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Regulator Revokes Business Improvement Order for FXCM Japan

Japan's Kanto Local Finance Bureau has rescinded the Business Improvement Order for FXCM Japan Securities Co., Ltd. ("FXCMJ"), Japan's subsidiary of US-based Forex broker FXCM

 
You must already have questions regarding the functions of the bureau and the nature of its orders. Putting it bluntly, the Kanto Local Finance Bureau reports to Japan's Ministry of Finance – a fact which makes the decisions and actions of this entity very important for all businesses in the country.  
The watchdog issued the order regarding FXCM Japan in July 2012, demanding that the company beefs up its internal controls and risk management. Since then the broker has put plenty of efforts into enhancing these aspects of its performance and this labour was appreciated by the Bureau. 
 
Both Drew Niv, chief executive of FXCM Inc., and Kazunori Iida, president of FXCMJ, praised the positive outcome and pledged further improvements in the work of the Japanese operations of the broker. For that matter, let's mention that FXCMJ recently set up a global matching engine in an Equinix's IBX data center in Tokyo, in order to boost the speed of online trading for its clients in the Asia Pacific region.
 
Japan has been a key market for the broker – as our infographics show the country accounted for 14% of global Forex volumes in 2012. In the face of regulatory changes in leverage requirements, the company continues to boast solid presence in the Land of the rising Sun thanks to rise in the number of white-label partnerships. Moreover, Japanese traders accounted for a third of overall customer cash balance in the third quarter of 2013, marking a continuous increase from levels registered in 2011.
 
Another important destination for FXCM in Asia is, of course, China. The broker is getting ready for some great growth there too.
 
You can read the official press release from FXCM on the Japanese business below.
 
FXCM Japan Business Improvement Order Lifted
 
NEW YORK & TOKYO--(BUSINESS WIRE)-- FXCM Inc. (NYSE:FXCM) today announced that the Business Improvement Order issued by the Kanto Financial Bureau in July 2012 has been lifted for its Japan entity, FXCM Japan Securities Co., Ltd. ("FXCMJ").
 
FXCMJ has worked extensively over the past year and a half to enhance and strengthen its internal control systems including its risk management system. FXCMJ has also improved the customer protection system throughout the company.
 
"We will continue reinforcing our internal control system," said Kazunori Iida, President, FXCMJ. "We recognize that regaining our customers' trust is our top priority and strive to meet customers' needs." Iida added, "We always look to offer our customers our best service, to support their trading experience with FXCMJ and to contribute to further development of the Japanese financial market."
 
"Again we express our sincere apology to our customers and related parties for the great concern and inconvenience that this may have caused," said Drew Niv, CEO and president of FXCM Inc. "We appreciate your continued support," he added.
 
FXCM recently deployed a global matching engine in one of Equinix's IBX data centers in Tokyo to further expand its business and provide high-speed and reliable online trading for customers in the Asia Pacific region.
 

About FXCM Inc. 

 
FXCM Inc. (NYSE:FXCM) is a global online provider of foreign exchange, or FX, trading and related services to retail and institutional customers world-wide. 
At the heart of FXCM's client offering is No Dealing Desk FX trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, offers Contract for Difference ("CFD") products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with FX on one platform. In addition, FXCM offers educational courses on FX trading and provides free news and market research through DailyFX.com.
TAGS: fxcm  fxcm forex broker  kanto finance bureau  fxcm japan  business improvement order  forex regulation  forex market  forex regulator  japan forex 

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