Inevitably, the company didn’t comment and, because I was busy, I forgot about it. This morning, I notice that it has been widely reported that the Financial Services Authority has “forced Global Trader to shut shop”.
The company itself has put out a statement on its website saying that “a regulatory capital deficit has arisen in GTE as a result of a single client margin call default. Under these circumstances GTE applied, at the close of business on Wednesday, 13 February 2008, to the Financial Services Authority (FSA) in the United Kingdom for a Variation of Permission – the official method by which companies change the terms of their authorisation, limiting principal activities to closing existing trades.
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