Online broker FXCM Inc., traded on the NYSE under ticker FXCM, today released an official statement following the extreme volatility that accompanied the United Kingdom’s Brexit vote.
The firm said that its financial position remains solid and that its trading platform functioned normally, as per a special announcement from the company this Friday morning in the U.S.
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FXCM is happy with the risk management steps we took including our decision to gradually raise margins as we did heading into the vote.
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No Material Adversity
FXCM said that its systems and operations functioned without any material adversity during Brexit.
Drew Niv, CEO of FXCM, added: “FXCM is happy with the risk management steps we took including our decision to gradually raise margins as we did heading into the vote.
The FXCM Trading Station operated normally throughout the Brexit market volatility and we are extremely pleased with our liquidity providers, our staff who worked through the night and our clients who continued to heed our warnings during these historical market movements.”
The announcement comes as volatility in financial markets rose to historic levels across a number of currency pairs earlier, coupled with a broad sell-off in indices in Asia, Europe, and now in the U.S, as the trading week comes to a close. Many indices in Europe had their biggest-ever one-day decline this historic Friday, June 24, 2016.
FXCM said that its risk committee will continue to monitor closely and hedge its exposure as it keeps margin elevated until it sees liquidity and market conditions normalizing, hopefully in coming days, as noted in the update.