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Six major global banks in the U.S. and England were fined a total of $6 billion by U.S. and British regulators Wednesday after pleading guilty to rigging the $5 trillion a day foreign exchange markets and Libor interest rates.
Shares in the London Stock Exchange listed financial company, Plus 500, crashed Monday after one of the world's most famous firms was forced to freeze the accounts of thousands of customers, sending shares down by 45%.
In what is being referred to as the "?Arthur Anderson effect," five major banks are expected to admit their accountability to charges of Forex rigging by the U.S. Justice Department. Back in 2002, five foremost accounting firms in the U.S. were indicted over charges related to the Enron Corp's accounting scandal, causing close to 28,000 employees to lose their jobs.
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Kiana Danial, founder of InvestDiva.com, is an award winning humanitarian and TV personality. Her recent book, "?Invest Diva's Guide to Making Money in Forex" by McGraw-Hill contains not only advises on Forex Trading but tells the story of a woman who was born in Iran and ended up dedicating her life to empowering minorities, especially women in the male dominated industries.
GAIN Capital Holdings (NYSE:GAIN) has completed the acquisition of U.K. brokerage City, Index. The combined company will have over $1.1 billion in customer assets with annual trading volumes of more than $3 trillion.
These past few months have not been easy for some brokers and many have had to close their doors. Others have sought different methods in order to stay afloat and continue to service their account holders.
Wednesday's announcement by FXCM Inc. that it was selling FXCM Japan Securities Co., Ltd to Rakuten Securities, Inc., a top 5 FX broker in Japan ,sent FXCM shares soaring by more than 8% in the pre-market session. The purchase price was approximately $62 million.
Following a period of controversy and confusion triggered by the Swiss Franc debacle last January, FXCM UK has taken the bold step of clarifying that only the first $50,000 of any negative balance incurred by a client will be written off, starting at an unspecified future date believed to be soon. Amounts in excess of $50,000 that are incurred will be placed beyond negative balance protection and within the remit of debt legally owed by the client to FXCM UK.