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FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)
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FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)

  #101 (permalink)
 Vendor: www.fxcm.com 
Dallas, Texas, USA
 
Futures Experience: Advanced
Platform: Trading Station
Favorite Futures: Forex
 
FXCM Suhail's Avatar
 
Posts: 13 since Mar 2013
Thanks: 3 given, 18 received


lrfsdad View Post
@FXCM Suhail I trade mostly from my mobile phone. I don't see Russian Ruble as a tradeable product, yet alot of my twitter news feeds were mentioning RUB this am due to the continuing oil slide and excessive spreads due to volatility. Can I trade RUB with fxcm?

Please be advised that most Western Banks have stopped pricing USD/RUB. As such, FXCM can no longer offer this instrument to our clients and began closing any existing client trades in USD/RUB effective at noon NY time on December 16, 2014. Alternatives to trading the Russian ruble directly are discussed in this DailyFX article by quantitative strategist David Rodriguez: http://www.dailyfx.com/forex/fundamental/article/special_report/2014/12/15/forex...and-Ruble-in-danger.html

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT "Ask Me Anything" thread
 
  #102 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
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FXCM near collapse after $250M loss post-SNB

Largest Retail FX Broker Stock Crashes 90% As Swiss Contagion Spreads | Zero Hedge

Mike

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  #103 (permalink)
Elite Member
Malaysia
 
Futures Experience: Beginner
Platform: Multichart DT
Broker/Data: MB Trading
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torroray's Avatar
 
Posts: 273 since Nov 2009
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Big Mike View Post

Close your account and look who is still standing after a few weeks.

 
  #104 (permalink)
 Vendor: www.fxcm.com 
Dallas, Texas, USA
 
Futures Experience: Advanced
Platform: Trading Station
Favorite Futures: Forex
 
FXCM Suhail's Avatar
 
Posts: 13 since Mar 2013
Thanks: 3 given, 18 received

FXCM Continues Normal Operations, Raises $300 Million in Capital

January 16, 2015

Leucadia National Corporation and FXCM Announce $300 Million Financing to Permit FXCM to Continue Normal Operations

NEW YORK--(BUSINESS WIRE)-- Leucadia National Corporation (NYSE: LUK) and FXCM (NYSE: FXCM) today announced that Leucadia would be providing $300 million in cash to FXCM and its subsidiaries (collectively "FXCM") that will permit FXCM to meet its regulatory-capital requirements and continue normal operations after yesterday's loss of $225 million due to the unprecedented actions of the Swiss National Bank. Under the terms of the agreements, Leucadia is investing $300 million in cash into FXCM in the form of a $300 million senior secured term loan with a two-year maturity and an initial coupon of 10%. The term loan obligations are guaranteed, on a secured basis, by certain of FXCM's domestic subsidiaries. In addition, Leucadia will receive, in the event of a sale of FXCM or its subsidiaries, a certain percentage of the sale proceeds and, in the event FXCM makes other distributions on account of its equity, a corresponding payment for its own account. This transaction is expected to close this afternoon. Drew Niv, Chief Executive Officer of FXCM, stated: "We could not be more grateful to Leucadia and its team for their rapid and effective response and to our regulators, who have been willing to work with us through this challenging process. Leucadia's support and this financing are by far the best alternative for FXCM, our customers, our shareholders, and all other relevant constituencies. We are pleased to continue to act as the leading online provider of foreign exchange trading and related services to retail and institutional customers worldwide."

Click to see full press release: bit.ly/1ua85Ve

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT "Ask Me Anything" thread
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  #105 (permalink)
Site Administrator
Manta, Ecuador
 
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FXCM letter to clients to repay negative balances | LeapRate

FXCM-2013.12.31-10K


Quoting 
Our policy is generally not to pursue claims for negative equity against our customers

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
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If you want
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  #106 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 164 since Aug 2010
Thanks: 122 given, 153 received



Hi Mike,

Here's an FXCM business update we just released:

Strong Operating Metrics

Through Thursday, January 22, FXCM's month-to-date retail customer trading volume, which includes all retail FX and CFD volume, is $406 billion* with 30% coming from the last 5 days alone, which included a U.S. bank holiday. Average retail customer trading volume per day during this period is $27 billion.* As of January 22, tradable accounts were 224,547, and client equity was $1 billion.

"A week after the unprecedented movement of the Swiss Franc, and our financing agreement with Leucadia, FXCM continues to operate in the normal course of business. All of our entities have capital in excess of regulatory requirements. As our month-to-date metrics show, FXCM continues to be a global leader in retail FX with volumes on pace to set a record. We are especially thankful for our customers' loyalty and support," said Drew Niv CEO of FXCM.

Niv continued, "The financing we received from Leucadia has strengthened our balance sheet and gives us the opportunity to grow our core business while reducing our debt through the sale of non-core assets. We anticipate that the proceeds from these sales and continued earnings, we can meet both near and long term obligations of our financing, while preserving the strength of our franchise."

Richard B. Handler, Chief Executive Officer, and Brian P. Friedman, President of Leucadia, commented: "We view FXCM as our next opportunity to work with an investee company to create long-term value for all stakeholders, including FXCM's dedicated employees and customers. We look forward to assisting Drew Niv and his team to develop the liquidity opportunities to repay last week's emergency financing and then, as the long-term investors we are, to exercising the patience and diligence needed to maximize the value of FXCM over time as we strive to do for every investment in our portfolio, many of which we have held for the long term, and, in some cases, for over a decade."

*Amount excludes volume generated by clients with negative balances following the Swiss National Bank's decision to abandon the maximum exchange rate of 1.2 Swiss Francs per Euro.

Full statement: FXCM Provides Business Update (NYSE:FXCM)
As our CEO Drew mentioned, thank you to our traders for your continued support. I appreciate your patience while we work on answers to your most pressing questions, and I will continue to provide more information as I am able to.

Have a great weekend!

Jason

If you have questions about our services at FXCM please send me a Private Message.
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  #107 (permalink)
Elite Member
Los Angeles, California Republic
 
Futures Experience: Intermediate
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srgtroy's Avatar
 
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I'm rooting for you guys because I think you have done great things to open up the retail forex market. That said, and as someone looking in from the outside, I think pursuing the negative balance thing is a big mistake, especially after saying that in general, you wouldn't do that. You've built up an excellent name over time, don't trash it. Consider yourselves lucky to have survived the Swiss Franc tsunami, rebuild, and move on...

The following 4 users say Thank You to srgtroy for this post:
 
  #108 (permalink)
Site Administrator
Manta, Ecuador
 
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srgtroy View Post
I'm rooting for you guys because I think you have done great things to open up the retail forex market. That said, and as someone looking in from the outside, I think pursuing the negative balance thing is a big mistake, especially after saying that in general, you wouldn't do that. You've built up an excellent name over time, don't trash it. Consider yourselves lucky to have survived the Swiss Franc tsunami, rebuild, and move on...

My gut feeling is maybe 10% of the customers make up 90% of the losses.

I could be way off. But if correct, they are probably making a blanket statement per the agreement of the rescue, to try and go after those big accounts.

Sent from my phone

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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  #109 (permalink)
Elite Member
Los Angeles, California Republic
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES, Mongolian Horse Futures
 
srgtroy's Avatar
 
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Big Mike View Post
My gut feeling is maybe 10% of the customers make up 90% of the losses.

I could be way off. But if correct, they are probably making a blanket statement per the agreement of the rescue, to try and go after those big accounts.

Sent from my phone

I agree with you that this is probably part of the rescue agreement, and if indeed it is about going after 10% to make up for 90% of losses, then it would be understandable and make sense, as it would allow them to survive which would be better for retail fx in general. In that case, Leucadia should have the good sense to allow them to make that case...

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  #110 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
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Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,170 received


Another Bailout: FXCM To Forgive 90% Of Its Mostly Foreign "Negative Balance" Customers | Zero Hedge

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

The following user says Thank You to Big Mike for this post:

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