Exclusive: SL-x to shut up shop 17 September 2014London Reporter: Mark Dugdale
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SL-x Group has applied to cancel its UK Financial Conduct Authority (FCA) authorisation as a multilateral trading facility amid reports the firm has lost its funding.
The electronic trading marketplace for stock lending transactions received approval from the FCA in March, giving it permission to begin offering its service across 17 European capital markets. Chris Fay, previously of ClearLend Íø±¬³Ô¹Ï and SecFinex, joined up at the same time.
But SL-x Group has requested to cancel its authorisation, according to the FCA website.
Sources report that the firm’s private equity backer has withdrawn its support, forcing SL-x Group to cease trading on 19 September.
SL-x Group was founded in 2011 by its chief executive, Peter Fenichel, together with chief technology officer Nazaar Molokhia and chief operating officer Hank Mlynarski, who did not respond to a request for comment.
The firm had done deals with Markit Íø±¬³Ô¹Ï Finance, to give joint customers access to real-time data, and Eurex Clearing, to act as its transaction clearinghouse, in 2013.
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