what's remarkable about this is that it hasn't happened sooner and to more players. questions about jurisdictional precedents, I trust.
"FXCM's promotional material also included numerous claims of "zero commissions" and "commission free trading." These claims implied that FXCM did not make money on the trade..." Whoa I thought this was satire at first! Haha, so essentially the NFA thinks people were dumb enough to believe they were going to trade for free? Besides that and the fact stops and limits aren't guaranteed when the market gapped 150 pips in 2004 it sounds like the NFA is the FCC of finance. Ineffectual, plodding and years behind the real issues. They let Refco happen on their watch and this is their "solution" what a laughingstock. Trader/God
Yep, calling this "penalty" a slap on the wrist would be an exaggeration and an insult to good honest slaps everywhere. The range of potential sanctions on p. 5 strikes me as exceptionally weak and largely symbolic as well. Interesting reference on p. 2 to 34,000 retail customers vs. all of 63 institutional clients, as of August 2004. But perhaps the most remarkable aspect of this whole affair to me is this: the formal NFA Complaint against FXCM was issued and served on Nov. 28th, 2005, i.e., this past Monday. Guess what is the date of both the "Offer of Settlement" by FXCM and the "Decision" by NFA, accepting the aforementioned "Offer"? That's right, Nov. 28th, 2005, in each case. You can barely get a used car registered, insured and inspected in one day. Instant justice under the law... who says the government is inefficient?
yes, clearly this fine is a total joke... not even a month's pay for Drew Niv... moral of this story? crime pays... (for all of us who didn't already know...)
really?? how many have you used, i mean live, not demo? i've tried and am still using depending on circumstances, acm, forex.com, oanda, ifxmarkets, saxobank, currenex via fxcmpro & another access provider, hotspotfxi... the fxcm retail platform never appealed to me, altho' i only tried their demo, but that was sufficient to stop me... now, that was a year ago, maybe they are better now...
early to end 2004, good firm, their spreads were pretty ok, although acm was better on cable thats one of the reasons i switched at the time. also, their back-office was terrible, nowhere near real-time which was annoying... but i heard their new platform (version?) takes care of all those problems... haven't used them in a while tho'...