fx
BNY Mellon hit with $2 Billion suit over forex rates
- BNY Mellon is now being sued for $2 billion by the New York Attorney General over forex transaction prices. Trust the magic of Wall Street however to make wonders as the stock price has only dropped 3% amid these news.
Tuesday, 04/10/2011 | 21:29 GMT by
Michael Greenberg
LMAX to launch MultiCharts - a charting and autotrading platform
- LMAX, the first FSA authorised CFDs trading MTF (multilateral trading facility), has posted a short message on its blog that it is about to soon launch MultiCharts - a charting and autotrading platform that uses the TradeStation EasyLanguage.
Monday, 03/10/2011 | 18:21 GMT by
Michael Greenberg
FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems
- In total FXCM will pay over $16.2 million to settle NFA and CFTC's charges. This is the continuation of the NFA's fine back in August which charged FXCM with retaining gains derived from positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; and failing to adequately investigate suspicious activity in all customers’ accounts. The Complaint charged FXCM and Niv with failing to supervise.
Monday, 03/10/2011 | 18:04 GMT by
Michael Greenberg
Son of forex fraudster to pay over dad's forex ponzi scheme
- A Texas race car driver whose career was subsidized by his imprisoned father's $10.9 million Ponzi scheme agreed to give up $322,000 in ill-gotten gains on Tuesday in a suit brought by securities regulators over the scam.
Sunday, 02/10/2011 | 17:09 GMT by
Michael Greenberg
Gain Capital to acquire Interbank FX
- Forex Magnates sources reveal that Gain Capital is about to seal the deal with Interbank FX. No information is yet known and neither company confirmed the information - naturally because Gain is a public company.
Tuesday, 27/09/2011 | 14:21 GMT by
Michael Greenberg
Forex Magnates is now available in Japanese
- As part of an ongoing Forex Magnates network expansion Forex Magnates is now available in the Japanese language - jp.site13.miydim.com. Along with the recently launched Chinese Forex Magnates and the quarterly retail forex report (Q3 will become available in about 2 weeks) this is one of many more upcoming changes. I hope this will help my many Japanese readers access the Forex Magnates information more easily.
Tuesday, 27/09/2011 | 10:51 GMT by
Michael Greenberg
Belarus's domestic FX Trading on the Rise
- Belarus has been a key player in the Eastern European FX markets, however due to government and international restrictions locals have found it difficult to deposit and withdraw funds with US and European brokers.
Monday, 26/09/2011 | 05:52 GMT by
Adil Siddiqui
CFTC Charges Accounting Firm McGladrey & Pullen, LLP, and Partner David Shane with Failure to Properly Audit One World Capital Group
- It's extremely interesting to see CFTC taking the oversight of its members one step further by going after not only its member firms but even after their auditors - if those failed to do their job. CFTC just charged an accounting firm and one of its partners for failing to properly audit One World Capital Group - a former forex broker which ceased its operations in 2007. This adds to CFTC's aggressive pursuit of even completely foreign firms which it perceives as breaking its rules.
Friday, 23/09/2011 | 03:56 GMT by
Michael Greenberg
Logiscope gets acquired by MarkitServ
- MarkitSERV, Markit's electronic trade-processing platform for OTC derivatives, is set to acquire Logicscope Limited, a provider of post-trade workflow solutions and straight-through-processing (STP) for foreign exchange (FX) transactions.
Wednesday, 21/09/2011 | 20:20 GMT by
Adil Siddiqui
FXDD acquires Irish Forex Broker Frontier FX
- This is one of the first acquisitions for FXDD who until now hasn't made many. Frontier FX's acquisition for FXDD is probably a way to quickly access an advanced multi-bank electronic trading platform rather than gain a list of retail forex clients
Wednesday, 21/09/2011 | 12:30 GMT by
Michael Greenberg
TradoLogic Revamps Business Structure, Unveils Component-Based Solution
- TradoLogic, the world's leading binary options platform provider, has publicly revealed its new and improved licensee infrastructure. The fully integrated solution is offered in an all-in-one package, allowing operators to quickly launch their platform using readily available, pre-integrated components. The modular business structure now includes company-wide features such as fraud prevention, billing, analysis, reporting and a CMS system, while existing components such as risk management and the trading interface have been vastly improved.
Tuesday, 20/09/2011 | 20:17 GMT by
Michael Greenberg
Leverate Further Improves Client Reporting Interface
- Leverate, the premium Forex broker solutions provider, announces major upgrades to their proprietary Client Reporting Interface, integrated with the MT4 Client, CRM and Risk Management systems. The web-based Client Reporting Interface is offered as a part of Leverate's Private Label to provide brokers with sophisticated and customizable reports, assisting them with assessing their businesses from a user-friendly and comprehensive system.
Tuesday, 20/09/2011 | 20:14 GMT by
Michael Greenberg
FXDD Announces Four New Currency Pairs for Retail Traders including USD/CNH
- FXDD, a leader in online Forex trading and education, today announced the addition of four new currency pairs available to all retail currency traders: United States Dollar/Offshore Renminbi (USD/CNH)
Tuesday, 20/09/2011 | 20:04 GMT by
Michael Greenberg
FXAll (FX Alliance) files for an IPO
- FX Alliance Inc. ("FXall"), today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the "SEC") relating to the proposed initial public offering of its common stock.
Monday, 19/09/2011 | 17:01 GMT by
Michael Greenberg
Integral Releases First Hosted FX ECN Aggregator
- Integral has just seriously stepped up its game and is presenting a serious threat to other aggregators such as Currenex and EBS with the launch of its fully hosted FX ECN aggregator. Add to that zero upfront costs and you have quite an attractive offering.
Monday, 19/09/2011 | 07:00 GMT by
Michael Greenberg
EU Commission wants more scrutiny on High Frequency Trading
- High frequency trading firms have been bought to regulators attention as the European Commission is pressing on stricter regulation to avoid market manipulation. This could be the second blow European trading firms will face after France's Sarkozy is planning a 'special' tax on financial transactions. These moves could put continued pressure on the Euro zone being a un-favoured location by financial markets professionals.
Friday, 16/09/2011 | 11:42 GMT by
Adil Siddiqui
Hotspot FX volume jumps 130% year on year but only 1.5% month on month
- Unlike FXCM who yesterday reported double digit volumes growth month-on-month and year-on-year Hotspot FX posted only a moderate month on month growth for August but more than impressive year on year growth.
Friday, 16/09/2011 | 10:04 GMT by
Michael Greenberg
FXCM's August 2011 Monthly Metrics - Crazy August means volumes are up!
- As we already know August was one crazy (volatile) month. This means two things - brokers will report volumes higher than the average and many traders will have lost money. We'll see this reflected both in the public brokers' data, such as FXCM below, and in this quarter's profitability report (due in October). Not surprisingly FXCM shows a very strong growth in volumes, especially institutional ones, amid slow growth in number of accounts.
Thursday, 15/09/2011 | 21:11 GMT by
Michael Greenberg
FXCM to Acquire Japanese Forex Broker Foreland Forex Co., Ltd.
- FXCM has just annouced that its fully owned subsidiary FXCM Japan has agreed to acquire another Japanese broker named Foreland Forex (https://www.foreland.co.jp/). Details of the transaction were not disclosed at this point but we show see more in the next FXCM's quarterly report.
Wednesday, 14/09/2011 | 18:33 GMT by
Michael Greenberg
WSJ: BNY Mellon Forex Trades Cost Pensions
- WSJ continues its zealous coverage of the BNY Mellon investigation. With Bank of New York Mellon Corp. under growing scrutiny by regulators for its trading practices on behalf of pension funds, a Wall Street Journal analysis shows that the bank executed some currency transactions for two large public pension funds in a way that could trigger higher costs.
Wednesday, 14/09/2011 | 08:06 GMT by
Michael Greenberg
ForexPros partners with MetaQuotes to offer forex news over MetaTrader platforms
- Looks like IBTimes's integration with MetaQuotes was just a start and perhaps this signals a bigger change for MetaQuotes: ForexPros becomes the second news provider to integrate with MetaQuotes and will now be able to offer its news service on the Metatrader terminals (both 4 and 5).
Tuesday, 13/09/2011 | 14:31 GMT by
Michael Greenberg
Saxo Bank announces new offshore Renminbi CNH trading facility
- Saxo Bank just announced that it will now allow offshore renminbi trading against the USD. Saxo thus is joining the likes of HSBC and BMO who already allow this type of trading. As we already mentioned few times, it may be a sign of China opening up for retail forex trading in the near future. FX Options and swaps can already be traded onshore.
Tuesday, 13/09/2011 | 08:17 GMT by
Michael Greenberg
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