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.