City Credit Capital (UK) Limited — CIX Markets, Markets Trader
City Credit Capital (UK) Limited (FRN 232015) was an FCA-regulated Contracts for Difference broker that operated under the trading names CIX Markets and Markets Trader. The firm provided retail and professional clients with access to FX and CFD trading. It was incorporated in December 2001 and was led by CEO Raymond Yip under the broader control of US entrepreneur Alfred Tang.
In June 2023, the FCA placed restrictions on City Credit Capital, preventing it from carrying on any regulated activities. The firm entered administration on 30 June 2023, with Gary Paul Shankland and Jamie Taylor of Begbies Traynor (Central) LLP and Christopher Andersen of AABRS Limited appointed as joint administrators.
A significant concern that emerged during the administration was that approximately £10 million of professional client funds could not be accounted for. The firm’s largest trading counterparty, Malaysia-based CCC Labun Limited, owed CCC UK around £7.7 million and had itself moved to enter liquidation, leaving those funds in serious jeopardy. Clients who held money with CIX Markets or City Credit Capital may be eligible for FSCS compensation.
Issues / Why You May Have a Claim
CFD brokers are required to hold client money separately from their own funds and to ensure that trading counterparty arrangements do not place client assets at risk. Where those requirements are not met, clients can lose access to their money when a firm fails. Former City Credit Capital and CIX Markets clients who have concerns about funds they cannot access should seek specialist advice.
