Forex Capital Markets LLC is a futures commission merchant and retail foreign exchange dealer. It provides foreign exchange (currency) trading and related services to retail and institutional customers. The company offers DailyFX.com that provides news and market research, on-demand educational videos, live instructor sessions, and ongoing trading support by the course instructors; Active Trader, an elite pricing service for high volume traders; and DailyFX PLUS that provides trading signals, tips on trading, charts with support and resistance levels, on-demand video lessons, and live trading sessions. It also provides programming services; institutional services for financial institutions, ...
55 Water Street
New York, NY 10041
Founded in 1999
The U.S. Commodity Futures Trading Commission Files and Simultaneously Settled Charges Against Forex Capital Markets, LLC
Sep 8 15
The U.S. Commodity Futures Trading Commission (CFTC) filed and simultaneously settled charges against Forex Capital Markets, LLC (FXCM) for failing to diligently supervise its officers, employees, and agents handling of accounts held at FXCM in the name of a fraudulent foreign currency exchange pool, Revelation Forex Fund, LP (RFF). RFF was operated by Kevin G. White (White) and two entities he controlled (the White Entities). The CFTC sued White and the White Entities on July 9, 2013, for their fraudulent scheme and subsequently entered into a Consent Order for permanent injunction against them. In a related criminal action, White was sentenced to over eight years of prison for mail fraud. According to the CFTC's Order, from April 1, 2013, to July 10, 2013, FXCM failed to follow its compliance procedures that require that it "know all of its customers" and that its employees identify and promptly report suspicious activities to appropriate authorities. Although FXCM was aware of warning signs that RFF was a fraud, FXCM failed to identify or report these warning signs in violation of its own compliance procedures, or that White's operation of websites on behalf of the White Entities violated their exemption from registering as a commodity pool operator. The Order also finds that FXCM failed to respond fully to a CFTC document request and, in doing so, violated a previous Commission order. The CFTC Order requires FXCM to pay a civil monetary penalty of $700,000; disgorge commissions and fees of $143,922.50 it earned from the RFF accounts; and comply with certain undertakings including hiring a third-party compliance consultant to review and report on the supervisory issues raised in the Order. The CFTC Division of Enforcement staff members responsible for this case are Harry E. Wedewer, Dmitriy Vilenskiy, John Einstman, and Paul G. Hayeck.
Forex Capital Markets LLC Introduces New Retail FX Pricing Model
Sep 22 14
FXCM Inc. announced that Forex Capital Markets LLC has introduced a new retail FX pricing model. FXCM US platforms will now display raw spreads and mark-ups previously included in the spread will be separately displayed as a commission. As part of this introduction, FXCM also reduced client trading costs. FXCM's new pricing model allows traders to easily scalp the market, while providing increased execution benefits to stop and limit orders. Furthermore, FXCM clients will continue to benefit from no re-quotes, fast, efficient and transparent execution, with no restrictions, along with a comprehensive suite of educational services through DailyFX.com.