One of the interesting things about being an NFA member is that I get updates every time the NFA finds someone doing something shady. I have to say that it happens way too often, unfortunately. In this case it was FXCM. They've been in trouble quite a few times already, and now they have been barred from NFA membership. This is what I don't like about Forex, and why I've always stuck to exchange-traded futures. Anyway, I wanted to post it because I know a bunch of W59 users at one time were using this broker, and at one point I went so far as to get a copy of their API to see if we could connect to them for integrated trading. Details below...
For Immediate Release
February 6, 2017
For more information contact:
Kristen Scaletta, 312-781-7860, email@example.com
Karen Wuertz, 312-781-1335, firstname.lastname@example.org
NFA bars New York retail foreign exchange dealer Forex Capital Markets, LLC and its principals Dror Niv, William Ahdout and Ornit Niv from membership
February 6, Chicago—National Futures Association (NFA) has barred New York retail foreign exchange dealer Forex Capital Markets, LLC (FXCM) from membership. NFA also barred FXCM principals Dror Niv, William Ahdout, and Ornit Niv from membership and from acting as a principal of an NFA Member.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint (http://www.nfa.futures.org/basicnet/Cas ... eqnum=4405) issued by the BCC and a settlement offer submitted by FXCM, Dror Niv, Ahdout and Ornit Niv. The BCC found that FXCM, Dror Niv and Ahdout engaged in numerous deceptive and abusive execution activities that were designed to benefit FXCM, to the detriment of its customers. The BCC also found that FXCM and Dror Niv provided misleading information to NFA. Finally, as a result of a number of significant supervisory failures, the BCC found that FXCM, Dror Niv, Ahdout and Ornit Niv failed to adequately supervise the firm and its employees.
FXCM has had a long history of disciplinary actions involving, among other things, deceptive and abusive execution practices to benefit FXCM to the detriment of its customers. NFA's BCC has authorized four prior Complaints against FXCM. In 2011, FXCM was charged with engaging in asymmetrical price slippage practices and ordered to pay a $2 million monetary sanction and not engage in the types of deceptive and abusive practices detailed in NFA's 2017 Complaint. More information regarding FXCM's disciplinary record is available by using NFA's BASIC system, which is accessible through NFA's website.
The 2017 Decision will become effective on February 21, 2017, and FXCM will withdraw from NFA membership within 15 days of February 21, unless this 15 day period is extended by the BCC.
NFA thanks the Commodity Futures Trading Commission (CFTC) for its assistance.
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