FXCM Breaks 100,000 Accounts
New York, NY, November 15, 2007 --(PR.com)-- FXCM (www.fxcm.com) announced that earlier this year, FXCM reached over 100,000 live accounts trading on FXCM’s trading platforms.
“This is a milestone in the history of the forex industry,” said Drew Niv CEO of FXCM “It seems to reflect the currency trader’s positive reaction to the new services and policies implemented this year, especially our No Dealing Desk execution, and increasingly lower spreads.”
“We believe our financial strength and outstanding customer service have helped to make us the broker of choice for the retail forex industry,” said Niv.
FXCM Prepared for New NFA Requirements
· New net capital requirement a minimum of $10 million or 10% of client assets for forex brokers offering greater than 100:1 leverage.*
· New net capital requirement of $5 million or 5% of client assets are for FDM’s offering 50:1 leverage or less.*
· In addition to the new net capital minimum, there are other financial requirements. They vary, depending on size of positions taken by a firm as well as the amount of customer deposits held. These new requirement will make the actual requirement much larger for a number of FDMs.
Forex Capital Markets, LLC, an NFA member firm, is the US regulated entity of the FXCM Group. According to the latest CFTC report, as of September 30, 2007 Forex Capital Markets, LLC had an adjusted net capital of $56,170,101 which far exceeds the NFA’s new capital requirements.**
Drew Niv, CEO of FXCM endorses the recently announced increased capital requirement level, however, believes the $20 million capital level proposed by NFA’s president and CEO in his recent congressional testimony is excessive. “The financial resources for FXCM (Forex Capital Markets, LLC) far exceed both increases of capital requirement and FXCM stands behind the NFA’s decision to raise the standards and security of US based forex brokers, as long as they are consistent with creating a healthy, globally competitive US forex industry,” said Niv.
FXCM Facts
· Forex Capital Markets LLC is one the Largest Forex Dealer Members***
· More than 100,000 live accounts trade on FXCM trading platforms
· Over $200 billion in notional volume is traded each month on FXCM trading platforms
· FXCM provides customer support with native speakers in more than a dozen languages in 6 offices around the world
Registered with the CFTC as a Futures Commission Merchant, FXCM (Forex Capital Markets LLC) 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.
***In 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.
* Without proper risk management, this high degree of leverage can lead to large losses as well as large gains.
** Source: http://www.cftc.gov/marketreports/financialdataforfcms/index.htm
*** Source: http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1704
###
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
FXCM
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
Dir (646) 432-2463
Tel (212) 897-7660
jsales@fxcm.com
“This is a milestone in the history of the forex industry,” said Drew Niv CEO of FXCM “It seems to reflect the currency trader’s positive reaction to the new services and policies implemented this year, especially our No Dealing Desk execution, and increasingly lower spreads.”
“We believe our financial strength and outstanding customer service have helped to make us the broker of choice for the retail forex industry,” said Niv.
FXCM Prepared for New NFA Requirements
· New net capital requirement a minimum of $10 million or 10% of client assets for forex brokers offering greater than 100:1 leverage.*
· New net capital requirement of $5 million or 5% of client assets are for FDM’s offering 50:1 leverage or less.*
· In addition to the new net capital minimum, there are other financial requirements. They vary, depending on size of positions taken by a firm as well as the amount of customer deposits held. These new requirement will make the actual requirement much larger for a number of FDMs.
Forex Capital Markets, LLC, an NFA member firm, is the US regulated entity of the FXCM Group. According to the latest CFTC report, as of September 30, 2007 Forex Capital Markets, LLC had an adjusted net capital of $56,170,101 which far exceeds the NFA’s new capital requirements.**
Drew Niv, CEO of FXCM endorses the recently announced increased capital requirement level, however, believes the $20 million capital level proposed by NFA’s president and CEO in his recent congressional testimony is excessive. “The financial resources for FXCM (Forex Capital Markets, LLC) far exceed both increases of capital requirement and FXCM stands behind the NFA’s decision to raise the standards and security of US based forex brokers, as long as they are consistent with creating a healthy, globally competitive US forex industry,” said Niv.
FXCM Facts
· Forex Capital Markets LLC is one the Largest Forex Dealer Members***
· More than 100,000 live accounts trade on FXCM trading platforms
· Over $200 billion in notional volume is traded each month on FXCM trading platforms
· FXCM provides customer support with native speakers in more than a dozen languages in 6 offices around the world
Registered with the CFTC as a Futures Commission Merchant, FXCM (Forex Capital Markets LLC) 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.
***In 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.
* Without proper risk management, this high degree of leverage can lead to large losses as well as large gains.
** Source: http://www.cftc.gov/marketreports/financialdataforfcms/index.htm
*** Source: http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1704
###
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
FXCM
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
Dir (646) 432-2463
Tel (212) 897-7660
jsales@fxcm.com
Contact
FXCM
Jaclyn Sales
646-432-2463
www.fxcm.com
Jaclyn Sales
646-432-2463
www.fxcm.com
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