LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
JP Morgan’s continually fluctuating interest in retail FX firm Plus500 (LON:PLUS) has taken another turn today, as clarified by a filing at the London Stock Exchange, upon which Plus500 is listed as a publicly traded company, stating that the global bank has reduced its interest to just under 10%.
For a large, international banking institution to take such a large interest in ownership of a retail FX firm is a relatively rare scenario, however for such a banking institution to embark on a campaign of increasing its interest as rapidly as JP Morgan did in Plus500 culminating in the firm holding a 14% interest in the summer of this year, is an even rarer occurrence.
Aside from Plus500 being a very efficient, lean and profitable entity, it is somewhat hard to speculate as to the initial factors which roused JP Morgan’s attention, however despite the company having continued its stellar performance post-IPO and achieved remarkable second-quarter results for 2014 in the face of adverse market conditions worldwide, JP Morgan is now in offloading stock in a similarly swift manner.
Indeed, in apprehension of the company’s release of its results for the second quarter of 2014 this month, the value of shares in the company accelerated by an astonishing 51%. It could well be that JP Morgan is managing its interest in Plus500, whilst still ensuring that it can profit from offloading stock at high points.
As a result of JP Morgan having reduced its interest, it now holds 12,222,216 shares in Plus500.
Shares in Plus500 are currently trading at 512.00 pence, up 7.00 from yesterday’s value at close of business of 505.00 pence.
Click here to view the full release.
Latest research from Andrew Saks-McLeod (see all)
- FINRA Fines Goldman Sachs Execution & Clearing, L.P. $1.8 Million for OATS and trade reporting failures - July 27, 2015
- Full details of Malta’s new binary options regulation - July 27, 2015
- CMC Markets takes to the high seas at the Americas Cup – Live coverage from Portsmouth, UK - July 27, 2015
- One Financial Markets expands UAE operations with senior appointments and new offices - July 27, 2015