The UK’s Financial Conduct Authority (FCA) has issued two warnings to retail investors over binary options and cryptocurrency contracts for difference (CFDs).
On binary options, the FCA says it has concerns about the products – namely its data suggest that a majority of consumers lose money when trading binary options. “To make a profit, a consumer is likely to need both a sophisticated knowledge of financial markets and to ‘beat the odds’, which is always difficult to do,” the FCA says.
Retail FX trading platform Oanda has integrated its Algo Lab solution with QuantConnect’s open-source, cloud-based algorithmic trading engine in order to offer its clients the ability to research, build, test and deploy their own FX trading algorithms directly from the Oanda platform.
The firms say the agreement provides Oanda clients with access to a community of algorithmic and quantitative traders, as well as series of online trading tutorials that could help add a new dimension of discipline to their trading strategy .
Nex Data has been mandated by the Financial Futures Association of Japan (FFAJ) to create foreign exchange margin ratios for 170 currency pairs.
Launched in February 2017, the FX margin ratios support the derivatives margin calculations which Japanese retail brokers have to provide to local authorities following the new regulations which kicked in on 27 February 2017. Using underlying data taken from Nex Markets’ EBS Market as a primary source in addition to third party sources, the FX margin ratios are used to support the provision of data in the Japanese retail market.
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 ...