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FXCM Discussion

  • #5,881
  • Jan 16, 2015 7:52am Jan 16, 2015 7:52am
Quoting trader121
30 Minutes to go!

quoting goldfinch
{quote} Correct, however the negative equity of their customers reflect on their overall capital requirements and as they would struggle getting the money back from their clients, they will have to make up the shortfall themselves first thing when NY opens this morning. They can't tell the regulator to hang tight while they collect from their clients all over the world, plenty of whom will just ignore FXCM's requests for additional...
Trader121 and Goldfinch, could you please clarify why there is a 9am deadline? Obviously they need to raise capital, but why is 9am the deadline?
  • #5,882
  • Jan 16, 2015 7:52am Jan 16, 2015 7:52am
I think they will get the money they need (if so) to meet the capital requirements. As this event yesterday is more or less a one-time exception and FXCM is a big reliable broker with many clients, banks /investors should be willing to give them another chance.
  • #5,883
  • Jan 16, 2015 7:54am Jan 16, 2015 7:54am
FXCM is now officially a penny stock trading below a dollar and worth 55Mn.
A contrarian; I always disagree.
  • #5,884
  • Jan 16, 2015 7:56am Jan 16, 2015 7:56am
Quoting goldfinch
FXCM is now officially a penny stock trading below a dollar and worth 55Mn.
Game over...
Buy at the Low, Sell at the High You make money by waiting not by trading.
  • #5,885
  • Jan 16, 2015 7:56am Jan 16, 2015 7:56am
Quoting FXCMcustomer
{quote} Trader121 and Goldfinch, could you please clarify why there is a 9am deadline? Obviously they need to raise capital, but why is 9am the deadline?
Because the market will want to know what they are going to do about their self announced regulatory breach when it opens, if they don't say anything they will bring the shares down to zero as the company is effectively no longer able to continue doing business. They are a brokerage firm and in order to do business in the US they need to be regulated and in order to continue to be regulated they need to find 225Mn dollars.

The NYSE can't have a listed company on its books that by its own admission is no longer legal to continue doing business in the US.
A contrarian; I always disagree.
  • #5,886
  • Jan 16, 2015 7:58am Jan 16, 2015 7:58am
Quoting Lacunoide
{quote} Game over...
Trading as low as 80 cents, that gives it a market cap of 35Mn
A contrarian; I always disagree.
  • #5,887
  • Jan 16, 2015 8:01am Jan 16, 2015 8:01am
MB Trading still working well.
  • #5,888
  • Jan 16, 2015 8:01am Jan 16, 2015 8:01am
Oh great. First I margin call my Oanda account this week and now by big account broker goes bankrupt. This is not what I had in mind before the week started. Yuck.
Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #5,889
  • Jan 16, 2015 8:02am Jan 16, 2015 8:02am
Quoting trader121
{quote} FXCM is not a UK Broker, it's a US broker. IndustryFinancial Services Founded1999 (1999) HeadquartersNew York, United States
It is still regulated in the UK and has segregated funds unlike US division.
  • #5,890
  • Jan 16, 2015 8:05am Jan 16, 2015 8:05am
Quoting goldfinch
{quote} Because the market will want to know what they are going to do about their self announced regulatory breach when it opens, if they don't say anything they will bring the shares down to zero as the company is effectively no longer able to continue doing business. They are a brokerage firm and in order to do business in the US they need to be regulated and in order to continue to be regulated they need to find 225Mn dollars. The NYSE can't have a listed company on its books that by its own admission is no longer legal to continue doing business...
Why 9am and not any other time today?

What specifically happened at 9am today?
  • #5,891
  • Jan 16, 2015 8:14am Jan 16, 2015 8:14am
15 minutes until the open and nothing yet from FXCM, they will want to get something out there right at the open to calm the markets and to make sure that the NYSE does not halt trading right at the open.
A contrarian; I always disagree.
  • #5,892
  • Jan 16, 2015 8:14am Jan 16, 2015 8:14am
IB should consider taking over FXCM , would be a nice addition to their client book potentially. That's the only buyer i can think of
  • #5,893
  • Jan 16, 2015 8:19am Jan 16, 2015 8:19am
This is too bad if true. FXCM had become an excellent alternative to IB for the US. Now its back to IB I guess.
Small disciplines repeated with consistency lead to great achievements.
  • #5,894
  • Jan 16, 2015 8:21am Jan 16, 2015 8:21am
I was able to make a withdrawl a few mins ago. I dont directly have FXCM though, I have Etrade. The moneys in my etrade account
  • #5,895
  • Jan 16, 2015 8:22am Jan 16, 2015 8:22am
NYSE has halted the shares. There is news pending.
A contrarian; I always disagree.
  • #5,896
  • Jan 16, 2015 8:26am Jan 16, 2015 8:26am
As of right now the company is effectively insolvent and the NYSE will not allow it to continue trading unless it meets its regulatory requirements.
A contrarian; I always disagree.
  • #5,897
  • Jan 16, 2015 8:29am Jan 16, 2015 8:29am
Quoting goldfinch
As of right now the company is effectively insolvent and the NYSE will not allow it to continue trading unless it meets its regulatory requirements.
Have a link?
  • #5,898
  • Jan 16, 2015 8:34am Jan 16, 2015 8:34am
http://finance.yahoo.com/news/bigges...143054963.html
  • #5,899
  • Jan 16, 2015 8:34am Jan 16, 2015 8:34am
Quoting pipster1
{quote} Have a link?
Every stock link and news feed carries it. Pick your favourite.
A contrarian; I always disagree.
  • #5,900
  • Jan 16, 2015 8:35am Jan 16, 2015 8:35am
Excuse my ignorance, but I am in full panic mode right now. I decided this year that I wuold start getting serious about my currency trading and had deposited a significant chunk of funds in my account.

What does all this mean for my funds? I am in the US. Don't regulations require a certain amount of insurance? I was not in any CHF position, so I am not in any margin call.
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