brokers
MF Global Canadian forex clients will get their money this month
Monday, 21/11/2011 | 08:21 GMT by
Michael Greenberg
MSN and Saxo Bank discontinue MSN Trader
- MSN Trader was an ambitious and an out of the box project co-launched by Microsoft and Saxo Bank exactly a year ago. Basically Microsoft became Saxo Bank's White Label and was offering forex, futures and CFDs. This is one of those projects that have small chances to become hugely successful and bigger chances of failing. Unfortunately for MSN and Saxo it was the latter.
Friday, 18/11/2011 | 13:36 GMT by
Michael Greenberg
More Tradestation Interbank FX acquisition details
- The announcement of the Tradestation - IBFX acquisition deal obviously generated much interest and discussions in the industry. Main question was whether indeed the price was a mere $17 million. Several of my sources mentioned that Gain may have eventually withdrawn from the deal I announced 2 months ago because there is a pending NFA fine against Interbank FX. Apparently IBFX may be soon fined for some execution flaws - however this has not been announced by the NFA yet so we have no way of knowing whether this will eventually happen.
Friday, 18/11/2011 | 07:40 GMT by
Michael Greenberg
TradeStation acquires Interbank FX (IBFX)
- Couple of months ago I published that Gain Capital is about to acquire Interbank FX after several rounds of discussions with potential investors. In that round Gain remained as the last bidder. This deal however failed at the last moment for reasons not known to me - but not hard to guess that it was a disagreement over final price. IBFX didn't give up on trying to be sold and today finally succeeded - TradeStation (which itself was acquired by Japense Monex Group few months back) just announced that it reached an acquisition agreement with IBFX.
Wednesday, 16/11/2011 | 08:10 GMT by
Michael Greenberg
FXPro Launches Australia office
- FxPro Financial Services Ltd (FxPro), a leading global forex broker today announced the launch of its Australian business - FxPro Australia Pty Ltd (FxPro Australia).
Wednesday, 16/11/2011 | 07:03 GMT by
Adil Siddiqui
Korean forex market - an overview of the industry including broker volumes
- Korea introduced FX Margin business in 2005, later than in other countries. However, the Korean dynamism was no exception in FX Margin market as it grew rapidly, passing through the financial crisis in 2008. But recently, the Financial Supervisory Service, a government regulation body, grew concerned about excessive investment in the FX Market and is increasing restrictions, such as a deposit increase. Thus the FX market is being tested for its sustainable growth ability.
Monday, 14/11/2011 | 14:55 GMT by
Michael Greenberg
ACM Gold expands to Nigeria with a new local office and a trading floor
- ACM Gold just announced that it opened an office in Nigeria which signals a very interesting move for this unique broker - it operates mostly through local offices and branches rather than online marketing. By doing this ACM is able to generate better market position in those jurisdictions where online marketing is not as prevalent as in US or Europe. Nigerian clients specifically require more personal touch and attention - hence ACM opened not only an office for support but also a trading floor. Trading floor model allows anyone to come and trade whether they have equipment and experience or not, thus generating new forex clients instead of competing for existing ones.
Monday, 14/11/2011 | 11:10 GMT by
Michael Greenberg
More information from Gain Capital's Q3 2011 Report - dbFX details and volume distribution
- Gain Capital published summary of its Q3 2011 quarterly report few weeks ago showing a healthy increase in revenues. Few days ago Gain submitted the full report to the SEC showing several interesting developments. For instance Gain disclosed how much was paid for dbFX's clients and that it received regulatory approval to operate in Hong Kong. In its presentation to investors Gain also showed distribution of its retail trading volume.
Sunday, 13/11/2011 | 19:04 GMT by
Michael Greenberg
American forex traders lose $20 million in September
- Every month CFTC publishes Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) financial data. Amongst other things CFTC also discloses Total Amount of Retail Forex Obligations - which is basically the total equity of retail forex traders that broker holds.
Friday, 11/11/2011 | 06:49 GMT by
Michael Greenberg
Alpari (UK) launches spread betting on MetaTrader 4
- Alpari just became the first broker to offer spread betting on the Metatrader4 platform. Spread Betting is a simpler way of trading various instruments as you typically only need to select the direction in which the asset is headed - up or down. The topic including technological offerings and binary broker volumes is discussed extensively in the latest Forex Magnates quarterly report.
Thursday, 10/11/2011 | 13:25 GMT by
Michael Greenberg
FXCM Announces Third Quarter 2011 Results and October Operating Metrics - Revenues are up
- FXCM's Q3 2011 numbers are out and show outstanding growth in revenues. October retail forex volumes are down 8% but institutional ones are up by 35%. For the first time FXCM also shows average number of institutional trades a day - which is 90% higher in October comparing to September. All in all solid results that might help FXCM's stock, which suffered from several downgrades lately, to rebound.
Thursday, 10/11/2011 | 11:41 GMT by
Michael Greenberg
NFA issues a Notice about MF Global; Canadian forex clients have another option now
- All the MF Global saga has left us wandering what will happen to accounts of many forex traders. According to the latest Forex Magnates survey MF Global has $20 Billion monthly retail forex volume meaning there are quite a few retail forex trading customers out there. MF Global Canada is using FXCM's Trading Station II and MT4 platforms in a semi White Label way. This allows MF Canada clients to jump ship and move to same platform but with a different broker (that is if they are able to extract their funds).
Tuesday, 08/11/2011 | 13:50 GMT by
Michael Greenberg
ICAP October volumes down 7% in October
- ICAP October volumes down 7% in October
Monday, 07/11/2011 | 17:05 GMT by
Michael Greenberg
State Bank of Vietnam tightens forex trading oversight
- Vietnam draws a lot of interest from retail forex brokers lately as it is a strong economy and a large untapped market for them. Most of them still operate there just like they operate in China - through local IBs or through online marketing only however some are thinking of opening local branches, subject to regulatory limitations.
Monday, 07/11/2011 | 06:48 GMT by
Michael Greenberg
Swissquote publishes strong results for first 9 months of 2011 - Forex volume up
- In line with its semi-annual report Swissquote continues to see healthy growth in its results. Swissquote fulled merged ACM operationally and into its books and as expected it fuels its growth. Swissquote's eForex numbers are up on all parameters. Swissquote's volume is up 7.3% to CHF 36.53 Billion a month however dollar value is down to $41.54B due to exchange rates. eForex assets are up to CHF 130.4 million and client accounts are up 5.7% to 10, 464 accounts at the end of September 2011.
Friday, 04/11/2011 | 09:35 GMT by
Michael Greenberg
Admiral Markets to launch 4th Round of its ForexBall competition
- Admiral Markets is about to launch the 4th round (out of 4) of its ForexBall forex trading competition. This one is an interesting concept as through several rounds it allows traders to participate and earn awards more than once. There's also an additional round just for winners - with bigger prizes.
Thursday, 03/11/2011 | 11:47 GMT by
Michael Greenberg
Federal Court Orders Charlotte, NC, Couple and Their Companies to Pay $24 Million for Defrauding Customers in Forex Ponzi Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced it obtained a federal court supplemental consent order requiring defendants Sidney S. Hanson, Charlotte M. Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay $24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme (see CFTC Press Release 5689-09, August 7, 2009).
Wednesday, 02/11/2011 | 12:34 GMT by
Michael Greenberg
Binary Options - Overview of the industry in Q3 2011
- I’ve been always fascinated with the emerging binary options market – mainly because it’s a very simple trading instrument and technology is readily available. At first I thought it would be just another trend of many which will end up being a marginal part of the online financial trading business. Recent developments have proven me wrong.
Wednesday, 02/11/2011 | 11:20 GMT by
Michael Greenberg
CFTC-SEC Statement on MF Global, hundreds of millions of client funds may be missing
- This story just keeps getting 'better' - since yesterday's post about MF's possible sale, MF has declared bankruptcy and was trying to be bough by IB. However the deal doesn't seem to go through as there are suspicions that huge amount of client funds is missing.
Tuesday, 01/11/2011 | 13:18 GMT by
Michael Greenberg
MF Global may file for bankruptcy protection and sell to Interactive Brokers
- NEW YORK (Reuters) - Troubled brokerage MF Global Holdings Ltd was nearing a deal late on Sunday night to file for bankruptcy protection and sell assets to Interactive Brokers Group , media reports said.
Monday, 31/10/2011 | 11:38 GMT by
Michael Greenberg
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