Exclusive: Legacy FX closes down

Today, 5 months after establishment, retail brokerage Legacy FX has closed its operations. The new brokerage, which had its base in Limassol, Cyprus under the name LegacyFX, used the full technology solution from Leverate, its founding shareholders, some of whom are shareholders of brokerage technology solutions provider Leverate itself. At the time of inception, it […]

Exclusive: Legacy FX closes down

Today, 5 months after establishment, retail brokerage Legacy FX has closed its operations.

The new brokerage, which had its base in Limassol, Cyprus under the name LegacyFX, used the full technology solution from Leverate, its founding shareholders, some of whom are shareholders of brokerage technology solutions provider Leverate itself.

At the time of inception, it was viewed that there was potential in a merger of a brokerage and the implementation of the full arsenal of technology and services that Leverate offers, the new company providing services directly to retail clients from its base in Limassol, Cyprus, using the license of LFS (Leverate Financial Services), which is under the auspices of CySec.

Heading the new firm from establishment until today is Mariano Obludzyner, who, prior to taking his new position as CEO was Head of Customer Relations at Leverate.

Background

Today, FinanceFeeds spoke to the investor with regard to the imminent closure of the Legacy FX brand, who explained “Firstly, the we wanted to get a brokerage up and running, and the other was to use that as a test base for Leverate’s technology solution so that it could be assessed from the perspective of a broker.”

“I would like to emphasize that the way that we work within Leverate is that we view Legacy FX in exactly the same way as if it were any other client, and therefore treat it with the same merit” explained the investor.

Reason for closure

With regard to the decision to close Legacy FX, the investor explained “One of the shareholders got to understand the level sensitivity of Leverate’s vested interest in a retail brokerage among our commercial clients. The results we got back from testing generated positive outcomes in most cases, and we considered that as far as user experience is concerned with our broker solution, we are going in the right direction, however bearing in mind the sensitivities that had been raised, we concluded that maybe the time has come not to pursue that particular avenue any further.”

Today, the staff at Legacy FX in Cyprus have been informed of the firm’s cessation and have left their positions, and Legacy FX CEO Mariano Obludzyner opted not to provide comment.

Photograph: Limassol Marina, Cyprus. Copyright FinanceFeeds

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