(Reuters) -British currency risk manager Argentex’s main trading unit will cease operations, the firm said on Thursday after it was unable to secure funding.
One of the first known casualties of the consequences of the global trade war, Argentex was instructed by UK’s Financial Conduct Authority in late June about certain restrictions being imposed on Argentex LLP, the unit that is ceasing operations.
FCA’s decision required Argentex to maintain liquid assets of 23.62 million pounds ($31.6 million), which the company failed to secure, resulting in a suspension of its shares from trading for the second time on Thursday in almost three months.
Argentex said its unit will cease any further commercial and trading activity until previously disclosed regulatory requirements are met.
($1 = 0.7473 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Mrigank Dhaniwala)
