One year on from the SNB black swan event, Excel Markets confirms processing of all pending withdrawal requests to customers

On January 15, 2015, New Zealand-based Excel Markets was one of many brokerages to be exposed to negative client balances and risk management difficulties due to the sudden volatility caused by the Swiss National Bank having removed the 1.20 peg on the EURCHF pair. The company, which was founded in 2010 by CashbackForex.com owner David […]

Swiss black swan

On January 15, 2015, New Zealand-based Excel Markets was one of many brokerages to be exposed to negative client balances and risk management difficulties due to the sudden volatility caused by the Swiss National Bank having removed the 1.20 peg on the EURCHF pair.

The company, which was founded in 2010 by CashbackForex.com owner David Johnson, went into administration.

Today, just over one year after the black swan event occurred, Excel Markets has confirmed that it has now processed 100% of all pending withdrawals, amounting to a total of $1.817 million, which is 93% of the total $1.954 million in client assets which were held by Global Brokers NZ Ltd, the holdings firm that operated Excel Markets.

Undeterred by the events of January 2015 which caused the demise of Excel Markets, Mr. Johnson was elected CEO of social media network Rabadaba.com last month.

At the time of his election to CEO of Rabadaba.com, Excel Markets had paid back 96% of all pending withdrawals, which is still the case today, however the confirmation that all of the remaining withrawal requests have been processed is very good news indeed.

The message to all clients from Excel Markets is as follows:

As of Thursday, 22 Jan 2015 100% of pending withdrawal requests were processed amounting to 93% of the $1.954M in client equity held by Global Brokers NZ Ltd (GBL). As of today, 27 Jan 2015, 96% of client funds have been sent back to clients and the remainder await withdrawal requests. The Financial Markets Authority of New Zealand has worked closely with GBL since the incident to ensure client funds were being safely returned.

Excel is backed by founders of Cash Back Forex (http://www.cashbackforex.com), one of the largest introducers of retail forex accounts globally holding over 49,000 live accounts. This has allowed operations to continue in overdrive to return client funds before winding down operations.

We would like to let Excel clients know you have been heard. Hundreds of communications have lamented the closure and urged that Excel seek a remedy to reopen. Numerous reopening options are being carefully considered.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<