Drew Niv and Brandon Mulvihill withdraw from FXCM UK board


Share

Continuing the week of drama surrounding retail forex broker FXCM Inc (NASDAQ:FXCM) following the company’s ban from its home US FX market, alongside a similar ban to FXCM CEO Drew Niv (pictured above) and his FXCM co-founder William Ahdout, the company’s FCA regulated UK subsidiary Forex Capital Markets Limited (‘FXCM UK’) has indicated in regulatory filings that Mr. Niv and Brandon Mulvihill, MD – Global Head of FXCM PRO, have both resigned as directors from FXCM UK.

Mr. Mulvihill is in charge of FXCM’s institutional business, much of which is based in the UK.

Following last week’s events Mr. Niv (and Mr. Ahdout) resigned from the board of Forex ECN FastMatch, in which FXCM holds an approximate one-third equity stake alongside commercial banks Credit Suisse Group AG (ADR) (NYSE:CS) and BNY Mellon Corp (NYSE:BK).

There seems to be much speculation as to what Mr. Niv’s resignations from FastMatch and FXCM UK ‘mean’. To us, not much really. Clearly, some restructuring is going on fairly rapidly at FXCM after last week’s US ban, which also included the layoff of 150 FXCM employees, or 18% of FXCM’s global workforce of more than 800. However whether Mr. Niv himself is about to be shown the door by his board and by Leucadia National Corp (NYSE:LUK) which we believe is really calling the shots now at FXCM, or whether he will just decide that he has had enough and leave of his own volition, remains in our view an item of speculation.

Related News

  • Drew

    I Guess what goes around comes around.

    In 2013, after the haircut imposed on Cypriot depositors, FXCM eyebrow waxing CEO, was attempting to poach clients from Cyprus based brokers sending emails with subject Worried About Cyprus and Your Forex Broker ?

    Now is pay time for the Fat eyebrow waxing Pig

    • Fat Pig Drew in Jail

      Fat Pig Drew Niv will be getting thinner under the prison regime in a State Penitentiary. What goes around comes around indeed. Cyprus is here to stay.

      • grasshopper_fxl

        LOL you clown! unfortunately there is no jail time, neither for Niv nor you. see how lucky you are?

  • Well done

    Great coverage. The only true factual coverage amongst the arse-lickers of FXCM (McLeod of FF and Greenberg of FM). Well done.

  • Fisherp

    Cyprus has fat pig CEOs also. Mostly fat Russian crooks along with some malnourished Israeli criminals. In fact for a long time CYPRUS brokers have been doing exactly what FXCM did in the US and got busted for and even today they are still gettibg away with it. No serious traders deal with the Russian and Israeli scumbags in CYPRUS, anyone of any substance and intelligence will allways go for an FCA or ASIC regulated broker.

    • grasshopper_fxl

      what about JFD Brokers? do you include them in the cesspool?

      • Leoo

        As far as I suspect, JFD don’t belongs to the same group mentioned by Fisherp. CEO/founder is a well known german trader and its disciplinary history is clean up to now.

        • grasshopper_fxl

          ok… if only they could offer a more professional platform than MT4. and what’s with the spread on GBPJPY? it’s consistently wider during all sessions than their competition when the spreads on all the other majors are quite similar to their competition. why is only this pair wider?

          • Leoo

            As for the GJ spread, I have not followed up, I am no longer a JFD customer. But I have to acknowledge that your objections to MT4 make sense, given the ‘maneuvers’ that brokers can perform with this platform. It does not matter whether or not they have bridges installed.

        • Peppe

          Why then are they regulated by CYSEC not BAFIN in Germany. If the CEO was such a good citizen in Germany it should be easy for him to get BAFIN regulation. Smells like rotten eggs to me.

          • Leoo

            Their site states JFD is registered with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany (Registration number: 126399). On other hand, everybody knows that setting up a brokerage in Cyprus is much less costly and less demanding (not good for traders). Anyway, I’m not their advocate, just only a former customer giving a benefit of doubt in the absence of any evidence or even a clue.

          • Peppe

            Yeah and it’s probably a passport from CYSEC, passporting from an infected jurisdiction does not count.

            Legitimate operations have independent licences across multiple jurisdictions. Passporting from CYSEC does not count but the Israelis on the island will have you think otherwise, they are the very people that have bought the sector into disrepute across Europe. Scumbags to say the least.

          • Peppe

            Yes indeed it is a passport from Cyprus not independent regulation in its own right. There is a huge difference.

            Below is the address shown on the FCA website:

            Address:70 Kyrillou Loukareos Street Kakos Premier Tower, 2nd Floor Limassol Limassol 4156 CYPRUS

            So in conclusion they are no better than the sleazy Israeli liars and fat Russian money launderers that call Cyprus home. The place is paradise for all the crooks of the forex and binary options industries, it’s thelpful only place in the world that they can get away with financial crimes and not go to jail. In Cyprus you can go to jail for killing a goat but not for stealing customers money.

          • grasshopper_fxl

            LOL ahahaha that’s a good one. so basically, any CySec regulated outfit should be avoided at all cost?

            what about Malta, home to FXDD and Exante?

          • Peppe

            Malta is a tax heaven like CYPRUS. You see the reason the Israelis and Russians like these places is because of the lax nature of their regulators yet they can passport into the EU under MIFID.

            The regulators in both countries are 3 to 5 years behind the FCA and are rather relaxed when it comes to enforcement.

            Both counties are islands and it’s not what you know but rather who you know and money buys you friends.

          • Peppe

            I should also add that Malta has a tax treaty in place with Singapore so one of the favourite Israeli tricks is to run the Maltese entity on a very low NTA and funnel money into Singapore. This helps them ringfence their money and also buildsome relationships with reputable banks to strengthen their merchant facilities as many banks see card payments relating to forex as high risk especially for brokers in Malta.

          • Leoo

            Generically, what you stated about those regulations is true. Safety and precaution was the reason I moved from Cyprus to a brokerage headquartered in London.

          • grasshopper_fxl

            speaking of Germany and Cyprus, i just stumbled across an outfit called Hanseatic Brokerhouse Financial Services GmbH with HQs in Cyprus and branch office in Germany…. mmhhh looks complicated… was formerly AVA-Trade, then AF Alaska Financial Ltd… , but they will have cTrader soon!

            ever heard of them?

            here:

            ‘Hanseatic-Brokerhouse Global Markets Ltd. (former AF Alaska Financial Ltd.) is a Cyprus Registered Company with Company Registration Number HE251168. It is a regulated EU Investment Firm, licensed by the Cyprus Securities and Exchange Commission (CYSEC), under License No., 204/13. It is an Investment Firm (IF) following the implementation of the Markets in Financial Instruments Directive (MiFID) and a Financial Counterparty (FC) with Legal Entity Identifier (LEI) code 549300MP3SKVBZGRWS47, following the implementation of the European Market Infrastructure Regulation (EMIR) in the European Union. Hanseatic-Brokerhouse Global Markets Ltd. is a Foreign Financial Institution (FFI) following the implementation of the USA FATCA for information reporting purposes under FATCA with a Global Intermediary Identification Number (GIIN) C12KU3.99999.SL.196. Hanseatic Brokerhouse Global Markets Ltd. exclusively cooperates with Hanseatic Brokerhouse Securities AG, Hamburg,Germany (liability provider Hanseatic Brokerhouse Financial Services GmbH). Hanseatic Brokerhouse Financial Services GmbH is regulated by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).’

          • grasshopper_fxl

            or maybe the license is cheaper to get in Cyprus and requires less min capital to operate, a dangerous proposition to be sure.

  • Chris

    Brandon wasn’t part of the retail business so why did he go?

    • Stanley

      It looks like FXCM-US is distancing itself from FXCM-UK, to make it easier to sell FXCM UK as a standalone unit. You gotta think that they want to sell it fast, before all clients jump ship and all value evaporates there. Traders aren’t very trusting of FXCM right now.

arrow

Drew Niv and Brandon Mulvihill withdraw from FXCM UK board

Share this

Send this to friend

Signup for LeapRate's Email Newsletter
Interested In Forex Industry News & Information?

Subscribe FREE To Our Industry Leading Email Newsletter:

  • Trading Industry News To Your Inbox
  • Breaking News Briefs
  • Executive Moves
  • Broker, Platform and Vendor Updates
  • Financial Results
  • FX Volume Reports
  • Exclusive Commentary
PGlmcmFtZSBzcmM9Ii93cC1jb250ZW50L2E0bHIvaGFuMTZyZXNfNjI1eDQwMC5odG1sIiB3aWR0aD0iNjI1IiBoZWlnaHQ9IjQwMCIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6bm9uZTsiIHNlYW1sZXNzPjwvaWZyYW1lPg==
PElGUkFNRSBTUkM9Imh0dHBzOi8vYWQuZG91YmxlY2xpY2submV0L2RkbS9hZGkvTjgwMTcuMTkxNDQzMkxFQVBSQVRFL0IxMDY0ODE4OS4xNDIxOTAzNjE7c3o9NjAweDQyNTtvcmQ9W3RpbWVzdGFtcF07ZGNfbGF0PTtkY19yZGlkPTt0YWdfZm9yX2NoaWxkX2RpcmVjdGVkX3RyZWF0bWVudD0/IiBXSURUSD02MDAgSEVJR0hUPTQyNSBNQVJHSU5XSURUSD0wIE1BUkdJTkhFSUdIVD0wIEhTUEFDRT0wIFZTUEFDRT0wIEZSQU1FQk9SREVSPTAgU0NST0xMSU5HPW5vIEJPUkRFUkNPTE9SPScjMDAwMDAwJz4=

SEND MORE INFORMATION ON PLACING A LISTING IN THE FOREX YELLOW PAGES

I'M INTERESTED IN ADDING A COMPANY
PGlmcmFtZSBzcmM9Ii9hNGxyMTcvcG9wdXAtZGVza3RvcC02MDB4NDI1Lmh0bWwiIGZyYW1lYm9yZGVyPSIwIiB3aWR0aD0iNjAwIiBoZWlnaHQ9NDI1IiBzdHlsZT0iYm9yZGVyOm5vbmU7Ij48L2lmcmFtZT4=