Hurricane Sandy fallout in the FX world


FXCM lines down; will Gain report Q3? NYSE still closed….

First of all, we’d like to take this opportunity to wish our best to all those in Sandy’s path, in the US northeast and in Canada. Hope you are staying safe.

While limited geographically, the storm is having worldwide implications given (especially) the New York area’s centrality to the world of finance and trading. As well, many non-US trading companies have servers and communications services based in the US northeast, where power and telcom lines are down in large numbers. A few notes of interest:

  • FXCM reports that due to technical issues as a result of the hurricane, their phone lines are not receiving calls. Clients can however call FXCM’s client services team in Hong Kong.
  • It remains unclear whether or not Gain Capital (Forex.com) wil report its Q3 numbers as scheduled on Tuesday (Oct 30) afternoon. Many companies due to report results have postponed. Stay tuned to LeapRate, we’ll have analysis as soon as the numbers are indeed released.
  • The NYSE and Nasdaq, as well as bond markets, will remain closed for trading for a second consecutive day on Tuesday — the longest weather-related shutdown in more than 120 years. With markets so interconnected, FX trading (which as we all know is not market-based) has also been affected, with volumes very low as long as these markets remain shut.

If you are aware of any other storm-related issues where you trade please let us know, or enter your comments below.

Again, we hope that all our readers and friends in harm’s way remain dry and safe as the storm progresses.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

 

 

 

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Hurricane Sandy fallout in the FX world

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