Global Trader closes to new business

Global Trader, the online spread trading company, has been forced to close its doors to new business after intervention from the Financial Services Authority. The move followed heavy losses sustained by clients trading equity derivatives in Artilium, an Aim-listed telecommunications technology group popular with retail investors.

The company confirmed last night it had applied for a "variation of permission", the official method by which companies change the terms of their authorisation.

It is understood the FSA requested the move, which means Global Trader will no longer be permitted to carry out regulated activities except to close existing trades.

A full statement is expected to be issued today to the Johannesburg Stock Exchange, where Global Trader's parent company, Purple Capital, is listed.

FT

The Financial Services Authority is understood to be examining the affairs of clients of Global Trader 247 - a London-based CFD provider.

Global Trader was said to have dumped millions of shares in Aim-listed software company Artilium in recent days - sparking speculation that one of the broker's largest clients had failed to meet a "margin call".

Global Trader clients investigated by FSA

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Good morning traders!

In Asia today, the Nikkei closed down 3.89 points at 13,622.56, while the Hang
Seng ended the morning session down 425.99 points at 23,595.69.

New York's main oil contract, light sweet crude for delivery in March fell 34 cents
to $95.12 per barrel.

Happy Friday!

G.

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