LQD Markets Files for Bankruptcy Protection - UPDATE
- New details shed light on the chain of events that led the UK broker to seek guidance from the FCA, after it lost over a million dollars and failed to find a buyer for 50% of the company in exchange for 500K.
According to an announcement on the company's website, one of the smaller Financial Conduct Authority-regulated brokers, LQD Markets, has filed for bankruptcy protection under orders from the UK financial regulatory watchdog.
LQD Markets representatives could not be reached. The phone support numbers have been disconnected, while clients' positions have been closed as the FCA mandated the firm to stop carrying on with any operations related to regulated activities.
According to the official message on the LQD Markets' website, clients should be able to obtain more information by logging into their client accounts.
Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates has learned that the company suffered losses of over a million dollars, as a meager clientbase forced it to rely heavily on one fund, whose owners are unknown.
This state of affairs has spurred LQD markets to look for an immediate buyer, offering several potential buyers a 50% stake in the company in Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for as much as 500 thousand dollars. After at least one serious candidate backed away from the deal, the firm had no choice but to approach the regulator seeking guidance.
Last year, the company wrapped up its Cyprus operations and moved all of its business under the UK FCA-regulated entity. In the volatile aftermath of the drop of the Swiss franc floor, the jurisdiction of operation is becoming less and less relevant, the force majeure obstacle has wiped out capital from a number of companies.
After Alpari UK and Boston Prime, LQD Markets becomes the third FCA-regulated brokerage to seek bankruptcy protection.
According to an announcement on the company's website, one of the smaller Financial Conduct Authority-regulated brokers, LQD Markets, has filed for bankruptcy protection under orders from the UK financial regulatory watchdog.
LQD Markets representatives could not be reached. The phone support numbers have been disconnected, while clients' positions have been closed as the FCA mandated the firm to stop carrying on with any operations related to regulated activities.
According to the official message on the LQD Markets' website, clients should be able to obtain more information by logging into their client accounts.
Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates has learned that the company suffered losses of over a million dollars, as a meager clientbase forced it to rely heavily on one fund, whose owners are unknown.
This state of affairs has spurred LQD markets to look for an immediate buyer, offering several potential buyers a 50% stake in the company in Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for as much as 500 thousand dollars. After at least one serious candidate backed away from the deal, the firm had no choice but to approach the regulator seeking guidance.
Last year, the company wrapped up its Cyprus operations and moved all of its business under the UK FCA-regulated entity. In the volatile aftermath of the drop of the Swiss franc floor, the jurisdiction of operation is becoming less and less relevant, the force majeure obstacle has wiped out capital from a number of companies.
After Alpari UK and Boston Prime, LQD Markets becomes the third FCA-regulated brokerage to seek bankruptcy protection.