FXCM Announcement

Discussion in 'Events' started by FXCM-PR, Jul 18, 2007.

  1. FXCM-PR

    FXCM-PR ET Sponsor

    July 18, 2007

    For Immediate Release:

    The FXCM Group announced today that it has changed the name of its subsidiary, FXCM LLC to FXCM Futures LLC. The purpose of the name change is to avoid confusion between Forex Capital Markets LLC and FXCM Futures LLC.

    FXCM Futures LLC is a Futures Commission Merchant (FCM) and will be offering exchange traded futures products. The firm has not yet started to accept clients.

    Forex Capital Markets LLC is a Forex Dealer Member (FDM), a sub-category of Futures Commission Merchants. Clients opening accounts through the website www.fxcm.com are trading through Forex Capital Markets LLC.

    Both firms are listed on the CFTC’s Monthly Report “Selected Financial Data for Futures Commission Merchants” available at http://www.cftc.gov/tm/tmfcm.htm; which enables the public to see the net capital of all FCMs.

    This report has gained attention over the last few weeks as members of the forex trading community have reacted to the NFA proposal to raise the minimum adjusted net capital requirements for Forex Dealer Members (FDM) to $5 million.

    Many clients of Forex Capital Markets LLC have checked the report to see the relative standing of the firm. Should the proposed NFA capital rules go into effect, Forex Capital Markets LLC would far exceed those capital requirements. Forex Capital Markets LLC has an adjusted net capital of $55,668,469 as of May 31, 2007, the most recently released report.
    Please note the name change has already been updated with the NFA. However, it may be several months before the CFTC’s selected financial data is updated.

    Source: http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1704
    (Forex Capital Markets LLC is the FDM referenced in this NFA document as holding in excess of $215 million in customer funds.)"

    FXCM Facts
    • Forex Capital Markets LLC is the Largest Forex Dealer Member*
    • More than 90,000 accounts are traded on the FXCM trading platform
    • Over $200 billion in notional volume is traded each month on the FXCM trading platform
    • FXCM provides customer support with native speakers in over 20 languages in 6 offices around the world
    Registered with the CFTC as a Futures Commission Merchant, FXCM (Forex Capital Markets LLC) has received numerous awards from the investment community, including Best Currency Broker from Shares, Best Retail Foreign Exchange Platform from FX Week and Best Foreign Exchange Specialist from Technical Analysis of Stocks & Commodities. In addition to currency trading, FXCM offers educational courses on forex trading, and provides research through DailyFX.com.
    *As of September 2006, FXCM held in excess of $215 million in customer funds out of a total of over $770 million held by Forex Dealer Members. While there are approximately 31 active Forex Dealer Members with liabilities to customers of approximately $795 million, FXCM holds approximately 1 out of every 3 dollars of customer funds held by Forex Dealer Members.
    *Source: http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1704
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    Leveraged foreign exchange trading carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford t

    More Information:
    Jaclyn Sales
    Public Relations Coordinator
    Forex Capital Markets LLC
    Financial Square
    32 Old Slip, 10th Floor
    New York, New York 10005
    Dir (646) 432-2463
    Tel (212) 897-7660