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ILQ Issues Notice to Clients on Business Liquidation

Institutional Liquidity (ILQ) LLC, the US futures commission merchant (FCM) which a couple of days ago stunned the trading community by announcing the transfer of its US futures business to rival Advantage Futures, has just published a notice to its clients concerning the liquidation of the business. 

 

The announcement says that ILQ LLC is officially abandoning its registration as a retail foreign exchange dealer (RFED) with US regulators and that, stemming from this, all activities related to retail Forex in the United States will be terminated. The broker will stop accepting orders for new trades tomorrow (April 11, 2014) at 5:00pm EDT. All clients are advised to close their positions with the company not later than April 16, 2014 at 3:00pm EDT. After this, ILQ LLC will liquidate all of the open positions.

 

As the company is playing by the rules, all traders will get all of their funds back but it would be good if they inform the company about the withdrawal methods they'd like to use. If they fail to do that before April 16, the company will still try to contact them and give them back their money – but agree, please, that all of the phone/mail correspondence can get really messy. So, it's better to simply log in to the portal and follow the instructions under the “Banking” tab.

 

The move by ILQ confirms our forecast about which Forex broker would be the next to leave the US retail FX market. It turns out that ILQ had no explicit issues with the US capital requirements or with some other regulatory demands. More likely, the company found the Australian business climate milder and is now focusing on its operations outside of the US.

 

ILQ's exit from the US retail Forex business comes after Alpari US made such a move in September 2013 to focus on its institutional offering. The broker transferred its retail accounts to FXCM and FXDD back then.

 

You can read the ILQ announcement to its clients by clicking here.

 

 

 

TAGS: institutional liquidity llc  ilq  us forex broker  ilq forex broker  us forex market  rfed  retail foreign exchange dealer  us forex  forex regulation  nfa  cftc  fcm  ilq exit  retail forex  advantage futures  accounts  forex accounts  forex clients  acc 
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