FXCM Booted Out on the Street!!
- Thread starter CBC
- Start date
You're right, this is all a power play by the evil folks over at Oanda to eliminate the competition while they end up looking like the generally honest and forthright people they are. Pure evil lurking the halls of the CFTC, pure evil.This may be a side effect of NFA/CTFC trying to kill off retail forex, it means there's less competition for the survivors.
All I can say is from a trading perspective I'm glad I'm not an american...
I value the ability to choose which trading provider suits me best without some self-interested trade bodies trying to force me into their closed shop in the name of 'protecting' the consumer.
FXCM stock is down 50% today. Impressive move!
Sorry but it just seems strange to me that an american can go into a gun shop and buy a gun but aren't trusted with the responsibility of choosing which trading provider to use.
I'm sure the futures industry there don't like competition from spot forex, and that the NFA and CTFC aren't fully independent regulators, more like trade bodies, the clue is in their names.
You don't have a problem with the following:
“In cases where the price at the end of the hold timer had moved against Effex and in favor of the customer, Effex would reject the trade. On the other hand, of the price had moved in favor of Effex and against the customer, Effex would execute the trade and give the client negative price slippage,” the NFA’s complaint states.
FXCM help set up Effex
Can you give us a heads up on the projected date of bankruptcy proceedings?
If the stock price continue to fall like this, I'm quite certain Gain will be quite happy to buy the rest of FXCM's assets.
I'd love to have more gun control. However your argument isn't logically sound. If you were arguing that gun makers were allowed to make unsafe guns than it would make sense, however that's not the case. The gun industry is in fact highly regulated, for example the requirements for safety catches are pretty detailed an extensive. You're projecting that regulations in the U.S. are designed to coddle an idiot public who can't protect themselves and in that context gun laws don't make sense. If you took an alternate view, that regulations are there to protect exploitation of consumers who don't have the ability to look into the inner workings of a company that may have an incentive to actively try to take their money or sell an inferior product, then it makes a lot more sense.
CFTC is a fully independent regulator and they only enforce laws passed by the elected members of congress. They didn't make up the law that FXCM violated, the law was clearly known and understood by FXCM and everyone else, no-one seems to think that the law was unsound or complained about it until now, until FXCM were caught violating it. A bit hypocritical I think.
So you think it is ok for a broker to claim they are giving you fair executions and behind the scenes backing away from orders that YOU send that look to be profitable? Certainly you must think front running, insider dealing and other hidden acts an unscrupulous broker could do without your knowledge is fair game. PT Barnum would love you.
Wired funds out of algo testing account.. last night. They were professional about it. I spoke to rep last night. Hopefully customers transfers to new firm go smooth.