TradeNext, an Indian-owned forex broker, has applied to strike itself off from the register of UK companies, according to a recent regulatory filing.
In a common practice prior to a limited company being dissolved, a voluntary strike-off notice was placed by the registrar of companies in the London Gazette.
This is barely a surprise to those monitoring the developments around TradeNext’s UK business, as it has been undergoing some structural changes for at least a couple of years.
Viberate Teams Up with Blockparty to Deliver World’s First Live Event NFTGo to article >>
The strike off, also referred to as dissolution, is the process by which a company is removed from the register by Companies House. It effectively marks TradeNext as non-existent for all intents and purposes.
Companies House also has the authority to remove the company from its register if it has reasonable grounds to believe that it has halted its operations and no that business is done. Typically, this could be due to a failure to submit its annual reports or due to a change of registered office address without notification.
In 2015, TradeNext implemented a variation of permission as the firm carried out an internal review of its products and services, It also terminated several relationships with clients. The official notice stated that the firm has halted all regulated activities.
During this period, the company is not offering any trade execution services in financial derivatives, and to date the firm has not disclosed its findings from the internal audit.
Founded in 2010, Tradenext Group was the first brokerage of Indian origin to obtain an FCA licence to offer FX, CFDs and spread betting. It also launched a prime service as part of its institutional business in 2014.