GMO-Z.com Trade UK Limited, the subsidiary of GMO Financial Holdings that offers forex services to institutional clients, has released its financial report for the year ending December 31, 2022. The report arrived at a time GMO's shareholders had decided to wind down the subsidiary.

In addition, GMO-Z.com reported an increase of 36% in revenue to £569,448 from £416,024 that was reported in the corresponding period of last year. Similarly, the company's net revenue increased 39% to £216,637 from £155,200 that was filed in 2021.

GMO-Z.com reduced its expenses during the period by cutting costs related to retail business. The firm's operating expenses declined by 11% to £1,284,999 from £1,455,766 reported in the period that ended December 31, 2021.

GMO-Z.com Reports Losses

The spot FX services company reported a loss before tax of £809,532 in the period, which compares to £1,143,234 in the corresponding period of 2021. Besides that, GMO-Z.com's issued capital increased to £2,500,000 from £1,500,000 following a shareholders' resolution.

Finance Magnates reported in October last year that the Sydney-based multi-asset Multi-Asset Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically Read this Term brokerage company 26 Degrees, formerly known as Invast Global, was planning to acquire GMO-Z.com. In the press release which was shared with the media publication, GMO-Z.com was to become a subsidiary of 26 Degrees in the UK subject to the approval of the Financial Conduct Authority (FCA).

Winding Down Business

However, according to the latest reports, the FCA declined the application for the 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, citing the conditions and the environment in which the transaction was to take place, GMO-Z.com stated in the reports. As a result, 26 Degrees withdrew from the deal, and GMO-Z.com's sole shareholder, GMO Financial Holdings, decided to close the business.

"The firm will carry out its cancellation of permission with the FCA promptly and process the dissolution of the company," GMO-Z.com added. "This will be done with utmost care to ensure that there is no detrimental effect on the firm's stakeholders."

GMO Financial Holdings is the parent company of the Japan-based GMO CLICK Securities, a retail forex brokerage company. Before the agreement to sell GMO-Z.com, the firm had resolved to end its spot FX liquidity services by February.

Finance Magnates contacted 26 Degrees for comments and did not receive a response at the time of publication. Additionally, neither did GMO-Z.com respond to a request for comments.

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