Lucid Markets LLP applies to cancel FCA authorization

Maria Nikolova

The change in the authorization status of Lucid Markets LLP happens after earlier this year members of the partnership announced their intentions to sell the exchange memberships and wind down the LLP.

Further to FinanceFeeds’ report from earlier in 2018 about plans by Lucid Markets LLP to close, the company has changed its authorization status, as per information available on the UK Financial Services Register.

The status of the company now says “authorized – applied to cancel”. The status was changed on November 1, 2018.

Source: UK Financial Services Register.

On January 29, 2018, the designated members of Lucid Markets LLP, a wholly owned subsidiary of Lucid Markets Trading Limited, announced their intentions to sell the exchange memberships and wind down the LLP in an orderly manner. The reasons for this decision were recent losses and that current projections saw no medium to long-term return to profitability for the LLP. The partners have informed the relevant regulators of the partnership’s intention to exit the market.

According to filings with the UK Companies House made in early October this year, as a result of the decision to wind down the LLP, Lucid Markets Trading Limited will be subsequently wound down and dissolved once the LLP wind down process is complete.

Lucid Markets was among the businesses in the “FXCM family”, which the broker has actively marketed for sale. In May last year, FXCM announced the sale of its stake in FastMatch to Euronext. Euronext subsequently increased its holding in FastMatch to approximately 97.3%. This happened after Euronext purchased the remaining shares owned by Dmitri Galinov, co-founding CEO of FastMatch.

Talking of FXCM disposing of non-core assets, let’s mention a SEC filing which has shown that in August 2017, V3 Markets, LLC (V3), another of the businesses that FXCM has actively marketed for sale, sold certain intellectual property and fixed assets. An unnamed buyer paid $0.3 million in cash. Also, as part of the transaction, the buyer agreed to reimburse V3 for certain liabilities and contract costs incurred by V3 for a prescribed period of time before and after closing amounting to $0.2 million. In conjunction with the sale, V3 ceased its remaining operations.

Read this next

Digital Assets

EOS Network Foundation rebrands EOSIO protocol as Antelope

The EOS Network Foundation (ENF), the new entity entrusted by the EOS community to develop its core blockchain software, said Antelope protocol will fork from EOSIO 2.0 and make “a leap for freedom.”

Digital Assets

Crypto.com receives FCA greenlight to operate in the UK

Crypto.com, one of the longest-established crypto platforms, has received a regulatory go-ahead to launch its services in the UK.

Retail FX

Plus500 reports $511.4 million revenue for the first semester 2022

Plus500 today has published its interim financial results for the first six months of its fiscal year 2022.

Digital Assets

AAX ranked among top crypto exchanges by CoinGecko and CryptoCompare

CoinGecko, one of the earliest crypto data aggregators, has ranked Atom Asset Exchange (AAX) as one of the most trusted cryptocurrency trading platforms. This milestone comes hot on the heels of AAX being recognized as the world’s second largest crypto exchange by spot trading volumes.

Retail FX

Financial Commission adds FX broker Bold Prime to membership roster

The Financial Commission today announced that it has added Bold Prime to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.

Digital Assets

Despite crypto winter, Cake DeFi paid out $58 million in Q2 rewards

According to its latest ‘Transparency Report,’ Cake DeFi continued its growth trajectory in the three months through June 2022, even as the entire crypto industry experienced macro challenges this quarter.

Retail FX

SimpleFX Review: Cryptos, Spreads, Pros & Cons

SimpleFX combines years of Forex and cryptocurrency experience with a focus on offering resources to retail traders. 

Retail FX

Ironbeam becomes CME clearing member and launches MT5

“The direct clearing aspect along with our low-latency proprietary trading tools and technology solutions make Ironbeam the ideal trading destination.”

Institutional FX

Top 0.07%: oneZero makes it to Inc. 5000 of fastest growing companies in America

oneZero started out by serving the foreign exchange trading community, developing and executing technology that could scale with the growth of the FX market.

<