NFA's plan to ban credit card or PayPal-type deposits to retail Forex and futures accounts looks likely to go ahead. Our article posted last week breaking the news that the NFA plans to ban the use of credit cards and "alternative funding mechanisms" such as PayPal to fund retail customer accounts has generated a tremendous…
Read moreICAP being investigated for possible role in helping banks in their efforts to rig interest rates. Interbroker dealer ICAP, which also operates EBS, one of the leading Forex ECNs, acknowledged that it has been asked to provide information to regulators regarding the setting of Libor, and that one of its subsidiaries is the subject of an…
Read moreWill Hotspot FX soon have a new owner? Hotspot FX reported that volumes in its Forex ECN system fell in December to average $19.6 billion daily, down 9% from November's $21.6 billion -- but up 2% from last-year December's $19.2 billion. The numbers basically match what we already reported for the overall FX industry, with our Retail…
Read moreContinues Saxo Bank's aggressive international expansion, at the same time that it is cutting costs. Saxo Bank, one of the world's largest retail FX firms (and a member of LeapRate's Approved List of global FX brokerages), has announced the opening of a new office in Istanbul, Turkey. Over the past year, Saxo Bank has added offices in…
Read moreThe NFA (and those lobbying it) clearly looking to kill the Retail FX sector in the US. LeapRate Exclusive -- LeapRate has learned that the NFA (the self-regulatory body of the U.S. futures industry) has sent a Request-for-Comments letter to various industry members regarding its plan to ban the use of credit cards or "alternative…
Read moreHowever volume decrease was less than usual "December effect" drop. LeapRate's Retail FX Volume Index, sponsored by Leverate, was down 5% in December to $170 billion per day. However December volumes are usually significantly slower -- down typically 15-20% from a regular month -- due to the annual holiday season, so the 5% drop makes December 2012…
Read moreDow Jones is re-doing the way it distributes news feeds. Tradable, the new online trading app platform, announced today a major win as Dow Jones will develop a news app based on its leading FX Select news service, exclusively for the tradable platform. Tradable's vision, of having traders access information and tools such as charting,…
Read moreDefections begin for Knight Capital, which is being acquired by rival Getco. In what seems like a very nice pickup for Gain Capital CEO Glenn Stevens and his team, Gain has hired Knight Capital's Joe Wald to head Gain GTX, Gain's institutional FX platform. Wald had come to Knight via Knight's acquisition of the algorithmic…
Read moreMicrosoft's former CMO Mich Mathews joins Oanda's Board of Directors. Oanda has announced that former Microsoft Chief Marketing Officer Mich Mathews has joined its Board of Directors. She had spent 22 years at Microsoft before retiring last year. Other Oanda board members include: representatives of Oanda's outside investors, Kittu Kolluri (Chairman) from VC firm NEA and Danny Rimer…
Read moreOnline betting company BetVictor adds financial trading. BetVictor (formerly known as "Victor Chandler" and "VC Bet"), a leading Gibraltar-based and UK-focused sports betting company, is expanding its portfolio with the launch of online financial trading website BetVictor Financials. BetVictor is licensing a white label spreadbetting and CFD trading solution from London Capital Group. Despite hitting…
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