Cognotec is going down

What used to be the biggest promise in the 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 software platform development field is for years now considered a sinking ship. A few days ago the worst fears were confirmed when it was announced that Cognotec is heading into a receivership. Barclays Bank which is owed millions by Cognotec appointed Dublin's KPMG as a receiver.

Founded in 1991 Cognotec is a global provider of leading-edge FX trading and connectivity solutions that enable financial institutions to deliver customised, real-time, electronic trading services to their clients. Cognotec boasts over 100 deployments in 26 countries, most of them tier 1 and tier 2 banks and financial institutions.

Cognotec was never even close to being breakeven and couldn't establish a healthy and growing P&L traction. Having consumed over $100M in investments since its inception and valued as high as $286 back in the dotcom boom days it finally posted a profit in 2005, if only for a year. In 2007 Cognotec lost almost $10 million before taxes but was able to reduce the losses to $1.76 million in 2008. Revenues however kept plummeting as well: from $28.1 million in 2005 to only $18.5 million in 2008 during which a client has cancelled a project responsible for over 60% of Cognotec's revenues. 2009 was probably even worse.

Cognotec is headed by Brian Maccaba a somewhat eccentric Irish born businessman.

However perhaps not all is gloom and doom in the Cognotec arena: Profit and Loss announced yesterday that Cognotec might still be able to meet its loan Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term as it expects to complete an investment round shortly.