Dozens Fired from cTrader Due to Restructuring, Company Says

After receiving multiple reports of massive layoffs, Forex Magnates has confirmed that Spotware Systems, developer of the cTrader platform, went through a round of restructuring yesterday.

Prior to yesterday's development, the FX software developer, Spotware Systems, has employed just under a hundred people. Speaking with Forex Magnates, Ilya Holeu, the Managing Director of Spotware Systems, said that despite the firings the company remains a big enterprise and that the core of the business has not been affected.

Mr. Holeu commented on what took place and how the company plans to continue: "We've restructured and re-focused internally and as a result we had some non-mission critical redundancies just now: Some in the Sales Team due to re-focusing on new markets, some in development and QA due to new outsourcing arrangements. Needless to say that we will continue delivering products and services that exceed traders' and brokers' expectations.

We are also continuing to actively on-board a number of new brokers and banks in key new markets/jurisdictions. More exciting announcements on the new clients to follow."