Traders' Tears Put the Salt in FXSalt as BT Prime Client Shuts Down
The brokerage has announced to its clients that it is suspending its services in the aftermath of the Swiss franc
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 Magnates’ reporters can confirm that the company in question is BT Prime, which filed for bankruptcy protection last week along with Boston Prime.
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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
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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.
According to ICAP data September’s turnover was $95.5 billion which was 17% up from the August; it really makes a September a happy one. And in Feb 2008, EBS did more than $250 billion in daily volume.
Traditionally markets are bullish leading up to Christmas so increase in trade volumes is a good sign for the market, QE3 has slightly hampered this however on a positive note it seems hedge funds are bullish on US stocks as they have started to leverage their long positions… does this mean buy apple and google! im long gold @ $1780, really hoping for a pull-back!
I wonder who else will go out of business because of Boston Prime. Does anyone else know of others?
Admiral Markets and their spinoff MTrading were clearing with Boston Prime.
As an official representative of Admiral Markets Group I confirm that neither Admiral Markets, nor its subsidiaries, was using Boston Prime services or BT solutions as of the day of their bankruptcy.
Also AGEA on their MT4 platform stopped providing a lot of instruments they were probably using BT Prime as well.