26 January, AtoZForex.com, Amsterdam — In light of recent events, Boston Technologies was identified as the latest casualty of the SNB crisis. In correlation to this news, a breaking announcement has been made; declaring the bankruptcy of Boston Prime and BT Prime, the liquidity providers of Boston Technologies.
Being under the alarming phase
Earlier today, Boston Technologies already admitted to be under critical conditions, as the firm revealed to have endured a substantial lost after the Swiss National Bank catastrophic announcement of scraping the 1.20 floor. As reported, the company’s circumstances reached an alarming phase, as the firm is unable meet any of the regulatory standards and were forced to secure a rescue deal in a record time, in order to prevent descending down to the equivalent path as Alpari UK.
Due to the interrelated nature between Boston Technologies and its liquidity provider partners; Boston Prime and BT Prime, it is notwithstanding that all mentioned parties are affected. Earlier, on the 24th of January, in an official press release the company still comforted their clients with reassuring news: “Boston Technologies Powered by Forexware and its liquidity provider partners, Boston Prime and BT Prime are fully operational following the market volatility in CHF currency pairs.”
Applied for insolvency
Until forthwith, the firm has officially announced an adverse statement:
“As of today, January 26 2015, Boston Prime Limited, applied for insolvency as a result of unprecedented market volatility following January 15th SNB announcement to remove the peg."
The consequence of the bankruptcy of Boston Prime and BT Prime will have a major impact on other parties. As the troubled firms will cause complications for Forex4you, GFT and Varengold Bank. The above utilize solutions provided by Boston Technologies in daily operations.
January 27, 1:30 pm GMT
Nikita Barabanov from Admiral Markets which is a former BT client commented the following to AtoZForex team "Admiral Markets has not suffered collateral damage due to Boston Prime closing down since we are not working together for over a year already."
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