The company is considering withdrawing its takeover offer for the troubled FX broker after the target firm entered administration last week.
The original deal involved escape clauses, and IFX is now consulting regulators about invoking them.
Source: IFX Payments
IFX
Payments said today (Monday) it's considering pulling out of its takeover bid
for foreign exchange (FX) broker Argentex Group, just days after the struggling
British currency firm appointed administrators due to funding problems.
IFX Payments May Walk Away
From Argentex Deal After Administration
The
payments company issued a statement saying Argentex entering administration is
“of material significance” to the acquisition deal. IFX Payments is now
talking with regulatory panels about invoking insolvency conditions that would
let it walk away from the purchase.
Back in April,
IFX
had built escape clauses into its takeover documents. The company
specifically said it wouldn't go through with buying Argentex if the target
firm faced winding-up procedures or other insolvency processes. Those
conditions now appear relevant given Argentex's current troubles.
The
potential collapse of this deal caps a dramatic few months for Argentex. The
company was originally valued at around £120 million when it went public in
2019, but a series of missteps left it fighting for survival.
From Boom to Bust in Three
Months
Argentex's
problems started earlier this year when
the U.S. dollar crashed to three-year lows. The London-listed firm had been
offering “zero-zero” margin arrangements to some clients, essentially
letting them trade foreign exchange without putting up collateral.
When the
dollar plummeted, partly due
to new U.S. tariffs and comments from President Trump, Argentex got hit
with margin calls from its banking partners. But since many clients hadn't
posted collateral, the company couldn't cover these demands, creating a severe
cash crunch.
Will Marwick, CEO at IFX Payments, Source: LinkedIn
“We
are very pleased to announce the proposed acquisition of Argentex, which will
enhance our regulated capabilities, diversify our product portfolio,
particularly in FX risk management and institutional offering, and further
expand our geographical reach and network,” IFX CEO Will Marwick said at
the time.
Argentex
CEO Jim Ormonde resigned immediately when the rescue deal was announced. The
company's board unanimously backed the takeover, saying shareholders would get
2.49 pence per share, better than nothing if the firm went under completely.
Deal Now in Doubt
But
Argentex's financial situation apparently kept getting worse. The company
announced on Friday it was bringing in administrators to handle its affairs,
typically a precursor to either a company restructuring or liquidation.
IFX now
says this administration appointment gives it grounds to invoke the insolvency
conditions written into the original deal documents. The payments firm is
consulting with the UK Takeover Panel about officially triggering these escape
clauses.
If IFX does
walk away, Argentex's roughly 1,000 shareholders could be left with little to
nothing. The company had processed over $200 billion in FX transactions across
140+ currencies during its better days and maintained offices in Amsterdam,
Australia, and Dubai.
The saga
highlights growing regulatory scrutiny of risk management practices in the
wholesale trading sector. The Financial Conduct Authority has been pushing
firms to improve
their liquidity planning after several market disruptions.
IFX
Payments said today (Monday) it's considering pulling out of its takeover bid
for foreign exchange (FX) broker Argentex Group, just days after the struggling
British currency firm appointed administrators due to funding problems.
IFX Payments May Walk Away
From Argentex Deal After Administration
The
payments company issued a statement saying Argentex entering administration is
“of material significance” to the acquisition deal. IFX Payments is now
talking with regulatory panels about invoking insolvency conditions that would
let it walk away from the purchase.
Back in April,
IFX
had built escape clauses into its takeover documents. The company
specifically said it wouldn't go through with buying Argentex if the target
firm faced winding-up procedures or other insolvency processes. Those
conditions now appear relevant given Argentex's current troubles.
The
potential collapse of this deal caps a dramatic few months for Argentex. The
company was originally valued at around £120 million when it went public in
2019, but a series of missteps left it fighting for survival.
From Boom to Bust in Three
Months
Argentex's
problems started earlier this year when
the U.S. dollar crashed to three-year lows. The London-listed firm had been
offering “zero-zero” margin arrangements to some clients, essentially
letting them trade foreign exchange without putting up collateral.
When the
dollar plummeted, partly due
to new U.S. tariffs and comments from President Trump, Argentex got hit
with margin calls from its banking partners. But since many clients hadn't
posted collateral, the company couldn't cover these demands, creating a severe
cash crunch.
Will Marwick, CEO at IFX Payments, Source: LinkedIn
“We
are very pleased to announce the proposed acquisition of Argentex, which will
enhance our regulated capabilities, diversify our product portfolio,
particularly in FX risk management and institutional offering, and further
expand our geographical reach and network,” IFX CEO Will Marwick said at
the time.
Argentex
CEO Jim Ormonde resigned immediately when the rescue deal was announced. The
company's board unanimously backed the takeover, saying shareholders would get
2.49 pence per share, better than nothing if the firm went under completely.
Deal Now in Doubt
But
Argentex's financial situation apparently kept getting worse. The company
announced on Friday it was bringing in administrators to handle its affairs,
typically a precursor to either a company restructuring or liquidation.
IFX now
says this administration appointment gives it grounds to invoke the insolvency
conditions written into the original deal documents. The payments firm is
consulting with the UK Takeover Panel about officially triggering these escape
clauses.
If IFX does
walk away, Argentex's roughly 1,000 shareholders could be left with little to
nothing. The company had processed over $200 billion in FX transactions across
140+ currencies during its better days and maintained offices in Amsterdam,
Australia, and Dubai.
The saga
highlights growing regulatory scrutiny of risk management practices in the
wholesale trading sector. The Financial Conduct Authority has been pushing
firms to improve
their liquidity planning after several market disruptions.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
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In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
