It was announced today by FXCM that the company’s Japanese operation is no longer subject to a Business Improvement Order which was issued in July 2012 by the Kanto Financial Bureau.
Upon the lifting of the business improvement order, FXCM states that it has worked extensively over the past year and a half to enhance and strengthen its internal control systems including its risk management system. FXCM also confirmed that its Japanese division has also improved the customer protection system throughout the company.
The Kanto Financial Bureau’s removal of the imposed order leaves FXCM Japan to continue business as normal after a year and a half under the order, which was issued by the Japanese Financial Services Agency (JFSA) as a result of irregularities in procedure, with a view to ordering cessation of service altogether.
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Whilst the firm was able to continue trading at the time due to the Japanese authorities having imposed a Business Improvement Order rather than requesting that the firm ceases business in order to improve its procedure, a year and a half under such scrutiny is indeed time enough to observe and ensure that matters are in order.
“We will continue reinforcing our internal control system,” said Kazunori Iida, President of FXCM Japan in a corporate statement. “We recognize that regaining our customers’ trust is our top priority and strive to meet customers’ needs.”
Mr. Iida added, “We always look to offer our customers our best service, to support their trading experience with FXCMJ and to contribute to further development of the Japanese financial market.”
“Again we express our sincere apology to our customers and related parties for the great concern and inconvenience that this may have caused,” added Drew Niv, CEO and president of FXCM Inc. “We appreciate your continued support,” he added.
FXCM confirmed its intentions to continue to concentrate on the Asia-Pacific region, having recently deployed a global matching engine in one of Equinix’s IBX data centers in Tokyo to further expand its business and provide high-speed and reliable online trading for customers in the Asia-Pacific region.