The forex arms race is officially on, as leading forex brokers gear up for increased capital requirements and industry consolidation. The ink was barely dry on FXCM's agreement with its banks to increase its credit facility by nearly $100 million to $250 million, and now comes word that rival retail forex broker Gain Capital is…
Read moreShares of the company are now trading up by more than 75% since its IPO in July CFD broker Plus500 (LON:PLUS) is seeing its shares rise more than 16% in today’s trading after issuing a trading update which states that activity at the brokerage had remained high after the 17th of October, when it announced…
Read moreThe digital “tulip mania” surrounding the virtual currency is ongoing Following a record rise to highs around $750 on the Bitstamp exchange ($900 on Mt Gox), the virtual currency has dropped almost 40% to trade as of writing at $470. It is no wonder that Congress is holding hearings these days to gather more information…
Read moreAlpari Russia rose to $137B, but rest-of-world fell to $113B, its lowest level since April Following a drop in September, Alpari Group has reported volumes declining for a second consecutive month in October. While Russian forex volumes have risen by 8% to $137B, the rest-of-world metrics have subsided to show a rather substantial decline by…
Read morePreviously under the name David Weeks he has pulled off another scam costing him $1 mln The CFTC has reported that it has obtained $455,000 to compensate the customers of Cambridge Currency Partners, run by an individual named David Prescott. An additional civil monetary penalty of $1.35 mln is imposed in a federal court judgment.…
Read moreRegulators turn their attention to traders' personal accounts Another week goes on and more troubling events for the big banks are reported by the media. While regulatory investigations of FX fix manipulations are ongoing, the USA Today reported yesterday that South Korean semiconductor company Simmtech has filed a class action lawsuit against seven major banks.…
Read moreLast time we saw CNY market liberalization retail volumes out of China picked up more than 30% Just as London morning trading was kicking off the People’s Bank of China (PBOC) has surprised the markets with a release of a book written by the PBOC Governor Zhou for the third Plenum, which explained in more…
Read moreForex revenues were up 19% Y/Y, led by forex swaps The Russian operator for financial securities, the Moscow Exchange, has announced today its Q3 results. While quarterly revenues and profits were lower than in the second quarter, they were certainly higher than a year ago. Strategic developments announced in the past couple of months will…
Read moreA new Bitcoin frenzy has been unleashed with the Senate virtual currency hearing acting as a trigger Another round of the epic November rise in Bitcoin prices is happening as we speak. Bitcoins are trading in a range between $700 on Bitstamp and $800 on the Mt Gox exchange. A top level of $900 was…
Read moreFXCM already has a strong balance sheet with over $400 million in cash. Leading forex broker FXCM (NYSE:FXCM) announced today that it has extended its $155 million credit facility by $50 million to $205 million -- and under certain circumstances it can be further extended to $250 million. The maturity of the facility was extended…
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