LONDON (Alliance News) - ADVFN PLC said Tuesday its wholly-owned subsidiary, ALL IPO PLC has been approved by the Financial Conduct Authority to become a CASS Medium firm.
ADVFN said following the approval, Throgmorton Street Capital, the brokerage trading name of ALL IPO, can now hold client money of up to GBP1 billion within a calendar year.
Previously the firm was classified as a CASS Small company and could only hold up to GBP1 million worth of client money per annum.
Clem Chambers ADVFN's CEO said "this is a step forward for ADVFN as market activity continues to grow."
Shares in ADVFN last traded at 2.925 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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ADVFN (AFN)