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FxPro Shelves Plans to Float on LSE

FxPro Shelves Plans to Float on LSE

Online currencies trader FxPro has shelved plans to float on the London stock market, after a regulatory clampdown sent a chill through the sector late last year, the Financial Times report.

FxPro has told prospective non-executive directors that it will remain private, in a development first reported by Sky News.

A spokesperson said, “The FCA consultation paper, published last month, has naturally put a spotlight on the retail trading industry and created a more uncertain regulatory backdrop. That is evident for all to see in the valuations of firms with a strong exposure to the UK market place. As such, it makes sense for us to wait until the UK regulatory environment is clearer before deciding on our future plans.”

“Overall, we welcome the opportunity that the FCA’s Consultation Paper provides to further promote greater transparency within the industry as a whole and we will take an active role in this and future consultations to ensure that our clients continue to have the best protection and understanding of CFD trading.”

“The group, which has subsidiaries in the UK and Cyprus, offers contracts for difference – financial instruments that have come under scrutiny by the UK’s financial regulator, the Financial Conduct Authority. The FCA was alarmed at the proportion of customers losing money on CFDs, and questioned “whether binary bets meet a genuine investment need”. It wants to limit the scale of risk that users can assume, and ensure they understand the potential losses.”



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