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FXCM vs. CFTC
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[QUOTE="FXCM - PR, post: 837, member: 1153"] [b]They are running a Clarification peice this week.[/b] The story above running in Profit-Loss magazine reported on a reparations case between Robert Dickten and FXCM. Unfortunately, the reporter did not give FXCM an opportunity to comment resulting in a story which is one sided and misleading. The case revolves around trading activity in a single account which occurred in 2005. There have been major developments in both FXCM’s business model as mentioned above and the regulatory environment for retail forex trading since then Below is the clarification that Profit-Loss magazine is running in this weeks online edition. [B]FXCM: A Clarification Mon 23rd Feb 2009 bookmark Last week, Squawkbox reported on an issue between retail FX provider FXCM and the Commodity Futures Trading Commission (CFTC). We have been asked by FXCM to clarify some of the points made in the article. The CFTC was not a party to the Dickten case, it provided an adjudicatory forum in which the customer could present his claim. The CFTC never initiated any formal enforcement action against FXCM in connection with the Dickten matter and “never found FXCM in violation of any statute or regulations,” FXCM says. FXCM has been registered with the CFTC since 2001 and the firm says that it is incorrect to state that it was challenging the CFTC’s authority. It has also asked Squawkbox to point out that since 2007 it has been implementing a “no-dealing desk”, which directly offsets every trade from a customer with a major bank or financial institution. We are happy to provide this clarification.[/B] If there are any additional questions I can be contacted at [email]jsales@fxcm.com[/email] [/QUOTE]
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