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  • #6,001
  • Jan 16, 2015 10:42am Jan 16, 2015 10:42am
Rumour is that Jefferies is buying FXCM for 280Mn today.


Good news for the retailers here, crap for the investors/shareholders.




This is probably when we see that FXCM rep show up here again, he has been very quiet today on a day when his customers needed him the most.
A contrarian; I always disagree.
  • #6,002
  • Jan 16, 2015 10:45am Jan 16, 2015 10:45am
Jefferies?
  • #6,003
  • Jan 16, 2015 10:46am Jan 16, 2015 10:46am
Attached Image

Attached Image (click to enlarge)
Click to Enlarge Name: FXCM - Losses 2.PNG Size: 42 KB


Source - http://forexmagnates.com
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #6,004
  • Jan 16, 2015 10:46am Jan 16, 2015 10:46am
Quoting nbfx
Jefferies?

That's what I am hearing, a deal to be announced in an hour, just in time before the NYSE comes in and ruins the party.
A contrarian; I always disagree.
  • #6,005
  • Jan 16, 2015 10:51am Jan 16, 2015 10:51am
The good news is that all 3 brokers in the news with solvency problems stated customers accounts are segregated and safe.

Now we will see how things will progress.

In a bankruptcy case there is a hierarchical order for money to be payed back.

I guess the LP are first in line. But i'm not sure.
So, you think you have rights? LOL
  • #6,006
  • Jan 16, 2015 10:55am Jan 16, 2015 10:55am
so what is the future?? Are fx brokers need to be backed by a bank?? Citifx, branch of citigroup. Anyone use them? I'll have to search for a new broker soon.
Trade what you see, not what you think!
  • #6,007
  • Jan 16, 2015 10:55am Jan 16, 2015 10:55am
I hope FXCM can pull through because I have my account with them. They have been such a great broker and I really don't want to switch to another broker.
  • #6,008
  • Jan 16, 2015 11:02am Jan 16, 2015 11:02am
Quoting Phylo
{image} {image} Source - http://forexmagnates.com
This is NOT true. Interactive Brokers suffered $120 million in losses due to the SNB crap but surprisingly they continued to provide price feed during the whole time.

http://forexmagnates.com/interactive...uninterrupted/
Make your losses in demo. Earn your profits live.
  • #6,009
  • Jan 16, 2015 11:15am Jan 16, 2015 11:15am
Quoting $teve
I hope FXCM can pull through because I have my account with them. They have been such a great broker and I really don't want to switch to another broker.
Agree here. Just going to have to wait to see how things fallout today and/or next week
  • #6,010
  • Jan 16, 2015 11:23am Jan 16, 2015 11:23am
Hi there, I'm a reporter with The Wall Street Journal and I'm looking to speak with anyone who was trading EURCHF either through FXCM or other brokers. You can reach me via email: tatyana dot shumsky at wsj.com
  • #6,011
  • Jan 16, 2015 11:32am Jan 16, 2015 11:32am
Quoting Forexia
{quote} This is NOT true. Interactive Brokers suffered $120 million in losses due to the SNB crap but surprisingly they continued to provide price feed during the whole time. http://forexmagnates.com/interactive...uninterrupted/
Yes - conflicting data from same source. Also from Forexmagnates
Attached Image

Source - http://forexmagnates.com

FXCM Said in Talks With Jefferies for $200 Million Rescue : Souce - Bloomberg

Bad Quarter, and Bad Year, for Jefferies : Source - http://dealbook.nytimes.com/2014/12/...efferies/?_r=0http://dealbook.nytimes.com/2014/12/...efferies/?_r=0
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #6,012
  • Jan 16, 2015 11:36am Jan 16, 2015 11:36am
Quoting goldfinch
{quote} That's what I am hearing, a deal to be announced in an hour, just in time before the NYSE comes in and ruins the party.
That would be a good fit as well into their portfolio...
  • #6,013
  • Jan 16, 2015 11:37am Jan 16, 2015 11:37am
Quoting MissShumsky
Hi there, I'm a reporter with The Wall Street Journal and I'm looking to speak with anyone who was trading EURCHF either through FXCM or other brokers. You can reach me via email: tatyana dot shumsky at wsj.com

There is not a lot to report here, a lot of inexperienced traders were long eur/chf in the mistaken belief that the Swiss would never remove that cap and Mr Jordan pulled the rug right from underneath them. Can't really blame him either as the ECB is going to announce QE on the 22nd and Greece may well be on the verge of pulling out of the EU with the UK not far behind them. Why would the SNB continue propping up the Euro, that is not their problem.

EURCHF stabilised nicely right around parity and with them reducing the overnight rate down to -0.75% that will stem the rise in CHF without eating into their currency reserves.

The real story is how can some traders become so enamoured by a Central Bank and believe that they will always be there to help them. They started to see CHF as a carry trade and the SNB could not allow that to happen.

FXCM by all accounts seems to be a decent broker, they got burned by their business model for years it was spouted as the next big thing since sliced bread, a broker that was a true ECN, you could trust them, they couldn't mess with your trades, and they didn't, not even when a currency dropped 30-40% in an hour, something we have never seen before. This was an event that could not be foreseen. And the market saw sense and recovered nicely back up to just above parity. By that time it was too late for the likes of FXCM and Alpari, their trades had already been stopped out at silly levels and their aggregated accounts no longer meet the regulatory requirements.

The real story is that this event will limit the options for traders, especially the smaller retail ones that have limited savings and options, other brokerages will be hesitant to follow the ECN model and we risk being dragged back 50 years to the era of bucket shops, this will do no good for competition or fair trading, that is the real story.
A contrarian; I always disagree.
  • #6,014
  • Jan 16, 2015 11:38am Jan 16, 2015 11:38am
Of course there will be a deal, fxcm may have a 200mln hole, but that means nothing.

It is still the biggest retail broker, with a great infrastructure, many offices, and the biggest user base in the retail brokers world, in other words it is a great investment, a deal will come pretty easily, i'm not really worried about the situation.
  • #6,015
  • Jan 16, 2015 11:40am Jan 16, 2015 11:40am
Quoting goldfinch
Rumour is that Jefferies is buying FXCM for 280Mn today. Good news for the retailers here, crap for the investors/shareholders. This is probably when we see that FXCM rep show up here again, he has been very quiet today on a day when his customers needed him the most.
Oh come on, he wouldn't be able to answer most of the questions asked so give him a break.
  • #6,016
  • Jan 16, 2015 11:42am Jan 16, 2015 11:42am
Quoting neil324
{quote} Oh come on, he wouldn't be able to answer most of the questions asked so give him a break.

I know he couldn't, but he isn't here and his silence plus unsubscribing from this thread wasn't a very good PR choice.
A contrarian; I always disagree.
  • #6,017
  • Jan 16, 2015 11:42am Jan 16, 2015 11:42am
Quoting Forexia
{quote} This is NOT true. Interactive Brokers suffered $120 million in losses due to the SNB crap but surprisingly they continued to provide price feed during the whole time. http://forexmagnates.com/interactive...uninterrupted/
FX is but a part of IB's business and a relatively recent one at that. Previously their FX dealings had more to do with converting client funds traded in markets in different currencies from the base currency and the need to convert/hedge exposure.
  • #6,018
  • Jan 16, 2015 11:52am Jan 16, 2015 11:52am
Quoting yazzie
{quote} Agree here. Just going to have to wait to see how things fallout today and/or next week
Same here...i did not have problem trading with them..hope everything gonna be ok and i do not need to move my account to another broker
  • #6,019
  • Jan 16, 2015 11:56am Jan 16, 2015 11:56am
Quoting Phylo
{image} {image} Source - http://forexmagnates.com
thank you save lot of google ing
  • #6,020
  • Jan 16, 2015 11:56am Jan 16, 2015 11:56am
Quoting goldfinch
{quote} There is not a lot to report here, a lot of inexperienced traders were long eur/chf in the mistaken belief that the Swiss would never remove that cap and Mr Jordan pulled the rug right from underneath them. Can't really blame him either as the ECB is going to announce QE on the 22nd and Greece may well be on the verge of pulling out of the EU with the UK not far behind them. Why would the SNB continue propping up the Euro, that is not their problem. EURCHF stabilised nicely right around parity and with them reducing the overnight rate down...
Well put
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