FXCM is changing its name and its leadership following the recent scandal which saw the firm and its co-founders, William Ahdout and Drew Niv, fined $7 million and the firm banned from operating in the US.
In response to this, the company has changed its name to Global Brokerage, Inc. and the trading ticker symbol will change to "GLBR" expected to be effective at the opening of trading on February 27, 2017.
Niv has submitted his resignation to FXCM from his positions serving as a director and chairman of the board, effective immediately. He is also resigning as CEO, but will remain at the company in an advisory role “to assure an orderly transition”, says FXCM in a statement issued today.
The US Commodity Futures Trading Commission (CFTC) has fined FXCM and its founding partners $7 million and ordered the firm to withdraw from doing business in the US for defrauding retail FX customers.
In an order issued today the Commission settled charges against FXCM, its parent company, FXCM Holdings, and two founding partners, Dror (“Drew”) Niv, and William Ahdout, who are the CEO and managing director of FXCM, respectively.
“The Order requires Respondents jointly and severally to pay a $7 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act and CFTC Regulations, as charged.
With the immediate market risk of the US elections having diminished, Saxo Bank has returned its margin requirements to normal levels, with the exception of GBP pairs.
Saxo raised margin requirements ahead of the US election to try and ensure that its clients were appropriately leveraged going into what it expected could be a significant market event.
It raised the requirements on most major FX pairs up to 2%-3%, with MXN and RUB going to 15% and 10%, respectively. Claus Nielsen, head of markets at Saxo, comments:
FXCM has agreed to sell DailyFX, its news and research website to IG Group for $40 million.
Subject to IG final approval and customary closing conditions, the transaction is expected to close by the end of October.
Upon completion, IG will receive the entire DailyFX business including all international and domestic web domains, source code and content.
The 34 employees currently working on DailyFX domains will also transfer to IG in the transaction. FXCM will continue to be an advertiser to US and Canadian residents on the DailyFX English version of the website.
Profit & Loss talks
to staff at Bull and Bear, a trader training centre located in Mexico City, about
their plans to promote FX trading in Mexico.
“Our mission is to form the biggest active traders community
in Mexico by offering ...
issued a statement expressing severe disappointment at the charges leveled against the firm by the Commodity Futures Trading
Commission (CFTC), stating that they are “unprecedented and unwarranted”.
claims relate to when the Swiss National Bank (SNB) ...
It has been regularly ventured in
institutional FX circles that any retail trader looking to make money in FX is
crazy – there is an information disadvantage that is not compensated for by the
advanced technology available to these traders. Data ...
Phillip Capital Inc (PCI) has been forced to shelve its nascent retail FX business after the Securities and Exchange Commission (SEC) prohibited any SEC registered broker-dealer from offering retail FX services to customers, effective July 31.
Subsequently the firm, which is ...
Retail punters, especially Japanese, are
frequently contrarian traders in USD/JPY (aka Bill & Ben). So it is perhaps
not too surprising that clients of UK spread better and CFD provider IG appear
to be taking positions against the prevailing market ...
FXCM has released a study it conducted that claims that clients on its retail platforms are able to achieve better FX pricing than on either the futures or interbank markets.
Using the CME, EBS BrokerTec and Thomson Reuters FX platforms ...