26 January, AtoZForex.com, Lagos — Boston Technologies, the leading forex trading technology provider that was acquired by their rival Forexware back in July, was not spared by the Swiss aftermath and has been identified as the latest SNB casualty.
The firm has admitted to be under critical condition due to losses incurred post the SNB announcement, consequently the leading executives of Boston Technologies has been desperately scouting for a buyer without any success. These issues faced by Boston Technologies shows how fast things can turn around in the volatile market, since the firm was generating profits of $350,000 on a monthly basis, whereas now they are experiencing an atrocious downfall.
According to credible reports reaching us, Boston Technologies and its interrelated firms, have recorded losses close to $10 million as a result of changes in pricing modalities. This loss has cut deep into the entire operations of the business, which comprises Boston Prime; an FCA regulated brokerage firm and BT Prime; a liquidity provider licensed in Bermuda.
Legal battle over ownership
Prior the Black Swan event, the SNB casualty Boston Technologies already was tangled in a legal battle over its ownership structure, handled by the Supreme Court of the State of New York. The latest development within this legal case announced that Kevin Millienfiled filed against Boston Technologies co-founder; George Popescu, and the CEO of Currency Mountain Holdings; Emil Assentato.
Considering the current condition in the industry, Boston Technologies may just be forced to turn itself over to the FCA in a scenario where the firm is unable to meet regulatory standards and fails to secure a rescue deal in due time.
Adding to the list of recorded SNB casualty, ranging from hedge funds (Everest capital) to brokers (Alpari UK), an additional key liquidity provider has been casted in the notorious aftermath of the Swiss National Bank crisis.
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