Investing.com - Online spread betting firm ETX Capital has purchased the client data of former retail foreign exchange broker Alpari UK from administrators KPMG for an undisclosed sum.
ETX Capital purchased data relating to approximately 160,000 accounts, allowing it to set up new trading accounts for former Alpari clients. Outstanding funds which are due these clients can be transferred to new accounts with ETX.
Alpari collapsed in January following extreme volatility in the Swiss franc when the Swiss National Bank scrapped its exchange rate peg with the euro. The company sustained substantial financial losses as a result of negative client balances and was declared insolvent.
EXT Capital’s Chairman John Wilson said the company has had a very good first quarter despite the issues that brought down Alpari and he expects this deal to further accelerate growth following record revenue and profits in 2014.
KPMG said it was pleased to have concluded the sale and added that it would continue to work to maximize the level and speed of return to clients and creditors.
Andrew Edwards, ETX Capital’s CEO said the last few months have been difficult for Alpari customers.
“Whilst the clients may pursue their funds themselves through the administration process, we hope they accept our offer of assistance in facilitating a smooth transition of their funds to ETX Capital.”
“We are very excited about this deal as it complements two of our main strategic drives: the expansion of our Metatrader 4 offering and the continued expansion of our international customer base.”