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The US disables the FXCM broker.
Feb 09, 2017 at 08:02
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forex_trader_378802
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Feb 09, 2017 at 08:02
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. 😲
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. 😲
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Feb 09, 2017 at 14:21
Not a really smart move from FCXM… What were they thinking? Maybe that nobody will notice …
Accept the loss as experience
forex_trader_384200
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Feb 28, 2017 at 15:32
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.
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.
forex_trader_29148
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Mar 01, 2017 at 07:13
good thing ,closed that scammer
forex_trader_379006
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Mar 02, 2017 at 07:25
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.
forex_trader_379006
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Mar 02, 2017 at 07:25
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.
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Mar 10, 2017 at 13:24
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.
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Mar 10, 2017 at 19:03
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.
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Mar 12, 2017 at 08:13
Interesting. I wonder if fxcm uk is affected. They seem to be still running as normal.
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Mar 17, 2017 at 11:53
The UK branch wasn’t affected from a regulatory point of view, as far as I know, but the scandal in the States definitely had an economic effect. FXCM Group, which now contains all FXCM subsidiaries, except the US, has reported a decline in its February retail and institutional customer trading metrics. (https://www.forexbrokerz.com/news/FXCM-Group-reports-declining-February-metrics )
According to the document, the customer trading volume in February amounted to $201 billion. This is 21% lower than January 2017 and 33% lower than February 2016. The more detailed information shows that in January 2017 the trading volume was $253 billion, while in February 2016 it was $299 billion, again excluding the US subsidiary.
According to the document, the customer trading volume in February amounted to $201 billion. This is 21% lower than January 2017 and 33% lower than February 2016. The more detailed information shows that in January 2017 the trading volume was $253 billion, while in February 2016 it was $299 billion, again excluding the US subsidiary.
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Mar 19, 2017 at 08:07
This is all a big surprise. I was trading with FXCM for very long and never doubted they were a scam. Scary ... now that Forex.com bought the account from them, not sure what is hiding behind the scenes there. Gain Capital i think is the parent company. Any news about them?
Trade with courage but without emotions
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Mar 22, 2017 at 07:45
grtrader posted:
Interesting. I wonder if fxcm uk is affected. They seem to be still running as normal.
Hi grtrader,
While FXCM has withdrawn from business in the US, there are no changes to traders doing business with FXCM companies outside the US. With the exit, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries.
Jason
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Mar 22, 2017 at 07:45
mlawson71 posted:
According to the document, the customer trading volume in February amounted to $201 billion. This is 21% lower than January 2017 and 33% lower than February 2016. The more detailed information shows that in January 2017 the trading volume was $253 billion, while in February 2016 it was $299 billion, again excluding the US subsidiary.
Hi mlawson,
You will notice that most trading volume at most brokers was down in February and FXCM was no exception. Trading volume tends to follow market volatility, and the forex market in February was generally low volatility.
Jason
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