Stater Global Market to Shutdown over Funding Issue with Parent Company SBL holdings

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

Stater Blockchain Limited Holdings

Stater Global Market to Shutdown over Funding Issue with Parent Company

June 3, 2019

SBL holdingsLondon based prime of prime brokerage service provider Stater Global Markets made an announcement earlier today stating that it is closing down its business as its parent company SBL holdings decided to stop funding the operations of the firm. Stater Global Markets is owned by Stater Holdings, which was recently renamed into Stater Blockchain Limited Holdings (SBL Holdings).

As per an article in finance magnates website based on details provided by the firm, the parent company SBL holdings has decided to pursue alternative business opportunities and stopped investing in the FCA-regulated firm to use the funds for its alternative project. Owing to the lack of required funding to continue providing its high-level service offerings, the company has decided to suspend its business operations as the top level management is against providing degraded product and service offerings.

When speaking about the firm’s decision to suspend its operations, Ramy Soliman Chief Executive Officer of Stater Global Market commented, “Stater has built a reputation for excellence over the last three years, offering a truly agnostic Prime of Prime solution. It goes against our ethos to continue with a degraded service”.

Since its launch back in October 2016, the prime of prime brokerage which is located in London has focused on and ensured that it offers its institutional clients with access to Tier 1 bank and non-bank liquidity and clearing services and institutional grade technology for Forex and CFD trading activities. Ramy also mentioned that the management initially sought funding from multiple sources to continue its business operations but decided to close its operations finally as they were unable to secure required funding to continue their business services and product offerings.

As per the statement released by the firm, it has notified both UK’s FCA and its client of its current scenario and decision to terminate its business. Soliman’s exact words were quote, “Unfortunately, despite having created a viable business with a growing client base and an excellent and experienced team, without continued financial support it is very difficult to compete with the commercials offered by our larger peers. We have decided to cease the business at an early stage to ensure our clients are treated fairly and whilst our reputation is strong”.

While the company has declared that it will close its operations shortly, they have yet to declare the exact date until when it will continue offering its business services. This can also be viewed in such a way that higher management is on the lookout for alternative funding options and could scrap the plan to suspend business activities in case they manage to secure required funding from alternative pathways.

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