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August 15, 2011: NFA levies $2 million fine against FXCM

FXCM’s inclusion in LeapRate’s Approved List under review

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The U.S. National Futures Association (or “NFA”) has issued a $2,000,000 monetary sanction against FXCM. The fine was in settlement of a complaint issued by the NFA’s Business Conduct Committee relating to price slippage, failing to treat all customers equally when giving price adjustments, failing to adequately investigate suspicious activity in several customer accounts, and – together with its principal Dror Niv – failing to supervise.

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June 29, 2011: Saxo Bank partners with Citi, in preparation for “July 15”

As July 15 approaches, US Forex firms and foreign banks continue to scramble for solutions.

Saxo Bank and Citigroup announced yesterday that Saxo Bank will service all US clients through CitiFX Pro. This announcement comes amid a flurry of other similar notices, as firms doing business in the US prepare for the next phase in the implementation of the Dodd-Frank Act on July 16 – although since Friday July 15 is the last “business day” before July 16, the rules are now commonly being referred to as the “July 15 rules”.

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June 27, 2011: Investors Europe announces launch of new Retail FX presence

Gibraltar based brokerage firm Investors Europe announced Friday the launch of its new retail-focused Forex business. Investors Europe has been around for nearly a decade doing mainly high-net-worth and institutional brokerage, billing itself as “Europe's largest independently owned offshore stockbroker” (hard to argue with that, with all those qualifiers!).

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