Less than three years after opening for business, Stater Global Markets (SGM) has said in a statement that it will no longer be offering FX prime-of-prime services.
In a press statement, Stater says is to cease its the offering after its investor, SBL Holdings, decided not to add further funding in SGM as it “pursues alternative business opportunities”.
“We have chosen to cease the prime-of-prime business as, without SBL Holdings’ continued support, we feel we are unable to continue to operate at the high level we wish to maintain,” says Ramy Soliman, CEO, Stater Global Markets. “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.
“Over recent months, we have actively sought funding from other sources within the industry, however, we were unable to attract appropriate investment,” he adds. “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.
SGM is authorised and regulated by the UK’s Financial Conduct Authority and the firm says the regulator and clients have been kept abreast of the situation. The closure highlights the increased level of competition in the prime-of-prime space over the past few years, a period characterised by generally falling FX volumes – the lifeblood of any brokerage service.
It is unclear if the Stater Global Markets brand, which only currently offers FX prime-of-prime services, will continue to operate.