Latest news with #ArgentexGroupPlc
Bloomberg
25-04-2025
- Business
- Bloomberg
Argentex Replaces CEO as Forex Firm Clinches Rescue Deal
Argentex Group Plc's chief executive officer resigned just hours before the troubled currency management firm clinched a deal that it hopes will allow it to recover from a sudden cash squeeze triggered by the tariff-driven slump in the dollar. Jim Ormonde, who has run the London-listed firm since October 2023, will be replaced by Chief Operating Officer Tim Rudman, according to a statement Friday. The company was hit hard by its positions in the dollar, which has declined about 3.5% against major currencies since US President Donald Trump's tariff announcements on April 2.
Bloomberg
25-04-2025
- Business
- Bloomberg
FX Broker Argentex Nearly Collapsed After ‘Zero-Zero' Margin Dollar Trades
Argentex Group Plc, the UK finance firm set up to help customers manage volatile currency swings, should have taken some of its own advice. The London-based brokerage amassed US dollar trades for its clients yet didn't obtain enough collateral from them in return, people familiar with the matter said. That's partly because Argentex pursued a high-risk strategy with some customers known as 'zero-zero lines,' according to the people, who requested anonymity as details aren't public.
Bloomberg
22-04-2025
- Business
- Bloomberg
Argentex Suspends Shares After Tariff Chaos Triggers Margin Call
Argentex Group Plc suspended trading in its shares after the currency management firm faced a 'rapid and significant' cash squeeze in the wake of Donald Trump's tariff announcements. The London-listed company said in a statement Tuesday it's taking steps to preserve cash and increase collateral from counterparties after it was hit by margin calls linked to its foreign exchange derivatives book this month.
