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UK forex firm out of business

UK forex firm out of business

first_img Share this article and your comments with peers on social media OSC approves $24.5M in settlements with TD, RBC Another foreign exchange (FX) brokerage firm has been driven out of business by losses caused when the Swiss National Bank (SNB) decided to remove the peg between the Swiss franc and the euro. The UK Financial Conduct Authority (FCA) said Tuesday that LQD Markets UK has entered into insolvency proceedings. According to a letter from the firm’s administrators, LQD ran into trouble when the SNB decision led to extreme volatility in FX markets. The letter says that the firm explored alternatives for recapitalizing the business, but that those efforts ultimately failed, and so it entered insolvency proceedings instead. Keywords Foreign exchange Related news Ontario court certifies FX benchmark class actioncenter_img The administrators are currently working to reconcile client accounts, although the administrators indicate that there does appear to be a deficit in client assets. The exact size of that deficit is not yet known. The FCA has ruled that a “primary pooling event” took place under its rules designed to protect client assets on Jan. 28. As a result, clients’ assets are pooled together and all eligible clients are entitled to share of the assets in the pool on a pro-rata basis. Clients that are missing money may be able to make a claim to Financial Services Compensation Scheme in the UK, which will pay up to £50,000 ($94,200) per person in compensation. James Langton TransferWise to launch borderless debit card in Canada in 2019 Facebook LinkedIn Twitterlast_img read more

Watch String Cheese Incident Jam With UM Members, Big Gigantic From NYE Run

Watch String Cheese Incident Jam With UM Members, Big Gigantic From NYE Run

first_imgThe String Cheese Incident rang in 2016 in style last weekend, performing three nights of magical music at the 1STBANK Center in Broomfield, CO. The run of shows were particularly guest-laden, as members of Umphrey’s McGee joined in the festivities for January 1st, and the Big Gigantic duo were on hand to jam on January 2nd.Check out fan-shot footage of the drum jam featuring UM’s Kris Myers from 1/1/16:Recap: String Cheese Incident Welcomes Umphrey’s McGee Members In ColoradoAnd here’s “Rosie” featuring Dominic Lalli and Jeremy Salken from 1/2/16:Recap: String Cheese Concludes Colorado NYE Run With A Big Gigantic FinaleThose videos were captured by PhatBeats420, who has also posted a number of other videos from the three-night run. Find more via YouTube.[Cover photo via Nicholas Stock]last_img read more