NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers

[pboyles]

Do you want to reopen to whole T2W partners/deleted posts discussion? Remember FXCM are the T2W preferred broker.

 

[tar]

Apparently investors and professionals didn't pay attention to this news , the stock rallied 8 % yesterday , and 4% today ! not to mention the stock didnt stop from going up last week , its like they think it is good news not bad !

 

[pboyles]

Apparently investors and professionals didn't pay attention to this news , the stock rallied 8 % yesterday , and 4% today ! not to mention the stock didnt stop from going up last week , its like they think it is good news not bad !

They appear to have got away with not repaying non US clients. Perhaps that was the good news. They have budgeted $16 million but so far have only racked up about $10 million in fines and compensation (according to their own estimates).

 

[tar]

They appear to have got away with not repaying non US clients. Perhaps that was the good news. They have budgeted $16 million but so far have only racked up about $10 million in fines and compensation (according to their own estimates).

even , it didn't stop from last week , at least it should stop from going up , instead it continued another 12 % . i remember Jason said something about some of Fxcm's partners reimbursing fxcm with the whole amount ...

 

[pboyles]

Jason you mean?

 

[tar]

Jason you mean?

yeah sorry , Justin is MB's rep ....

 

[pboyles]

Did the allegedly unfair slippage practices affect only US customers or all customers?

Ignoring this question is not going to make it go away.

 

[Jason Rogers]

Re:

Did the allegedly unfair slippage practices affect only US customers or all customers?

Hi pboyles,

My apologies for the delay in reply. While I wish I could answer every question for you, I'm only able to discuss what is listed in the FAQ found through the press release http://ir.fxcm.com/phoenix.zhtml?c=2...037&highlight= . Any questions beyond this, and you will need to email [email protected]

-Jason

 

[Jason Rogers]

i remember Jason said something about some of Fxcm's partners reimbursing fxcm with the whole amount ...

That's correct. The settlement amount and the client price improvement credit will have no negative impact on FXCM's financial balance sheet because several founding partners of FXCM have reimbursed the company for the credit and the fines. As of June 30, 2011, FXCM Inc. had over $200 million in cash and no debt.

-Jason

 

[pboyles]

That's correct. The settlement amount and the client price improvement credit will have no negative impact on FXCM's financial balance sheet because several founding partners of FXCM have reimbursed the company for the credit and the fines. As of June 30, 2011, FXCM Inc. had over $200 million in cash and no debt.

-Jason

You're a record breaker.

http://latimesblogs.latimes.com/mon...rrency-broker-hit-with-largest-ever-fine.html