TrueFX, a venture between Integral Development and Jefferies FX prime brokerage business, has announced the launch of the TrueFX Clearing Member network, with Axicorp, FXCM and Velocity Trade as the first members. Clients of the venture, which was announced in November 2019, will have the option to clear through Jefferies FXPB, the central credit counterparty […]
FXCM Group, which provides of online FX and CFD trading, as well as crypto trading for retail and institutional investors, announced updates to its crypto offering, including record low crypto spreads for the platform during January. January 2020 was a record month for FXCM’s crypto division, announced the lowest spread ever across its current crypto offering, […]
FXCM has announced a technology partnership for between its institutional business, FXCM Pro, and Flextrade’s MaxxTrader solution. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. Siju Daniel, chief commercial officer […]
Capitolis has gone live with a foreign exchange credit switching service, Capitolis Switch.
In a release issued today, Capitolis says that its mission is to address capital markets constraints in the financial system and claims that, with the launch of Capitolis Switch, a key credit issue is addressed. The firm says that this service will enable the unbundling of execution, processing, capital and risk in FX prime broking (FXPB).
Capitolis says it is working with Citi, Jefferies and FXCM in launching this new service.
Market sources tell Profit & Loss that Lucid Markets has sent out a communication to all clients stating it is closing its business effective immediately.
The firm, which is majority owned by FXCM, which holds a 50.1% stake through its UK arm, is a electronic market maker in FX.
Although there is surprise at the suddenness of the announcement and the immediate closure, Lucid has been, according to its latest filing in mid-2017, “actively marketed for sale” by FXCM as the latter continues to divest itself of assets following its rescue by Leucadia in early 2015.
“Prime-of-Prime” has become something of an umbrella term these days, used by many firms operating very different business models. So Profit & Loss asked a number of firms that place themselves in this category exactly what constitutes a “true” prime-of-prime service provider.
The management agreement between FXCM and Global Brokerage – the firm that rose from the ashes of FXCM’s US operation when it was banned earlier this year, has been formally ended.
In an announcement, the firms say the termination was mutually agreed by the two parties and “reflects the continuing separation of FXCM from Global Brokerage”.
Following the banning for concealing its relationship with its number one liquidity provider, FXCM sold most of its customer accounts in the US to Gain Capital and re-branded.
Euronext has completed the acquisition of 90% of FastMatch, after having received regulatory and anti-trust approvals.
This follows the announcement of 23 May 2017 on the signing of the agreement with the existing shareholders of FastMatch.
In a release issued today, Euronext says that the acquisition is part of its “Agility for Growth” strategy, and that it will diversify Euronext’s top line, accelerate its growth profile and allow the group to extend its “best execution” value proposition to an additional asset class.
FXCM has known its share of controversy in recent years and now the firm has been barred from operating in the US. Profit and Loss staff report on an issue that has triggered another round of introspection in the FX industry.
Just over two years after staving off bankruptcy due to losses resulting from the Swiss National Bank’s decision to unpeg the Swiss franc, FXCM has been forced to withdraw from operating in the US, changed its name and seen its two principals step down from the business.
The unravelling of FXCM has impacted across the FX industry with questions being asked around the effectiveness of self-regulation, how the Global Code of Conduct could deal with a repeat offence, and how the industry moves forward in an atmosphere of mistrust?
FXCM’s forced exit from the US leaves only two major retail OTC FX-focused brokerages in the market. Galen Stops talks to the CEOs of these firms about what this means for the industry.
“The retail foreign exchange market has suffered a less than exemplary reputation for some time now,” concedes Vatsa Narasimha, CEO of Oanda.
The latest blow to the industry’s reputation comes as the US Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) concluded that FXCM had defrauded its US customers, ordering it to withdraw from doing business in the country and fining the firm and its founding partners a total of $7 million.