Associated News (AN)
Oddly my article entitled “Disciplinary Matters: GXG Markets, a Corporate Bully” was first published on January 13, 2015, then republished on 
June 8, 2015 (you can access it here). In this article I asked, “Why doesn’t the Danish Financial Supervisory Authority see the unusually high delisting rate and non-liquidity of the exchange and realize something must be wrong there?“
Three weeks later after it was republished, on June 29, 2015, the GXG Markets publishes a notice of suspension of “new admissions” http://www.gxgmarkets.com/news-release/pressrelease/1932136
“The Board is discussing its regulatory set up with Finanstilsynet (the Danish Financial Supervisory Authority). This has included GXG engaging in dialogue with Finanstilsynet concerning relinquishing its Danish market operator license and ceasing its Danish activities. As a consequence, GXG cannot admit new securities to trading or accept new applications for admission, until alternative arrangements have been made.”
And most recently on July 6, 2015, the GXG Markets UK announced its closure.
“GXG Markets A/S announces its decision to voluntarily relinquish its Danish Market Operator licenses. The Danish Supervisory Authority (“Finanstilsynet”) has accepted the surrender of the licenses. As a result, GXG Markets’ operation of the GXG Official List, Regulated Market and GXG Main Quote and GXG First Quote multi-lateral trading facilities will cease at 1700 CET on August 18, 2015.”
Well, I would like to think that our journalism brought this corporate bully to its knees. According to their press release they had been in discussions for several months, well after we first published the article:
“GXG’s operation within the Danish regulatory environment has been under consideration by GXG’s Board for several months. After a series of discussions with the Danish Supervisory Authority in recent months, it has become clear that being regulated in Denmark is no longer a suitable forum for GXG to run an SME and micro cap marketplace. Therefore, for reasons of business efficacy GXG has taken the decision to withdraw its Danish license.”
Well, let’s take that explanation with a grain of salt. In my article of January 13, 2015 and June 8, 2015, I documented how The Quro Trust was bullied by a certain GXG compliance officer, Martin Frey Olesen, by the publishing of lies and inaccuracies which were purely motivated by vengeance and an attempt by a GXG compliance officer to make himself look good after The Quro Trust resigned and complained about his unprofessional, unfair and potentially illegal actions. Whether it was this article that was seen by the Danish Financial Supervisory Authority that tipped the scale, or the accumulated actions of a corporate bully (there were many other complaints of bullying in addition to The Quro Trust’s case) that caught up with them by causing regulatory or financial (declining income) issues, I am happy to see this one disappear into the dust.
But I must also tip my hat to The Quro Trust who told me much earlier in the year that they had started legal procedures against the GXG Markets for libel and defamation under commercial law and they were certain Martin Frey-Olesen’s illegal and unethical actions were going to put the GXG out of business….At the time I thought it was a rather wild prediction but, in retrospect, The Quro Trust’s prediction seems to be eerily correct.
So far, UK corporate bullies have been very unsuccessful in cases documented by our Journalists. First we stopped Associated Newspapers in 2009, and now, we would like to feel we at least contributed to stopping the GXG Markets in 2015. Not bad.
Do you know of a corporate bully? I would like to hear from you. Maybe we can help.
