FXCM hits back at CFTC charge

FXCM chief executive officer Drew Niv said the CFTC’s accusations, which centre on FXCM’s relationship with Gibraltar Monetary Corporation, were "ridiculous and baseless".

The CFTC filed its complaint on February 10, alleging Florida-based Gibraltar made false promises of large profits, misrepresented its expertise and downplayed the risks inherent in trading FX options. FXCM was charged with liability for the acts of Gibraltar, which acted as an introducing agent for FXCM.

Niv said it was u