FXCM Is Buying RefcoFX - Deal is Done - Funds are safe
- Thread starter Trader/God
- Start date
Oh, and I forgot to mention, they also promised "COMPLETE SAFETY OF FUNDS." They clearly lied.
Can somebody please explain these interesting facts for me?
A page from the FXCM website, cached by Google on Oct 1, 2005, states the following:
http://64.233.161.104/search?q=cach...ionship.jsp+fxcm+refco&hl=en&client=firefox-a
(NOTE: I can't seem to get that URL to work right on ET. So I suggest you just Google refco and FXCM, and you should find this cached link in the first few pages.)
If one follows the Google link, on that cached page, to the current page replacing the cached page, then one finds that the new page omits any mention of Refco. See http://www.fxcm.com/company-profile.jsp.
Seems Orwellian.
The British FXCM website, however, still says
Here is another fun fact.
RefcoFX's address is:
RefcoFX New York
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
and
FXCM's address is:
Forex Capital Markets
Financial Square
32 Old Slip, 10th Floor,
New York, NY 10005
So FXCM and RefcoFX have exactly the same address, and until very recently, FXCM represented itself as part of Refco.
Can anybody explain what is really going on here?
A page from the FXCM website, cached by Google on Oct 1, 2005, states the following:
See
http://64.233.161.104/search?q=cach...ionship.jsp+fxcm+refco&hl=en&client=firefox-a
(NOTE: I can't seem to get that URL to work right on ET. So I suggest you just Google refco and FXCM, and you should find this cached link in the first few pages.)
If one follows the Google link, on that cached page, to the current page replacing the cached page, then one finds that the new page omits any mention of Refco. See http://www.fxcm.com/company-profile.jsp.
Seems Orwellian.
The British FXCM website, however, still says
See http://www.fxcm.co.uk/refco-relationship.htm.
Here is another fun fact.
RefcoFX's address is:
RefcoFX New York
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
and
FXCM's address is:
Forex Capital Markets
Financial Square
32 Old Slip, 10th Floor,
New York, NY 10005
So FXCM and RefcoFX have exactly the same address, and until very recently, FXCM represented itself as part of Refco.
Can anybody explain what is really going on here?
Refco hired FXCM to run this business. They did. They licensed their software to Refco. They knew the Refco business better than Refco did, they ran it. They were blindsided by the events in a different division. Since they knew the profitability of RefcoFX intimately, they bought it. End of story (as long as the judge goes along). Oh yes, and don't forget they divested themselves of any association with Refco along the way.
And probably the same employees.
I doubt if REFCOFX has more that 20 employees..
Can you say outsourcing and marketing????
Jim,
I can almost see you frothing at the mouth when you type your paranoid posts. I hope that it won't push you over the edge when RefcoFX customers justifibly sing the praises of FXCM for bailing them out.
Mark my words, etch it in stone, the funds are safe. The customers WILL get their full funds back.
Unlike any other MM FXCM put themselves on the line to salvage what could have been a disaster for the industry. When the industry got into trouble they came to the rescue, no other firm can claim that. Who else would you trust?
Trader/God
I can almost see you frothing at the mouth when you type your paranoid posts. I hope that it won't push you over the edge when RefcoFX customers justifibly sing the praises of FXCM for bailing them out.
Mark my words, etch it in stone, the funds are safe. The customers WILL get their full funds back.
Unlike any other MM FXCM put themselves on the line to salvage what could have been a disaster for the industry. When the industry got into trouble they came to the rescue, no other firm can claim that. Who else would you trust?
Trader/God
I think what they're doing if they're successful is great. I don't believe for a moment that it's based on purely honorable intentions however. They have many motives for not allowing the scenario to take place with RefcoFX. Some are apparent, many I suspect we'll never know.
As for Jim being paranoid; "Jim, keep it up -- you do better research than most people I know." I think what he has found is interesting.
http://www.nfa.futures.org/basicnet/SearchResults.aspx?type=firm&firm=FOREX+CAPITAL+MARKETS
It doesn't show that at all, if you had done even 1/2 ounce of research it would be clear that is a fake.
To even suggest that this is FXCM is a laughably desperate attempt to smear the firm.
Trader/God