Francesc Riverola,
ACM – Advanced Currency Markets Raises Additional Share Capital
Tue Oct 20, 2009
GENEVA - The shareholders of ACM (www.ac-markets.com), the top Swiss online currency trading firm, endorsed an additional capital raise of 10 million CHF during their latest general assembly.
The capital increase raises ACM’s overall share capital to 30 million CHF; a move financed solely by existing shareholders. The step solidifies ACM’s place as the most capitalized Forex broker in Switzerland.
Reinforcing the framework surrounding the firm’s banking licence, the enlargement demonstrates ACM’s commitment to autonomy, strength and durability.
“The increase guarantees our independence while freeing ACM to dedicate further resources to both enlarging our investment offering and tackling new markets” said Lloyd La Marca, CEO and co-founder of ACM.
From its inception, ACM (www.ac-markets.com) has grown to meet the needs of its expanding client base – founded in Geneva, the company now maintains offices in Zürich, New York, Dubai and Montevideo. The Swiss firm offers efficient and affordable FX trading with no dealing-desk intervention to private individuals as well as institutional clients.
www.ac-markets.com
This is a broker a pal of mine told me to look at, he’s been using them for a while now. Having just read Francesc’s blog has really re-ignited my interest in them. Surely this amount of money can only mean they are a serious broker, it also reasures me that my funds won’t be dipped into if they are rolling in it!
a friend of mine works for ACM and he says there is a war going on on the management level: apparently the CEO (Lloyd La Marca) is being pushed out of position by the other shareholders Nicolas Bang, Alex Axarlis and other top managers.
thats the only reason they increased capital to 30 mln - to dilute his shares and by now the money has returned to the investor (see http://ge.ch/ecohrcmatic/ - the shares are “liberated”, so no obligation to keep them on accounts once the record was made)
thats what i hear…
my friend was right, CEO is out of site: http://www.ac-markets.com/forex-broker/management-team.aspx
i hear also that his team is being fired to be replaced by more professional staff because FINMA is checking them and it does not look good for the banking license. lets see what happens
What does R. Williams mean regarding ACM not getting their license. Why is this happening? Did they violate some type of Regulation? Why would they get rid of their CEO and how would this impact their license? They are Switzerland’s biggest broker aren’t they? Can someone shed some light on this?
N. Kramer
Dear N.Kramer
So far ACM is in the process or getting Switzerland’s banking license from FINMA.
The possible disputes in management - if any as my sources say that there is no problem with the CEO LLoyd La Marca as he is moving from CEO to a board member for personal reasons - have anything to do with the good performance and service of the company
I find it very hard to understand why R.Williams regards it so strange that the CEO is stepping aside?? It seems obvious from the press release above, that before La Marca did so, major interest was shown from investors wanting a share of such a large company thus allowing, as Francesc states, La Marca to pursue other personal avenues. He is still apparently part of ACM. As N.Kramer says, they are the biggest in Switzerland. If anything, this should be seen as a positive move for a company that is moving forward, for an outsider to show that much interest in a company and invest 10 million then it must be because they recognize ACM’s present market strengths as well as it’s future potential.
OK Thank You for such a timely response. I would think by now ACM should have had its license from FINMA? Is there some type of monetary threshold they need to achieve to qualify?
There is only about 7 weeks left in the year. What is the hold up?
Francesc, because i followed the Crown Forex story on FX Street I know you have contacted FINMA before. Any chance to ask them when they will be ready to say who will get the banking license? I too believed it was to be before the end of the year, but as we all know December is a 2 working week month! Thanks.
Dear B.Mayo
My FINMA contacts stopped their feed-back with me since I made a post in this blog criticizing FINMA. Call it a casualty, but since then, all my efforts to speak with them have been in vain.