AFX Markets Ltd
2 Sep 2019 01:01 PM
AFX Markets Ltd (AFX) is an online FOREX and CFD broker.
AFX Markets Ltd was placed in Special Administration following a court application made by the FCA on 27 August 2019. At the hearing, Jonathan Avery-Gee and Daniel Richardson of CG Recovery were appointed Special Administrators of AFX by the court (the High Court of Justice of England and Wales).
The FCA made the court application because of concerns that AFX was unable (or likely to be unable) to pay its debts. Also, special administration would protect client money, and help return that money to clients as soon as possible.
A previous court action by the FCA (on 31 July) froze all AFX’s assets and required AFX to stop any regulated activity, except to close all open positions. The FCA took this action because of concerns on AFX’s financial position and its arrangements for safeguarding client money.
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