FNG Exclusive… FNG has learned that Abu Dhabi based retail and institutional FX & CFDs broker ADSS has decided to shut down its London operation, and withdraw from the UK online trading market.

ADS Securities London Limited, the group’s UK subsidiary, has been licensed by the FCA since 2012. However as part of the company’s departure from the UK we understand that ADSS has applied to cancel its FCA authorisation.

We understand that the decision to leave the UK does not impact ADSS Group operations outside of the UK.

In its most recent reported financial period (2021) ADSS UK saw revenues fall by 34% as client money held at the company dropped by a similar percentage. At the time we reported that ADSS had lost a number of its top executives, including ADSS UK CEO Paul Webb who joined Equiti Capital, Chief Compliance Officer Roland Danielczyk, and Head of Front Office Michael Taylor. Last year the company brought on board Saxo Bank executive Anthony James as CEO of ADSS UK, as ADSS UK looked to attract more retail traders and branch out from an institutional client base.

We understand that a number of ADSS London staff have been let go over the past few weeks, with more to depart shortly. FNG had recently reported that several London based ADSS executives have left to find new positions, such as Ash Elgarf and Dan Benton who joined LCG.

An ADSS spokesperson shared the following with FNG about the situation:

“After a strategic review, the board of ADS Holding LLC has taken the decision to wind down the operations of its subsidiary ADS Securities London Ltd. The move to discontinue our regulated UK business is part of a strategic reallocation of capital and resources. ADS Holding will maintain staff in London as a non-regulated entity under ADS Technology Solutions UK Ltd to support our business and will continue to monitor growth opportunities globally.

“ADS Securities London Ltd. has notified clients of its plan and is working closely with regulators to wind down its UK business in an orderly manner and relinquish its license.”

ADSS, via its parent company ADS Holding LLC, is controlled by UAE businessman Mahmood Ebraheem Al Mahmood.

ADSS posted the following note today for its UK clients regarding the changes:

Important information about ADS Securities London Limited (“ADSSL”)

We regret to inform you that ADSSL has decided to withdraw from the UK market and is winding down its business. This follows a strategic decision from ADSSL’s parent company to refocus its resources on other entities within the Group.  This means that our FCA regulated entity, ADSSL, will close in due course and we will cease to onboard and manage clients from this entity.

If the wind-down of ADSSL impacts you as a client, vendor, or supplier, you will have received communications from us detailing next steps and any action you may need to take.

The ADSS Group remains well capitalised and continues to be focused on its growth strategy.  The wind-down of ADSSL will be done in an orderly manner in accordance with our FCA obligations and we remain available to answer any questions you may have.

We thank you for choosing ADSSL as your trading provider and wish you success in the future.