FXCM’s US story ends: no-dealing desk claims false

FXCM, Niv and Ahdout banned from CFTC registration, and also by the NFA, effectively closing the broker in the US

Banned stamp
Out: FXCM banned in the US after CFTC finds market-maker paid $77m in rebates over four years

FXCM has falsely and misleadingly solicited retail customers by advertising and claiming to operate a no-dealing desk policy, despite having a close relationship with an important market-maker that took positions against client orders, the Commodity Futures Trading Commission has found (CFTC).

As a result, the regulator has issued an order against FXCM, its parent company FXCM Holdings and two of the company's founding members, chief executive Dror (Drew) Niv and managing director William Ahdout

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