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FXCM Discussion

  • #6,081
  • Jan 16, 2015 5:55pm Jan 16, 2015 5:55pm
Quoting Jason Rogers
{quote} Yes Gajebo, FXCM operations continue as normal. You can deposit, withdraw and trade your account as normal. Our customer support team continues to be available 24 hours a day to help and we look forward to continuing to service your account. Incidentally, tomorrow is my 10 year anniversary of working at FXCM! Looking forward to the next 10
Welcome back FXCM and Jason. Happy it worked out for us and I appreciate all the difficult work that went into the Leucadia deal. I have been one of your clients for over a decade and will continue to be a client. However I will spread my broker risk across several brokers now. Someone at FXCM needs to hire the Gain risk management team asap. Lol. See you Sunday night.
  • #6,082
  • Jan 16, 2015 6:21pm Jan 16, 2015 6:21pm
Who bought the stock as i talked about it earlier, before this bailed out happens?
  • #6,083
  • Jan 16, 2015 6:28pm Jan 16, 2015 6:28pm
Quoting OMGtrader
{quote} his hands were tied. ... It is more an legal issue than anything else.
I understand that completely. Something for the future at least, a strategy to calm the guys with a bit more verbosity than a stale PR release on their site. Even a rehash of the same thing, but in the field (ff), would've been a nice encouragement.

I'm preaching to the choir, but as you know business is tough as it is without stability issues from brokers in the play. Noted though that this was a black swan event (anyone remembers flash crash?), but we're kind of married to these guys (5 or 6 years strong in my case with them). It's a relationship for mutual benefit.

Anyways, glad this got resolved and with such speed. That also speaks volumes of their credibility - to find such a cash boost within such a short notice.
  • #6,084
  • Jan 16, 2015 7:06pm Jan 16, 2015 7:06pm
Really? "Speaks volumes of their credibility"?

What they got was a two-year, $300 million senior secured term loan with an initial coupon of 10 percent. With interest rates at practically zero, a 10% loan is a good thing? They took what the only vulture in the room would GIVE them and they had to take it. Plus, Jefferies gets 75% if the company is sold. Is that good too?
  • #6,085
  • Jan 16, 2015 7:14pm Jan 16, 2015 7:14pm
Quoting OMGtrader
{quote} his hands were tied. Remember FXCM is an Public company, compared to many other private companies. Any information he shares will be considered insider trading if it is not known to the public already. It is more an legal issue than anything else.
OMGtrader, why are you a cheerleader in this moment? i know you're positive, optimistic, master of your domain (and quite sarcastic when it comes to others asking jason whatever they ask). but can you see (in a parallel universe) fxcm having gone bust and jason never coming back here?cause i can and strongly believe that others can too! who cares about insider trading when all he had to do was to stay subscribed! nothing else!i don't like how they approached their customers! at least he didn't post a 0.02 pip per eur/usd add and a mention that they are ecn (and have the best liquidity providers). for jason: wake up bro! take some responsibility (that you'll have a business in the future). cause your cash flow from commissions next week, next month, will be outstandingly disappointing.
  • #6,086
  • Jan 16, 2015 7:30pm Jan 16, 2015 7:30pm
Quoting TheGrind
Really? "Speaks volumes of their credibility"? What they got was a two-year, $300 million senior secured term loan with an initial coupon of 10 percent. With interest rates at practically zero, a 10% loan is a good thing? They took what the only vulture in the room would GIVE them and they had to take it. Plus, Jefferies gets 75% if the company is sold. Is that good too?
All valid points. Nature of the loan at that kind of short term notice from need to ink (36 hours quoted) can't be all that favorable, and if you look at the terms, it's pretty much a stake in the company - but called differently since you can't do m&a in 36 hours. The thing I was referring to is that they DID get $300m within 36 hours. Could a company without value or credibility get that kind of cash in such a short notice, or even an extended period of time? Of course the guys that gave that kind of money in such a short notice want a higher return, but that's not the point here. Buyer, err, creditor obviously recognized there is value at FXCM to the tune of "here's $300m" that they thought was a fire sale of something of more value and that they are good for it (credibility). How come Alpari or whatsthename others didn't get that?

Again, I may be wrong and they all might be crooks and rep here might be a pirate with a parrot on his shoulder. I'm just reading it as it is. $300m credit/loan/buyout requires serious credibility to raise within 36 hours.

/peace out
  • #6,087
  • Jan 16, 2015 7:30pm Jan 16, 2015 7:30pm
Quoting TheGrind
Really? "Speaks volumes of their credibility"? What they got was a two-year, $300 million senior secured term loan with an initial coupon of 10 percent. With interest rates at practically zero, a 10% loan is a good thing? They took what the only vulture in the room would GIVE them and they had to take it. Plus, Jefferies gets 75% if the company is sold. Is that good too?
i agree with TheGrind! this is what they got: a loan!
  • #6,088
  • Jan 16, 2015 7:32pm Jan 16, 2015 7:32pm
Quoting KeyframeHR
{quote} All valid points. Nature of the loan at that kind of short term notice from need to ink (36 hours quoted) can't be all that favorable, and if you look at the terms, it's pretty much a stake in the company - but called differently since you can't do m&a in 36 hours. The thing I was referring to is that they DID get $300m within 36 hours. Could a company without value or credibility get that kind of cash in such a short notice, or even an extended period of time? Of course the guys that gave that kind of money in such a short notice want...
they aren't crooks, nobody says that! they just have a broken business right now!
  • #6,089
  • Jan 16, 2015 7:36pm Jan 16, 2015 7:36pm
Quoting hatzius
{quote} they aren't crooks, nobody says that! they just have a broken business right now!
Of course! Sorry, the crooks comment was a poor attempt at sarcasm targeted at the sentiment I'm seeing all over regarding brokers in general ("They're all crooks I tell'ya!")
  • #6,090
  • Jan 16, 2015 8:09pm Jan 16, 2015 8:09pm
Quoting hatzius
{quote} OMGtrader, why are you a cheerleader in this moment? i know you're positive, optimistic, master of your domain (and quite sarcastic when it comes to others asking jason whatever they ask). but can you see (in a parallel universe) fxcm having gone bust and jason never coming back here?cause i can and strongly believe that others can too! who cares about insider trading when all he had to do was to stay subscribed! nothing else!i don't like how they approached their customers! at least he didn't post a 0.02 pip per eur/usd add and a mention...
i don't know how am I cheerleading?? That is the fact, in these situations it comes down to legal issues. Everyone has their own interest, I need to protect my interest, you need to protect your own interest, and he must protect his own interest. We all get emotional when it comes to money, but in the end of the day FXCM is peanuts in the financial world.
Trade what you see, not what you think!
  • #6,091
  • Jan 16, 2015 8:27pm Jan 16, 2015 8:27pm
one thing is for sure. It certain that no one could had predicted this move to happen, hence it was a black swan event. But there was writing on the wall that FXCM should had paid attention to, the fact that of all Eur/Chf open trades by their clients were 98% LONG. They were truly asleep at the wheel, there is no way in hell that 98% of retailers would had been profitable on those trades. They should had imposed higher margin requirements on the pair to reduce their exposure as well as client's exposure. Either way, I would had thought that FXCM still lose money in this event, but not to the extent of this much. I hope, they learned a lesson and apply more aggressive risk control measures in the future. This will help their own interest as well as their client's interest.
Trade what you see, not what you think!
  • #6,092
  • Jan 16, 2015 8:36pm Jan 16, 2015 8:36pm
Quoting OMGtrader
{quote} i don't know how am I cheerleading?? That is the fact, in these situations it comes down to legal issues. Everyone has their own interest, I need to protect my interest, you need to protect your own interest, and he must protect his own interest. We all get emotional when it comes to money, but in the end of the day FXCM is peanuts in the financial world.
Totally agree with you OMG..in the market everybody for himself. The Lesson learned is....no broker safe. Do not put all your money in one broker. Spread your broker risk.
  • #6,093
  • Jan 16, 2015 8:44pm Jan 16, 2015 8:44pm
Quoting psychop13
{quote} Totally agree with you OMG..in the market everybody for himself. The Lesson learned is....no broker safe. Do not put all your money in one broker. Spread your broker risk.
that is the lesson here. If you are running a large account, time to spread between few brokers. Ya, it is going to be annoying as hell to managing few accounts instead being consolidated into 1 account but in the end we need to protect our own interest.
Trade what you see, not what you think!
  • #6,094
  • Jan 16, 2015 9:15pm Jan 16, 2015 9:15pm
Quoting OMGtrader
{quote} i don't know how am I cheerleading?? That is the fact, in these situations it comes down to legal issues. Everyone has their own interest, I need to protect my interest, you need to protect your own interest, and he must protect his own interest. We all get emotional when it comes to money, but in the end of the day FXCM is peanuts in the financial world.
cannot agree more!
  • #6,095
  • Jan 17, 2015 12:56am Jan 17, 2015 12:56am
Does FXCM still offer micro lot? forexmicrolot.com has been redirected to FXCM
  • #6,096
  • Jan 17, 2015 3:50am Jan 17, 2015 3:50am
Quoting peter977
Jason I have 1 question, is there real chance that account wich were stopped in negative balance will be revised after audit, and stops on chf crosses will be better for clients?
JasonI'd like to know about this as well since your website states as below.It is FXCM's policy to credit accounts to a zero balance when debit balances occur as a result of trading.One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount in your account.
  • #6,097
  • Edited 6:53am Jan 17, 2015 6:43am | Edited 6:53am
I am really afraid that fxcm is facing a crush. Maybe they are going to be picked up by another company after hitting bottom.
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  • #6,098
  • Jan 17, 2015 6:55am Jan 17, 2015 6:55am
  • #6,099
  • Jan 17, 2015 7:02am Jan 17, 2015 7:02am
Quoting Baltimore
what is so funny?
  • #6,100
  • Jan 17, 2015 7:06am Jan 17, 2015 7:06am
No Dealing Desk and traders owning money to FXCM:

http://www.bloomberg.com/news/2015-0...iss-shock.html

Can somebody explain this ? maybe is a silly question, but if FXCM uses the NDD system, how come that traders owe money to FXCM and not to other entities at the other side of the NDD ? FXCM states they don't trade against their clients and they make money only from commisions.
Once A Trader Always A Trader.
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