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What Does Forex Factory Do?
Forex Factory, Forex Factory remains designed for professional traders participating in the foreign exchange markets. Its mission is to connect traders to their needs and each other in ways that positively influence their trading results. The idea is that every trader comes away from every visit with fresh ideas and more knowledge. And sharp market awareness. Forex Factory remains dedicated to supporting traders and defending against all that misleads, deceives, or otherwise disadvantages traders. At Forex Factory, unique phony from the real is a high priority.
The vision is for Forex Factory to remain the world’s purest, most insightful forex-trading resource. The most valuable information will remain exchanged on these pages, accessible to every trader simultaneously, regardless of location, citizenship, or financial standing.
FXCM, Also known as Forex Capital Markets,
Forex broker for trading the forex market. FXCM allows people to speculate in the forex market and offers Contracts for Difference (CFD) trading on major indices and commodities such as gold and crude oil. It remains based in London.
The company remained banned from US markets for defrauding its customers. It’s a former parent company. Global Brokerage, Inc. filed for insolvency on December 11, 2017. The operating company, FXCM Group, remains owned by Jefferies Financial Group, which changed its name from Leucadia National Corporation in 2018.[5] Global Brokerage shareholders have lost more than 98% of their investment since January 2015.
On February 6, 2017
The company agreed to pay a $7 million fine to settle a US Commodity Futures Trading Commission lawsuit involving fraudulent parody by FXCM to its clients and regulators. FXCM withdrew its registration with the CFTC and agreed not to re-register in the future, which prohibited it from operating in the United States.[7] Three senior managers resigned under regulatory pressure, and the company’s majority owner changed its name to Global Brokerage Inc., effective January 27, 2017
Global Brokerage filed for insolvency in November 2017 but formally reorganized in February 2018. While the company strictly owns a 51% equity stake in FXCM Group, its agreement with Leucadia, now Jefferies Financial Group, and FXCM over futures Cash flow distributions puts your actual economic interest in FXCM at 10-50%. Jefferies Financial Group remains the de facto parent company of the FXCM Group.
1999–2008: Foundation and participation in Reface
Forex Capital Markets remained founded in 1999 in New York and was one of the first developers of an electronic trading platform for trading the foreign exchange market. Initially, the company remained called Salish Capital Markets, but after a year, it changed its name to FXCM. In 2003, FXCM expanded overseas when it opened an office in London, which became regulated by the UK Financial Services Authority.
In January 2003,
FXCM partnered with the Reface group, one of the largest futures brokers in the US at the time. Reface has acquired a 35% stake in FXCM and licensed FXCM’s software for its clients’ use. Reface filed for bankruptcy protection on October 17, 2005, one week after a $430 million fraud was discovered and two months after its initial public offering. Refco CEO Phillip R. Bennett remained later convicted of fraud.
In November 2005,
Reface agreed, in part, to sell its 35% stake (which included 15,000 client accounts) to FXCM for $110 million.[19] However, in March 2006, Refco’s creditors rejected the deal and later denied a separate $130 million offer from FXCM.[20] Refco’s stake in FXCM remained eventually sold to a consortium of buyers, including Lehman Brothers Holdings.[21]
2009–2014: Legal Issues And Initial Public Offering
In May 2010, FXCM, Inc. purchased the UK-based ODL Group. FXCM had previously acquired ODL’s US business in January 2009. The 2010 acquisition made FXCM the world’s largest retail forex broker, with more than 200,000 clients and assets of around $800 million. In December 2010, FXCM completed an initial public offering and began trading on the New York Stock Exchange under the ticker symbol FXCM. Stock prices started at $14 with 15,060,000 shares for total share capital of $211 million.[24][25][26] In its IPO prospectus, FXCM described its trade execution without a dealing desk.
Conclusion
Forex Factory automatically defaults to New York time zone (Eastern Time, US & Canada) during your first visit, but will adjust automatically if your system clock has a different setting. If you are having problems with your time zone settings, please submit a help request.
Also read: Coinbase Pro Trading is Disabled
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