Major Forex Industry Development: FXCM Moves 99% of Clients to No Dealing Desk, Adding New Benefits

July 3, 2007 - PRLog -- Major Forex Industry Development:
FXCM Moves 99 % of Clients to No Dealing Desk, Adding New Benefits

New York, July 3, 2007  


•   As of today, 99 % of all FXCM clients are trading with No Dealing Desk execution;

•   This change affects almost 90,000 individual trading accounts, in what may be the largest move to the No Dealing Desk model in the history of currency trading;

•   The No Dealing Desk model eliminates the potential conflict of interest between broker and client; all prices for FXCM’s No Dealing Desk execution are provided by 6 of the world’s largest banks.

•   As of June 10th, FXCM had improved No Dealing Desk Execution by introducing “At Best Price” order selection, enabling clients to get orders filled under all market conditions.

•   FXCM expects the number of banks that provide streaming prices for No Dealing Desk execution to increase from 6 to 9 in coming weeks. FXCM believes this will lead to consistently lower spreads. Spreads have already decreased in 13 currency pairs since the introduction of No Dealing Desk execution.

The announcements were made by Drew Niv, CEO of the global currency trading firm.
 
“In February of this year, 95% of our direct clients were transferred to No Dealing Desk trade execution,” said Niv. “Now, nearly all our clients both direct and Introducing Broker clients are using the new system.”

“All our clients can now trade on rates provided by six of the world’s largest banks, who compete to offer the best prices – frequently two pip spreads. We are presently negotiating to add as many as three more global banks, as we focus on obtaining the lowest possible trading rates for our clients.”

“In effect, we have now ended our dealing desk trading system, thereby removing any possible conflict of interest. With many other forex brokers, a client’s losses might be linked to a broker’s gains. FXCM hopes others follow our example to put the client’s interest first.” said Niv.



FXCM Facts
•   Forex Capital Markets LLC is the Largest Forex Dealer Member*
•   More than 90,000 accounts are traded on the FXCM trading platform
•   Over $200 billion in notional volume is traded each month on the FXCM platform
•   FXCM provides customer support with native speakers in over 20 languages in 6 offices around the world
Registered with the CFTC as a Futures Commission Merchant, FXCM (Forex Capital Markets LLC) has received numerous awards from the investment community, including Best Currency Broker from Shares, Best Retail Foreign Exchange Platform from FX Week and Best Foreign Exchange Specialist from Technical Analysis of Stocks & Commodities. In addition to currency trading, FXCM offers educational courses on forex trading, and provides research through DailyFX.com.
*As of September 2006, FXCM held in excess of $215 million in customer funds out of a total of over $770 million held by Forex Dealer Members. While there are approximately 31 active Forex Dealer Members with liabilities to customers of approximately $795 million, FXCM holds approximately 1 out of every 3 dollars of customer funds held by Forex Dealer Members.
*Source: http://www.nfa.futures.org/news/newsProposedRule.asp?Arti...
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Leveraged foreign exchange trading carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

Website: www.fxcm.com