Stater Global Markets is shutting down its business, after its parent company Stater Blockchain Limited Holdings (SBL Holdings), the recently renamed operating name of Stater Holdings did not provide further funding for the brokerage, the company announced this Monday.
According to the statement provided to Finance Magnates today, SBL Holdings decided not to invest further with the FCA-regulated firm as it is pursuing alternative business opportunities.
Because of this, Stater Global Markets believes that it will not be able to continue to operate at the high level it wishes to maintain and therefore, it has chosen to suspend its operations instead of continuing to operate with a degraded service.
Ramy Soliman, the Chief Executive Officer of Stater Global Markets since it opened up its doors in 2016 said: “Stater has built a reputation for excellence over the last three years, offering a truly agnostic Prime of Prime solution. It goes against our ethos to continue with a degraded service.”
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After launching in October 2016, the Prime of Prime brokerage headquartered in London was offering its institutional clients access to Tier 1 bank and non-bank liquidity, clearing and institutional grade technology for foreign exchange (forex) and contract-for-difference (CFD) trading.
Stater Global Markets has been Seeking Alternative Investments
Ramy Soliman explained in today’s statement that the firm has been actively seeking funding from other sources. However, it has not been able to attract appropriate investment.
“Unfortunately, despite having created a viable business with a growing client base and an excellent and experienced team, without continued financial support it is very difficult to compete with the commercials offered by our larger peers,” Soliman added.
“We have decided to cease the business at an early stage to ensure our clients are treated fairly and whilst our reputation is strong.”
Stater Global Markets will be ceasing its operations “shortly,” the statement said without giving an exact date, unless the company is able to secure an adequate investment. The brokerage has kept the Financial Conduct Authority (FCA) informed about its situation, as well as clients, it states.