Traders' Tears Put the Salt in FXSalt as BT Prime Client Shuts Down

Shockwaves from the Swiss National Bank’s surprise decision on the 15th of January continue resonating across the industry. A small broker focused specifically on the Polish market, FXSalt, posted an announcement on its website that it has disabled all trading services for its clients.

The firm outlined in the statement on its website that it was suspending operations following a notification by a partner company that it has entered insolvency. After a thorough investigation, 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' reporters can confirm that the company in question is BT Prime, which filed for bankruptcy protection last week along with Boston Prime.

FX Salt has been one of the firm's clients and is a British Virgin Islands (BVI) registered company. The firm has stated that more information will be provided as it becomes available.

Boston Prime under Special Administration by Rollings Oliver

According to information obtained by Forex Magnates' reporters, Boston Prime has been put under special administration by London-based restructuring advisor and insolvency practitioner, Rollings Oliver.

Clients of Boston Prime have been told to contact the company in order to obtain further details about subsequent actions.

The Swiss National Bank's decision on January 15th, 2015 has resulted in a number of insolvencies, including New Zealand regulated Excel Markets, and FCA Alpari UK and LQD Markets.

Losses from the event have been estimated at over $1 billion as the excessive Swiss franc move has wiped out a number of traders and caused FXCM to apply for an urgent lifeline from Leucadia National.