World First closes FX options business
The currency broker cited greater emphasis on areas such as automated electronic trading as behind the move.
The currency broker cited greater emphasis on areas such as automated electronic trading as behind the move.
UK-based currency broker World First has announced the closure of its corporate options business; a move that will affect up to 50 staff. The company cited changes in its business, with increasing emphasis on areas such as automated electronic trading where it has strong growth, as influencing its decision.
“The business will not on-board any new clients or agree any new options contracts with existing clients with immediate effect,” a statement confirmed. “We will honour all outstanding contracts in full whilst continuing to provide forward and spot solutions to our clients.”
Options contracts, enabling companies to buy currencies on specific future dates at specific prices, are higher-risk products traditionally used by large listed companies working directly with their banks. However, more recently there has been evidence of smaller exporters and importers taking up such products as they seek to lower the cost of their currency transactions helped by brokers such as World First.
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