CWM FX Held Acquisition Talks with GEMFX Before Heron Tower Raid

Sources close to the matter have confirmed to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates’ reporters that GEMFX was approached by CWM FX in the latter part of 2014 and the companies reached the outlining of an Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term agreement before GEMFX took steps to distance itself from CWM FX in the beginning of March.

As the news about the police raid on the Heron Tower became public knowledge, the target company has pulled back from any preliminary agreements.

According to the information obtained by Forex Magnates, there has been no tangible business relationship between the companies as GEMFX was going through the formalities of becoming a Financial Conduct Authority (FCA) authorized firm.

there has been no tangible business relationship between CWM and GEMFX

Since there are certain compliance procedures which need to be approved by the regulator in order to change the ownership of the company, GEMFX had enough time to reconsider its involvement with CWM FX.

The prospective acquisition of GEMFX would have been a major addition to the portfolio of services offered by CWM FX, as it would grant it an FCA license to operate as a matched principal brokerage, which allows for Straight Through Processing (STP) of orders in rolling spot contracts, spread bets, CFDs and commodity futures.

Back in March, the premises which CWM held at the Heron Tower in London were raided by the City of London police, resulting in a number of arrests of senior executives at the company. After reports about the police investigation hit the wires, one of the major sponsorship deals between CWM FX and F.C. Chelsea was most likely terminated since the logo of the brokerage was taken down from the football club’s website.