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by Rom » Mon Apr 04, 2011 1:01 pm
Gain ended up making an average of $2,913 from every active trader it had last year, even though the average customer account contained only $3,000, according to the company's financial data. FXCM made $2,641 for every active trader, while the average customer had $3,658.
by Rom » Wed Apr 06, 2011 2:55 am
In February, trader William H. Sanders of Muskogee, Okla., sued FXCM in federal court in New York, alleging FXCM pays software developers to design computer trading systems that put investors at a disadvantage. If a customer is profiting in trades, FXCM's system routes the customer account to a "slow server," causing "trade execution to be slowed down," the lawsuit alleges.
Mr. Niv said that by going public, FXCM made itself a target for lawsuits, as plaintiffs lawyers believe their claims now will attract more attention. "It is really a form of extortion," Mr. Niv said. "We plan to defend ourselves each and every time it takes place." An FXCM statement said the firm "intends to vigorously defend itself" against Mr. Sanders's suit.
Gain faced an NFA complaint in June alleging the company attached a tool to its trading platform that delayed the execution of customer trades.
The complaint cited a 2009 audit of Gain that alleged that, between May 1 and July 31, 2009, Gain clients who traded more than five standard currency contracts had $269,502 in losses because of unfavorable "slippage"—or price fluctuations—that occurred when the market moved against them. By comparison, the customers never received any gains during that period when the market moved in their favor, according to the complaint.
http://online.wsj.com/article/SB1000142 ... lenews_wsj
by Rom » Wed Apr 06, 2011 4:39 am
by Rom » Sat Apr 09, 2011 9:36 am
by Rom » Sun Apr 10, 2011 2:07 am
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