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Screenshot of a breaking news alert e-mail from Q2 2017
JPMorgan Chase & Co. (NYSE:JPM) has issued an update about its interest in retail Forex and CFD broker Plus500 Ltd (LON:PLUS). According to a report, filed with the London Stock Exchange on May 26, 2015, the investment bank owns a 4.57% stake in the broker.
According to an update by JPM on May 20, 2015, the investment bank had a stake of 5.77% in Plus500. This means that since then JPMorgan has sold 1,370,620 shares.
After the latest transaction, the shares that JPM holds in Plus500 are distributed across its subsidiaries in the following manner:
- JP Morgan Asset Management Holdings (UK) Limited – 4.03%
- J.P. Morgan Securities plc – 0.54%.
Meanwhile, all eyes are on Plus500 today, as the broker is about to hold its AGM at 11:00am (London time). The company issued a statement today about the situation regarding client account freezes and processing of documents and different requests. The broker says about one more month will be needed to clear the backlog.
The difficulties have had a negative impact on the broker’s financials too, as the UK client account freezes have already eaten $4 million in revenues.
The share price of Plus500 has been stable today (so far), hovering above 300p per share during most of the morning.
Photo credit: Google Finance.
To view the official LSE filing about the latest transaction with Plus500 shares, click here.