UPDATE: UK FCA orders to Argentex to end all regulated activity

Argentex Group PLC - London-based currency risk management firm - Decides on Friday to appoint administrators for the company and subsidiaries. Applies to the court to have operating subsidiary Argentex LLP placed into special administration under UK payment and electronic money institution insolvency regulations. Earlier Friday, Argentex said the UK Financial Conduct Authority had ordered Argentex LLP "to cease all regulated activity, to not register and onboard new customers, and to not open any new foreign exchange trades". Under the "voluntary" agreement, Argentex also must "take all reasonable steps to stop incoming payments from existing customers".

This followed the FCA's supervision of Argentex amid "liquidity pressures" caused by currency market volatility. Argentex had until Tuesday last week to find additional funding by means of a secured revolving credit facility but was unable to do so. As a result, its shares were suspended from trading in London on Thursday. They had plummeted more than 90% since April, when Argentex revealed a sharp deterioration in its short-term liquidity position.

By Tom Waite, Alliance News editor

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