Exclusive: Deltastock closes UK subsidiary Delta Financial
FNG Exclusive… FNG has learned that Bulgaria based Retail FX brokerage group Deltastock AD has taken steps to close down its UK subsidiary Delta Financial Markets Ltd. Delta Financial had operated the website dfmarkets.co.uk, which now redirects to the main parent company site deltastock.com.
The UK company’s compliance officer Vladimir Kisyov – who had been with the Deltastock group since 2004 – has resigned. The one remaining UK company director, Deltastock co-founder and CEO Nikolay Nedkov, signed off on an “Application to strike the company off the register” indicating that Delta Financial Markets Ltd. will be dissolved.
Further filings indicate that the UK company Delta Financial Markets Ltd gave up its FCA license as of January 2020. The company had held an FCA license since 2011.
Latest financial information available indicates that Delta Financial Markets Ltd held £2.85 million in client funds, that as of December 31, 2018. That figure was down from £4.06 million the previous year, and from £6.82 million in 2016, marking a steep decline in the Delta UK business over the 2017-2018 time frame. (Possibly leading management in Sofia to decide to shut down the business and denounce the UK license, as was done in early 2020).
In its latest financial year reported (2018), Delta Financial Markets Ltd posted a small loss of £51,558 on Revenue of £747,034, down from Revenue of £2.65 million in 2017.
We would note that the parent company Deltastock AD is licensed by the Financial Supervision Commission (FSC) in Bulgaria, and as such passports that license into the UK and all EU countries. However, the license passport to the UK will no longer be available as of December 31, 2020, as part of the end of the Brexit transition period.