FXDD US Applies for Withdrawal of Introducing Broker License with the NFA
- According to a corporate announcement made by FXDD Global, the firm’s US unit has applied to withdraw its IB license due to the firm's concentration of efforts on its globally operating FXDD Global.
After in May last year when FXDD US sold its retail customer accounts to FXCM, the company announced that it has applied for withdrawal of its introducing broker license with the National Futures Association (NFA).
The decision does not affect the business of FXDD Global in any way as the company’s US subsidiary is a separate entity.
After the withdrawal of the US subsidiary from the tough regulatory environment enforced in the United States by the NFA, FXDD has been focusing on its international business. The US watchdog has been vigilantly imposing fines on the company even after its withdrawal from its jurisdiction.
Provided the the regulator approves the company’s voluntary application for withdrawal, FXDD US will no longer be a regulated entity in the United States freeing up capital.
FXDD Global Chairman, Emil Assentato, has commented in the announcement, “We believe this move will allow us to deploy our capital reserves in a more efficient manner and speed the growth of our international business.
Our decision to sell our retail accounts in the United States and focus on international markets has helped us grow considerably, and the withdrawal of our US IB license is our next step to further drive international expansion.”
According to estimates made by Forex Magnates, the company lost close to $7 million in the aftermath of the Swiss franc debacle. The application for a license withdrawal happens only a few weeks after the ‘Black Swan Black Swan A Black Swan event is most commonly associated with an unforeseen calamity or event. In its most basic form, this event results in disastrous consequences for multiple parties, markets, or individuals and are characterized as extraordinarily rare in frequency, yet are seemingly predictable in retrospect. In the foreign exchange space, the most noteworthy of these events in recent memory was the Swiss National Bank (SNB) crisis which roiled currency markets back on January 15, 2015.During this in A Black Swan event is most commonly associated with an unforeseen calamity or event. In its most basic form, this event results in disastrous consequences for multiple parties, markets, or individuals and are characterized as extraordinarily rare in frequency, yet are seemingly predictable in retrospect. In the foreign exchange space, the most noteworthy of these events in recent memory was the Swiss National Bank (SNB) crisis which roiled currency markets back on January 15, 2015.During this in Read this Term’ event which shook the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term market.
After in May last year when FXDD US sold its retail customer accounts to FXCM, the company announced that it has applied for withdrawal of its introducing broker license with the National Futures Association (NFA).
The decision does not affect the business of FXDD Global in any way as the company’s US subsidiary is a separate entity.
After the withdrawal of the US subsidiary from the tough regulatory environment enforced in the United States by the NFA, FXDD has been focusing on its international business. The US watchdog has been vigilantly imposing fines on the company even after its withdrawal from its jurisdiction.
Provided the the regulator approves the company’s voluntary application for withdrawal, FXDD US will no longer be a regulated entity in the United States freeing up capital.
FXDD Global Chairman, Emil Assentato, has commented in the announcement, “We believe this move will allow us to deploy our capital reserves in a more efficient manner and speed the growth of our international business.
Our decision to sell our retail accounts in the United States and focus on international markets has helped us grow considerably, and the withdrawal of our US IB license is our next step to further drive international expansion.”
According to estimates made by Forex Magnates, the company lost close to $7 million in the aftermath of the Swiss franc debacle. The application for a license withdrawal happens only a few weeks after the ‘Black Swan Black Swan A Black Swan event is most commonly associated with an unforeseen calamity or event. In its most basic form, this event results in disastrous consequences for multiple parties, markets, or individuals and are characterized as extraordinarily rare in frequency, yet are seemingly predictable in retrospect. In the foreign exchange space, the most noteworthy of these events in recent memory was the Swiss National Bank (SNB) crisis which roiled currency markets back on January 15, 2015.During this in A Black Swan event is most commonly associated with an unforeseen calamity or event. In its most basic form, this event results in disastrous consequences for multiple parties, markets, or individuals and are characterized as extraordinarily rare in frequency, yet are seemingly predictable in retrospect. In the foreign exchange space, the most noteworthy of these events in recent memory was the Swiss National Bank (SNB) crisis which roiled currency markets back on January 15, 2015.During this in Read this Term’ event which shook the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term market.