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2009-07-06: Forex Magnates Daily Updates

Jul
6
2009
Posted by Michael Greenberg in Brokers
1 Comments
  • GCI Financial now offers 400:1 leverage for traders. Claims to be a driving force behind the Forex market…
  • Help start an Indian Forex brokerage. If you can come up with $20,000 minimum backing and preferably a strategic value, then you are welcome to contact the founder.
  • Interview with Gain Capital’s CEO about the industry and regulation.
  • My friend Jim Hunt from Trading Gurus reports the following: I logged into our virtual private server this morning, excited at the prospect of writing about our first month’s live Forex MegaDroid testing using real money. That will now have to wait for a while, because I discovered something even more interesting. The Forex MegaDroid robot had completely stopped working, and not for the first time!
  • FXCM launches a $40,000 worth King of the Micro competition
  • NFA’s wrath:
    • On July 1, 2009, NFA’s President issued a Notice of Intent to Suspend and Thereafter Revoke Registration to Melvin Securities LLC alleging that the firm is disqualified from registration under Section 8a(2)(C)(ii) of the Commodity Exchange Act. Final Order Conditioning Registration:  On July 1, 2009, a Subcommittee of NFA’s Membership Committee issued a Final Order Conditioning Registration to Melvin Securities. The Subcommitte accepted the firm’s settlement offer and allowed the firm to remain registered as an introducing broker subject to conditions. These conditions remain in effect as long as the injunction entered on March 11, 2009 against Melvin Securities remains in effect or until NFA otherwise permits the firm to become registered without conditions, whichever occurs first. This Final Order becomes effective on July 31, 2009.
    • On July 1, 2009, NFA’s President issued a Notice of Intent to Suspend and Thereafter Revoke Registration to TradeLink LLC. The Notice of Intent alleged that TradeLink is disqualified from registration under Section 8a(2)(C)(ii) of the Commodity Exchange Act. Final Order Conditioning Registration: On July 1, 2009, a Subcommittee of NFA’s Membership Committee issued a Final Order Conditioning Registration to TradeLink. The Subcommittee accepted TradeLink’s settlement offer and allowed the firm to remain registered as a FCM subject to conditions. The conditions shall remain in effect so long as the injunction entered on March 11, 2009 against TradeLink remains in effect or until NFA otherwise permits TradeLink to become registered without conditions, whichever occurs first. The Final Order becomes effective on July 31, 2009.
    • On July 2, 2009, NFA issued a Notice of Intent to deny Pyndus’ registration based on his failure to disclose a state securities action. Final Order Granting Conditional Registration: On July 2, 2009, NFA’s Membership Committee issued a Final Order in which it accepted Pyndus’ settlement offer and granted him a conditional registration.
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1 Comments on this post

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  1. Allen Taylor said:

    Nice writing. You are on my RSS reader now so I can read more from you down the road.

    Allen Taylor

    July 6th, 2009 at 6:30 am

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