Forex Industry Week Review: Bankruptcy law gap hurting Alpari UK clients, TempleFX launch, ThinkMarkets revenue growth, and lots more…

LeapRate’s Forex Industry News was headlined this week by our exclusive report on how a flaw in UK bankruptcy law is effectively preventing Alpari UK special administrator KPMG from paying back former clients of the bankrupt broker – more than 20 months after Alpari UK entered administration.

Our report on the matter has gone viral – receiving more than 3,000 (!!) social media shares and likes so far, as well as a number of mentions in UK legal publications.

We also provided our readers with an exclusive report on the latest FCA regulated brokerage launch – TempleFX.

Our most popular guest posts this week were:

Some of our most popular, shared and commented-on posts this past week at LeapRate included:

uk-bankruptcy-law-problemUK bankruptcy law flaw preventing Alpari UK administrator KPMG from distributing more fundsLeapRate Exclusive… LeapRate has learned that Alpari UK bankruptcy administrator KPMG is unable to make final distributions to former clients of the failed retail forex broker, due to a gap in UK bankruptcy rules. FCA-regulated Alpari UK went belly up immediately following the surprise Swiss Franc spike of January 15, 2015 – more than 20 months ago. Virtually all of the $98 million in client funds held at Alpari UK were indeed accounted for and in place in segregated client bank accounts. However so far, KPMG has been able to distribute just 55 cents on the dollar. So what’s the problem?

ThinkMarkets UK reports Revenue growth and turn to profit in 2015. The UK arm of Australia-based retail forex broker ThinkMarkets has reported its financial results for 2015, showing a nice rise in Revenues in 2015 – the company’s first full year of operations in the UK – as well as a net profit for the year. ThinkMarkets was launched originally in New Zealand in 2010 by brothers Nauman and Faizan Anees. ThinkMarkets (then known as ThinkForex) relocated its headquarters to Australia in 2012 receiving ASIC licensing. ThinkForex expanded to the UK in mid 2014, received FCA licensing in early 2015, and began accepting clients about a year ago.

templefx-logoTempleton Securities changes name of its FCA regulated retail FX brokerage to TempleFXLeapRate Exclusive… LeapRate has learned that FCA regulated stock broking house Templeton Securities has changed the name of its Retail Forex arm from TempletonFX to simply TempleFX. We had reported exclusively back in early July about Templeton’s plans to launch a retail forex arm. TempleFX is operating as an Introducing Broker to Alpha Capital Markets (formally ACM Group PLC).

Hotspot FX may get another new owner as CBOE looks to buy Bats Global Markets. Forex ECN Hotspot FX may end up under a new roof once again, if rumors of a sale of Hotspot’s parent company Bats Global Markets Inc (BATS:BATS) to the CBOE turn out to be true. Hotspot FX was first sold for $77.5 million back in 2006 to market maker Knight Capital. After Knight merged with rival Getco to form KCG and decided to focus mainly on equities market making, Hotspot FX was sold to Bats for $365 million in cash in January of 2015.

Exness CEO Petr Valov on new FCA license, the UK retail forex market, and a lot more.

Southampton FC backs out of Banc de Binary sponsorship.

IG Group shares down 3% as Revenues fall 7% QoQ in First Quarter Fiscal 2017.

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