- I take back my words about the FSA being one of the more reasonable regulators. Citywire reports that the FSA has borrowed a total of £200 million from HSBC and Lloyds, as it falls into debt for the first time. Now that’s a whole new level of regulatory big money spending and even bigger conflict of interest.
- SEC’s Mary Schapiro admits The Securities Investor Protection Corporation (SIPC) doesn’t have enough money to pay off all customer while answering why Madoff’s victims have not received up to $500,000 from SIPC based upon their November 30, 2008 statements, as required under the Securities Investor Protection Act (“SIPA”).
- Interesting article about Angelo Haligiannis and how he has built an $80 million investment business, scammed friends, family, and a 9/11 widow out of a fortune, then walked out of his life.
- GFX Group (forex.ch) uses stupid marketing techniques announcing the launch of Metatrader software, which it has been using for years already. I guess they have nothing else to repot on.
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- And talking about stupid marketing techniques: InvestTechFX announces that “it is the leading 1 PIP Forex Corporation welcoming hedging is a No Dealing Desk Forex Broker and Federal Canadian Corporation. InvestTechFX offers a 1 PIP fixed spread on 6 major currency pairs.” Now let me ask you one simple question – if it is a Non Dealing Desk firm, how can it promised a FIXED spread? We all know that the interbanking market is a variable spreads market so fixed spreads don’t make any sense.
- Now that is an example of a very smart promotion: MIG Investments introduces The Road to F1 Forex Championship, where traders can test their FX trading skills against other traders on a virtual Championship Account on the MIG Trading Station. The winner secures a trip for two to Abu Dhabi, the final Formula One race of the 2009 season.
- MIG FX also introduces Micro Step Lot Trading. For better control over your market exposure, UP your risk management with Micro Step Lot trading. Our step lot increments allow for even more flexibility, an excellent option for news-event traders, and ideal for new traders aiming to master their trading skills. Step Lot trading begins at 0.1 lot and permits increments of 0.1, 0.11, 0.12 etc.
- COMPLAINT: On April 7, 2009, NFA issued a Complaint charging HI Tech Futures Trading and Jamie Lee Hall with doing business with an individual who had been permanently barred from NFA membership. DECISION: On August 11, 2009, Hall, Hi-Tech, HT Funds LLC and any other firm of which Hall is or becomes a principal and/or an AP, were ordered to not solicit or accept new customers, or introduce new accounts, for eighteen months; however, during such eighteen-month period, Hall, Hi-Tech, HT Funds LLC and any other firm of which Hall is or becomes a principal and/or an AP, may continue to service, introduce, and/or manage existing accounts that were opened on or prior to the date of the settlement offer. Hall and Hi-Tech were also ordered to pay a $12,000 fine.