Marketspreads suspension lifted

The Central Bank has lifted its suspension on the trading licence of Marketspreads, allowing the spreadbetting company to re-open.

The Central Bank, which regulates spreadbetting companies in Ireland, ordered the Dublin-based organisation to cease trading on April 5th.

It followed the collapse of UK-based Worldspreads plc, the firm which was originally Marketspreads’ parent company and from which Marketspreads split in 2009.

The Central Bank ordered Marketspreads to cease trading, citing “capital adequacy and audit opinion issues”.

The issues in question are believed to have covered the period immediately before Marketspreads’ current owners bought the business from its previous shareholder, Worldspreads plc.

In a statement this evening, Marketspreads said that the firm “has now dealt with the legacy financial issues that had caused concern to the Central Bank and has reopened with a stronger capital base.”

“ Client funds have been, and will continue to be, 100 per cent safe, intact and properly segregated,” it said.

The company thanked its customers who it said had been “very supportive through what was a difficult period.”