Monecor Unravels: Voluntarily Liquidates Operations in the UK
- Cork Gully LLP's Stephen Cork and Mark Smith were appointed Joint Liquidators.
- The company aims to settle all debts within 12 months.
Monecor (London) Limited, an FCA-regulated FX/CFDs brokerage operator that previously ran under the banner of OvalX and rebranded from ETX Capital, will undergo voluntary liquidation in the UK. This move was unveiled through official regulatory filings in the country.
Stephen Cork and Mark Smith, who are licensed insolvency practitioners from Cork Gully LLP, will take on the roles of Joint Liquidators for this liquidation. Earlier this year, Monecor took a significant step by selling OvalX's client base to industry rival Capital.com.
The Collapse of OvalX
During the transition, the company stated that the move ensured that there was uninterrupted provision of services and provided OvalX's clients with access to a secure trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. Previously, OvalX operated in the UK's financial spread-betting and CFDs industry.
However, when the company allowed its clients to transfer their accounts to Capital.com, it marked the beginning of the end for OvalX. Earlier this year, the company effectively ceased operations. This occurred after Jump Capital, a US-based venture capital firm, withdrew financial support from the firm.
While Monecor maintains its authorization from the Financial Conduct Authority Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term, the regulatory body officially listed the company as "In Liquidation" as of September 6, 2023. The initial liquidation filings indicate a relatively optimistic outlook, as the company expects to settle its debts in full within a year from the commencement of the liquidation process.
A closer examination of Monecor's financial report reveals that the company holds remaining liquid assets amounting to approximately £1.36 million. In contrast, after paying off its liabilities, which include an estimated £150,000 for windup costs along with other expenses, leaves a rounded-up surplus of £653,000.
Earlier, Finance Magnates reported that the management of OvalX had officially confirmed that the company will cease operations on March 17, 2023. Following the move, clients had reportedly received notifications offering them the choice to transfer their accounts, positions, and funds to Capital.com.
Sale of Client Book to Capital.com
The decision to shutter OvalX followed a sequence of events within the company. OvalX laid off a significant portion of its workforce in January, signalling underlying challenges. An insider closely associated with OvalX has revealed to Finance Magnates that the company has initiated staff layoffs, raising concerns about its long-term viability.
OvalX's journey traces back two decades when it began as TradIndex and later rebranded as ETX Capital. In May 2022, it transformed into OvalX following an acquisition by Switzerland-based private equity firm Guru Capital in October 2020. The ownership transition included funding from US-based venture capital firm Jump Capital, which has a partner, Saurabh Sharma, who previously joined Monecor's Board.
Monecor (London) Limited, an FCA-regulated FX/CFDs brokerage operator that previously ran under the banner of OvalX and rebranded from ETX Capital, will undergo voluntary liquidation in the UK. This move was unveiled through official regulatory filings in the country.
Stephen Cork and Mark Smith, who are licensed insolvency practitioners from Cork Gully LLP, will take on the roles of Joint Liquidators for this liquidation. Earlier this year, Monecor took a significant step by selling OvalX's client base to industry rival Capital.com.
The Collapse of OvalX
During the transition, the company stated that the move ensured that there was uninterrupted provision of services and provided OvalX's clients with access to a secure trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. Previously, OvalX operated in the UK's financial spread-betting and CFDs industry.
However, when the company allowed its clients to transfer their accounts to Capital.com, it marked the beginning of the end for OvalX. Earlier this year, the company effectively ceased operations. This occurred after Jump Capital, a US-based venture capital firm, withdrew financial support from the firm.
While Monecor maintains its authorization from the Financial Conduct Authority Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term, the regulatory body officially listed the company as "In Liquidation" as of September 6, 2023. The initial liquidation filings indicate a relatively optimistic outlook, as the company expects to settle its debts in full within a year from the commencement of the liquidation process.
A closer examination of Monecor's financial report reveals that the company holds remaining liquid assets amounting to approximately £1.36 million. In contrast, after paying off its liabilities, which include an estimated £150,000 for windup costs along with other expenses, leaves a rounded-up surplus of £653,000.
Earlier, Finance Magnates reported that the management of OvalX had officially confirmed that the company will cease operations on March 17, 2023. Following the move, clients had reportedly received notifications offering them the choice to transfer their accounts, positions, and funds to Capital.com.
Sale of Client Book to Capital.com
The decision to shutter OvalX followed a sequence of events within the company. OvalX laid off a significant portion of its workforce in January, signalling underlying challenges. An insider closely associated with OvalX has revealed to Finance Magnates that the company has initiated staff layoffs, raising concerns about its long-term viability.
OvalX's journey traces back two decades when it began as TradIndex and later rebranded as ETX Capital. In May 2022, it transformed into OvalX following an acquisition by Switzerland-based private equity firm Guru Capital in October 2020. The ownership transition included funding from US-based venture capital firm Jump Capital, which has a partner, Saurabh Sharma, who previously joined Monecor's Board.