Saturday, 23 August 2014
Last updated 18 hours ago
Jun 6 2011 | 12:15pm ET
The end of the road appears to have come for currencies hedge fund Celeritas Markets.
The London-based high-frequency trading specialist has approached The MacDonald Partnership about entering voluntary liquidation, Dow Jones Newswires reports. Celeritas was launched in 2008 with £3.5 million by Royal Bank of Scotland veteran Martin Spurr, and reportedly stopped paying employees late last year or early this year.
"I have two pending invoices, for around £21,800," one former employee, Nicolas Bischoff, told DJ.
MacDonald's Neil Chesterton said a meeting of creditors has been called for June 13.
"Celeritas Markets LLP has engaged me to assist placing the LLP into creditors' voluntary liquidation, but I have not yet been appointed as liquidator," he told DJ.
According to DJ, Celeritas tried—and failed—to win a lifeline from a hedge fund shortly before it stopped paying employees.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note