Your NAGA Trading account/s
Following discussion with the UK Financial Conduct Authority (the "FCA"), the NAGA Group AG has decided to withdraw from the UK market and to cease providing services to UK-resident clients.
As such, we give you notice that we will be taking steps to terminate your agreement with NAGA Global LLC and to ensure the liquidation of your open trading positions, the return to you of any positive balances that your account/s may contain and the closure of your account/s. The following timetable has been notified to the FCA, which is consistent with NAGA Global LLC's terms of business.
- NAGA Global LLC will close and liquidate all your open trading positions and convert any positive positions into cash balances in your base currency by no later than 3 pm (GMT) on 17 December 2021. Any hedged positions would be netted off at that point;
- You may close and liquidate your positions in the period leading up to 9 pm (GMT) on 14 December 2021 but you will not be permitted to deposit any more funds into your account/s. If your positions reach a margin close out level after that point but before manual closure, the positions will be closed automatically;
- The reason for the gap in time between 14 and 17 December 2021 is to allow internal processes to be engaged to close out open positions and then accounts so as to meet the 3 pm (GMT) 17 December 2021 deadline;
- Any positive cash balances held by you following the closure and liquidation of your open positions will be returned to you to the bank account and/or card and/or funding method you used for the purposes of crediting your trading account/s, for which we have details in our system, by no later than 31 December 2021.
Should you have any questions concerning the closure and liquidation of your open positions, the return of your balances and closure of your trading account/s, please see the FAQs that have been prepared or contact our Customer Support Team.
We appreciate that this may create inconvenience, for which we apologise, but we are available to discuss any questions you may have.
NAGA Global LLC