Three brokers regulated by the Cypriot agency CySEC have decided to cease their operations within the UK. Those brokers are Maxiflex Ltd (EuropeFX), Maxigrid Limited ( Dualix & AGM Markets by trading name), and Reliantco Investments (UFX). The British regulator Financial Conduct Authority (FCA) also confirmed that information and said that the brokers have made their decision on their own accord, without any interference from the agency. The FCA also issued a statement:
“Existing UK account holders with open positions and/or cash balances should review notifications provided on the respective firms’ websites and/or firm communications to UK clients sent by email or available at account log-in. The firms should clearly set out the process and timelines for their ongoing interactions with their existing UK-based customers.”
The reasons why the brokers decided to do so are unclear for now, but the CEO of EuropeFX also issued a statement, according to which "uncertainty of the markets and ongoing developments’’ are behind this decision.
Do fewer people want to trade? Is that what he means by “uncertainty of the markets”?