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FXCM Japan Securities Co., Ltd, which on April 1, 2015, officially shifted from US retail Forex giant FXCM Inc (NYSE:FXCM) to new owner Rakuten Securities, the brokerage subsidiary of Japanese Internet conglomerate Rakuten Inc (TYO:4755), today announced some changes to its trading instruments offering.
The list of currency pairs available for trading is set to go thinner starting April 10, 2015, with the changes to affect hardest the range of pairs with the Japanese Yen (JPY). The broker will discontinue trading with five currency pairs from that date:
- Hong Kong Dollar / Japanese Yen (HKD/JPY)
- Singapore Dollar / Japanese Yen (SGD/JPY)
- US dollar / Singapore Dollar (USD/SGD)
- Norwegian Krone / Japanese Yen (NOK/JPY)
- Swedish Krona / Japanese Yen (SEK/JPY)
Traders are asked to close all of their positions with the currency pairs in question. All pending orders and positions with these instruments that are still not deleted/closed by April 10, 2015 (23:00) will be deleted/closed automatically by the broker using market prices.
Last week, FXCM Japan’s president addressed the clients of the broker to ensure them they will continue to make use of the same trading conditions, including the no dealing desk (NDD) execution model. FXCM Japan, which is now officially a subsidiary of Rakuten, will keep offering the same trading platforms, including MetaTrader 4 (MT4).
The changes to the portfolio of currency pairs happen less than two weeks after FXCM Inc, the US Forex broker that is now seeking to swiftly repay its loan to Leucadia, announced the selling of FXCM Japan to Rakuten Securities, one of the top five retail Forex brokers in Japan, for $62 million. Other non-core assets are set to be sold too, with a LeapRate exclusive report saying FXCMPro, the institutional arm of FXCM Inc, is amid these businesses.
To view the official announcement by FXCM Japan on the trading instruments changes, click here.