2009-07-15: Forex Magnates Daily Updates

• Britain’s ICAP Plc (IAP.L), the world’s biggest interdealer broker, said revenue in its latest quarter was up over 10 percent from the year before, aided by rising bond issuance and active commodities markets. Profit is slightly down.
• SEC requests copy of financial film “Stock Shock” the movie that promises to shed light on illegal naked short selling has caught the eye of the United States Securities & Exchange Commission.  “Stock Shock” is the movie sending shock-waves through America’s financial centers and all the way to the SEC. The controversial documentary film exposes the dark underbelly of America’s worst stock market sharks, laying out the sordid financial schemes that led to America’s economic collapse in early 2009.

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• Barclay Hedge Fund Index Rises 0.45% in June; Hedge Funds Up 11.00% in Six Months. “After four profitable months in a row, hedge funds have now gained 11.00% since the beginning of the year,” says Sol Waksman, founder and president of BarclayHedge.
• Jim at Trading Gurus keeps testing the Forex Megadroid, this time he tested three megadroids with same broker and at the same time, but received three completely different results.
• Interbank FX, a leading provider of online foreign currency (Forex) trading, announced that for the third time the company has been named as a finalist for the 2009 American Business Awards. The Stevie Awards’ Board of Distinguished Judges & Advisors recognized IBFX’s VP of Customer Experience, Marilyn McDonald in the Marketing Executive of the Year category for her proven success in new market identification and strategic market positioning for multimillion-dollar financial services organizations.
• China yesterday made it easier for overseas-registered companies to manage their foreign exchange assets in the country, a move that will help Chinese firms do business abroad through their subsidiaries. The State Administration of Foreign Exchange said the new rule permits any company registered abroad to open an onshore forex account at a Chinese or foreign bank without regulatory approval.
• NFA rage. COMPLAINT: On October 28, 2008, NFA issued a Complaint charging GTC, Shapiro, Webster and Garcia with making deceptive, misleading and high-pressured sales solicitations and failing to uphold high standards of commercial honor and just and equitable principles of trade by employing abusive trading strategies. The Complaint also charged GTC and Shapiro with failing to uphold high standards of commercial honor and just and equitable principles of trade by using settlement agreements that prohibited customers from providing information to NFA. The Complaint further charged GTC with failing to maintain current books and records and failing to calculate adjusted net capital properly. Finally, the Complaint charged GTC and Shapiro with failing to cooperate with NFA during its audit and failing to diligently supervise employees and agents in the conduct of their commodity futures activities.
• DECISION: On May 1, 2009, Garcia was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for one year. During the one-year membership bar, Garcia was ordered not to act in any capacity requiring registration, nor act as a principal of an NFA Member. If after expiration of the one-year membership bar Garcia applies for NFA membership or associate membership or becomes a principal of an NFA Member, he was ordered to pay a $5,000 fine, due and payable when he applies for NFA membership or associate membership or becomes an NFA Member.

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