FXCM Group, LLC (“FXCM Group” or “FXCM”), a leading international provider of online foreign exchange trading, CFD trading, spread betting and related services, today released a statement in support of the announcements by the European Securities and Markets Authority (“ESMA”) and the Financial Conduct Authority (“FCA”) relating to additional customer protections. Further, FXCM hopes this leads to harmonized regulations across Europe.
FXCM has long been in full compliance with most of the proposed rules. We do not offer binary options, and do not provide ‘top-up’ bonuses. We have always had an auto-liquidation process when minimum margin requirements are not met and we have always protected clients from debit balances. FXCM fully supports measures that will result in better customer outcomes and bring uniformity to the European regulatory landscape for the FX and CFD industry. We note that the proposed leverage limitations are more restrictive than what is allowed in other jurisdictions, including the US and Australia, and hope these new requirements do not result in business being driven off shore to unregulated or under regulated markets.
FXCM will participate in the consultation period in January 2018 and we encourage our clients to do the same.
FXCM offers superior execution, competitive pricing, and a diverse suite of innovative trading tools and education all focused on providing the best trading environment for our customers.
About FXCM Group, LLC.
FXCM Group is a holding company of Forex Capital Markets Limited, inclusive of all EU branches (FXCM UK), FXCM Australia Pty. Limited, (FXCM AU), and all affiliates of aforementioned firms, or other firms under the FXCM group of companies [collectively “FXCM”].
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. The company’s mission is to provide global traders with access to the world’s largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.