Finotec Group officially discloses the sale of Finologic to 360T

Now it's official: Finotec Group sold its technological arm Finologic to 360T. Finotec lodged an official statement, unfortunately lacking any details, with the SEC.

We wrote about this back in November 2011, at that point it wasn't clear whether the whole Finotec Group was bought or just Finologic - however the official statement only mentions Finologic.

360T is an institutional multi-product platform provider. For Spot FX trading products 360T caters mostly to banks, broker dealers and others. For years 360T was just one of the several available fx institutional platforms competing for same clients and until now was only tracking other competitors like Currenex who were able to penetrate the retail 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 market through its White Label offerings.

Finotec Group for a long while now was experienced large financial losses and was trying to sell its fully owned FSA licensed forex brokerage – Finotec Trading. Finotec Trading managed to sell some of its clients to Ava Forex earlier this year. Finotec Corp also owns Finologic – the technology arm of the group.