New rules would have called for FX prime brokers to submit pre-trade mid-market quote and risk disclosures. Courtesy of our friends at CFTCLaw.com... The CFTC has apparently given last-minute relief from its new client disclosure rules (which came into effect on May 1) to FX Prime Brokers, after listening to complaints that the market could be…
Read moreThis is not David Prescott's, aka David Weeks, first run-in with securities regulators. The CFTC has announced that the U.S. District Court for the Eastern District of Wisconsin issued an Order freezing the assets of David Prescott and his business Cambridge Currency Partners. A hearing on the matter is set to take place next week. The order…
Read moreCoinLab takes Mt. Gox to Court for $75 million as the race to lead the Bitcoin revolution heats up. In February a joint venture between leading Bitcoin exchange Mt. Gox, and CoinLab -- which bills itself as the first U.S. venture-backed Bitcoin company -- was announced. The plan was for CoinLab to take over Mt. Gox’s Bitcoin operations…
Read moreHowever Swissquote's eForex volumes were down, despite a rise in client assets. Leading Swiss online brokerage Swissquote (a member of LeapRate's Approved List of global Forex brokerage firms) announced today that FX volumes were down in Q1 to average $24 billion per month (CHF 22 billion), down 11% from Q4-2012 levels. This despite a 4% rise in clients' FX assets at…
Read moreAs the Yuan continues to strengthen, Chinese FX traders also come out to trade. LeapRate Exclusive... LeapRate has learned, in discussions with various retail FX brokerages, that trading volumes from China-based clients have soared this year by about 30% -- and even more at some firms which have been actively targeting the Chinese market. What's…
Read moreA nice month for EBS, after a slowdown in March. ICAP's Forex ECN unit EBS reported April FX trading volumes at $128.3 billion (average daily volume for the month), up 7% from March and up 17% from last year April. After two strong months to start the year, things slowed down at EBS in March,…
Read moreMetals volumes were strong, but FX volumes disappointed in April. CME Group, which runs the world's largest derivatives marketplace, announced April FX volumes which were surprisingly down by 16% from March. FX contract volumes (mainly Eurodollar futures contracts) traded at CME came in at 898,000 in April, down 16%% from March's 1,072,000 (see chart below). Metals…
Read moreGain's share price is down 20% since deciding to go it alone. Gain Capital (Forex.com) continues to see its share price plummet. Since Gain announced they would be buying GFT and rejected the takeover bid from FXCM, shareholders of Gain have seen their share price slide by 20%, back basically to where they sat when…
Read moreThe credibility boost Bitcoin has been looking for could be around the corner thanks to major e-tailers eBay and Amazon. In an interview with the Wall Street Journal, eBay CEO John Donahoe stated that they are exploring ways to integrate Bitcoin into the PayPal payments network -- i.e. allow people to send and accept Bitcoin payments on…
Read moreJust GMO Click? Just Japan? Or were retail FX volume records broken worldwide? GMO Click, the largest Japanese retail FX broker, has just reported an absolutely astounding month of April. Volumes at GMO Click hit ¥89.5 trillion in April, or $913 billion for the month -- an all-time record not just for GMO Click, but for…
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