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Screenshot of a breaking news alert e-mail from Q2 2017
Following the exclusive report by LeapRate yesterday that Irish spread betting firm Shelbourne Markets was in line for acquisition it has been confirmed that British company ETX Capital has purchased the company for an undisclosed sum.
Prior to the acquisition, Shelbourne Markets had engaged in discussions with four companies, including a US based brokerage along with spread betting companies based in London, including London Capital Group, itself the subject of merger and acquisition activity this week, and another being ETX Capital.
From these particular British suitors, London Capital Group has striven to maintain ground following a year of having been courted by several firms initially, all of whom decided against proceeding with purchasing the company until last week when Charles Henri-Sabet stepped in.
Conversely, ETX Capital has been concentrating on expanding its presence not only among Britain’s specialist CFD and spread betting orientated market, but also by adding MetaTrader 4 to its armory in order to attract an international audience of spot FX traders in addition to its in-house CFD and spread betting platform aimed at its domestic client base.
The origins of Shelbourne Markets date back to 2009, having been established subsequent to the demise of Worldspreads, in a deal backed by clients and staff at Merrion Capital in 2009 and rebranded as Marketspreads.
Two years ago, the Irish Central Bank suspended its license due to capital adequacy concerns, which the firm had experienced since its establishment. In purchasing Shelbourne Markets, the corporate synergy suits both parties, as ETX Capital stands to gain Shelbourne Markets’ client base of 10,000 traders in Ireland, whilst Shelbourne Markets clients will benefit from ETX Capital’s proprietary technology.
One example of this being that last year, the firm introduced its mobile application for its own spread betting platform which was designed in-house, therefore providing British clients with the same continual access as spot FX clients have become accustomed to.
Enrique Curran, the chief executive of Shelbourne Markets, told the Irish Times: “We are delighted to be working with ETX Capital who will offer our clients cutting-edge trading technology, global trading experience and are committed to growing the Irish financial spread-betting market. ” In March 2013, Mr Curran said Shelbourne Markets had posted a profit of €1 million in the previous 12 months. The company declined to comment on its current financials, citing sale confidentiality agreements.