de | cn | ru

Brokers News

FXDD Trims Headcount, Says No Impact on Business

ForexDirectDealer, or FXDD, the major US Forex broker, has been laying off workforce lately, but its management says the business is not affected by the trimming. A senior management official at the broker told the Forex Magnates that the job cuts did not cover top management at the company and that the business went on as usual.
 
Newly hired staff at FXDD is said to have born the brunt of the cuts – according to the source from the broker's management the newbies simply could not meet certain work standards. But let's add some numbers to these statements – some 10% of FXDD's employees have been laid off. This is a substantial number, given that the company is headcount wise and does not employ many people. In fact, its headcount is estimated at about 140 people, despite the fact that it operates internationally. 
 
Many of you may not be surprised to hear of the job-cuts news, as FXDD has been battered by problems in the US, where its main business is. The problems have been stemming to a great extent from excessive regulatory pressure on the broker: over the past three months the broker suffered a blow from a raft of fines, including a $275,000 penalty over a failure to meet capital requirements. The rationale for the measures against FXDD has been somewhat obscure, by the way. For example, the failure to meet capital requirements in fact was a simple flaw in capitalization reporting. Could it be that the broker is taking hefty measures against employees at fault for these regulation violations?
 
One thing can be said for sure – if any company has serious financial troubles, it does not lay off staff as a bunch of salaries can hardly compensate for grave budget deficiencies. More likely,  the reasons for the job cuts are related to the performance failures the senior management official mentioned. On the other hand, jobs trimming may be just a part of a wider cost-cutting measures and point to some major changes at FXDD in the future. It may be that the broker has just had too much of all the regulatory requirements in the US and may decide to quit this market
 
Drastic layoffs are not a random occurrence at the Forex industry, especially the retail segment which has been suffering from weak volatility over the past couple of years. In November 2012, Saxo Bank, the Danish bank and broker reduced its headcount by 16%.
 
 

About FXDD

 
FXDD, a Foreign Exchange Dealer registered with the CFTC and a member of the National Futures Association (NFA), is headquartered in New York City's 7 World Trade Center.  FXDD is a leader in online Forex trading dedicated to providing superior customer service, powerful trading technology, and reliable streaming liquidity. FXDD provides services to individual and institutional traders, hedge funds, commercial entities, brokerage firms and money managers around the world. FXDD offers 24-hour Forex trading by way of its trading platforms, which include: MetaTrader, PowerTrader, Mirror Trader, and FXDDTrader. The Company's services currently provide competitive interbank pricing, no-interest accounts, and fully-automated execution. FXDD also provides 50:1 leverage in the US, as well as competitive bid-to-ask spreads.
TAGS: fxdd  forexdirectdealer  fxdd forex broker  fxdd us broker  us forex broker  fxdd layoffs  fxdd job cuts  fxdd workforce  forex employees  forex employment 

More news about FXDD

Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review

More Forex Brokers News

FC Barcelona and FBS Sign New Global Partnership Agreement

Jan 17 2020 13:05:55

Broker specializing in online trading becomes club’s Official Trading Partner for four years, through 30 June 2024. Read more

FP Markets adds Autochartist to its list of analytical tools

Jan 13 2020 17:56:25

FP Markets, one of the leading brokers in Australia and a trusted global Forex and CFD broker, has added yet another instrument to its long list of trading tools  - the Autochartist - an online technical analysis tool which scans the market to provide detailed breakdowns across a wide range of ... Read more

FBS clients grow to over 14 million in 2019

Jan 07 2020 18:15:13

FBS, one of the leading players in the forex industry, published its annual report for 2019, celebrating its 10th birthday and 14 millionth client in some 190 countries around the globe. Read more

#FBS2020: FBS Gives Away Lucky Gift Boxes In A New Year Promo

Dec 09 2019 14:36:59

As many companies out there, FBS broker finishes off its year with a New Year promotion for its clients. At the end of 2019, they are offered to create a fancy Thank You e-card for their loved ones and get a gift box full of nice surprises. Read more

Trip For Pip: FBS To Launch A Quest Game For A Trip To London, Tokyo, Or Dubai

Oct 29 2019 14:09:54

FBS broker starts its new marketing campaign, and it has already attracted many eyeballs on social media. The promotion is called “Trip for Pip,” and it is very engaging for several reasons:    a) it’s playable;  b) it features a dream trip for two as the main prize. Read more

HYCM tops the list of brokers with highest percentage of winning clients

Oct 23 2019 12:12:59

The importance of choosing a reliable broker is paramount to trading. Most traders have given a serious thought to the security of their investments and these concerns are increasingly common in this highly competitive market. Read more

FXCM expands its crypto offering with CryptoMajor baskets

Oct 14 2019 14:49:01

  Major forex broker FXCM Group enhances its CFD offering with the launch of CryptoMajor- cryptocurrency baskets, which will allow its clients to trade in to multiple digital assets in one go. Read more

FXTM Launches 30% Welcome Bonus

Aug 06 2019 13:38:53

  As part of FXTM’s mission to provide clients with an exceptional trading experience, the international broker has launched its latest offering – the 30% Welcome Bonus!   This promotion, available under Exinity Limited, boosts your account by an extra 30% when you deposit $100... Read more

XM parent actively prepares for the launch of its US brand Trading.com

Jul 03 2019 14:19:28

  Trading Point Group, the owner and operator of the XM brand, actively prepares for the future launch of its US brand Trading.com. Read more

FBS Invites 20 Best Partners To a VIP Party

Jul 02 2019 15:04:24

Partner parties is a great way to get to know company’s local promoters and celebrate loyalty, motivation, and cooperation. In 2019, FBS broker launches the FBS Stars contest with a round trip flight to Russia’s second largest city and a VIP party invitation as a prize. Read more

de | cn | ru