Friday December 2,2011 : Delta Index changes hands
The Irish spread betting firm Delta Index, founded in 2001 by Conor O’Neill and Michael O’Shea, has been sold for an undisclosed amount to UK spread betting firm Gekko Global Markets (GGM).
It is understood that GGM will gain some 4,000 accounts from the deal, and these will now be regulated by the UK Financial Services Authority (FSA). The transfers are expected to be completed by the end of the year.
A GGM spokesman said that the Delta Index brand will be retained, and that the company has signed a “revenue share” agreement with GGM. He said that customers would not be affected by the move, though there would be redundancies and some staff will move to the UK.
Delta Index has been on the market for the past year and employs 17 people, compared to a staff of around 35 two years ago. It is likely that there will be further redundancies.
“The partnership with GGM will deliver an enhanced range of services to clients including a 24 hour dealing service, more competitive trading costs, improved trade execution and enhanced trading technology” a Delta Index spokesman noted.