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Abshire-Smith winds down UK operations due to the tough EU regulatory regime

Jan 02 2019
By
Jonathan Smith ,

 

A regulatory filing with the UK’s Companies House revealed that London-based forex and CFD brokerage Abshire-Smith is closing down its operations in the United Kingdom. The reason for the move is Brexit, as well as the restrictions on CFD trades imposed by European Securities and Markets Authority (ESMA) since last year, as reported by online media Finance Magnates.

 

Abshire-Smith is a London-based broker established back in 2011 and regulated by the Financial Conduct Authority  (FCA) in the UK since 2012. It also operates Nexsus Financial Markets brokerage brand.

 

The news of Abshire-Smith winding down its UK operations comes several weeks after another two brokerages, Fixi Markets and Formax Prime have announced closing its doors in the country. Fixi Markets ceased operations in December last year and all client funds have been frozen by the FCA. It appears that the UK regulator is currently investigating the company’s accounts.  As regards Formax Prime, it also shut down in December, allegedly due to the tough regulatory regime across the EU.

 

A number of financial services providers are restructuring and/or closing down their businesses in the UK and EU, as a result of ESMA’s regulatory restrictions introduced in August 2018. These include a ban on binary options trading, a leverage cap of 1:30 for retails traders, and other tough measures. ESMA has backed its decision with invest EU. The official goal of ESMA’s move is client protection, but it caused a massive decline in trading volumes in the forex industry. 

 

TAGS: Abshire-Smith  FCA  UK  ESMA  regulation  Fixi Markets  Formax Prime 

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