FXCM owed $225 million by customers who lost on CHF

CHFlosses

Newbie
1 0
http://www.zerohedge.com/news/2015-...-after-snb-surprise-breach-regulatory-capital

http://ir.fxcm.com/releasedetail.cfm?ReleaseID=891597

FXCM an online provider of forex trading and related services worldwide, announced today due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement this morning, clients experienced significant losses, generated negative equity balances owed to FXCM of approximately $225 million.

As a result of these debit balances, the company may be in breach of some regulatory capital requirements.

We are actively discussing alternatives to return our capital to levels prior to today's events and discussing the matter with our regulators.
 

spinola

Established member
614 138
Maybe they should sue the SNB , 2 days ago they publicly announced the floor was a cornerstone policy.

However , if by knowingly putting people at risk by failing to disclose material information , in the UK we have the FRAUD ACT 2006 etc, which makes it a criminal offence to knowingly expose people to loss, or risk of loss.

:D

Or can central banks just lie, even though they might have been actively planning this for weeks, months etc ?

I was short AUSSIEYEN 96.47 and snatched 95.70 exit.

But, these bankers, must of known a couple days before they were plotting breaking the floor up , so why publicly announce the complete opposite 2 days earlier ?

It's dishonourable ! ? at best, and damn right thievery, in street terms ?
 
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spinola

Established member
614 138
ohh, also the market was moving significantly before the SNB announcement too, some someone got ' tipped off ' :) The things money does to people, eh ?
 

Lord Flasheart

Legendary member
9,794 975
should be a full investigation if prices moved in advance. Why does it never seem to go the other way and they owe clients $millions?
 

YouAreNotFree

Experienced member
1,295 225
Shocking.

You just know that there was plenty of average Joe's with their limit buy orders just above the peg, trading a larger size than they normally would.

There must be some horror stories out there.
 

karmit

Well-known member
490 5
guys - suggest not to open any account for the next few weeks... many dodgy outfits out there might take in a deposit and then go bankrupt!
 

ffsear

Senior member
2,242 489
FXCM in talks with Jefferies over a $200m rescue package.

Just flashed up on bloomberg
 

spinola

Established member
614 138
*FXCM in Talks with Jefferies for $200 Million Rescue -Bloomberg 2015.01.16 18:11
 

Splitlink

Legendary member
10,850 1,234
When a currency is pegged to another, it is an artificial price. It happened to the GBP in 1992 and something will happen to any country's currency that leaves the euro.

There should be a law, but there isn't, so stop moaning about it and go out and get a job , you lazy so-and-sos. :D
 

spinola

Established member
614 138
When a currency is pegged to another, it is an artificial price. It happened to the GBP in 1992 and something will happen to any country's currency that leaves the euro.

There should be a law, but there isn't, so stop moaning about it and go out and get a job , you lazy so-and-sos. :D

Go long FXCM , Split ? :)
 

lordgeorge

Newbie
9 0
is FXCM safe for now?, My main trading account is with them, I didn't take any losses so far but I'm terrified they will join Alpari and gow under!
 
 
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