The Quro trust wrote to Peter Almberg head of GXG Markets and resigned as a GXG Broker, effective immediately today, 17 December 2014, due to conflicts of interest brought about by GXG Markets Compliance department’s interpretation of rules.
Some of the current rule interpretations were in direct conflict with previous interpretations by GXG compliance in previous years, and in Quro’s opinion in direct conflict with the GXG Markets Rules for Trading participants and put The Quro Trust in a position that it could not service its clients properly if it maintained its Broker membership at GXG Markets
Quro’s resignation was not a hostile resignation as The Quro Trust will still recommend GXG Markets when appropriate. However, we did criticize the current compliance officer, Mr. Martin Frey-Olesen, heavily in our resignation sent to Mr. Peter Almberg as The Quro Trust feels that the GXG compliance officer has been entering into improper, unprofessional and illegal activities which gives us concerns that the GXG will not be able to survive much longer if his behavior is not curbed. The resignation is not anticipated to have much effect on its The Quro Truts’ current or future GXG clients .