Worldspreads suspends shares?

[warmbeer]

I have just tried to place a trade with Worldspreads and cannot do so online. Speaking to their dealing desk they tell me that they are only allowing clients to close out trades and that their shares have been suspended.
Does anyone have any more information on this situation?

 

[Chalky_trader]

I have just tried to place a trade with Worldspreads and cannot do so online. Speaking to their dealing desk they tell me that they are only allowing clients to close out trades and that their shares have been suspended.
Does anyone have any more information on this situation?

They wont let you withdraw funds either, doesnt look good!

 

[ChocolateDigestive]

I received their grovelling emails in the last few weeks basically saying they will let you trade zero spreads for £500 deposit with money back guarantee, all very desperate, seen it before will see it again lol.

 

[scose-no-doubt]

aren't these the zero spread guys? Wonder why that bit of business genius didn't work out?

 

[Liquid validity]

Suspension of WorldSpreads shares - London Stock Exchange

Thats the official word, anything else is speculation right now.

More here:
Regulatory - London Stock Exchange

Temp suspension due to possible financial irregularities.

Last 3 months official RNS:
Regulatory - London Stock Exchange

 

[PualoP]

Guess this will include two way spreads and the others that use the WS platform


Clients dosh should be in a segregated account and guaranteed upto £85k under the FSCS though right???

Just like MF Global yeah?

Think it's times for some music:
Another One Bites the Dust - YouTube

 

[Hoggums]

Worldspreads find 'financial irregularities' - RT News

 

[pboyles]

MARKET REPORT: Shock exit at WorldSpreads | This is Money

 

[Liquid validity]

Last 3 months official RNS:
Regulatory - London Stock Exchange

Not a pretty picture...
unusual pattern of client trading mentioned as well.

 

[YouAreNotFree]

People on here still trade with these guys?

Good luck.

 

[Liquid validity]

People on here still trade with these guys?

Good luck.

Well yeah that is a mystery, only bucket shop I would touch would be IG,
even then only for certain things.
Probably not what anyone with money in WS wants to hear right now though...

 

[DJS1]

This is the reason why I personally prefer DMA....they auto hedge every position meaning the house risk is limited. I can only assume they had many un-hedged long positions, and with the markets rallying since the turn of the new year, has subsequently come back to severely bite them in the backside!

 

[dealer911]

This is the reason why I personally prefer DMA....they auto hedge every position meaning the house risk is limited. I can only assume they had many un-hedged long positions, and with the markets rallying since the turn of the new year, has subsequently come back to severely bite them in the backside!

The market rally would have helped them - more than 70% of retail clients have been short (source IG Insight)

 

[DJS1]

Doesn't necessary mean this is the case for WorldSpreads...IG insight only shows IG clients! What other reasons could it be? Un-regular trading patterns maybe LOL? Effectively another way of saying clients were winning......

 

[gc1]

From their 28'th Feb statement: "The Board believes that the Group has recently been experiencing an unusual pattern of client trading and fully expects a more normal trend to prevail in future. The Group maintains a strong balance sheet with net cash of €7.0 million as at 31 January 2012".

Does "unusual" in this context mean clients suddenly started winning ? Maybe that is good news?

 

[scose-no-doubt]

Finance guy leaves then CEO leaves. Smells like a sinking ship full of rates just waiting to run out from under the furniture lol.

 

[dealer911]

Maybe this is what happens when clients start winning!-- we'll all be on dealer referal come Monday!

 

[DJS1]

Maybe this is what happens when clients start winning!-- we'll all be on dealer referal come Monday!

No dealer referral for me, I use DMA

 

[verge30]

nor me i am getting as far away from ws as possible

 

[Ross Spur]

You'd think that the unexpected sustained rally this year would have been good for business, so maybe it's their past catching up with them. No doubt another SB will buy out all WS's clients (if they have any left).