FNG Unique… FNG has discovered that Abu Dhabi based mostly retail and institutional FX & CFDs dealer ADSS has determined to close down its London operation, and withdraw from the UK on-line buying and selling market.
ADS Securities London Restricted, the group’s UK subsidiary, has been licensed by the FCA since 2012. Nevertheless as a part of the corporate’s departure from the UK we perceive that ADSS has utilized to cancel its FCA authorisation.
We perceive that the choice to go away the UK doesn’t affect ADSS Group operations exterior of the UK.
In its most up-to-date reported monetary interval (2021) ADSS UK noticed revenues fall by 34% as shopper cash held on the firm dropped by an identical share. On the time we reported that ADSS had misplaced numerous its high executives, together with ADSS UK CEO Paul Webb who joined Equiti Capital, Chief Compliance Officer Roland Danielczyk, and Head of Entrance Workplace Michael Taylor. Final yr the corporate introduced on board Saxo Financial institution govt Anthony James as CEO of ADSS UK, as ADSS UK appeared to draw extra retail merchants and department out from an institutional shopper base.
We perceive that numerous ADSS London workers have been let go over the previous few weeks, with extra to depart shortly. FNG had lately reported that a number of London based mostly ADSS executives have left to search out new positions, reminiscent of Ash Elgarf and Dan Benton who joined LCG.
ADSS, by way of its guardian firm ADS Holding LLC, is managed by UAE businessman Mahmood Ebraheem Al Mahmood.
ADSS posted the next observe right now for its UK purchasers concerning the modifications:
Essential details about ADS Securities London Restricted (“ADSSL”)
We remorse to tell you that ADSSL has determined to withdraw from the UK market and is winding down its enterprise. This follows a strategic determination from ADSSL’s guardian firm to refocus its assets on different entities throughout the Group. Because of this our FCA regulated entity, ADSSL, will shut in the end and we are going to stop to onboard and handle purchasers from this entity.
If the wind-down of ADSSL impacts you as a shopper, vendor, or provider, you’ll have acquired communications from us detailing subsequent steps and any motion chances are you’ll must take.
The ADSS Group stays effectively capitalised and continues to be centered on its progress technique. The wind-down of ADSSL shall be achieved in an orderly method in accordance with our FCA obligations and we stay accessible to reply any questions you might have.
We thanks for selecting ADSSL as your buying and selling supplier and want you success sooner or later.