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NFA fines FXCM $2 million for slippage malpractices, FXCM will credit clients back
- Apparently Non Dealing Desk doesn't mean you get the best execution - NFA has just announced that it heavily fined FXCM for slippage malpractices. FXCM will pay $2 million directly to NFA and will compensate all customers who suffered from this practice since June 2008. The details of this case are not much different from the similar fine of $459k which NFA imposed on Gain Capital for using the Virtual Dealing plugin and similar slippage settings.
CFTC releases Q2 2011 financial data - overall retail forex deposits are $9 million lower
- CFTC requires all its members to submit their own capital reports and for members (RFEDs and FCMs) the amount of retail forex obligations. For some reason this report wasn't made public since April and now CFTC made available the monthly reports for May, June and July. This allows us to track the amount of retail forex obligations for all US retail forex brokers.
Forexpros Launches Broker Comparison Tools
- Last year I wrote about the rise of spread comparison tools. The first and probably still the most popular was FX Intelligence. However since then popularity of these sites hasn't really grown much, in fact new traders are not obsessed with how low spreads are and experienced traders prefer execution over spreads or already know where to go.
Retail Forex Market Volume is $237 Billion/day - Latest Forex Magnates Quarterly Report
- What is found below is the most complete retail forex volumes survey and estimation that has been compiled in recent years. This survey is the result of discussions and surveys made with hundreds of brokers, liquidity and software providers and other market participants. Although this figure is not perfect it is as accurate as a survey of this very private market can get. This survey humbly started in Q2 2009 and two years later it encompasses almost all significant brokers out of a list of several hundred that operate in this market.
CFTC fines FXCM UK $140,000 for acting as a counterparty to US retail forex clients
- Update: FXCM published a statement which explains why this happened - basically FXCM was caught between CFTC's and FSA's rules whereas CFTC required FXCM to shut down US accounts, FSA required FXCM to provide sufficient notice.
by
Adil Siddiqui
Australian Retail Forex Boom Part I
- Forex Magnates recently did an article in their Q2 2011 Report covering the state of Forex in Australia. Through the research for this article, we discovered that FX is booming in Australia not only with existing brokerages but new shops are coming into play. One notable company is Synergy FX who recently opened for business, we sat down and interviewed Piers Cracknell of Synergy to get an inside look into why Forex is making waves down under. Second part of the overview will be an interview with an Go Markets's COO Chris Reynolds.
SocGen offers liquidity in Currency Options
- Currency Options have generally been instruments the more experienced trader uses, with complex pricing structures, trading strategies and general understanding of the product. They make up around 10% of FX volumes (USA) and are starting to find a whole new breed of traders ready to add them to their trading portfolios.
by
Adil Siddiqui
Forex Magnates Global Industry Popularity Demonstrated through Boston Technologies’ Lead-generation Campaign
- I don't like to boast the advantages of advertising on Forex Magnates but Boston Technologies's show-case demonstrating three-fold increase in leads was something I think all advertisers interested in advertising on Forex Magnates (and asking me how effective I think it would be) should care to read.
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