The US Government shutdown, combined with industry pressure, leads the CFTC to be more flexible with SEFs. After previously giving SEFs a month extension to November 1 before a lot of the SEF rules kick in, the CFTC has now granted the SEFs an additional month (to November 29) before certain of their enforcement responsibilities…
Read moreHard to believe it is November already, and October FX trading volumes are beginning to pour in. First to report this month is the Moscow Exchange, which reports a 5% decline in October volume metrics from September levels, at RUB 13.8 trillion ($430 billion) for the month. Moscow Exchange volumes are, as one would expect,…
Read moreGCAP shares are still up 156% so far in 2013. Forex broker Gain Capital (NYSE:GCAP), which operates the retail Forex.com and institutional Gain GTX brands, saw its shares dive by 7% on Thursday after announcing Q3 results that were down significantly from Q2. We'd like to note that virtually all the forex industry blogs we…
Read moreSenior forex traders at RBS, Citigroup, JPMorgan and Standard Chartered put on leave. The 4pm Fix investigation dominoes are starting to fall.... Rohan Ramchandani of Citigroup, Matt Gardiner of Standard Chartered and Richard Usher at JP Morgan, plus two unnamed Forex executives at RBS, were all separately either suspended or placed on leave from their…
Read moreGwazy burst on the forex scene recently with a very fun-focused trading platform, and a first client in Windsor Brokers. LeapRate Meets is a series of interviews with interesting personalities in the forex world. If you would like to suggest an interviewee or topic, or if you would like to be interviewed, please contact us…
Read moreSpotware systems achieves complete tracking of the position from open til closure on its cTrader platform. cTrader is well on its way to become the most transparent non-dealing desk platform on the market with its new feature to provide a full breakdown of positions into orders and deals. Each order gets its unique ID that…
Read moreThe regulatory system allowing financially regulated companies to register cross-border in the EU has UK players worried. An interesting article in today's Financial Times points out that many established UK-based, FCA-regulated brokers are concerned about the growing number of 'passport' brokers from other EU countries setting up shop in London. The article points out that 45…
Read moreGCAP's magical Q2 was (as expected) not replicated in Q3, although margins remained strong. Forex broker Gain Capital (NYSE:GCAP), which operates the retail Forex.com and institutional Gain GTX brands, reported decent Q3 financial results although well below Gain's Q2 blowout record numbers. If you recall, Gain reported its best ever quarter for revenues, EBITDA, and…
Read moreTwo air traffic controllers and a commodity trader set up and execute a nice little forex fraud. The CFTC announced more than two years ago in June 2011 that it is filing charges against Louis J. Giddens, Anthony W. Dutton and Michael Gomez for setting up and executing a forex trading scheme. They have accepted…
Read moreCFTC making exceptions, at least temporarily, for foreign regulated entities seeking SEF status. One of the kinks in the CFTC's implementation of the Dodd Frank Act's requirement for SEF licensing is that the SEF rules (e.g. regarding disclosure, open order book...) contravene the rules of other jurisdictions. To help iron out these 'kinks', the CFTC…
Read more