SEC ban fallout: Phillip Capital halts US Retail Forex offering


LeapRate Exclusive… LeapRate has learned that Phillip Capital Inc. (PCI), the Chicago-based member of the PhillipCapital Group of Companies (PhillipCapital Group), will cease to offer retail forex trading to customers beginning immediately, i.e. June 1, 2016.

This news comes in response to a Securities and Exchange Commission (SEC) release from May 20, 2016 as reported exclusively by LeapRate prohibiting any SEC broker dealer from offering retail forex to customers effective July 31, 2016.

“The SEC’s decision is a big disappointment for us, as we had recently begun the soft launch of our forex offering,” said Lynette Lim, Co-CEO & Director of PCI. “With the financial stability and resources of the PhillipCapital Group, we had all the criteria to be a strong player in the forex market, where there has only been a handful of incumbents in the last six years.”

Since its launch in 2010, Phillip Capital Inc. has increased its offerings from clearing futures initially to the addition of retail forex exchange and equities to its lineup of approved asset classes. PCI will continue to focus its efforts on growing its futures and securities business.

PCI is the first U.S. foray for the PhillipCapital Group, which is in 16 countries today. The PhillipCapital Group will continue to offer retail forex trading through its operations in London, Turkey, Hong Kong, Singapore and Australia.

A copy of the letter sent out today to PhillipCapital clients in the US reads as follows:

 

Letter from Lynette Lim, Director & Co-CEO - Phillip Capital Inc. to Cease Forex Offering
Letter from Lynette Lim, Director & Co-CEO – Phillip Capital Inc. to Cease Forex Offering

For more information on Phillip Capital click here.

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SEC ban fallout: Phillip Capital halts US Retail Forex offering

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