Central Bank of Ireland suspended MarketSpreads trading on April 5.
LeapRate has learned from people close to the situation that Dublin-based financial spreadbetting firm MarketSpreads is likely to have its license fully restored by Ireland's Central Bank within the next week, and can thus resume trading and taking client orders.
MarketSpreads had its trading operations suspended by the Irish regulator back on April 5, but was allowed to honour client withdrawal requests several days later, on April 11, after getting a clean bill of health from accounting firm Grant Thornton regarding the proper segregation of client funds. We understand that some clients have (understandably) withdrawn most or all of their money on deposit at MarketSpreads, but that many other clients are indeed remaining loyal and waiting it out with management.
In any event, this episode looks like it will have a much happier ending for everyone involved than the collapse of rival firm WorldSpreads, where the FSA (and police investogators) are still looking for answers as to where nearly half of all client money went missing.
For more on the global online trading industry, see the LeapRate Dow Jones Forex Industry Report.