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Central Bank slaps currency trader

THE Central Bank went to the High Court on Friday to revoke its authorisation for Baxter Financial Services, the Dublin-based foreign currency trading firm, to operate as an investment firm here. Baxter consented to the order after an investigation by the Central Bank's Investment Service Providers Supervision Division.

"Arising from concerns relating to Baxter's compliance with capital requirements and historic corporate governance failures, the Central Bank applied to the High Court. . . seeking an order revoking Baxter's authorisation to operate as an investment firm," said the Central Bank in a statement.

"The spot foreign exchange business, which represents 99 per cent of Baxter's business, remains unaffected."

The move against Baxter caps a busy period for the watchdogs at the Central Bank. It comes only weeks after the Bank's decision to take action against Bloxham stockbrokers when they ruled that the brokerage had insufficient capital to carry on trade as a stockbroker.

Sunday Indo Business