December 09, 2013 BY Gerald Segal

Chinese Yuan getting closer to the free FX market day by day

China to launch deposit insurance in Q1 as PBOC issues rules for deposit certificates trading Over the weekend Chinese magazine Caixun Century Weekly was cited by Marketwatch to publish information regarding the new steps that Chinese authorities are taking to liberalize deposit rates, which will ultimately lead to Renminbi convertibility. According to unnamed sources in the…

Read more
December 06, 2013 BY Gerald Segal

Second SEF relief period expires, confusion sets in

FX traders expressed their doubts about the ability of SEFs to handle CFTC's procedures properly In an extensive piece today titled ‘SEFs battle with confirmations after CFTC relief expiry’ Risk Magazine is analyzing extensively the market conditions surrounding the exemption period for SEF confirmation issuing, which expired on November 29th. It turns out that at present…

Read more
December 06, 2013 BY Gerald Segal

Plus500 targets $1 billion valuation

Plus500 CEO Gal Haber hits the $500 million milestone, as Plus500 continues focus on the UK market. Had we mentioned to any of our readers six months ago that CFD broker Plus500 was really worth $1 billion, we likely would have been laughed at. Well, it doesn't seem like a joke any more. With its…

Read more
December 05, 2013 BY Gerald Segal

FINRA fines broker $700K for churning

84 customers affected by the company's misleading statements on leveraged and inverse ETFs The Financial Industry Regulatory Authority (FINRA) has made an announcement today that it has mandated Atlanta-based brokerage J.P. Turner to pay back $707,559 to 84 customers who were sold leveraged and inverse exchange traded funds (ETFs) plus for excessive mutual fund switches.…

Read more
December 05, 2013 BY Gerald Segal

PBOC bars Chinese financial institutions from dealing with Bitcoins

Prices slump $300 from recent highs around mid $1200’s following the announcement The digital currency has been on a tear for the past couple of hours after the PBOC has announced at 08:00 GMT that it is forbidding financial institutions in the country to handle Bitcoin transactions. The announcement is coming only days after deputy…

Read more
December 05, 2013 BY Gerald Segal

Currency asset managers slogging through a tough year

FX Concepts bankrupt, Parker Global Currency Managers Index down 5% YTD Recent slump in volumes on the institutional front might just have a solid fundamental explanation. Two words – poor performance. The Wall Street Journal has reported yesterday that FX markets participants might be willing to forget 2013 as the market has proven too difficult…

Read more
December 05, 2013 BY Gerald Segal

China’s FTZ may allow Yuan to fully float

London, Hong Kong, Singapore and Abu Dhabi duke it out for Yuan supremacy With China’s Renminbi currency now solidly enshrined as the world’s #2 trade currency, further reforms to allow the Yuan to float are gaining steam. And, at the same time, the world’s leading financial centers are positioning themselves to become the leading places…

Read more
December 05, 2013 BY Gerald Segal

KCG repays $100M loan, but a further $235M is due July 2014

Will KCG sell more assets and/or businesses, or will it settle debts with cash on hand? KCG Holdings -- the company resulting from the merger of Knight Capital and Getco -- formally announced today it had repaid $100 million of its credit facility, mainly using the net proceeds from its $80 million sale of reverse mortgage…

Read more
December 04, 2013 BY Gerald Segal

LeapRate Forex Fraud Watch – Abdul Sultan Walji and Reniero Francisco to pay over $22 Million

Registered commodity pool operator Arista LLC misappropriated $4.125 million from 39 investors The US Commodity Futures trading Commission (CFTC) has issued a press release informing the public about a federal court order that seeks over $22 million in restitution and fines from Abdul Sultan Walji and Reniero Francisco. They acted as principals for the registered…

Read more