Mark Foulds, who has been serving as the Head of Spreadbetting Sales for over two decades at the British retail broker, OvalX (formerly ETX Capital) has parted ways with the company. He will now join Alvar Financial Services Limited as the Co-Head of High Net Worth Trading. The move comes after the company officially ceased operations in March.

Foulds Bids Farewell to ETX Capital

"It has been a pleasure working with some fantastic people at ETX," Foulds said in a statement on his LinkedIn profile.

"I have also really enjoyed working with an extensive client base, and I have very much appreciated the business you have given us over the years and look forward to continuing that relationship at Alvar."

The ETX Capital veteran expressed special gratitude to Andrew Edwards, the former Chief Executive Officer (CEO) of the brokerage, who introduced him to the business and inspired him for 20 years. On the other hand, Edwards has been affiliated with Saxo Capital Markets UK since December 2017 where he also serves as the CEO.

Before joining ETX Capital, Foulds worked for nearly two years as a dealer at City Index.

ETX Capital Ceases Operations in March

ETX Capital has operated as a derivatives broker in the British market since 1965. In May 2022, the company rebranded to OvalX following a merger with its sister fintech company, Oval. However, Finance Magnates exclusively reported in late February 2023 that the brokerage was officially closing down. The firm ceased providing its services on March 17 and sold its client book to Capital.com.

"We write to inform you that, regrettably, OvalX will be closing its service for all clients over the coming weeks. Clients have always been at the heart of our business, and this will continue to be the case throughout this process," an email sent by OvalX to its customers, seen by Finance Magnates, noted.

Rumors of the company's troubles began to circulate earlier in the year when it announced it was initiating a process of employee layoffs. There were also reports of a potential merger or sale of assets.

ETX Capital was rebranded to OvalX in May 2022 after Switzerland-based private equity firm Guru Capital took over the broker in October 2020. OvalX provided retail and professional traders with forex and CFDs. The brand was managed by Monecor (London) Limited in London, while Oval Money (Europe) Ltd handled European operations.

The closure followed Monecor reporting a pre-tax loss of £9.2 million for 2021, marking the first full year under Guru's leadership. The loss was attributed to substantial investments and macroeconomic events. After a tax credit, the net loss amounted to £6.8 million, which is a significant drop from the previous year's net profit of £428,000.