FXCM (www.fxcm.com) announced that earlier this year, FXCM reached over 100,000 live accounts trading on FXCM’s trading platforms.

 

“This is a milestone in the history of the forex industry,” said Drew Niv CEO of FXCM “It seems to reflect the currency trader’s positive reaction to the new services and policies implemented this year, especially our No Dealing Desk execution, and increasingly lower spreads.”

 

 “We believe our financial strength and outstanding customer service have helped to make us the broker of choice for the retail forex industry,” said Niv.

 

FXCM Prepared

For New NFA Requirements

·          New net capital requirement a minimum of $10 million or 10% of client assets for forex brokers offering greater than 100:1 leverage.*

 

·          New net capital requirement of $5 million or 5% of client assets are for FDM’s offering 50:1 leverage or less.*

 

·          In addition to the new net capital minimum, there are other financial requirements. They vary, depending on size of positions taken by a firm as well as the amount of customer deposits held. These new requirement will make the actual requirement much larger for a number of FDMs.  

 

 

Forex Capital Markets, LLC, an NFA member firm, is the US regulated entity of the FXCM Group. According to the latest CFTC report, as of September 30, 2007 Forex Capital Markets, LLC had an adjusted net capital of $56,170,101 which far exceeds the NFA’s new capital requirements.**

 

Drew Niv, CEO of FXCM endorses the recently announced increased capital requirement level, however, believes the $20 million capital level proposed by NFA’s president and CEO in his recent congressional testimony is excessive. “The financial resources for FXCM (Forex Capital Markets, LLC) far exceed both increases of capital requirement and FXCM stands behind the NFA’s decision to raise the standards and security of US based forex brokers, as long as they are consistent with a creating a healthy, globally competitive US forex industry.” said Niv.