They retained Group Chairman Carl-Johan Hogbom and CEO Peter Almberg, who continued to the date of closure but had no executive control.

As such, the GXG offering represented a potentially serious competitive threat to UK junior markets and the revenue of the adviser network of NOMADS/sponsors, lawyers and accountants.

This was further acerbated by weaknesses in the GXG's internal compliance screening of listing candidates, the low quality of some of the advisers they approved as sponsoring agents,[9] and the rapid growth of the market.

While poor management and weak execution appear to be largely to blame, the exact role of the UK's Financial Conduct Authority (FCA) in the demise of the GXG has not been fully explained.

GXG Markets was chaired by Carl Johan Hogbom, formerly the CEO of the OMX Stockholm Exchange, now known under the name Nasdaq Nordic.

As a consequence of this neglect, GXG exposed itself and the market to the exact same risk elements that the very same rules are intended to manage and mitigate.

Against this backdrop, Finanstilsynet assesses that GXG has failed to operate its regulated market and multilateral trading facilities in an adequate and appropriate manner.

On 22 July 2015, the Channel Islands Securities Exchange (CISE) Chairman, Jon Moulton, announced that it had made an offer for the market.