Forex for a trader
Cftc forex fines

Cftc forex finesCFTC fines FXCM 7 million USD, barred from US market. First Published 7th February 2017. FXCM's Niv, and Ahdout prohibited from registering with the CFTC, ordered to pay 7 million USD for defrauding of retail forex customers. Washington, DC - The U. S. Commodity Futures Trading Commission has issued an Order settling charges against Forex Capital Markets, its parent company, FXCM Holdings, and two founding partners - Drew Niv, CEO of FXCM, and Managing Director of FXCM, William Ahdout. The CFTC Order finds that, between September 4, 2009 though at least 2014, FXCM engaged in false and misleading solicitations of FXCM's retail foreign exchange customers by concealing its relationship with its most important market maker and by misrepresenting that its "No Dealing Desk" platform had no conflicts of interest with its customers. The Order finds FXCM, FXCM Holdings, and Niv responsible for FXCM making false statements to the National Futures Association (NFA) about its relationship with the market maker. The Order requires Respondents jointly and severally to pay a $7 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act and CFTC Regulations, as charged. FXCM, Niv, and Ahdout agree to withdraw from CFTC registration; never to seek to register with the CFTC; and never to act in any capacity requiring registration or exemption from registration, or act as a principal, agent, officer, or employee of any person that is registered, required to be registered, or exempted from registration with the CFTC. FXCM, under Niv's and Ahdout's direction and control, misrepresented to its retail forex customers that when they traded forex on FXCM's No Dealing Desk platform, FXCM would have no conflict of interest, the Order finds. In addition, according to FXCM's marketing campaign, retail customers' profits or losses would have no impact on FXCM's bottom line, because FXCM's role in the customers' trades was merely that of a credit intermediary, the Order finds.

FXCM further represented that the risk would be borne by banks and other independent "market makers" that provided liquidity to the platform, according to the Order. FXCM's Undisclosed Interest. Contrary to these representations, the Order finds, FXCM had an undisclosed interest in the market maker that consistently "won" the largest share of FXCM's trading volume - and thus was taking positions opposite FXCM's retail customers. FXCM, the Order finds, formulated a plan in 2009 to create an algorithmic trading system, using an FXCM computer program that could make markets to FXCM's customers, and thereby either replace or compete with the independent market makers on FXCM's "No Dealing Desk" platform. Although FXCM eventually spun off the algorithmic trading system as a new company, in actuality the company remained closely aligned with FXCM, according to the Order. This market maker received special trading privileges, benefitted from a no-interest loan provided by FXCM, worked out of FXCM's offices, and used FXCM employees to conduct its business, the Order further finds. The Order finds that FXCM and the market maker agreed that the market maker would rebate to FXCM approximately 70 percent of its revenue from trading on FXCM's retail forex platform. In total, through monthly payments from 2010 through 2014, the company rebated to FXCM approximately $77 million of the revenue it achieved. However, FXCM did not disclose to customers, among other things, that this company - FXCM's principal market maker - was a startup firm spun off from FXCM, the Order further finds. False Statements to the NFA. The Order also finds that FXCM willfully made false statements to NFA in order to conceal FXCM's role in the creation of its principal market maker as well as the fact that the market maker's owner had been an FXCM employee and managing director. The Order finds that during a meeting between NFA compliance staff and FXCM executives, Niv omitted to mention to NFA the details of FXCM's relationship with the market maker. The Order holds Niv and Ahdout liable for FXCM's fraud violations as "controlling persons" who were responsible, directly or indirectly, for FXCM's violations. Niv is also held liable for FXCM's false statements to NFA as a controlling person who was responsible directly or indirectly for those violations.

FXCM Holdings is held liable for FXCM's fraud and false statement violations as principal of FXCM, the Order also finds. Add your Company to AlgoWorld. Commissioner walks back a number of onerous requirements in RegAT. continued. FIA responds to the CFTC's call for suggestions on simplifying and modernizing CFTC rules via Project KISS. continued. Firm's failure to implement and maintain adequate systems and procedures for reconciliation of exchange and clearing fees led to customer overcharges at times. continued. Share this article: (Kitco News) - Three major European banks have been fined by the Commodity Futures Trading Commission for “spoofing” and manipulating gold and silver markets. The CFTC announced Monday that Deutsche Bank, UBS and HSBC face fines totaling $46.6 million. Deutsche Bank was the hardest hit as it was fined $30 million. UBS was ordered to pay $15 million and HSBC was fined $1.6 million. Spoofing, according to some traders, is the result of high-frequency trading and is a manipulation technique where bids and offers are placed in bad faith to create a misrepresentation of demand and sentiment in the marketplace.

The orders are quickly canceled before being filled. “Spoofing is a particularly pernicious example of bad actors seeking to manipulate the market through the abuse of technology. The technological developments that enabled electronic and algorithmic trading have created new opportunities in our markets,” said James McDonald, director of Division of Enforcement at the CFTC. “As these cases show, we will work hard to identify and prosecute the individual traders who engage in spoofing, but we will also seek to find and hold accountable those who teach others how to spoof, who build the tools designed to spoof, or who otherwise aid and abet the wrongdoing.” According to the CFTC, the market manipulation goes as far back as early 2008. The U. S. regulator also noted that USB received a reduced fine compared to Deutsche Bank as it cooperated with the investigation and self-reported the misconducts. Along with the three European Banks, the CFTC said that it also fined six individual traders for spoofing and manipulating precious metals markets. The CFTC fines are the latest in the precious sector that has been mired with manipulation allegations since 2014. In 2014, these three banks along with The Bank of Nova Scotia, Barclays and Societe Generale were named in a lawsuit that alleged manipulation and collusion during the twice-day London gold fix. The 100-year old auction was replaced with a digital auction mechanism owned by the London Bullion Market Association. This Privacy Policy sets out how Finance Magnates LTD uses and protects any information that you give Finance Magnates LTD when you use this website. If you continue to browse or use this website andor any of its affiliated websites andor services you are agreeing to comply with and be bound by the following Privacy Policy, which together with our Terms and Conditions (link) govern Finance Magnates LTD’s relationship with you This privacy notice applies to any Finance Magnates LTD websites, applications, services, or tools (collectively "Services") where this privacy notice is referenced, regardless of how you access or use them, including through mobile devices. Please review carefully the entire website's Privacy Policy before agreeing to it. By viewing or using this website or any part of it, you agree to the complete Privacy Policy of this website.

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© Finance Magnates 2015 All Rights Reserved. Largest Retail FX Broker FXCM Banned By CFTC, Fined $7 Million For Taking Positions Against Clients. The CFTC on Monday fined Forex Capital Markets, parent FXCM Holdings LLC and founding partners Dror Niv and William Ahdout to pay $7 million to settle charges it defrauded retail foreign exchange customers and engaging in false and misleading solicitations. As part of the settlement, FXCM agreed to withdraw its registration and never seek to register with the CFTC again, effectively banning it from operating in the US. The CFTC found the retail FX broker had an undisclosed interest in the market maker that consistently won the largest share of FXCM's trading volume, and was therefore taking positions opposite its retail customers. The CFTC also found that FXCM willfully made false statements to the National Futures Association in order to conceal FXCM's role in the creation of its principal market maker as well as the fact that the market maker's owner had been an FXCM employee and managing director. The commodity regulator said in a statement that "between Sept. 4, 2009 though at least 2014, FXCM engaged in false and misleading solicitations of FXCM’s retail customers by concealing its relationship with its most important market maker and by misrepresenting that its 'No Dealing Desk' platform had no conflicts of interest with its customers." Niv, FXCM's chief executive officer, and Ahdout, its managing director, are also barred from future CFTC registration and acting for those who are registered for the agency. FXCM is currently the largest Retail Foreign Exchange Dealer (RFED) in the US, with an estimated market share of approximately 34.0% in December. It is unclear what the fallout will presently be for the US FX market following the CFTC order. The shakeup could prompt a JefferiesLeucadia takeover, given the company’s existing financial obligations and past deal with Leucadia in the aftermath of the Swiss National Bank (SNB) crisis. The news also comes during after hours trading in the US – prior to the enforcement action, FXCM’s share prices had already been trading close to its 52-week low of $6.65, having closed at $6.85 Monday. According to Gretchen L. Lowe, Principal Deputy Director and Chief Counsel of the CFTC’s Division of Enforcement, in a recent statement on the order, “Full and truthful disclosure to customers and honest discourse with self-regulatory organizations such as NFA are vital to the integrity and oversight of our markets.

Today’s action’s demonstrates that the CFTC is committed to protecting customers from harm in the markets it regulates.” Following the CFTC order, the National Futures Association (NFA) also stipulated that the group’s founders William Ahdout and Dror (Drew) Niv as well as FXCM have been forced to withdraw from NFA membership, also facing a permanent ban. The effective date for these actions is February 21, 2017. The NFA has accepted the settlement offer of FXCM, and the aforementioned individuals neither admitted nor denied the allegations outlined in the order. As for FXCM's thousands of retail clients, they may soon have to find more creative ways of losing their money than "investing" in 50x levered, central-bank dominated, HFT-infested currency markets whose only purpose these days seems to be to inflict the greater damage by stopping out the largest number of positions possible. This Privacy Policy sets out how Finance Magnates LTD uses and protects any information that you give Finance Magnates LTD when you use this website. If you continue to browse or use this website andor any of its affiliated websites andor services you are agreeing to comply with and be bound by the following Privacy Policy, which together with our Terms and Conditions (link) govern Finance Magnates LTD’s relationship with you This privacy notice applies to any Finance Magnates LTD websites, applications, services, or tools (collectively "Services") where this privacy notice is referenced, regardless of how you access or use them, including through mobile devices. Please review carefully the entire website's Privacy Policy before agreeing to it. By viewing or using this website or any part of it, you agree to the complete Privacy Policy of this website. The term "Finance Magnates LTD", "this website", "the website", "us" or "we" refers to the owner of the website. The term "you" refers to the user or viewer of the website.

Finance Magnates LTD is committed to ensuring that your privacy is protected as provided in this Privacy Policy. Should we ask you to provide certain information by which you can be identified when using this website, you can be assured that it will only be used in accordance with this Privacy Policy. What is personal information? Personal Information is information relating to an identified or identifiable natural person. An identifiable natural person is one who can be identified, directly or indirectly, by reference to an identifier such as a name, an identification number, location data, an online identifier, or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person. We do not consider personal information to include information that has been anonymized or aggregated so that it can no longer be used to identify a specific natural person, whether in combination with other information or otherwise. We collect personal information from you when you use our Services. What we collect. The provision of all personal information is voluntary, but may be necessary in order to use our Services (such as registering an account). We may collect the following personal information: Identification details, such as name, age etc: When you create an account with us When you register to our events When you fill in forms on our websites Contact information including email address, phone, etc: When you create an account with us When you register to our events When you fill in forms on our websites Information we are required or authorized by applicable national laws to collect and process in order to authenticate or identify you or to verify the information we have collected. Any information that is provided by you when using our services (community discussions, contact forms, etc). Information about other services you have bought from us, when you purchase products or services on our sites Communication we have with you (emails, letters, messages sent to us through our social media platforms, feedback, contact forms) Information about you, your location and how you use our website, information about your interests and preferences: When you accept our cookies placed on your device When you update your account information When you open our marketing emails When you click on our banner adverts When you fill in forms on our website When you get in touch with us When you respond to our requests for feedback When you opt in to receiving messages from us Personal information we collect automatically when you use our Services. We collect information about your interaction with our Services and your communications with us. This is information we receive from devices (including mobile devices) you use when you access our Services. This information could include, but not limited to, Device ID or unique identifier, device type, unique device token. Location information.

Keep in mind that when using a mobile device, you can control or disable the use of location services by any application on your mobile device in the device's settings menu. Computer and connection information such as statistics on your page views, traffic to and from the sites, referral URL, ad data, your IP address, your browsing history, and your web log information. Personal information we collect using cookies and similar technologies. We use cookies, web beacons (or pixels), unique identifiers, and similar technologies to collect information about the pages you view, the links you click, and other actions you take when using our Services, within our advertising or email content. We use Google Analytics which is a web analyzing tool of Google Inc. for the purposes of the adequate design and continuous optimization of our website. Google Analytics works with cookies and creates pseudonymised usage profiles, which enable an analysis of your use of our website. Information stored in such cookies (such as browser typeversion, operating system used, referrer URL, Hostname of the accessing computer, time of server request) are usually transmitted to and stored on Google's servers. How we use cookies. A cookie is a small file which asks permission to be placed on your computer's hard drive. Once you agree, the file is added and the cookie helps analyze web traffic or lets you know when you visit a particular site. Cookies allow web applications to respond to you. As an individual the web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences. We use traffic log cookies to identify which pages are being used. This helps us analyze data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system. Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us. You can choose to accept or decline cookies.

Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website. Personal information collected from other sources. We allow you to share information with social media sites, or use social media sites to create your account or to connect your account with the respective social media site. Those social media sites may give us automatic access to certain personal information retained by them about you (e. g., content viewed by you, content liked by you, and information about the advertisements you have been shown or have clicked on, etc.). You control the personal information you allow us to have access to through the privacy settings on the applicable social media site and the permissions you give us when you grant us access to the personal information retained by the respective social media site about you. By associating an account managed by a social media site with your account and authorizing us to have access to this information, you agree that we can collect, use and retain the information provided by these social media sites in accordance with this privacy notice. We may also use plug-ins or other technologies from various social media sites. If you click on a link provided via a social media plug in, you are voluntarily establishing a connection with that respective social media site. If you give us personal information about someone else, you must do so only with that person's authorization. You should inform them how we collect, use, disclose, and retain their personal information according to our privacy notice. What we do with the information we gather. We require this information to understand your needs and provide you with a better service, and in particular for the following reasons: Internal record keeping. Providing customer service. Improvement of our products and services. When you register to one of our events we use the information to send you information regarding the event and other relevant upcoming events.

Please notice that you will subscribe to the event mailing list after clicking "save and continue" in the first registration page. Periodic promotional emails about new products, special offers or other information which we think you may find interesting using the contact details which you have provided. You can opt out of receiving marketing emails by clicking on the unsubscribe link which we include in all our marketing emails. Emailsalerts to you based on your account settings. Personalized experience (including advertising and marketing) on our sites according to your interests. Detect, prevent, mitigate and investigate fraudulent or illegal activities. How long we keep your data: We retain your personal information for as long as necessary to provide the Services you have requested, or for other essential purposes such as complying with our legal obligations, resolving disputes, and enforcing our policies. How we protect your data. We protect your personal data against unauthorised access, unlawful use, accidental loss, corruption or destruction. We use technical measures such as encryption and password protection to protect your data and the systems they are held in. We also use operational measures to protect the data, for example by limiting the number of people who have access to the databases in which our booking information is held. We keep these security measures under review and refer to industry security standards to keep up to date with current best practice. Sharing your data How we might share your personal information.

We may disclose your personal information to other separate services within Finance Magnates LTD or to third parties. This disclosure may be required for us to provide you access to our Services, to comply with our legal obligations, to enforce our Terms of Service, to facilitate our marketing and advertising activities, or to prevent, detect, mitigate, and investigate fraudulent or illegal activities related to our Services. We attempt to minimize the amount of personal information we disclose to what is directly relevant and necessary to accomplish the specified purpose. We do not sell, rent, or otherwise disclose your personal information to third parties for their marketing and advertising purposes without your consent. In the event that Finance Magnates LTD is acquired by or merged with a third party, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control. In the unlikely event of our bankruptcy, insolvency, reorganization, receivership, or assignment for the benefit of creditors, or the application of laws or equitable principles affecting creditors' rights generally, we may not be able to control how your information is treated, transferred, or used. How do we protect your personal information. We use secure server software (SSL) and firewalls to protect your information from unauthorized access, disclosure, alteration, or destruction. Furthermore, our employees and third party service providers have access to your non-public personal information only on a "need to know" basis. We follow industry standards to protect the personal information submitted to us, both during transmission and once we receive it. No method of transmission over the Internet, or method of electronic storage, is 100% secure. Therefore, while we use commercially acceptable means to protect your personal information, we cannot guarantee its absolute security.

When your credit or debit card account information is being transmitted to our Sites or through our Sites, it will be protected by cryptographic protocols. To be clear, Finance Magnates LTD does not itself store your credit or debit card account information, and we do not have direct control over or responsibility for your credit or debit card account information. We use third party payment processors that are the controllers of your credit card information. Our contracts with third parties that receive your credit or debit card account information require them to keep it secure and confidential. You have the following rights concerning our processing of your personal data: Right to access Right to rectification what is that? Right to erasure Right to object (on grounds relating your particular situation) in case of processing of your personal data based on our legitimate interest (e. g. direct marketing) Right to withdraw your consent at any time in case of any consent-based processing of your personal data without affecting the lawfulness of processing based on consent before your withdrawal; Right to lodge a complaint with a supervisory authority. To raise any objections or to exercise any of your rights, you can send an email to us at [email protected] com or you can write to us at 7 Zabotinski Street, Ramat Gan, Israel. To exercise choices regarding cookies, you can modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website. To stop receiving marketing emails from us, you can opt out of receiving marketing emails by clicking on the unsubscribe link which we include in all our marketing emails. If you have created an online Profile with us and would like to update the information you have provided to us, you can access your account to view and make changes or corrections to your information. You may also contact us as detailed in the Contact Us section, below. When you get in touch, we will come back to you as soon as possible and where possible within one month.

If your request is more complicated, it may take a little longer to come back to you but we will come back to you within two months of your request. There is no charge for most requests, but if you ask us to provide a significant about of data for example we may ask you to pay a reasonable admin fee. We may also ask you to verify your identity before we provide any information to you. You can write to us at 7 Zabotinski Street, Ramat Gan, Israel. or you can send an email to us at [email protected] com. Finance Magnates LTD may change this policy from time to time by updating this page, and by providing any information to Finance Magnates LTD you're accepting such changes. You should check this page from time to time for any changes. This policy is effective from 2505 2018. Cookies Policy : What Are Cookies. As is common practice with almost all professional websites this site uses cookies, which are tiny files that are downloaded to your computer, to improve your experience. This page describes what information they gather, how we use it and why we sometimes need to store these cookies. We will also share how you can prevent these cookies from being stored however this may downgrade or ‘break’ certain elements of the sites functionality. For more general information on cookies see the Wikipedia article on HTTP Cookies. How We Use Cookies.

We use cookies for a variety of reasons detailed below. Unfortunately is most cases there are no industry standard options for disabling cookies without completely disabling the functionality and features they add to this site. It is recommended that you leave on all cookies if you are not sure whether you need them or not in case they are used to provide a service that you use. You can prevent the setting of cookies by adjusting the settings on your browser (see your browser Help for how to do this). Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. Disabling cookies will usually result in also disabling certain functionality and features of the this site. Therefore it is recommended that you do not disable cookies. The Cookies We Set. If you create an account with us then we will use cookies for the management of the signup process and general administration. These cookies will usually be deleted when you log out however in some cases they may remain afterwards to remember your site preferences when logged out. We use cookies when you are logged in so that we can remember this fact. This prevents you from having to log in every single time you visit a new page.

These cookies are typically removed or cleared when you log out to ensure that you can only access restricted features and areas when logged in. This site offers newsletter or email subscription services and cookies may be used to remember if you are already registered and whether to show certain notifications which might only be valid to subscribedunsubscribed users. This site offers e-commerce or payment facilities and some cookies are essential to ensure that your order is remembered between pages so that we can process it properly. From time to time we offer user surveys and questionnaires to provide you with interesting insights, helpful tools, or to understand our user base more accurately. These surveys may use cookies to remember who has already taken part in a survey or to provide you with accurate results after you change pages. When you submit data to through a form such as those found on contact pages or comment forms cookies may be set to remember your user details for future correspondence. In order to provide you with a great experience on this site we provide the functionality to set your preferences for how this site runs when you use it. In order to remember your preferences we need to set cookies so that this information can be called whenever you interact with a page is affected by your preferences. Third Party Cookies. In some special cases we also use cookies provided by trusted third parties. The following section details which third party cookies you might encounter through this site. Third party analytics are used to track and measure usage of this site so that we can continue to produce engaging content. These cookies may track things such as how long you spend on the site or pages you visit which helps us to understand how we can improve the site for you. From time to time we test new features and make subtle changes to the way that the site is delivered. When we are still testing new features these cookies may be used to ensure that you receive a consistent experience whilst on the site whilst ensuring we understand which optimisations our users appreciate the most.

As we sell products it’s important for us to understand statistics about how many of the visitors to our site actually make a purchase and as such this is the kind of data that these cookies will track. This is important to you as it means that we can accurately make business predictions that allow us to monitor our advertising and product costs to ensure the best possible price. The Google AdSense service we use to serve advertising uses a DoubleClick cookie to serve more relevant ads across the web and limit the number of times that a given ad is shown to you. For more information on Google AdSense see the official Google AdSense privacy FAQ. We use adverts to offset the costs of running this site and provide funding for further development. The behavioural advertising cookies used by this site are designed to ensure that we provide you with the most relevant adverts where possible by anonymously tracking your interests and presenting similar things that may be of interest. In some cases we may provide you with custom content based on what you tell us about yourself either directly or indirectly by linking a social media account. These types of cookies simply allow us to provide you with content that we feel may be of interest to you. We also use social media buttons andor plugins on this site that allow you to connect with your social network in various ways. For these to work the following social media sites including; Facebook, Twitter, Instagram, YouTube, LinkedIn, Google+, will set cookies through our site which may be used to enhance your profile on their site or contribute to the data they hold for various purposes outlined in their respective privacy policies. Agreement or the failure of either Party to exercise any right or remedy to which it, he or they are entitled hereunder shall not constitute a waiver thereof and shall not cause a diminution of the obligations under this or any Agreement. No waiver of any of the provisions of this or any Agreement shall be effective unless it is expressly stated to be such and signed by both Parties. Notification of Changes. Hopefully that has clarified things for you and as was previously mentioned if there is something that you aren’t sure whether you need or not it’s usually safer to leave cookies enabled in case it does interact with one of the features you use on our site. However if you are still looking for more information then you can contact us through one of our preferred contact methods. Terms Of Use: In using this website you are deemed to have read and agreed to the following terms and conditions: The following terminology applies to these Terms and Conditions, Privacy Statement and Disclaimer Notice and any or all Agreements: “Client”, “You” and “Your” refers to you, the person accessing this website and accepting the Finance Magnates LTD’s terms and conditions.

“The Finance Magnates LTD”, “Ourselves”, “We” and “Us”, refers to our Finance Magnates LTD. “Party”, “Parties”, or “Us”, refers to both the Client and ourselves, or either the Client or ourselves. All terms refer to the offer, acceptance and consideration of payment necessary to undertake the process of our assistance to the Client in the most appropriate manner, whether by formal meetings of a fixed duration, or any other means, for the express purpose of meeting the Client’s needs in respect of provision of the Finance Magnates LTD’s stated servicesproducts, in accordance with and subject to, prevailing English Law. Any use of the above terminology or other words in the singular, plural, capitalisation andor heshe or they, are taken as interchangeable and therefore as referring to same. We are committed to protecting your privacy. Authorized employees within the Finance Magnates LTD on a need to know basis only use any information collected from individual customers. We constantly review our systems and data to ensure the best possible service to our customers. Parliament has created specific offences for unauthorised actions against computer systems and data. We will investigate any such actions with a view to prosecuting andor taking civil proceedings to recover damages against those responsible. Client records are regarded as confidential and therefore will not be divulged to any third party, other than Finance Magnates LTD, if legally required to do so to the appropriate authorities. We will not sell, share, or rent your personal information to any third party or use your e-mail address for unsolicited mail.

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