(2 February 2017 – Europe) Currency broker World First announced the closure of its corporate options business it was revealed.
The firm said it was placing more emphasis on areas such as providing payment solutions to online e-commerce sellers, where it has strong growth.
“The business will not on-board any new clients or agree any new options contracts with existing clients with immediate effect,” it said in a statement.
“We will honour all outstanding contracts in full whilst continuing to provide forward and spot solutions to our clients.”
World First added that it would seek to re-employ all 50 staff affected by the changes and did not foresee any redundancies.
According to East’s latest business foreign exchange research, around 20 percent of small businesses use options in managing their currency risk, compared to the more sophisticated middle-market, which has almost universal engagement.