FXCM Now Offers Segregated Forex Accounts Through FXCM LTD
New York, NY, July 27, 2007 --(PR.com)-- The FXCM Group announced today that accounts with Forex Capital Markets, LTD (FXCM UK) are fully segregated in accordance with UK financial regulations. FXCM UK accepts accounts from the United States and over 100 countries.
In the unlikely event of FXCM UK's bankruptcy, clients of FXCM UK would be considered secured creditors and receive priority in bankruptcy proceedings.
The FXCM Group is offering this option through its UK affiliate because funds held by US-registered Forex Dealer Members are not segregated. If a Forex Dealer Member becomes insolvent, clients do not automatically receive priority status in bankruptcy proceedings.
Recently, a US-registered forex broker went into receivership due to undercapitalization. Clients of the broker were unable for a period of time to access their funds and faced the possibility of financial losses. This situation may recur as current capital requirements for US-registered forex brokers are minimal.
Unlike many Forex Dealer Members, FXCM is financially strong, with reserves that far exceed regulatory requirements. The FXCM Group has over $120,000,000 in firm capital (assets minus liabilities).*
Drew Niv, Chief Executive Officer of the global currency trading firm, pointed out several features of the FXCM UK segregated account:
• Forex regulations in the UK differ from the ones in the United States;
• FXCM UK is now accepting accounts from over 100 countries including the United States;
• The Financial Services Authority (FSA), one of the world's most respected financial regulatory bodies, administers these regulations;
• Opening an account is quick and easy: Applications may be submitted online.
Drew Niv stated, “FXCM is offering segregated funds through FXCM LTD as an additional value to our clients. While FXCM is the largest, most financially secure US–registered Forex Dealer Member, we still want to provide our clients with additional legal protections for those that want their funds segregated.”
“Many forex firms are teetering on the brink of bankruptcy; FXCM is strong. We believe that it is vitally important that all currency trading clients have complete and verified information on the financial strength of forex trading firms. That is why FXCM has taken the major step of making our balance sheet public, and challenged other firms in the industry to follow our lead.” said Niv.
FXCM Facts
More than 90,000 live accounts are traded via the FXCM trading platform
Over $200 billion in notional volume is traded each month on the FXCM trading platform
FXCM has received numerous awards from the investment community, including Best Currency Broker from Shares, Best Retail Foreign Exchange Platform from FX Week and Best Foreign Exchange Specialist from Technical Analysis of Stocks & Commodities. In addition to currency trading, FXCM offers educational courses on forex trading, and provides research through DailyFX.com.
As of September 2006, FXCM held in excess of $215 million in customer funds out of a total of over $770 million held by Forex Dealer Members. While there are approximately 31 active Forex Dealer Members with liabilities to customers of approximately $795 million, FXCM holds approximately 1 out of every 3 dollars of customer funds held by Forex Dealer Members.
*(See http://www.fxcm.com/news-release.jsp)
Source: http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1704
(FXCM is the FDM referenced in this NFA document as holding in excess of $215 million in customer funds.)
###
Leveraged foreign exchange trading carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
More Information:
Jaclyn Sales
Public Relations Coordinator
Forex Capital Markets LLC
Financial Square
32 Old Slip, 5th Floor
New York, New York 10005
Dir (646) 432-2463
Tel (212) 897-7660
jsales@fxcm.com
In the unlikely event of FXCM UK's bankruptcy, clients of FXCM UK would be considered secured creditors and receive priority in bankruptcy proceedings.
The FXCM Group is offering this option through its UK affiliate because funds held by US-registered Forex Dealer Members are not segregated. If a Forex Dealer Member becomes insolvent, clients do not automatically receive priority status in bankruptcy proceedings.
Recently, a US-registered forex broker went into receivership due to undercapitalization. Clients of the broker were unable for a period of time to access their funds and faced the possibility of financial losses. This situation may recur as current capital requirements for US-registered forex brokers are minimal.
Unlike many Forex Dealer Members, FXCM is financially strong, with reserves that far exceed regulatory requirements. The FXCM Group has over $120,000,000 in firm capital (assets minus liabilities).*
Drew Niv, Chief Executive Officer of the global currency trading firm, pointed out several features of the FXCM UK segregated account:
• Forex regulations in the UK differ from the ones in the United States;
• FXCM UK is now accepting accounts from over 100 countries including the United States;
• The Financial Services Authority (FSA), one of the world's most respected financial regulatory bodies, administers these regulations;
• Opening an account is quick and easy: Applications may be submitted online.
Drew Niv stated, “FXCM is offering segregated funds through FXCM LTD as an additional value to our clients. While FXCM is the largest, most financially secure US–registered Forex Dealer Member, we still want to provide our clients with additional legal protections for those that want their funds segregated.”
“Many forex firms are teetering on the brink of bankruptcy; FXCM is strong. We believe that it is vitally important that all currency trading clients have complete and verified information on the financial strength of forex trading firms. That is why FXCM has taken the major step of making our balance sheet public, and challenged other firms in the industry to follow our lead.” said Niv.
FXCM Facts
More than 90,000 live accounts are traded via the FXCM trading platform
Over $200 billion in notional volume is traded each month on the FXCM trading platform
FXCM has received numerous awards from the investment community, including Best Currency Broker from Shares, Best Retail Foreign Exchange Platform from FX Week and Best Foreign Exchange Specialist from Technical Analysis of Stocks & Commodities. In addition to currency trading, FXCM offers educational courses on forex trading, and provides research through DailyFX.com.
As of September 2006, FXCM held in excess of $215 million in customer funds out of a total of over $770 million held by Forex Dealer Members. While there are approximately 31 active Forex Dealer Members with liabilities to customers of approximately $795 million, FXCM holds approximately 1 out of every 3 dollars of customer funds held by Forex Dealer Members.
*(See http://www.fxcm.com/news-release.jsp)
Source: http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1704
(FXCM is the FDM referenced in this NFA document as holding in excess of $215 million in customer funds.)
###
Leveraged foreign exchange trading carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
More Information:
Jaclyn Sales
Public Relations Coordinator
Forex Capital Markets LLC
Financial Square
32 Old Slip, 5th Floor
New York, New York 10005
Dir (646) 432-2463
Tel (212) 897-7660
jsales@fxcm.com
Contact
FXCM
Jaclyn Sales
646-432-2463
fxcm.com
OR
Hanna Ella Stewart
(646) 432 2258
hstewart@fxcm.com
Jaclyn Sales
646-432-2463
fxcm.com
OR
Hanna Ella Stewart
(646) 432 2258
hstewart@fxcm.com
Contact
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