2009-07-23: Forex Magnates Daily Updates

Jason Rogers FXCM’s Online Ambassador is in action answering questions about some technical errors and closed stop loss. GFT announced

  • Jason Rogers FXCM’s Online Ambassador is in action answering questions about some technical errors and closed stop loss.

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  • GFT announced today an updated version of its DealBook® 360 —customers now have the ability to create more orders using custom strategies, trendlines and Fibonacci indicators.
  • Alpari launches Systematic a fully automated web-based portfolio-trading platform. Systematic is especially designed for investors looking for an introduction to the international Forex market, offering them complete freedom to trade cost-effectively without substantial trading experience.
  • Saxo Bank, the online trading and investment specialist, has appointed a senior executive officer (SEO) in its Dubai office. Jakob Thomsen will be heading Saxo Bank A/S office, which has its offices in the Dubai International Financial Centre (DIFC). Thomsen’s new appointment comes into effect after previous SEO, Shailendra Robin Patel, who established the bank’s office in Dubai stepped down from his position.
  • Russian regulation to reconisder forex licenses (Russian language).

NFA’s rage:

  • On April 29, 2009, NFA’s President issued a Notice of Intent to Suspend and Thereafter Revoke Registration to SG Commodities LLC alleging that the firm is disqualified from registration under Sections 8a(2)(H) and 8a(3)(N) for having an unfit principal.  Final Order Revoking Registration:  On July 22, 2009, a Subcommittee of NFA’s Membership Committee issued a Final Order Revoking Registration to SG Commodities LLC. The Final Order becomes effective on August 21, 2009.
  • On April 29, 2009, NFA’s President issued a Notice of Intent to Suspend and Thereafter Revoke Registrations to James S. Gossett who is registered as a commodity trading advisor and as an associated person. The Notice of Intent alleges that Gossett is disqualified from registration under Section 8a(3)(J) and Section 8a(2)(G) of the Commodity Exchange Act. Final order revoking registration: On July 22, 2009, a Subcommittee of NFA’s Membership Committee issued a Final Order Revoking Registration to Gossett. The Final Order becomes effective on August 21, 2009.
  • On March 16, 2009, NFA issued a Complaint charging FOREIGN TRADE BANK SECURITIES INC and Wassink with failing to promptly and fully cooperate with NFA. On July 21,2009, a designated hearing panel issued a Decision accepting FTB’s and Wassink’s Offer of Settlement. The hearing panel found that FTB and Wassink violated NFA Compliance Rule 2-5 and ordered that FTB be permanently barred from NFA membership and from acting as a principal of an NFA Member. The Hearing Panel further ordered that Wassink be withdrawn from NFA associate membership and not reapply for NFA membership or associate membership or act as a principal of an NFA member for a period of three years. If after the expiration of the three year membership bar, Wassink reapplies for NFA membership, he shall pay a $5,000 fine. This Decision becomes effective on August 5, 2009.
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