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Thread: Broker fined again - $515,000

  1. #1
    Hong Kongs financial regulator, the Securities and Futures Commission (SFC) said it has reprimanded and fined HK$4 million (approximately US$ 515 000) the forex broker FXCM Asia Limited (the Hong Kong branch of FXCM, currently operating as Rakuten Securities Hong Kong Limited) for regulatory breaches in relation to its forex order execution.

    https://smnweekly.com/2016/10/19/sfc...tory-breaches/
    http://www.sfc.hk/edistributionWeb/g...?refNo=16PR104

  2. #2
    Waiting to observe how he'll protect them claiming about outstanding trading requirements although the reality is different.

  3. #3
    Forexsoutheast.asia Altered my thread title.

    How corrupted can they be?


  4. #4
    Hey guys,
    FXCM sold their HK branch. They're operated by an entirely different business. It is just the title only.

  5. #5
    Quote Originally Posted by ;
    Hey guys, FXCM sold their HK branch. They're operated by an entirely different business. It is just the name.
    The fines are for the prior years...

  6. #6
    It is already clear that FXCM is a scam.

    I won't deposit $2,000 to a broker that is fined by loads of regulators for over 4 times today! Jesus.

  7. #7
    Quote Originally Posted by ;
    Hey men, FXCM sold their HK branch. They're operated by a business. It's only the name only.
    Can it be some type of partnership or they are conducting an IB to get FXCM. . ?

  8. #8
    FXCM was having problems. The US National Futures Association (NFA) https://smnweekly.com/2016/10/05/nfa...ankar-trading/ The body overseeing the forex and introducing brokers in the US has also barred Vankar's president John Karvelas from acting as a leader of an NFA Member for 10 years. Karvelas should pay a 15 000 fine.
    Vankar Trading is behaving as an introducing broker of FXCM, FXCM UK, Gain Capital and ATC Brokers.

  9. #9
    Quote Originally Posted by ;
    FXCM has been having problems recently. The US National Futures Association (NFA) https://smnweekly.com/2016/10/05/nfa...ankar-trading/ The body overseeing the forex and introducing brokers in the US has also barred Vankars president John Karvelas from acting as a leader of an NFA Member for ten decades. Karvelas must also pay a 15 000 fine. Vankar Trading is behaving...
    This one doesn't have anything to do with FXCM but with Vankar Trading (John Karvelas)

    In order to be IB from the USA you have to be controlled by NFA.

    The report states clearly that Vankar failed to fulfill their need The complaint alleged that the broker failed to maintain adjusted net capital and accurate records and books. What's more, Karvelas and Vankar failed to supervise the company#8217;s operations.

  10. #10
    Quote Originally Posted by ;
    quote This one has nothing to do with FXCM but using Vankar Trading (John Karvelas) In order to become IB in the USA you must be regulated by NFA. The report states clearly that Vankar failed to fulfill their need The complaint alleged that the broker failed to maintain adjusted net capital and accurate books and records. Furthermore, Karvelas and Vankar failed to oversee the firm's operations.
    What pisses me off isforexsoutheast.asiamoderators changed the title name from ?FXCM? to ?Broker?

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