QuoteDislikedI agree with you that there is no reason to cry murder.
Unless you have a hidden agenda...
NFA case against Forex.com/Gain Capital 6 replies
NFA Takes Action Against Gain Capital 27 replies
What happens to brokers not meeting the NFA capital requirement? 4 replies
Is losing a requirement to be successful? 72 replies
MIG vs Northfinance Margin Requirement 2 replies
DislikedThe CFTC has released its latest Adjusted Net Capital report. With less than three months to go before the NFA raises capital requirements to $10 million the Capital issue is once again front and center in retail forex. How does you firm stack up?
http://www.cftc.gov/marketreports/financialdataforfcms/index.htm
The following firms have net capital below $10 million
Advanced Markets $5,054,000
Bacera $5,361,000
MG Financial $6,086,000
ACM $7,342,000
Hotspot $7,711,000
Friedberg Mercantile $8,189,000
Ikon $8,301,000
Forex Club $8,454,000
CMC $8,729,000
Easy Forex $9,478,000
No change in capital for Advanced Markets, Bacera and Money Garden who are still way below the upcoming cap increase. Also, for the first time ACM is reporting net capital and their first number out of the box isn’t that great. One suspects they had no idea cap requirements were going up and it could very well be they have completely mistimed their entry into the U.S. market. ACM appears to have brought a knife to a gun fight… Typical of a Swiss firm isn’t it?
The following firms have net capital below $20 million
GFS Forex $10,909,000
MB Trading $11,165,000
IFX $13,010,000
ODL $13,053,000
Alpari $13,084,000
I Trade FX $16,097,000
FX Solutions $17,974,000
CMS Forex $17,931,000
PFG $19,862,000
The following firms have net capital above $20 million
Interbank FX $30,364,000
Gain Capital $61,918,000
GFT Forex $67,298,000
FXCM $70,792,000
Oanda $165,526,000
As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law going into effect in less than three months.Ignored
QuoteDisliked“Respondents lack knowledge or information sufficient to form a belief as to the truth of the allegations contained in Paragraph No. 8. Respondents’ deny that I-Trade failed to file any Suspicious Activity Reports that should have been filed.”
QuoteDislikedRespondents admit that NFA’s 2002 Interpretative Notice identifies the items listed in Paragraph No. 11 above as “Red Flags” and state in the affirmative that NFA’s 2002 Interpretative Notice provides that those “red flags” may alert employees to suspicious activity … that could cause further investigation….” (Emphasis added).
Translation: this rule you passed was vague and doesn’t require a firm to do jack squat.
That may be the case but doesn’t common sense tell you to report this stuff? Ah but common sense has no place in an American courtroom! Gotta love lawyers…
QuoteDislikedParagraph No. 28. Despite the highly suspicious activity in the Olint and TCI accounts and the Harris account, as alleged above, at no time did I-Trade file a SAR for any of these accounts contrary to the requirements of NFA Compliance Rule 2-9, the Notice, and I-Trade’s own AML Program.
ANSWER: Respondents are barred by federal regulations from disclosing to the subject of a SAR that a SAR had been filed against the customer, and because this Answer will be publicly disclosed by the NFA on its website, the Respondents respectfully decline to admit or deny the allegation in Paragraph 28, and are prevented from asserting affirmative statements in their defense, and respectfully suggest that NFA’s publication of its Complaint in this matter may have been in violation of the confidentially (sic) provisions of the applicable federal law.
DislikedThe CFTC has released its latest Adjusted Net Capital report. With less than two months to go before the NFA raises capital requirements to $10 million the Capital issue is once again front and center in retail forex. How does you firm stack up?
http://www.cftc.gov/marketreports/financialdataforfcms/index.htm
The following firms have net capital below $10 million
Bacera $5,448,000
MG Financial $5,545,000
Forex Club $6,709,000
Advanced Markets $6,874,000
Hotspot $7,573,000
Ikon $8,088,000
Friedberg Mercantile $8,176,000
ACM $8,395,000
Easy Forex $9,630,000
No change in capital for Bacera and Money Garden (although Advanced Markets saw a small uptick while Forex Club saw a small downtick.) Also, ACM is still reporting net capital below 10 million. One suspects they had no idea cap requirements were going up and it could very well be they have completely mistimed their entry into the U.S. market. ACM appears to have brought a knife to a gun fight… Typical of a Swiss firm isn’t it?
The following firms have net capital below $20 million
ODL $10,500,000
GFS Forex $11,296,000
MB Trading $12,201,000
Alpari $12,810,000
IFX $14,941,000
I Trade FX $16,214,000
CMS Forex $17,996,000
FX Solutions $18,887,000
The following firms have net capital above $20 million
PFG $21,695,000
Interbank FX $33,341,000
Gain Capital $67,077,000
GFT Forex $69,497,000
FXCM $78,503,000
Oanda $164,523,000
As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law going into effect in less than two months.Ignored
QuoteDislikedSaxo suspend boss | Denmark's fastest growing bank and sponsor of Bjarne Riis' cycling team, on Thursday suspended one of its top executives Charles-Henri Sabet, head of global trading and member of senior executive management. The bank would not say specify the reason for the suspension, but it is currently launching an internal investigation in connection with the Swiss financial authorities, reports DR. Last year the financial institution bought the Swiss Synthesis Bank, founded and owned by Sabet, as part of its global expansion for online investments. (kr)
QuoteDislikedSaxo Bank sacks up to 340Between 320 and 340 employees of Saxo Bank are to be let go according to a new streamlining plan.The Danish investment bank Saxo Bank is to axe between 320 and 340 employees according to a new plan designed to streamline the organisation. When the bank\\\'s two new managing directors Eric Rylberg and Karsten Poulsen were put in place at the beginning of August, the bank\\\'s founders gave them the primary job of determining whether efficiency could be improved. \\"Again this year, Saxo Bank has provided good results - but the bank has grown quickly in many areas. That normally results in a certain inefficiency - and that has also happened here. It\\\'s a well-known phenomenon for a company in its entrepreneurial phase. Now it\\\'s a question of putting the bank into a new phase in which growth is managed and methods are more systematic,\\" Director Eric Rylberg tells Ritzau. The streamlining plan includes outsourcing, better use of technology, a simpler organisation and management structure, between 320 and 340 fewer employees in Denmark and some 50 fewer abroad - primarily in Great Britain. Saxo Bank\\\'s founders and CEOs Kim Fournais and Lars Seier Christensen regret the layoffs but say that the move is right for the company. \\"Some people will criticise the fact that despite increased profits we lay off so many employees. But we have determined that we can be more efficient. We regret having to say farewell to employees, but it\\\'s best for the company that we undergo this phase change now,\\" the two say in a statement. CSC - Saxo untouchedThe efficiency drive will not, however, affect Saxo Bank\\\'s sponsorship of the Team CSC Saxo Bank cycling team, which is managed by the former Danish cycling icon Bjarne Riis. \\"\\"There are no savings in our marketing. And Riis Cycling is only a third of our overall marketing budget,\\" says Kasper Elbjørn. Bjarne Riis and Saxo Bank agreed a three-year sponsorship of the Danish cycling team earlier this year. Until the New Year, the team\\\'s name remains Team CSC Saxo Bank, but from 2009 it will be called Team Saxo Bank.
Dislikedhey forex savior can you tell us anything about Lehman Brothers stake in FXCM? and what that means for them?
Im suprised that you havent brought this up yet! i am very curious about what is going on. did barclays pick that up or are FXCM buying them out of their stake?
or is there more to this than that?Ignored
DislikedI have a couple of questions that I am too lazy to research. Does the money counted in adjusted net capital have to be in cash or treasuries? If they need to keep the balance in cash, where do they keep the money? How could bank failures effect this?
If they can invest the money in other assets, how has the collapse of some stocks and bonds effected these funds?Ignored
QuoteDislikedRosenthal Collins acquires MG Financial
By James P. Miller | Tribune staff reporter
11:34 AM CDT, October 15, 2008
Rosenthal Collins Group LLC, the Chicago futures clearing firm, said Wednesday that it has acquired New York-based MG Financial LLC, a provider of online trading services in the foreign exchange market.
The two closely held concerns didn't disclose terms of the acquisition, beyond saying that it involved "an exchange of equity interests."
Rosenthal President Maureen Downs noted that the futures brokerage and clearing company embarked late last year on a growth initiative focused on capitalizing on the growing demand for futures and options, and building its presence in offshore markets such as Europe, South America, the Middle East and Asia. "We have made great progress in the past year," the executive said, "and today's transaction with MG tekes us to a whole new level with an unparalleled futures and foreign-exchange offering throughout key Asian markets and all of these regions."
MG Financial, which was founded in 1992 and began offering online trading services in 1997, has an extensive client base in Asia, particularly among Chinese-speaking clients outside of China because of regulatory restrictions that are in force on the mainland of China, Rosenthal said; all MG traders are required to speak at least two languages fluently, Rosenthal said, and the New York firm's polyglot group of traders contains people who speak languages such as Mandarin Chinese, Japanese, Russian, Arabic, German and Spanish.