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CFTC shuts down forex boiler operation

WASHINGTON, DC -- US authorities have frozen the assets of six firms and arrested four of their employees after the Commodity Futures Trading Commission (CFTC) charged them with fraud last week.

CFTC cracks down on forex brokers

FLORIDA -- Rogue FX operators faced heavy penalties last week following action from the Commodity Futures Trading Commission (CFTC), with two firms -- World-Wide Currency Services and Intertrade Forex -- handed large fines.

Commerce FX storms US retail market

BOSTON – Commerce FX, a subsidiary of Boston-based Commerce Bank & Trust, is reaping the rewards of its entrance into the retail margin trading market last year, an official told FX Week .

Refco buys stake in ACM

GENEVA – US brokerage Refco Group bought a majority stake in online FX trading firm AC Markets (ACM) for an undisclosed sum last week. The cash purchase was completed on June 29.

Saxo upgrades support service

COPENHAGEN – Saxo Bank has upgraded support for users of its white-label trading platform SaxoTrader, with a new service to offer advice on website development, advertising, marketing and customer relationship management.

Investment banks break records

NEW YORK -- This year looks set to be a record-breaker for banks' FX earnings, if the commercial banks follow the lead set by the US investment houses.

FXCM hits back at CFTC charge

NEW YORK -- Online trading firm Forex Capital Markets (FXCM) hit back at the Commodity Futures Trading Commission (CFTC) last week, after the regulator charged it with liability for an allegedly fraudulent trading firm.

Saxo’s FX volume growth builds profits

COPENHAGEN -- Saxo Bank had its most active trading month ever in January, with over $93 billion worth of forex trading on its platform, officials said last week. The volumes represent an increase of over 200% since January 2003, when volumes were $28.5…

Clearview charged by CFTC

NEW YORK -- The Commodity Futures Trading Commission (CFTC) has charged Clearview Capital Management and its head trader James Weiss for misrepresentation, and is seeking an injunction to suspend the firm.

NFA suspends California FX firm

CHICAGO -- Regulatory body National Futures Association (NFA) suspended California-based futures commission merchant FX First, effective September 26.

ETrade enters FX with Saxo Bank

LONDON -- Online bond and equity retail trader ETrade has made its first foray into FX by becoming a white-label partner of Danish FX dealer and technology provider Saxo Bank.

Saxo Bank’s forex fund flourishes online

COPENHAGEN -- Saxo Bank’s managed FX fund has produced returns of over 3% so far this year, despite the war in Iraq and the geopolitical uncertainty that marked Q1. Saxo’s 3.08% return tops the aggregated performance of the 49 currency funds on the…

Gain Capital refutes fraud accusation

NEW JERSEY -- Online retail FX player Gain Capital last week responded to claims that it acted fraudulently after a lawsuit was filed by a group of clients of Sterling Forex, a money management firm.

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