Spreadbetting firm MarketSpreads recorded a pre-tax loss of €709,213 in 2010 after making a €1m provision against the firm recovering debts owed by two former executive directors who diverted funds to another business.

Marketspreads — the spread-betting firm suspended from trading by the Central Bank last week — has been allowed release cash to clients.

Irish spread-betting firm Marketspreads has been ordered to cease trading by the Central Bank due to concern for clients’ accounts.