LQD Markets to Go after Negative Balances, Client Funds "Appear to Have a Deficit"
- The UK-based broker which faced bankruptcy in the aftermath of the CHF storm has officially entered special administration. The firm's insolvency micro-site bears some dire news for clients regarding their funds.
LQD Markets (UK) limited has appointed Baker Tilly Restructuring & Recovery LLP as special administrator, the accountant company has informed. While the appointment took place only yesterday and clients have a long way ahead of them until all claims are settled, the company's announcements portray a bleak future for traders who were not able to withdraw their funds so far.
The FCA regulated broker announced last week it is initiating bankruptcy proceeding, after being hit by the SNB's floor drop on January 15.
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 revealed that the company’s shutdown was caused after it suffered losses of over a million dollars, as a dwindling client base forced it to rely on a sole fund, whose owners remain unknown. Today the FCA has announced that the company had over 400 clients.
The Frequently Asked Questions form provided by the joint special administrators reveals that while clients funds are segregated, complying with regulatory requirements, LQD Markets “appear to have a deficit on client's money".
“The Joint Special Administrators will report further on the size of the deficit when accounts have been reconciled. This is a key priority of the Joint Special Administrators,” it was added. The FCA has reiterated this statement, saying that "the initial view in the early stages" is of a deficit in client's money.
LQD Markets (UK) limited has appointed Baker Tilly Restructuring & Recovery LLP as special administrator, the accountant company has informed. While the appointment took place only yesterday and clients have a long way ahead of them until all claims are settled, the company's announcements portray a bleak future for traders who were not able to withdraw their funds so far.
The FCA regulated broker announced last week it is initiating bankruptcy proceeding, after being hit by the SNB's floor drop on January 15.
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 revealed that the company’s shutdown was caused after it suffered losses of over a million dollars, as a dwindling client base forced it to rely on a sole fund, whose owners remain unknown. Today the FCA has announced that the company had over 400 clients.
The Frequently Asked Questions form provided by the joint special administrators reveals that while clients funds are segregated, complying with regulatory requirements, LQD Markets “appear to have a deficit on client's money".
“The Joint Special Administrators will report further on the size of the deficit when accounts have been reconciled. This is a key priority of the Joint Special Administrators,” it was added. The FCA has reiterated this statement, saying that "the initial view in the early stages" is of a deficit in client's money.