Bond trader Glas Securities plans to wind up operations
Glas Securities, a Dublin-based securities firm focussed on bonds, said it plans to wind up operations.
The firm said yesterday that it had begun the process of a voluntary wind-up of the firm following an internal review process. The decision was not taken lightly, the firm added in an emailed statement.
Glas, which trades bonds, said the firm had been profitable since its establishment by Jim Ryan and Fergal O'Leary in 2009 but added that its matched bargain/riskless principal business model approach was no longer sufficient to meet investors' target objectives
The firm added that the competitive landscape changed markedly in recent months, and the future of the firm would have been considerably more challenging for its existing business model as Irish fixed income spreads were likely to continue to contract in coming years.