Two weeks ago Japan FSA issued a severe notice to FXCM Japan charging it with several accounts of violations of procedures. The language of the notice was so harsh that many in the market expected that FXCM may face a business suspension (stoppage of service for a certain period until all issues are corrected to FSA’s satisfaction) just like Gaitame received some time ago.
Today FXCM can finally catch a breath as FSA’s action is not as severe as expected. Full details (in Japanese) are found here but essentially FSA requires FXCM to deliver a full plan on how it is going to amend all deficiencies within a month. The delivery will be tracked by FSA on a quarterly basis. If FXCM fails to deliver this – then it may face such a suspension.
Axia Investments – Take Your Trading to the Next LevelGo to article >>