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FXCM gets $7 mln fine from CFTC, sells US business to Gain Capital

mlawson71
Feb 10 2017 at 12:58
1487 posts
More details are emerging about the deal between FXCM and Gain Capital. (https://www.forexbrokerz.com/news/Gain-Capital-to-pay-up-to-500-for-each-FXCM-client-conditions-apply) According to the latest filing of FXCM with the US Securities and Exchange Commission (SEC), Gain Capital will pay up to $500 for each FXCM client. There, however, are a number of conditions that will apply depending on how many trades these clients have made in the last weeks.

mr_cenk (mr_cenk)
Feb 10 2017 at 15:07
44 posts
togr posted:
While I believe FXCm was cheating their clients I also know Forex.com. I had to left Forex.com as they had serious issues with the trades I would say they were cheating much more.


But have Forex.com said they are NDD or they were stating they are market makers at that time you traded with them? I think they are one of the largest market makers without pretending to be something else. But since you have experience with them, you can judge better 😄 I am glad that FXCM got what they deserved in the end.

mlawson71
Feb 13 2017 at 12:08
1487 posts
US law firm has launched an investigation on potential claims against forex brokerage FXCM Inc. concerning possible violations of the federal securities laws, the company announced in a statement. (https://smnweekly.com/2017/02/08/us-law-firm-investigating-fxcm-seeks-to-form-collective-lawsuit-on-shareholders-behalf/)

For what it seems, the law firm is seeking to form a collective lawsuit on behalf of disgruntled shareholders.

I suppose it was a matter of time?

AlbertoCo
Feb 21 2017 at 07:26
17 posts
Yes, in fact this is a serious hit for all their US shareholders and these guys will certainly try to get something back from the lost business. Thanks for the article! I see you post useful links quite often! 😄

Michael
pgfritz (pgfritz)
Feb 21 2017 at 08:01
8 posts
mlawson71 posted:
US law firm has launched an investigation on potential claims against forex brokerage FXCM Inc. concerning possible violations of the federal securities laws, the company announced in a statement. (https://smnweekly.com/2017/02/08/us-law-firm-investigating-fxcm-seeks-to-form-collective-lawsuit-on-shareholders-behalf/)

For what it seems, the law firm is seeking to form a collective lawsuit on behalf of disgruntled shareholders.

I suppose it was a matter of time?


It was about time they took a spoonful of their own medicine. It went from being one of the best and most solid to being the heap of scammers. They probably got big as a result of scams made over the years.

mlawson71
Feb 27 2017 at 12:23
1487 posts
FXCM announced it is changing its name to Global Brokerage Inc. Respectively, the ticker also changes – to GLBR.The changes come into effect today, February 27, 2015.
(https://www.forexbrokerz.com/news/FXCM-changes-name-to-Global%20Brokerage)
The company also announced the resignations of William Ahdout as a Director on the Company's Board of Directors and Drew Niv, as Director and Chairman of the Board and Chief Executive Officer.

Why the name change?

QuickPips7
Mar 01 2017 at 07:39
2 posts
mlawson71 posted:
FXCM announced it is changing its name to Global Brokerage Inc. Respectively, the ticker also changes – to GLBR.The changes come into effect today, February 27, 2015.
(https://www.forexbrokerz.com/news/FXCM-changes-name-to-Global%20Brokerage)
The company also announced the resignations of William Ahdout as a Director on the Company's Board of Directors and Drew Niv, as Director and Chairman of the Board and Chief Executive Officer.

Why the name change?


'FXCM still has its regulated forex businesses in the UK and across the major EU markets Germany, Italy and France, Australia, Israel and South Africa, as well as in Hong Kong, New Zealand, Japan. The broker offers forex, CFDs, and spread betting services.'

FXCM name now has a bad smell to it worldwide. Needs to change name.

mlawson71
May 12 2017 at 13:32
1487 posts
They clearly have problems because recently Global Brokerage Inc., formerly known as FXCM Inc., informed the US Securities and Exchange Commission (SEC) of a notification from NASDAQ Global Market that it might delist it over falling market cap.
According to the filing, on May 2 NASDAQ informed Global Brokerage that for the prior 30 consecutive business days, the market value of the company’s publicly held shares was less than $15 million. (https://smnweekly.com/2017/05/09/nasdaq-warns-ex-fxcm-of-eventual-delisting-over-low-market-cap/) This does not meet NASDAQ’s requirements for continued listing on the exchange.

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