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Futex (UK futures broker) halts trading

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Futex administrator finds £4.7m shortfall

The administrators of defunct prop trading firm Futex reported on Friday a £4.7 million shortfall between the money held in the firm's clearing account and the cash owed to creditors including former Futex traders.

The report, from Futex administrators Cork Gully, named nearly 60 claimants in the case, which arose following an injunction by one of the firm's trader which led to the collapse of the company.

The administrators report said: "We note that as at the date of the injunction, the total owed to traders (approximately £5.5m) exceeded the total held in the company’s Marex Accounts (approximately £800k) by circa £4.7m."

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