dbFX quits

Quote from bearice:

What will be the effect of DBFX quiting Forex on the world economy and stock markets? DBFX is the biggest forex broker.
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Deutsche Bank is selling their retail arm, DBFx. They are not ending their institutional business. Their retail arm is not the largest player in the game, that's their institutional desks .

Jesus, Beatrice, you can pull all sorts of crap from all sorts of websites to post about all your sorts on conspiracy bullshit, and yet you can't do a simple search and educate yourself?

Deutsche Bank remains the world's largest provider of foreign exchange to institutional and corporate clients.

http://www.prnewswire.com/news-rele...eign-exchange-trading-business-120359154.html

You are indeed a dolt.



In a old argument followup, for those that said FXCM had NOTHING to do with DBFX, read:

According to sources close to Deutsche Bank, dbFX has always been operated with minimal resources within the bank, while sales, technology and back-office functions were outsourced to US-based online retail FX specialist FXCM. Further growth of the business now requires a retail specialist such as Gain Capital.

http://www.fxweek.com/fx-week/news/2045650/deutsche-bank-sells-dbfx-gain-capital
 
Quote from ogarbitrage:

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Forex is the most profitable business for future and Forex transactions are $4 Trillion per day. If DBFX is quitting they must be thinking of something. Why would somebody sell a highly profitable business. Think about it.
 
Quote from The Bishop:

Jesus, Beatrice, you can pull all sorts of crap from all sorts of websites to post about all your sorts on conspiracy bullshit, and yet you can't do a simple search and educate yourself?

You are indeed a dolt.
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Dbfx was using FXCM's platform? FXCM can't be very happy about losing this business. Won't this be an issue?

FXCM is also one of the biggest name in Forex world.
 
Chalk this up as another risk for traders.

When a broker's ownership changes hands, such as in this instance, customers are given such short notice, requiring them to close all open positions by a certain date.

What happens to hedged positions, for example, where time is an important consideration for exiting trades?

What "seamless transition" are they talking about when traders are faced with the possibility of losing money during the migration process?
 
Quote from kwalta:

Chalk this up as another risk for traders.

When a broker's ownership changes hands, such as in this instance, customers are given such short notice, requiring them to close all open positions by a certain date.

What happens to hedged positions, for example, where time is an important consideration for exiting trades?

What "seamless transition" are they talking about when traders are faced with the possibility of losing money during the migration process?
More...

Yep, same thing happened with CMS accounts when moved over to forex.com. More like a shotgun wedding! :) at least a little more time given for this one since the platforms are different.
 
Quote from bearice:

Dbfx was using FXCM's platform? FXCM can't be very happy about losing this business. Won't this be an issue?

FXCM is also one of the biggest name in Forex world.
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Hi bearice,

This is FXCM's statement regarding dbFX:

NEW YORK, NY, April 20, 2011 –Since 2006 FXCM has had a facilities management agreement with Deutsche Bank to provide technology, systems and personnel associated with DB’s retail FX offering, dbFX. On April 20, 2011 Deutsche Bank indicated it will be selling the dbFX client accounts and exiting the dbFX business. Earlier this year, FXCM had discussions with Deutsche Bank about purchasing these accounts. FXCM has a disciplined process for evaluating potential acquisitions and establishing their potential value to the company weighing important factors such as client concentration, brand loyalty and projected attrition. After considering these factors, FXCM made an offer to Deutsche Bank that reflected what we believed to be the full value of those accounts after the attrition associated with client transition.

Deutsche Bank was able to find a buyer willing to pay a higher price and will be offering dbFX clients the option to transition their accounts off the current DB/FXCM platform onto the buyer’s platform or closing their accounts. Clients can continue to trade on the dbFX platform until May 13, at which time dbFX will stop offering this service.

Revenues from the dbFX agreement represented 2.3% of total FXCM revenues In 2010, and a smaller percentage in the first quarter of 2011. Since the inception of our agreement, client equity from dbFX clients was deposited with Deutsche Bank and was never included in client equity figures for FXCM.

Per the terms of our contract, FXCM will be assisting Deutsche Bank with the wind down of dbFX, including transferring accounts to the buyer or closing them down, based on the individual account holders instructions.
http://ir.fxcm.com/phoenix.zhtml?c=238885&p=irol-newsArticle&ID=1553064&highlight=
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Of course, traders that want to use the FX Trading Station II platform can always contact FXCM directly about setting up an account.

-Jason
 
So Deutsche Bank finally acknowledges that DB Fx was run out of FXCM facilities, using FXCM 's personnel ! Basically this is admitting lying to customers for years since they always claimed that DB fx was only using FXCM's platform but that the company was completely separate from FXCM , with different offices, servers, people etc. Some of us thought DB Fx and FXCM were the same but they kept denying it.

How can they get away with lying to customers ?
 
Quote from trade2live:

So Deutsche Bank finally acknowledges that DB Fx was run out of FXCM facilities, using FXCM 's personnel ! Basically this is admitting lying to customers for years since they always claimed that DB fx was only using FXCM's platform but that the company was completely separate from FXCM , with different offices, servers, people etc. Some of us thought DB Fx and FXCM were the same but they kept denying it.

How can they get away with lying to customers ?
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That generally how white labeling works. Next up, Citifx Pro and Saxo.
 
White labeling is using third party software (&support )and execution , not third party customer service and offices. Besides DBfx always denied that its quotes and liquidity were FXCM's, employees also denied they had anything to do with FXCM, even though they were registered on the NFA website as employees of FXCM. Talk about a culture of lies and deception .
 
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