WorldSpreads pieces to be (finally) bought by ETX Capital

The WorldSpreads saga continues. London’s Evening standard reports that ETX Capital is poised to acquire certain pieces of WorldSpreads which are free of the investigation of where about half of WorldSpreads’ client money disappeared — specifically its businesses in Greece, Spain and Denmark.

Of course, this is the same reporter at the same paper who erroneously reported back in March, when the missing-client-funds story broke, that ETX was likely to buy the whole company, going as far as writing a headline stating that “ETX rides to the rescue as WorldSpreads faces shortfall“. We at the time reported that there was no sale or industry-buyer rescue imminent for WorldSpreads.

However we believe this story to be correct, based on people close to the situation, but the deals still requiring the approval of certain regulators, and a final nod from WorldSpreads’ administrators, KPMG. KPMG, we have learned, would like to have something to announce (and show for its efforts and nearly £1 million in fees charged) before next Wednesday, May 23, when an initial WorldSpreads’ creditors meeting will be held in London.

As yet, no conclusions have been made by investigators (and no charges have been laid) regarding the more than £13 million of missing client funds at WorldSpreads.

For more on the global online trading industry see the LeapRate-Dow Jones Forex Industry Report.

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