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EU Proposes to Extend the Brexit Deadline | WTI Oil Prices Hold Steady

Published October 28, 2019

  • The European Union agreed on Monday to delay Brexit until January 31 next year and the decision is expected to be formalized through a written procedure. The UK was previously scheduled to leave the European Union on October 31, however, there is currently no trade deal in place.
  • Russian Energy Minister, Alexander Novak confirmed last week that his nation is coordinating with Saudi Arabia and other OPEC members to stabilize the oil market and stem the weakness in oil prices. WTI oil prices were steady on Monday with crude oil trading at around $56.51 per barrel.
  • The Canadian dollar strengthened this morning, mainly driven by the positive crude oil prices and is trading at 1.3060 levels. This week, markets will be closely eyeing the US Federal Bank and Bank of Canada Monetary Policy decisions which are scheduled on October 30.

To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.