The new company for the clients of Forex Trend, a brokerage that was blacklisted in Russia and deregistered from the FSP list in New Zealand, is set to start working in October this year.
The launch of the new entity, owned by Ukrainian firm Concorde Capital, has been postponed, with Concorde blaming the delay on the development of new investment instruments and the need to find new informational partners.
The website of the new company is expected to go live in September, with the (former) clients of Forex Trend promised to get access to detailed information about their transfer to the new business. Concorde Capital keeps reiterating that the new company will not be a legal successor of the “old” Forex Trend.
Clients of Forex Trend Ltd have been most active in contacting New Zealand’s Financial Dispute Resolution (FDR) scheme during the first year of its operations. During the 11 months to May 31, 2015, FDR received a total of 423 complaints against its members, with 60% of them (or 248 complaints) coming from clients of Forex Trend Ltd. All of these complaints were submitted by Ukrainian residents, the FDR said in its Newsletter.
To view the official announcement on the delayed launch of the new company, click here.