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Update on Saxo Bank Downsizing Despite sacking 1/3 of their work force Saxo Bank executives are reporting the company is doing quite well. http://politiken.dk/newsinenglish/article570924.ece Saxo is reporting record revenues for September, which makes the mass redundancies all the...

Saxo Hits the Wall Lot of news in retail forex the past few weeks. In the U.S. both CMC and Bacera are closing their doors. And in Europe mega forex broker Saxo Bank has run into some serious trouble. Saxo is one of the largest firms in the currency trading world. Over the summer they...

July CFTC Net Capital Report The CFTC has released its latest Adjusted Net Capital report. With less than two months to go before the NFA raises capital requirements to $10 million the Capital issue is once again front and center in retail forex. How does you firm stack up...

I Trade FX Takes the Stand Last Friday I Trade FX’s response to the NFA regarding the complaint lodged against them was posted on the NFA’s website. Below are the details: http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0367140&case=08BCC00014&contrib=NFA The Nine Lonely...

The Dark Regulator With the Dark Knight breaking box office records around the world it looks like the CFTC is trying to cash in on the caped crusader’s popularity. In a recent press release announcing the formation of a “forex fraud” taskforce the CFTC stated, “This announcement...

June CFTC Net Capital Report The CFTC has released its latest Adjusted Net Capital report. With less than three months to go before the NFA raises capital requirements to $10 million the Capital issue is once again front and center in retail forex. How does you firm stack up...

The All Hallow’s Eve Pool Returns The NFA is on the march. This week they announced that all Forex Dealer Members must meet the first capital benchmark of $10 million by October 31st: http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=2165 How does you firm stack up? The...

Olint Rumor Mill Keeps Squeezing out the Pulp It’s hard to know what to believe about Olint these days with newspaper headlines like this “David Smith Alive and Kicking” courtesy of the Jamaica Observer...

David Smith Created I Trade FX’s Platform? So says this article from the Jamaica Gleaner in December of 2007. As part of the $100 promotion that I Trade FX was offering to Jamaican customers via www.gotradejamaica.com Smith is said to have “created the platform” that customers were...

The Olint Soap Opera Continues “I am now indemnifying all the directors and employees as I am the only one that was aware of these activities and I am now at this stage unable to pay out and am making this proposal to you.” – David Smith, per Nationwide News. It sure is beginning to...

The End of Olint Yesterday the Turks and Caicos Government froze the assets of David Smith and raided his home and place of business. Armed with a search warrant from the Supreme Court the Financial Crimes Unit of the Government swooped into action, grabbing computers, files and other knick...

A Scoundrel to the End Congratulations to the customers of FXLQ who are on the verge of being made whole, an unusually rare occurrence when a forex dealer goes bankrupt. Here is hoping some of that luck rubs off on the poor sods at Olint. But the customers of FXLQ won’t have Rob Gray to...

Go-Trade Jamaica Browsing the web I came across this article on a very unique marketing ploy that I Trade FX was using to attract clients in Jamaica last November: http://www.siliconcaribe.com/2007/11/30/david-smiths-olint-partners-with-itradefx-in-a-us100-giveaway-to-jamaicans/ David...

We’re Mad as Hell! And we’re not going to take this anymore! So sayeth the investors of Olint who are pouring onto the Internet in Jamaica to rage against David Smith’s Machine. Here is just a sampling: http://investforlife.wordpress.com/2008/07/14/olint-office-closed/#comments...

Olint on Verge of Collapse The situation at Olint is deteriorating rapidly as David Smith has shuttered a local office in Jamaica that he says was the subject of a bomb threat while his fund suffers an apparent bank run. In a grim letter to shareholders Olint states...

CFTC Net Capital Report Update The new net capital numbers are out. Here is the link to access the report: http://www.cftc.gov/stellent/groups/public/@financialdataforfcms/documents/file/fcmdata0508.pdf The following firms have net capital below $10 million Advanced Markets $5,017,000...

How Many Forex Accounts Does David Smith Have? David Smith is rumored to have over $1 billion in assets under management. As such he has money squirreled away all over the world. I Trade FX is just one of many brokers Smith has cash at. It is rumored that he has money at all the big FX...

NFA Not Targeting David Smith The NFA has come out and clarified that it is not investigating any of the transactions in question by Olint or TCI. They are merely citing I Trade FX for not filing any anti-money laundering notices in regards to the transactions in question. Jamaican media is...

David Smith: Messiah or Huckster? Google “David Smith” and “forex” and you come up with hundreds of results. The man is the George Soros of Jamaica and reading through some of the material on him either you love him or you hate him. On the Internet you can find plenty of...

Breaking News: NFA Hits I Trade FX with anti-Money Laundering Charges The NFA has just blown the lid off I Trade FX’s finances. I Trade FX has had a wild financial history going from $6,500,000 in adjusted net capital in March of 2007 to $-3,000,000 in April of 2007 then up to an...