First it was World Spreads, now MarketSpreads have suspended accounts. Quite worrying, especially for anyone with a decent sum lodged.
I hope this is sorted, MarketSpreads are a good Irish company and I've always trusted them. We'll wait and see. As it happens, I don't have too much money lodged at the moment with them as I'd been 'out of the zone' lately and had went to cash, but I think I'll take a look at my other spread accounts and maybe put them to cash too.
Here's hoping it's sorted soon:
Today, Easter Thursday, at about 4pm we received an instruction from the Central Bank to suspend trading despite the fact that we are profitable, solvent and all client funds are properly segregated.
We went to the High Court to at the very least achieve a stay on this completely unexpected Bank instruction but the judge could not see anything unlawful with the Bank’s actions and we are now forced to suspend client trading and close all open positions.
We are in the process of closing down all client positions and will do so as fairly and efficiently as we possibly can.
Despite the fact that two weeks ago the Bank affirmed that our client funds are properly managed, they have instructed us not to release any funds to clients until they authorise us to do so.
On Tuesday next, another independent report by Grant Thornton to verify client funds is being delivered to the Bank. This report, ordered by the bank last week and paid for by us, is expected to say that client funds are properly segregated, managed and intact. We understand that if the report is satisfactory that the Bank will then authorise us to release any funds requested.Should you wish to have your funds remitted back to you, let us know by return.
As soon as the Bank authorises us to release funds we will do so immediately.
All the staff and directors of MarketSpreads are highly appreciative of your loyal custom and regret any inconvenience caused to you.
We hope that business may return to normal in coming weeks.
MarketSpreads Directors and Staff
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