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Intrade Risk Discontinues Operations
GENEVA - Jan 9/04 - SNS -- Intrade Risk Management and its affiliate August Trading are discontinuing their grain, oilseed and sugar trading activities under an agreement with Australia's Macquarie Bank, one of the company's major shareholders.
The companies employed about 20 people and were created by employees of Tradigrain, which ceased operations in 2002.
Reuters news wire service quoted sources close to the company as stating, "The company had lost a bit of money and the structure was not functioning well so the shareholders decided to stop operations instead of continuing along the wrong tracks.
"The companies still exist, they are not bankrupt, they have no debt but the costs were too high, the margins too small and the structure too weak," he said. "It was just too fragile."
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