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The US disables the FXCM broker.

lennin
Feb 09 2017 at 08:02
2 posts
The Futures and Intermediation Commission (CFTC) has sanctioned $ 7 million and its disqualification in the US from Forex brokerage firm Forex Capital Markets (FXCM). According to the US derivatives authority, the currency broker had undisclosed interests in the market maker and consistently 'won' in most trades 'and therefore was taking positions vis-à-vis its retail customers.'
The supervisor decrees his disqualification in the US and has forced him to sell his assets in the country.
The FXCM has plunged 49.71% on the Nasdaq. 😲

TiffanyK (TiffanyK)
Feb 09 2017 at 14:21
427 posts
Not a really smart move from FCXM… What were they thinking? Maybe that nobody will notice …

Accept the loss as experience
vellkan
Feb 28 2017 at 15:32
9 posts
US currency broker Forex Capital Markets (FXCM) has announced the company's name change to Global Brokerage Inc, two weeks after its disqualification from the Futures and Brokerage Commission (CFTC) To operate in the USA. The US derivatives authority also imposed a $ 7 million sanction on the company for fraud in its high-frequency algorithm.
In a statement, collected by Reuters, FXCM has also indicated that it changes its symbol in the stock market to GLBR. The company has also confirmed the promotion of Brendan Callan to interim executive director, replacing Drew Niv, who resigned. Niv also resigned as director of the FXCM Group.
The company has also confirmed the promotion of Brendan Callan to interim executive director, replacing Drew Niv
The US CFTC reported on Feb. 7 that FXCM had undisclosed interest in the market maker and consistently 'won' in most trades 'and therefore was taking positions vis-à-vis its retail customers.' The firm had operated as a market maker - charged with offering purchase and sale prices to customers for a given market to have sufficient liquidity - since 2007.

rob559
Mar 01 2017 at 07:13
1916 posts
good thing ,closed that scammer

Frank
RedRhinoFX (RedRhinoFX)
Mar 01 2017 at 07:59
395 posts
down to two left in the usa.

oanda

gain capital


mario123
Mar 02 2017 at 07:25
14 posts
rob559 posted:
good thing ,closed that scammer


In fact, it is outside of the United States currency market but continues to operate in the other countries where it used to operate. Regulators from other countries should be watching.

mario123
Mar 02 2017 at 07:25
14 posts
If we really want a scammer to fall, we have to enforce regulation in all countries. But we do not know what was the weight ratio between FXCM and USA in the economic plane or the amplitude of the regulations for which they were fined. Maybe other countries just do not have as many regulations, maybe they do not have one.

mlawson71
Mar 10 2017 at 13:24
1487 posts
They also paid another $650,000 settling a court case brought on by the CTFC in relation for undercapitalization in connection to the January 2015 Swiss franc volatility event. (https://www.forexbrokerz.com/news/FXCM-pays-650-K-CFTC-fine-for-2015-undercapitalization) The CFTC action also concerns the negative-balance protection of FXCM prior to January 2015, which is no longer available.

stian
Mar 10 2017 at 19:03
325 posts
mario123 posted:
If we really want a scammer to fall, we have to enforce regulation in all countries. But we do not know what was the weight ratio between FXCM and USA in the economic plane or the amplitude of the regulations for which they were fined. Maybe other countries just do not have as many regulations, maybe they do not have one.


The US is a very non-competitive market. Especially compare to Australia and the UK. Simply FXCM was never a good broker, you could say it had a dirty smell for a while. But Americans doesn't have much choice in their FX brokers, US clients is not worth the hazzle, or the paperwork for most brokers. Certainly it might trigger a review in other jurisdictions.

grtrader
Mar 12 2017 at 08:13
7 posts
Interesting. I wonder if fxcm uk is affected. They seem to be still running as normal.

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