Brokers News

FXCM pays $650 K CFTC fine for 2015 undercapitalization

FXCM's woes see no end. After last week's shocking regulatory actions against it that forced it to exit the US forex market, where it was the leader, this week the broker took action to resolve another old regulatory issue and pay a $650 000 fine. 

 
According to a statement of FXCM, it has taken steps to settle a court case brought up by the CFTC  in connection to a short period in January 2015 during the Swiss franc volatility when the broker was undercapitalized and failed to inform the regulators. The CFTC action also concerns the negative-balance protection of FXCM prior to January 2015, which is no longer available. 
 
FXCM was one of the few forex brokers who still operated in the US. With its exit and sale of clients to Gain Capital, there would be just four left: Gain Capital, Oanda, Interactive Brokers and TD Ameritrade.
 
Prior to last week's development the broker was registered with CFTC and the NFA. Earlier this week FXCM released a statement that, after all, its US exit is not that dramatic and would ultimately trigger international expansion. 
 
It has units registered and regulated with the relevant authorities in the US, the UK, Australia, Hong Kong and France. 
 
 
TAGS: fxcm  cftc  fine  undercapitalization  swiss franc 

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