UK Subsidiary of YJFX Gulliver FX to Shut Down Operations in May

YJFX subsidiary Gulliver FX has made a strategic decision to close its doors after less than a year of operating

According to information published on the website of the UK subsidiary of Japanese company YJFX, Gulliver FX is going to shut down its services in May this year. YJFX is itself a subsidiary of Yahoo Japan. The company established its UK operations only last year after receiving a matched principal license from the U.K. Financial Conduct Authority (FCA).

The company announced the termination of its MT4 service in May, citing a business restructuring. Gulliver FX received its FCA license on the 2nd of January, 2014 after getting incorporated in 2012. The matched principal license has permitted it to route orders to its parent company effectively making it a straight-through processing (STP) brokerage.

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Gulliver FX already suspended offering its own WebTrader platform in December

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Gulliver FX already suspended offering its own WebTrader platform in December last year and has given its existing clients some leeway before shutting down its MT4 offering. Customers will be able to open new positions until 08:50 PM GMT on the 17th of April. At the same time on the 8th of May, 2015, all open positions will have to be closed, while on the 11th of May, 2015 all open positions will be automatically closed at 08:00 AM GMT.

All clients have been reassured that their funds remain safe and they have to decide when to withdraw them. The MyPage section of the trading accounts where clients are currently able to manage their accounts will be suspended for access starting on the 8th of May, 2015.

With Gulliver FX effectively shutting down, the hopes of Japanese companies breaking into London are left with Hirose UK and GMO Click. Hirose UK has been active on the UK market since 2012, and recent reports have shown that the firm is successfully attracting new clients. GMO Click is the next Japanese company venturing into the space with its brand.

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