ArenaFX tells clients to close positions on ZuluTrade before May 26, 2018

Two months after Japanese retail Forex broker ArenaFX informed its clients of pending changes to the “ArenaFX ZuluTrade” social trading offering, the company has provided more schedule details.

Clients with open positions are asked to settle, cancel or delete them before May 26, 2018. After that date, the company will settle all open positions as it sees fit. Also, corporate (business) account holders will see the service paused for a while, with the company to announce when the service will resume its operations.

The aim of the renewal is to improve the convenience and the trading conditions on “ArenaFX ZuluTrade”.

There have been other changes in the offering of ArenaFX too. In August last year, for example, the company said it would stop offering the MetaTrader 4 (MT4) platform to its clients. The company blamed the change on “Forex restructuring” and set September 30, 2017, as the deadline for closing all positions on the platform.

ArenaFX announced its new name – Excite One Co., Ltd, in October 2017. The change reflected the name of the new owner of the brokerage – online services provider Excite Japan Co., Ltd. (TYO:3754).

Excite unveiled the acquisition of a controlling stake in ArenaFX in the end of September 2017. The deal involved the acquisition of 4,702 shares of the outstanding share capital of the broker and is valued at JPY 159.9 million. Following the acquisition, Excite owns a stake of 88.9% in ArenaFX.

Nippon RAD Inc. (TYO:4736), the previous owner of the controlling stake in ArenaFX explained back then that the deal would enable it to focus on its core technology operations. It added that it would keep supporting ArenaFX with regard to financial technology.

In its announcement on the acquisition, Excite stressed that it seeks to diversify its offering and noted the importance of the social trading services provided by ArenaFX.