Nicholas Iggulden, the Former Chief Financial Officer at ETX
Capital, announced his appointment as the Chief Financial Officer at GC
Partners today (Friday). GC Partner is a financial services provider that
facilitates global money transfers, while ETX was a forex and CFD broker that
rebranded from OvalX before closing down last year.
At GC Partners, Iggulden started as a Finance Consultant and
later became the Chief Financial Officer. Previously, at ETX, he held various
positions, including Chartered Accountant, Financial Controller, and eventually
Chief Financial Officer.
Source: LinkedIn
Following a series of financial challenges, the forex
and CFD trading platform Monecor (London) Limited, which operated under the
brand OvalX, opted for voluntary liquidation in September last year. Stephen Cork and Mark Smith, the licensed insolvency
practitioners from Cork Gully LLP, were entrusted with the responsibility of
overseeing Monecor’s liquidation process, according to a report by Finance Magnates.
The Collapse of OvalX
The collapse of OvalX underscored the complexities of
navigating the evolving market landscape. Staff layoffs in the firm signaled
underlying challenges, ultimately culminating in the decision to cease
operations.
Following OvalX’s announcement to close its business,
clients were offered a lifeline by Capital.com. The notifications sent
out to OvalX’s clientele presented them with the option to transfer their
accounts, positions, and funds to Capital.com. This move aimed to facilitate a
smooth transition for OvalX’s clients, ensuring minimal disruption to their
trading activities.
OvalX’s journey dates back two decades when it initially
operated as TradIndex before being rebranded as ETX Capital. The firm was acquired by Switzerland-based private equity firm Guru Capital in 2020.
However, despite the funding from venture capital
firm Jump Capital, OvalX faced challenges. The transition to OvalX and
subsequent ownership changes failed to address the company’s underlying issues,
eventually leading to its closure.
Nicholas Iggulden, the Former Chief Financial Officer at ETX
Capital, announced his appointment as the Chief Financial Officer at GC
Partners today (Friday). GC Partner is a financial services provider that
facilitates global money transfers, while ETX was a forex and CFD broker that
rebranded from OvalX before closing down last year.
At GC Partners, Iggulden started as a Finance Consultant and
later became the Chief Financial Officer. Previously, at ETX, he held various
positions, including Chartered Accountant, Financial Controller, and eventually
Chief Financial Officer.
Source: LinkedIn
Following a series of financial challenges, the forex
and CFD trading platform Monecor (London) Limited, which operated under the
brand OvalX, opted for voluntary liquidation in September last year. Stephen Cork and Mark Smith, the licensed insolvency
practitioners from Cork Gully LLP, were entrusted with the responsibility of
overseeing Monecor’s liquidation process, according to a report by Finance Magnates.
The Collapse of OvalX
The collapse of OvalX underscored the complexities of
navigating the evolving market landscape. Staff layoffs in the firm signaled
underlying challenges, ultimately culminating in the decision to cease
operations.
Following OvalX’s announcement to close its business,
clients were offered a lifeline by Capital.com. The notifications sent
out to OvalX’s clientele presented them with the option to transfer their
accounts, positions, and funds to Capital.com. This move aimed to facilitate a
smooth transition for OvalX’s clients, ensuring minimal disruption to their
trading activities.
OvalX’s journey dates back two decades when it initially
operated as TradIndex before being rebranded as ETX Capital. The firm was acquired by Switzerland-based private equity firm Guru Capital in 2020.
However, despite the funding from venture capital
firm Jump Capital, OvalX faced challenges. The transition to OvalX and
subsequent ownership changes failed to address the company’s underlying issues,
eventually leading to its closure.
