Exclusive: LCG suffers “major IT outage”, trading platforms and back office down
The problems at LCG come just days after FNG reported exclusively that LCG had made a decision to move to an introducing-broker model only.
The problems at LCG come just days after FNG reported exclusively that LCG had made a decision to move to an introducing-broker model only.
Starting July 1, LCG will effectively become an introducing broker to (former) rival IG Group (LON:IGG).
At the end of 2022 LCG brought in a new management team to run the company, led by new CEO Dave Worsfold.
LCG said it will be partnering with industry-leading providers, so that its clients can access the best products, technology and pricing.
LCG is controlled by Swiss neobank Flowbank SA, which is run by former LCG CEO Charles-Henri Sabet.
Daweda Exchange Ltd, London Capital Group (Cyprus) Ltd, and Felicitas Management Investment Services Ltd lose their ICF membership.
The CySEC today announces the withdrawal of the CIF authorization of London Capital Group (Cyprus) Ltd.
CySEC stated that LCG does not maintain effective arrangements and procedures to detect and report suspicious orders and transactions.
The project seems to have attracted a number of former LCG colleagues of Mr. Sabet, including COO Mathieu Bruneau who was LCG’s COO.