatory crackdown on part of ESMA and the FCA.
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Smaller Firms Likely to Face More Difficulties
The smaller companies in the industry are distinctly facing more hurdles when it comes to adhering to the regulatory environment that they are operating in. The forex and CFDs market is getting even more difficult as smaller brokers will need to adjust not only to the new regulatory framework but also to the changes to advertising that Google announced earlier this week.
Atom8 has been a relatively small player in the market with the latest available UK Companies House filing showing that the firm’s assets as of the end of June 2016 amounted to £418,000 GBP ($553,000).
As Finance Magnates has recently reported, smaller brokers operating in the UK, holding a variable permit license for transmitting orders via a third party, might need to upgrade their licenses in order to comply with the new regulatory framework.
Before founding Atom8, David Andrews spent considerable time as a lawyer at JPMorgan.