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UK currency broker World First is shutting down its corporate options business in a move that could affect 47 jobs.
A spokesperson for the company confirmed the closure, but said no redundancies were expected.
In a statement, the broker said:
World First has chosen to cease offering options products to its clients, meaning the business will not on-board any new clients or agree any new options contracts with existing clients with immediate effect. Crucially, we will honour all outstanding contracts in full whilst continuing to provide forward and spot solutions to our clients.
This decision comes as the business continues to evolve its client proposition with these changes part of a wider strategic drive to broaden our role as a trusted partner for businesses who trade internationally. We look forward to making further announcements on this in due course.
The broker, founded in 2004, was the “first foreign exchange broker in the UK to be able to sell currency options”, according to its website. It offered both forward contracts, allowing customers to fix an exchange rate for a date three years away, and currency hedging options.
World First also provides international money transfers.
Risky long-term currency options were traditionally agreed between large companies and banks, but smaller enterprises have also started to adopt the products, mostly to help users avoid future shocks.