FXCM and CEO Drew Niv banned from US market by CFTC | Page 4 | Forex Factory

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FXCM and CEO Drew Niv banned from US market by CFTC

  • #61
  • Feb 6, 2017 11:11pm Feb 6, 2017 11:11pm
Quoting Mr Breakout
{quote} That was exactly what Hitler said, take a look https://www.youtube.com/watch?v=fRaSO67bMpY
Regardless of what, investors do NOT need some regulators to tell us how and what to invest and how much. Their job is to regulate the financial market, to make sure scam brokers are stopped and barred in time from harming investors. Their job is to go after the big boys to prosecute them for deliberately manipulating the market to pocket windfall gains during the Swiss Franc debacle. Have they done that?
Make your losses in demo. Earn your profits live.
  • #62
  • Edited Feb 7, 2017 12:09am Feb 6, 2017 11:37pm | Edited Feb 7, 2017 12:09am
Quoting Forexia
Their job is to go after the big boys to prosecute them for deliberately manipulating the market
Most regulations are put in place the protect the powerful, not the average law-abiding citizen.
  • #63
  • Feb 7, 2017 5:42am Feb 7, 2017 5:42am
u.s. traders are stuck with these two brokers

Forex.com /gain reviews http://www.forexpeacearmy.com/forex-.../www.forex.com

Oanda Reviews http://www.forexpeacearmy.com/forex-.../www.oanda.com
  • #64
  • Feb 7, 2017 7:07am Feb 7, 2017 7:07am
Quoting PoundTrader
u.s. traders are stuck with these two brokers Forex.com /gain reviews http://www.forexpeacearmy.com/forex-.../www.forex.com Oanda Reviews http://www.forexpeacearmy.com/forex-.../www.oanda.com

It's a choice between the devil and the deep blue sea.

Question:
will the FXCM stock price collapse this time to zero? LOL
  • #65
  • Feb 7, 2017 8:09am Feb 7, 2017 8:09am
Quoting PoundTrader
u.s. traders are stuck with these two brokers Forex.com /gain reviews http://www.forexpeacearmy.com/forex-.../www.forex.com Oanda Reviews http://www.forexpeacearmy.com/forex-.../www.oanda.com
Anyone else feeling a bit down today? How long before they snuf us US traders out? There's a market. There's demand. Why not give the people what they want? The greed of some is astonishing.

100s of hours to learn to trade only to realize all that effort may amount to nothing one day.
Remember, Red. Hope is a good thing, maybe the best of things...
  • #66
  • Feb 7, 2017 8:17am Feb 7, 2017 8:17am
Quoting Mr Breakout
{quote} Most regulations are put in place the protect the powerful, not the average law-abiding citizen.
All while the sheep march to slaughter instead taking control of their own fate.

"Quick, the people are awakening. Open another Starbucks!!"
Remember, Red. Hope is a good thing, maybe the best of things...
  • #67
  • Feb 7, 2017 8:30am Feb 7, 2017 8:30am
There are more regulated brokers available to the US clients within the US than gain and oanda. Provided you don't trade an account <$3-5k

FXCM has been fined repeatedly since at least 2011 for fixing slippage against customers- no surprise they were finally banned, good riddance.
  • #68
  • Feb 7, 2017 8:52am Feb 7, 2017 8:52am
http://www.investopedia.com/terms/c/currencyfuture.asp


Quoting ForexFury
{quote} Anyone else feeling a bit down today? How long before they snuf us US traders out? There's a market. There's demand. Why not give the people what they want? The greed of some is astonishing. 100s of hours to learn to trade only to realize all that effort may amount to nothing one day.
  • #69
  • Feb 7, 2017 8:54am Feb 7, 2017 8:54am
Quoting Pharm0r
There are more regulated brokers available to the US clients within the US than gain and oanda. Provided you don't trade an account <$3-5k FXCM has been fined repeatedly since at least 2011 for fixing slippage against customers- no surprise they were finally banned, good riddance.
Are you referring to currency futures or fx spot? If spot, which brokers?
  • #70
  • Feb 7, 2017 8:54am Feb 7, 2017 8:54am
Quoting The-Flipper
{quote} It's a choice between the devil and the deep blue sea. Question: will the FXCM stock price collapse this time to zero? LOL

After opening I must admit that market reacted pretty good, less than 50% fall. I think it will manage to defend $3 per share level. However, buying these stocks is really risky
  • #71
  • Feb 7, 2017 8:54am Feb 7, 2017 8:54am
!!
Quoting ForexFury
{quote} All while the sheep march to slaughter instead taking control of their own fate. "Quick, the people are awakening. Open another Starbucks!!"
  • #72
  • Edited 9:14am Feb 7, 2017 8:58am | Edited 9:14am
FXCM 9.30a $4.15
http://www.marketwatch.com/investing/Stock/FXCM
  • #73
  • Feb 7, 2017 10:47am Feb 7, 2017 10:47am
Quoting Mr Breakout
{quote} I made money on their FXCM platform so I cannot complain.
While I cannot speak about the NFA or CFTC complaint specifically due to the nature of our settlement, I can say that we have settled with the NFA and CFTC without admitting or denying any of their allegations or claims. Effex Capital is no longer pricing FXCM's NDD forex price feed. Note FXCM would not have suffered more than $200 millon dollars in losses during the SNB flash crash had it been taking the other side of client trades – unlike so many of the DD firms in the industry.

I can also discuss with you FXCM's execution practices outside of the US. FXCM uses 16 liquidity providers to create a best bid best offer price stream for clients. LPs selected to price retail clients are forced to adhere to an extremely high standard of execution beyond just price – including consistently low rejection rates, low latency, minimum quote sizes and high fill ratios even during market events.
  • #74
  • Feb 7, 2017 11:16am Feb 7, 2017 11:16am
LOL.
Gregory D. Alexandr
  • #75
  • Feb 7, 2017 11:28am Feb 7, 2017 11:28am
So what happens now? How much will fxcm make from selling clients to Gain capital. Don't they still owe 150 million? If they just gave up and sold everything
including their European and UK businesses, will it cover the loan?
  • #76
  • Feb 7, 2017 11:57am Feb 7, 2017 11:57am
Quoting Markula
So what happens now? How much will fxcm make from selling clients to Gain capital. Don't they still owe 150 million? If they just gave up and sold everything including their European and UK businesses, will it cover the loan?
Grab some popcorn and enjoy the show.
  • #77
  • Edited 12:37pm Feb 7, 2017 12:07pm | Edited 12:37pm
Quoting ForexFury
{quote} Anyone else feeling a bit down today? How long before they snuf us US traders out? There's a market. There's demand. Why not give the people what they want? The greed of some is astonishing. 100s of hours to learn to trade only to realize all that effort may amount to nothing one day.
who knows what the lobbyist have in store for retail froex in the u.s.. they want us to trade currency futures
  • #78
  • Feb 7, 2017 1:12pm Feb 7, 2017 1:12pm
Quoting Markula
So what happens now? How much will fxcm make from selling clients to Gain capital. Don't they still owe 150 million? If they just gave up and sold everything including their European and UK businesses, will it cover the loan?
Hi Markula,

Part of our settlement with the NFA and CFTC was to close our US subsidiary, but there will be no changes for clients outside of the US.

FXCM has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (“GAIN”) under which GAIN would purchase FXCM's US customer accounts. The transaction is subject to regulatory approval and a definitive agreement. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days.

We will for the interim period continue to service its U.S. customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN’s retail brand, FOREX.com, will be orderly, expeditious and seamless. We want to express our most sincere thanks to all our US customers who have been with us over the years and wish you all the best following this transition.

Since FXCM US has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing the US entity. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia. With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year.

With this exit, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries. Our full financials can be found here and we will announce our Q4 and Full year 2016 financials in the next few weeks.
  • #79
  • Feb 7, 2017 1:30pm Feb 7, 2017 1:30pm
Quoting Jason Rogers
{quote} FXCM uses 16 liquidity providers to create a best bid best offer price stream for clients. LPs selected to price retail clients are forced to adhere to an extremely high standard of execution beyond just price including consistently low rejection rates, low latency, minimum quote sizes and high fill ratios even during market events.
You forgot to mention that one of your liquidity providers is actually an in house computer program designed to trade against your customers. FXCM - what a fraud. Busted!

http://www.marketwatch.com/story/fxc...nts-2017-02-06
  • #80
  • Feb 7, 2017 2:03pm Feb 7, 2017 2:03pm
This is insane. "Jason Rogers" shake everything off, and come back as if nothing happened? "We scammed you to death in US for 10+ years, but don't go, we can still scam you in UK, or somewhere else"?
Forexfactory should cut ties with FXCM. Enough of this farce.
I would vote for permanent ban of Jason Rogers also.
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