The 16th of January is a day that will live in infamy at Excel Markets following its cessation of services and closure. However, thanks to New Zealand’s Financial Markets Authority (FMA), client funds have been returned, defusing a potentially grim scenario.
New Zealand’s Financial Markets Authority (FMA) has been tied at the hip to Global Brokers NZ Ltd. (GBL) since the CHF fallout a couple weeks ago, preventing what could have amounted to ugly client losses.
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According to an Excel statement, as of last Thursday, 22 Jan 2015, 100% of pending withdrawal requests were processed amounting to 93% of the $1.95 million in client equity held by GBL. Fast-forward to today and 96% of client funds have been rescinded back to clients and the remainder await withdrawal requests.
Moving forward, Excel is backed by founders of Cash Back Forex, an FX entity that is responsible for nearly 50,000 live accounts. Cash Back Forex was integral in Excel’s efforts to return client funds, despite the cessation of operations nearly two weeks ago.