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

Andrew Saks-McLeod, Head of Research and Analysis, ETX Capital

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.

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