UK-based ETX Capital had acquired Alpari UK client list for an undisclosed amount in the latest deal following Alpari UK insolvency. Alpari UK clients will now have the option to transfer their funds to newly opened ETX Capital accounts.
Financial Times yesterday (27/3) reported that UK-based ETX Capital had acquired Alpari UK client list for an undisclosed amount in the latest deal following Alpari UK insolvency caused by market turmoil on the heel of Swiss National Bank 's Euro peg removal. Alpari UK clients will now have the option to transfer their funds to newly opened ETX Capital accounts.
Previously, special administrators from KPMG that was appointed to oversee the dismantling of Alpari UK assets have failed to find buyer willing to bail the forex broker, thus the company have to be sold separately. Alpari UK trademarks quicly sold to Andrey Dashin, Alpari Group Chairman and Founder of FXTM, while the client list which includes 16,000 clients with 100 million USD funds apparently received more than 40 expression of interests, including from IronFX. But a deal now have been reached with ETX Capital. Although how much the deal worth is not publicly disclosed, but Evening Standard mentioned figures around 3 million to 10 million USD.
The deal is a perfect opportunity for ETX Capital that recently have become increasingly progressive in widening their international market, as it has the potential to double their current clients. As ETX CEO Andrew Edwards said to Financial Times, The deal complements two of our main strategic drives: the expansion of our [Metatrader 4] offering and the continued expansion of our international customer base... Whilst the clients may pursue their funds themselves through the administration process, we hope they accept our offer of assistance in facilitating a smooth transition of their funds to ETX Capital.
ETX Capital is a spread betting company with licenses from UK FCA that has spread their services to forex trading, CFD Trading, and binary options internationally. Established since 2008, the company has a particularly long history even before that year and is well-known for their proprietary platform ETX Trader and ETX Trader Pro, although they also provide services through Metatrader4. Compared to Alpari UK that fell into insolvency after the Swiss National Bank bomb, ETX Capital was relatively unscathed and reported business as usual even when many other brokers reported losses.