Drew Niv out at CEO of FXCM, company to change its name | Page 2 | Forex Factory

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Attachments: Drew Niv out at CEO of FXCM, company to change its name
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Drew Niv out at CEO of FXCM, company to change its name

  • #21
  • Feb 25, 2017 3:18am Feb 25, 2017 3:18am
Quoting mattrader
If FXCM were really banned, shouldn't it be stopped traded on NYSE?? And how could it be allow to change name and trade symbol? I am just don't get it.
FXCM is only being banned to operate its FX business in the USA but it is still being allowed to offer its brokerage business in other countries around the world so its company still exists and satisfies the listing requirement for NYSE. As long as a company satisfies the listing requirement for a stock exchange its stock can still trade there. Trading of a company's stock has nothing to do with regulations; it has to do with $$'s.
Make your losses in demo. Earn your profits live.
  • #22
  • Feb 25, 2017 3:51am Feb 25, 2017 3:51am
Quoting Artcool
Who cares about what he looks like
LOL i wouldn't trust a guy like that not even if he would pay me to trade on his platform
  • #23
  • Feb 26, 2017 9:38am Feb 26, 2017 9:38am
Quoting MXT
{quote} LOL i wouldn't trust a guy like that not even if he would pay me to trade on his platform

No problem bro. You have the right to have your own criteria.
Don't give up on your dreams. Keep sleeping.
  • #24
  • Feb 26, 2017 1:14pm Feb 26, 2017 1:14pm
Quoting Artcool
{quote} No problem bro. You have the right to have your own criteria.
sure no problems bro - you too
  • #25
  • Edited 4:33pm Feb 27, 2017 9:52am | Edited 4:33pm
Hi Everyone,

To clarify, FXCM Group, LLC and its global subsidiaries and affiliates (FXCM UK, FXCM Australia, FXCM Germany, FXCM South Africa, etc.) will continue to offer forex and CFD trading services outside the US using the FXCM brand name.

It's only the publicly traded company FXCM, Inc. (which owns 50.1% of FXCM Group with Leucadia owning the remaining 49.9%) that has changed its name to Global Brokerage, Inc. The change of Global Brokerage's trading ticker symbol to "GLBR" went into effect at the opening of trading today February 27, 2017 on NASDAQ, and the new CUSIP is 37891B109.
  • #26
  • Feb 27, 2017 12:17pm Feb 27, 2017 12:17pm
Quoting 8Flow
guys, stay far from fxcm as you can. silver chart. {image}
Don't worry ! that is just the demo !!!

The real chart will have state of the art algorithms to stop hunt you !
  • #27
  • Feb 27, 2017 12:29pm Feb 27, 2017 12:29pm
Quoting 8Flow
guys, stay far from fxcm as you can. silver chart. {image}

Jason Rogers: FXCM could be banned from USA a million times, I don't care. Being banned from USA is a good sign of quality ( as the rest of the world knows ).

but better explain why that is happening to silver ... or I will withdraw my tiny miniscule almost non-existant mosquito funds from my fxcm account !
  • #28
  • Feb 27, 2017 12:58pm Feb 27, 2017 12:58pm
To clarify:



Defendant has worked with software companies and individual software programmers to modify its back-end systems and middleware to enable it to engage in the dishonest trading practices described below. Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customers account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees a series of system commands designed, each accessible through a drop down menu, to execute many of the dishonest trading practices described below. All of these software modifications have been implemented by Defendant to prevent customers from making money and to cause customers to lose money to Defendant
Quoting Jason Rogers
Hi Everyone, To clarify, FXCM Group, LLC and its global subsidiaries and affiliates (FXCM UK, FXCM Australia, FXCM Germany, FXCM South Africa, etc.) will continue to offer forex and CFD trading services outside the US using the FXCM brand name. It's only the publicly traded company FXCM, Inc. (which owns 50.1% of FXCM Group with Leucadia owning the remaining 49.9%) that has changed its name to Global Brokerage, Inc . The change of Global Brokerage's trading ticker symbol to "GLBR" went into effect at the opening of trading today February 27, 2017...
  • #29
  • Feb 27, 2017 1:00pm Feb 27, 2017 1:00pm
Quoting USATrader007
each accessible through a drop down menu

What ?? they used a drop down menu ???

You dirty bastards !! Thats it !!! I am switching to a combo box broker !!!!

OANDA HERE I COME !
  • #30
  • Feb 27, 2017 2:21pm Feb 27, 2017 2:21pm
Quoting USATrader007
To clarify: Defendant has worked with software companies and individual software programmers to modify its back-end systems and middleware to enable it to engage in the dishonest trading practices described below. Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customers account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees...
No surprises here.....what a scam....
  • #31
  • Feb 27, 2017 4:15pm Feb 27, 2017 4:15pm
Quoting USATrader007
To clarify: Defendant has worked with software companies and individual software programmers to modify its back-end systems and middleware to enable it to engage in the dishonest trading practices described below. Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customers account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees...
Quoting pereiraalex
{quote} What ?? they used a drop down menu ??? You dirty bastards !! Thats it !!! I am switching to a combo box broker !!!!
Quoting meyoik
{quote} No surprises here.....what a scam....
Hi Everyone,

The case you're referring to was filed in February of 2011 and was dismissed in November of that same year.

A quick search shows this was already pointed out in December of 2011: http://www.forexfactory.com/showthre...ed#post5234250
  • #32
  • Feb 27, 2017 4:46pm Feb 27, 2017 4:46pm
Quoting Jason Rogers
Hi Everyone, To clarify, FXCM Group, LLC and its global subsidiaries and affiliates (FXCM UK, FXCM Australia, FXCM Germany, FXCM South Africa, etc.) will continue to offer forex and CFD trading services outside the US using the FXCM brand name. It's only the publicly traded company FXCM, Inc. (which owns 50.1% of FXCM Group with Leucadia owning the remaining 49.9%) that has changed its name to Global Brokerage, Inc. The change of Global Brokerage's trading ticker symbol to "GLBR" went into effect at the opening of trading today February 27, 2017...
well Jason question is does Australian fxcm have secrets we don't know about
people leave, but this thread will go on for ever
  • #33
  • Feb 27, 2017 5:01pm Feb 27, 2017 5:01pm
Quoting Jason Rogers
{quote} {quote} {quote} Hi Everyone, The case you're referring to was filed in February of 2011 and was dismissed in November of that same year. A quick search shows this was already pointed out in December of 2011: http://www.forexfactory.com/showthre...ed#post5234250
The scheme deployed by FXCM was complex and varied, utilizing aggressive and pervasive marketing and advertising campaigns, including television, internet, seminars, webinars, and other media, portraying FXCM as a foreign currency trading platform where investors could trade foreign currencies in a true market environment. The advertisements were specifically targeted to convey a sense of trust and transparency to potential FXCM customers and to gain the customers confidence in FXCMs trading platform. To further bolster customers confidence in its platform, FXCM enticed customers to use FXCMs practice or demo account (hereinafter, the Demo Account) to simulate an FXCM trading experience. But the Demo Account, just like the myriad advertisements, misled customers about the true nature, functionality, and performance of the platform. Once lured into opening an account, customers were subjected to a staggering array of stratagems and ploys, some using extremely sophisticated computer software based upon complex algorithms and high-speed computers, to deceive the customers into believing that their trading was being affected by normal market forces, while in reality FXCM traded against its own customers.
  • #34
  • Feb 27, 2017 5:05pm Feb 27, 2017 5:05pm
Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customers account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees a series of system commands designed, each accessible through a drop down menu, to execute many of the dishonest trading practices described below. All of these software modifications have been implemented by Defendant to prevent customers from making money and to cause customers to lose money to Defendant
Quoting Jason Rogers
{quote} {quote} {quote} Hi Everyone, The case you're referring to was filed in February of 2011 and was dismissed in November of that same year. A quick search shows this was already pointed out in December of 2011: http://www.forexfactory.com/showthre...ed#post5234250
  • #35
  • Feb 27, 2017 5:29pm Feb 27, 2017 5:29pm
Quoting Aussi
{quote} well Jason question is does Australian fxcm have secrets we don't know about
Hi Aussi,

While I can't comment on the CFTC complaint specifically due to the nature of our settlement with them, I will say FXCM stands by the No Dealing Desk (NDD) forex execution we provide for our clients worldwide including in Australia.

Consider what happened on January 15, 2015 with the SNB flash crash:

The majority of retail forex traders were long EUR/CHF when the Swiss National Bank made their surprise announcement to abandon the 1.2000 exchange rate floor they had established for the pair. Had FXCM been on the other side of client trades, we would have made money when EUR/CHF dropped and retail traders took massive losses on their long positions.

The moved wiped out those clients' account equity as well as generated negative equity balances owed to FXCM of over $225 million. The caveat of our NDD model is that traders are offset one for one with a liquidity provider. When a client entered a EUR/CHF trade with FXCM, FXCM Inc. had an identical trade with our liquidity providers. During the historic move, liquidity became extremely scarce and shallow, which affected execution prices. This liquidity issue resulted in some clients having a negative balance.

While clients using NDD forex execution did not cover their margin call with us we still had to cover the same margin call with our liquidity providers. As a result, FXCM ended with a regulatory capital shortfall. Accordingly, FXCM needed to get a loan to cover this balance, which we did. For anyone that still thinks FXCM is running an FX dealing desk on our NDD model, the SNB event demonstrated that is not the case.


How does our NDD model work?

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.

Attached Image (click to enlarge)
Click to Enlarge Name: liquidity-providers-figure-1-desktop.jpg Size: 83 KB

In our UK execution study, we discuss the criteria we use to rank our liquidity providers which you can see listed in question 13 of the FAQ. FXCM's liquidity providers are ranked based on compliance to these standards which we identify as providing the best customer experience possible. Being a top ranked liquidity provider is important. Liquidity providers with the best pricing according to these rules may gain an advantage over other liquidity providers which could result in a large increase in orders captured. Poorly performing liquidity providers are ranked lower for order flow and ultimately could be removed from our platform until they return to compliance.

Also, the results of this study show FXCM UK retail client order prices to be better for FX than futures prices (74.97% of the time) and interbank prices(91.56% of the time).*

_________________________________

* The study does not in away way attempt to represent that FXCM maintains a particular capacity or performance level. The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice. FXCM is not liable for any information errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. Past results are not indicative of future performance.

Material Assumptions
FXCM's Retail Clients are defined as individual, joint, and corporate accounts trading on our retail price stream.

The comparison to each of the Futures and Interbank data is made at the time that the FXCM client order is executed. Normal market slippage and slippage due to rejections by liquidity providers are already included by the time the FXCM client order is executed. However, there is an assumption that there is no slippage on the Futures or Interbank market data.

In order to maintain consistency, Futures Market data and Interbank data used the same acceptable ranges in market trades. The summary of findings is based on the assumption that the maximum acceptable difference between the FXCM price and the Interbank/Futures market price is 5 pips in either direction.

Fees that a participant would pay on the Futures or Interbank market, such as CME Exchange Fees, NFA Fees, FCM Fees, Clearing Fees, and other commissions, were excluded from the study. Similarly, FXCM Commissions are excluded from the study.
  • #36
  • Feb 28, 2017 3:33am Feb 28, 2017 3:33am
Quoting USATrader007
Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customers account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees a series of system commands designed, each accessible through a drop down menu, to execute many of the dishonest trading practices described below. All of these software modifications have been implemented by...

Now in Double font size and blinking Red and Blue and repeat 999 times

You can do it !! YES YOU CAN !
  • #37
  • Feb 28, 2017 3:35am Feb 28, 2017 3:35am
Quoting Jason Rogers
{quote} Hi Aussi, While I can't comment on the CFTC complaint specifically due to the nature of our settlement with them, I will say FXCM stands by the No Dealing Desk (NDD) forex execution we provide for our clients worldwide including in Australia. Consider what happened on January 15, 2015 with the SNB flash crash: The majority of retail forex traders were long EUR/CHF when the Swiss National Bank made their surprise announcement to abandon the 1.2000 exchange rate floor they had established for the pair. Had FXCM been on the other side of client...

So .... this is becoming a Copy and Paste battle.

And the mods do nothing .... Well .. there goes all the admiration I had for forexfactory

Jason, so far 007 is winning ! Try to invent something ! Make those fonts red and big !
  • #38
  • Feb 28, 2017 6:59pm Feb 28, 2017 6:59pm
Quoting USATrader007
Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customers account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees a series of system commands designed, each accessible through a drop down menu, to execute many of the dishonest trading practices described below. All of these software modifications have been implemented by...
I guess you REALLY wanted to make a point here
The Pips man cometh
  • #39
  • Mar 1, 2017 9:35am Mar 1, 2017 9:35am
yes...and Very satisfied with my new ECN broker. What a difference! No MM for me EVER!!
Quoting IcePips
{quote} I guess you REALLY wanted to make a point here
  • #40
  • Mar 1, 2017 9:39am Mar 1, 2017 9:39am
Quoting USATrader007
yes...and Very satisfied with my new ECN broker. What a difference! No MM for me EVER!!{quote}
which broker is that? mind sharing?
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