FMA Oversees 96% of Client Funds Restored at Excel Markets

The 16^th 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.

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 Fast-forward to today and 96% of client funds have been rescinded back to clients and the remainder await withdrawal requests.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 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, 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.