AFX Markets Limited

Limits on the record

• OIREQ

  For the reasons given in this Notice, and pursuant to section 55L of the Act, the Authority has decided to impose the requirements set out below on AFX Markets Limited (the Firm) with immediate effect. Cease regulated activities 1) The Firm (whether directly or through its agents or appointed representatives) must not conduct any regulated activities except with the Authority's prior written consent or in order to undertake actions necessary to comply with requirements 2) to 3) below. 2) The Firm must, as soon as practicable, and in any event by no later than 7 August 2019, close all open trading positions held by it, whether on its own account or on account of its clients, and liquidate the positions into cash balances. The Firm must also require any monies held by third parties in connection with the Firm's trading activities (including but not limited to AFX Capital Markets Limited) to be returned to the Firm's UK client money bank account. 3) The Firm must continue to hold all client money segregated for clients pursuant to the Authority's client money rules and hold cash representing any monies due to clients who contract with the firm pursuant to title transfer collateral arrangements. The Firm must not, without the prior written consent of the Authority, make payments of any of the monies representing these balances to clients. Notification requirements 4) As soon as practicable and, in any event by 5pm on 2 August 2019, the Firm must publish a notice on the front page of all websites used by the Firm and by its appointed representatives (including www.afxgroup.com, www.stofs.co.uk, www.icefx.uk and www.quantic-prime.com), in terms, font and size to be agreed with the Authority, outlining the effect of requirements 1), 2) and 3) above and providing a link to the relevant website address of the entry in the Authority's register relating to the Firm where the terms of those requirements will appear. 5) As soon as practicable and, in any event, by 7 August 2019, the Firm must notify in writing all its clients of the terms and effect of requirements 1), 2) and 3) above. Secure records 6) The Firm must secure all books and records and preserve information and systems relating to regulated activities carried on by it, and must retain these in a form and at a location, to be notified to the Authority in writing no later than 7 days after the date of this Notice, such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request. Assets requirement 7) The Firm must not, without the prior written consent of the Authority, and save in order to comply with requirement 2) above, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its assets, whether held legally or beneficially. For the avoidance of doubt, this includes any client accounts, custodian accounts or other account operated or held with third parties on the Firm's behalf. Miscellaneous 8) For the avoidance of doubt, paragraph 12) above is an assets requirement within the meaning of section 55P(4)(a) of the Act.