[Marilyn]

Hi CFX -

IBFX used to use FXLQ as a liquidity provider.. but obviously they are not one of our counterparties any more.. You know.. there are a number of FCM's that either use FXLQ or have used them in the past... you'd probably be surprised, honestly.

Just an fyi.. IBFX currently has 5 counterparties.. we can add more if the situation presents itself or remove counterparties if we need to.

As for ForexBastards... you know the funny thing is that I have posted there (my comments never made it to the site and I was completely honest about who I was) and I have also contacted them about blatant inaccuracies such as IBFX being in Cyprus or trading gold and have never had a response or acknowledgment. I would put my faith in open forums, such as this one, rather than a site that doesn't allow open dialog. Just my thoughts on that subject..

M

[CFX]

I am knowledgeable about the workings of IBFX and previously with FXLQ. It has been my understanding that Mr. Gray is contractually tied to IBFX for the rest of IBFX's life as an entity, but I may have misunderstood the information given to me.

Yes, FXLQ is an LP for many firms - Velocity, FastFX, initially come to mind.

When was the relationship with FXLQ severed? Can you give that information?

Thanks for your candid reply. You won't get far with ForexB****'s, Felix has an axe to grind of his own.

[Moe]

Originally Posted by JasonF

It is amazing that the posting of FXCM was even allowed. Who cares how big you are, what we care about is fair trading practices.

The largest organizations are usually the most corrupt. Does anyone remember Enron, or even Refco, they were very large, do we also remember that FXCM and REFCO were virtually one in the same. Do we also remember that the largest loss of retail clients funds was from REFCO.

Do we also remember NFA warning FXMC about their repeated misleading and false advertising. The list could go on and on.

Le's put this into layman's terms.

Business operator XYZ - a family owned honest business, working very hard, paying their taxes every year and going by the book. They however barely make a profit.

Business operator "The Sapranos" - they have a lot of money, need I say more.


So....FXCM. It is no surprise. But please.....show us someting we can use besides the size of your wallet.

very true

[JFX81]

Originally Posted by forexedge

IF FXLQ decide to quit this business, then the company's assets and client funds will go to a receivership "court", handled by CFTC or NFA. This "court" will decide how to split up the remaining funds... and hopefully, Robert Gray will go to jail for a long time.

Forexedge

I hope, for everyone's sake, that all of the clients don't have to wait it out like another Refco fiasco.

Remember, it has taken over two years for Refco clients to see any of their money. And the money dispersed so far to accounts with over $10k has been a paltry 22.5% !

Cross your fingers.

[KasperFX]

After learning about this bogies “cap funds” ploy FXLQ Tried to poll off I immediately closed my and my clients accounts with IBFX and now hoping (4 DAYS NOW) I receive my funds back prier to the NFA halting IBFX accounts’ to, As the post above mine stated IBFX technology belongs to FXLQ I know this is fact since I have had accounts with IBFX for 3 years and was working with Robert gray when he decided to branch off and start his own FCM I recall gray boasting to me and my partners “I am the one who built IBFX technology and that IBFX was contractually tied to me for the rest of their existence” then tried swaying me to move over to his new firm, what a power trip this guy had, I bet he’s not so cocky now. . I’m not sure if IBFX was able to get out of grays contracts/grips “only time will tell, I much rather be safe with my funds in my own bank then sorry wit them at IBFX when NFA halts them (I certainly was surprised when Both IBFX and FXLQ received those cap injections of 40 something million each around the same time out of nowhere!!!! I wouldn’t be surprised if IBFX’s reserve is bogus as well.. What a month, I’ve never seen so many firms get closed down in the 16 years I’m this business Anyone with half a brain would agree, this is not a good time for’ anyone to keep funds in anyone of these fly by night FX brokers, after the holidays the NFA will have the new caps in affect and we will see who’s standing.

[NewstraderFX]

Originally Posted by FXCM Rep

Considering recent regulatory actions taken against under capitalized Forex brokers it is extremely important for retail traders and introducing brokers to align themselves with a well capitalize and reputable Forex broker.

FXCM Group is one of the most well capitalized Forex brokers currently holding over $120,000,000 in firm capital. FXCM Group is regulated in 4 international jurisdictions including the United States, United Kingdom, British Columbia, and Hong Kong. Long Ridge Hedge Fund and a premier Wall Street investment bank have directly expressed a vote of confidence in FXCM by purchasing a 35% share in the firm. Clients trading with FXCM also benefit from FXCM’s No Dealing Desk execution model, which allows the firm to have no bias against clients’ positions.

FXCM Group is registered and Regulated in 4 international jurisdictions including the United Kingdom, which provides clients with full Segregated Fund protection - www.fxcm.com/regulation.jsp

FXCM Group holds over $120,000,000 in firm capital – FXCM is the only privately held Forex Dealer Member to publicly post their Balance Sheet - www.fxcm.com/company-profile.jsp

Long Ridge Hedge Fund and a premier Wall Street investment bank have collectively purchased a 35% share in FXCM – a vote of confidence in FXCM - www.fxcm.com/news-release.jsp

FXCM integrates with MetaTrader4, available early Q1 ’08 - www.fxcm.com/meta-trader.jsp

For more information about FXCM’s Introducing Broker program please send an email to mnavie@fxcm.com .

For more information about FXCM’s client services please email sales@fxcm.com or call 1 888-50-FOREX (6739).

Kind Regards,

FXCM Staff
www.FXCM.com

As long as your here i'll ask you about the article that appeared in Euro FX magazine regarding the portion of FXCM that was owned by REFCO that recently got sold. The article mentioned that FXCM recently changed it's model and routes trades to your liquidity providers.

That sounds like a good thing to me. I assume your liquidity providers are the big banks like Citi, Barclay's etc?

[CFX]

Originally Posted by KasperFX

After learning about this bogies “cap funds” ploy FXLQ Tried to poll off I immediately closed my and my clients accounts with IBFX and now hoping (4 DAYS NOW) I receive my funds back prier to the NFA halting IBFX accounts’ to, As the post above mine stated IBFX technology belongs to FXLQ I know this is fact since I have had accounts with IBFX for 3 years and was working with Robert gray when he decided to branch off and start his own FCM I recall gray boasting to me and my partners “I am the one who built IBFX technology and that IBFX was contractually tied to me for the rest of their existence” then tried swaying me to move over to his new firm, what a power trip this guy had, I bet he’s not so cocky now. . I’m not sure if IBFX was able to get out of grays contracts/grips “only time will tell, I much rather be safe with my funds in my own bank then sorry wit them at IBFX when NFA halts them (I certainly was surprised when Both IBFX and FXLQ received those cap injections of 40 something million each around the same time out of nowhere!!!! I wouldn’t be surprised if IBFX’s reserve is bogus as well.. What a month, I’ve never seen so many firms get closed down in the 16 years I’m this business Anyone with half a brain would agree, this is not a good time for’ anyone to keep funds in anyone of these fly by night FX brokers, after the holidays the NFA will have the new caps in affect and we will see who’s standing.

???

Please provide proof to where the NFA has halted InterbankFX client accounts from withdrawals? I have seen this nowhere, nor has their been any announcement by IBFX stating such a situation. Of course they would be required by law and by NFA standards to disclose this if it were indeed the case.

[Moe]

Originally Posted by KasperFX

After learning about this bogies “cap funds” ploy FXLQ Tried to poll off I immediately closed my and my clients accounts with IBFX and now hoping (4 DAYS NOW) I receive my funds back prier to the NFA halting IBFX accounts’ to, As the post above mine stated IBFX technology belongs to FXLQ I know this is fact since I have had accounts with IBFX for 3 years and was working with Robert gray when he decided to branch off and start his own FCM I recall gray boasting to me and my partners “I am the one who built IBFX technology and that IBFX was contractually tied to me for the rest of their existence” then tried swaying me to move over to his new firm, what a power trip this guy had, I bet he’s not so cocky now. . I’m not sure if IBFX was able to get out of grays contracts/grips “only time will tell, I much rather be safe with my funds in my own bank then sorry wit them at IBFX when NFA halts them (I certainly was surprised when Both IBFX and FXLQ received those cap injections of 40 something million each around the same time out of nowhere!!!! I wouldn’t be surprised if IBFX’s reserve is bogus as well.. What a month, I’ve never seen so many firms get closed down in the 16 years I’m this business Anyone with half a brain would agree, this is not a good time for’ anyone to keep funds in anyone of these fly by night FX brokers, after the holidays the NFA will have the new caps in affect and we will see who’s standing.

this is not true, for one interbankfx got over 30 million from a large fund company, and as far as i know n.f.a. did not halt ibfx account, mod please delete this post untill evedience is provided.

[KasperFX]

Wow sorry if I’ve alarmed you. All of my post is true, I never wrote “they did halt IBFX accounts” I wrote “prier to them doing so”.

I closed my account because I don’t what to be stuck if they do halt trading, Been there done that, but I don't want to again!!. . They are very close to FXLQ from my understanding so this would not be the time to take assumptions lightly, again better safe in my bank then sorry in theirs.

[forexedge]

If anyone on here is around Los Angeles, please let me know. I am organizing a march into FXLQ office as a group to demand for explanation and resolution path. No more lies or bullshit. What's the real story.

My mission is to harass them and bring them into the spotlight. They seem so arrogant that they can get away with this.

Heck if harassment doesn't work, it's okay - yelling and venting at them is therapeutic.

Please private message me if you are coalition of the willing.

forexedge

[FXAnalytics]

Originally Posted by forexedge

If anyone on here is around Los Angeles, please let me know. I am organizing a march into FXLQ office as a group to demand for explanation and resolution path. No more lies or bullshit. What's the real story.

My mission is to harass them and bring them into the spotlight. They seem so arrogant that they can get away with this.

Heck if harassment doesn't work, it's okay - yelling and venting at them is therapeutic.

Please private message me if you are coalition of the willing.

forexedge

Thats a good way to end up in jail... get an attorney if you need to take action, although we all saw how pointless that was in the Refco case.

[TripTrap]

I call FXLQ's trade desk and customer service line about every 8 hours.

The bad news is that the NFA has not let them release any money yet. (assuming there is money to be released as they claim there is). I spoke with Jenifer Sanunu at the NFA last week, who at the time was not reassuring. She just said they will not let them release any money until they can show they can cover all the accounts.

The good news is FXLQ is still answering the phones. They are not turning off the lights. They are all there. Everyone I have spoken with has said this is not the next Refco and have been extremely reassuring that the money is in a seperate bank in New Port Beach, CA. That it's more of an accounting issue between them and the NFA that needs to be resolved.

So it's a mixed bag. You have to look at the actions. No, the money has not been wired yet. But they are all there manning the fort. My feeling is, if all hell was breaking loose they would have told everyone at FXLQ not to show up for work on Monday.

I am like everyone else here that has money with them. Anxious but hopeful it will get resolved quickly. Lesson learned.

[JasonF]

FXLQ is answering the phone because they are required. Do not have false hope, thinking they are there for you. If Gray does not get arrested he will most likely return to Ireland where he holds a passport and that's the last most will every hear of him.

The funny thing is that they have more temp's hired now then ever. They just hire them from a temp agency to pass on the excuses. Try to talk to somebody real there, like Robert Gray, Brian McMahon, Charlie, Frank Masino, James, Robert's brother (previous sports book writer) anyone but a secretary. If you get useful info from them I would be surprised.

Don't count on Gray getting jail time.

Has anyone thought about a class action suit against NFA for blatent disregard to validate 38 million dollars. They are are not much better in this situation.

These days you can't write a check at your local store for a bag of groceries without having funds in the bank. Yet, NFA just accepts the word from someone that approximately $40 million exists.

Also, how can it be allowed that all this money is in a non-US bank. The USA doesn't allow US residents to trade offshore, but the FCM's can keep most their money offshore. Can anyone explain?

[forexedge]

Spoke to the NFA lady, Jennifer, she said that NFA is a self regulatory agency without any enforcement powers (only CFTC and SEC have powers to freeze anything). Right now, all the actions they suggest are recommended actions to the NFA members (which FXLQ is a member). The MRA is a self imposed thing, and not a regulatory law enforcement action.

Furthermore, all the data we see from published excess funds are just declared funds by the brokers. She said that NFA was in the process of verifying these funds that's how they caught it.... So whatever they publish every month, is worthless data.

She said that at this point, it is up to the CFTC to pursue any lawsuits, or up to any individual to pursue any lawsuits. My interpretation is that NFA is just there to catch any red flag and try to make the industry regulate itself. They are really just a watch dog organization. Worthless.

Originally Posted by JasonF

FXLQ is answering the phone because they are required. Do not have false hope, thinking they are there for you. If Gray does not get arrested he will most likely return to Ireland where he holds a passport and that's the last most will every hear of him.

The funny thing is that they have more temp's hired now then ever. They just hire them from a temp agency to pass on the excuses. Try to talk to somebody real there, like Robert Gray, Brian McMahon, Charlie, Frank Masino, James, Robert's brother (previous sports book writer) anyone but a secretary. If you get useful info from them I would be surprised.

Don't count on Gray getting jail time.

Has anyone thought about a class action suit against NFA for blatent disregard to validate 38 million dollars. They are are not much better in this situation.

These days you can't write a check at your local store for a bag of groceries without having funds in the bank. Yet, NFA just accepts the word from someone that approximately $40 million exists.

Also, how can it be allowed that all this money is in a non-US bank. The USA doesn't allow US residents to trade offshore, but the FCM's can keep most their money offshore. Can anyone explain?

[Moe]

http://weblog.fxstreet.com/