FXPay is an exciting and highly prospective business opportunity that brings innovative technology to the Foreign Exchange (Forex) market.
FXPay goal is to address the current inefficiencies within the market and to provide cost-saving solutions to brokers, traders, and liquidity providers. By utilizing blockchain technology, FXPay can intelligently reduce the risk for brokers and traders by providing more opportunities and increase the speed of transactions in the Forex market.
When the FXP Platform goes live, it will quickly receive a large daily transactional flow, and within a few months, FXPay will be immersed in a major industry with expected turnovers of US$ 54 million per day.
FXPay Inc. aims to create a large, international, eco-friendly community on a digital platform that is made to meet the demands of Forex liquidity providers and traders.
The primary focus will be premium brokers who require a new transaction method which is made cheaper and faster through the use of blockchain technology.
FXPay Inc. aims to expand on this becoming their own premium broker.
This will allow clients to freely invest in the Forex market with their token.
This will provide a platform with both established users and significant daily volumes, which will steadily increase the price over time.
The fees incurred by the trader, broker, and liquidity provider when withdrawing and depositing funds.
The lack of consistency concerning broker fees, due to a lack of standardization.
Exchanging money is a convoluted process that can take multiple days.
Hurry sign up to get your limited time offer, as weexpand globally. The transaction process is inefficient and complicated for such a big industry, with a lack of consistency concerning brokers.
By introducing blockchain technology to the Forex market, FXPay is able to address inefficiencies in the market that, until now, have not had a solution. By offering a digital currency to brokers and traders, FXPay provides a medium through which to effortlessly convert fiat currency into FXP tokens.
Once it is securely logged on the blockchain, it can be converted into any of our Forex pairs.
Traders can then use Forex credit to participate in the market.
Once trading has ceased, traders can trade Forex credit back into FXP or any other digital currency.
Traders can choose to keep Forex credit, which can either be used to continue trading at a later stage, or withdrawn into fiat currency through the Forex trading platform, at minimal cost.
This offers traders and brokers an attractive alternative to the traditional Forex structure, by providing an innovative platform with highly reduced fees and faster transaction times. The result is:
Increased profit margins
Investment potential for traders
Cost savings for brokers when transacting with liquidity providers.
Until now, brokers have had to approach liquidity providers to provide them with liquidity. They can then offer this to their customers. In the future, FXPay will act as its own Premium Broker. Offering brokers the ability to purchase FXP at the prevailing market price, plus a discount. This provides leverage to brokers that choose to use our platform. Brokers can choose to manage their own risk and profit by using their leverage and deciding how much of their FXP they would like to allocate to traders. ✅Website: https://fxpay.io/ ✅Whitepaper: https://fxpay.io/pdf/FXPAY_V.1.4.pdf
FXPay Inc. presents an attractive offering for Crypto investors, who can now choose to participate in the Forex market as well. FXP can be used as a great hedging opportunity in a situation of high market volatility. Crypto investors can easily swap their crypto for a more stable fiat alternative, until the market has stabilized. https://preview.redd.it/ewnq199f1if11.jpg?width=1200&format=pjpg&auto=webp&s=ff12f0f29cb2deaf2f3ba6338e3a4aafced463af Until now, brokers have had to approach liquidity providers to provide them with liquidity. They can then offer this to their customers. In the future, FXPay will act as its own Premium Broker. Offering brokers the ability to purchase FXP at the prevailing market price, plus a discount. This provides leverage to brokers that choose to use our platform. Brokers can choose to manage their own risk and profit by using their leverage and deciding how much of their FXP they would like to allocate to traders. ✅Website: https://fxpay.io/
XTRD is a technology company that are introducing a new infrastructure that would allow banks, hedge funds, and large institutional traders to easily access cryptocurrency markets. XTRD is launching three separate products in sequential stages to solve the ongoing problems caused by having so many disparate markets. Firstly a unified FIX API followed by XTRD Dark Pools and finally the XTRD Single Point of Access or SPA. Our goal is to build trading infrastructure in the cyptospace and become one of the first full service shops in the cryptocurrency markets for large traders and funds.
A single FIX API for trading across all connected exchanges
A robust GUI for manual cross execution on all crypto markets
A large liquidity pool, based on orders books from all connected exchanges
Best prices and best top of book execution net of fees
Low transaction fees
99.99999% reliability and uptime
Parent/child orders on multiple exchanges to minimize individual market impact
Advanced order types common in the equity and FX trading space
Establish XTRD as a premier market-making entity to mitigate spreads and increase liquidity in the cryptocurrency space
Derivative trading - XTRD plans to connect to LedgerX (US based, approved by the CFTC) for cryptocurrency options and swaps to offer unified hedging and derivate trading strategies
Robust, US based technical support
Reliable and familiar deployment methods for institutions:
IPSec as a connectivity option across the Internet
Cross connection options
Collocation space or VPS (Virtual Private Servers) that clients can rent from XTRD
UAT/Sandbox environment for testing
What are the industry issues?
COMPLEX WEB OF EXCHANGES. A combination of differing KYC policies, means of funding, interfaces and APIs results in a fragmented patchwork of liquidity for cryptocurrencies. Trading in an automated fashion with full awareness of best pricing and current liquidity necessitates the opening and use of accounts on multiple exchanges, coding to multiple API’s, following varying funding and withdrawal procedures. Once those hurdles are cleared, market participants must convert fiat currency to BTC or ETH and then forward the ETH on to an exchange that may not accept fiat, necessitating yet another transaction to convert back to fiat. Major concerns for market participants range from unmitigated slippage and counterparty risk to hacking prevention and liquidity. HIGH FEES. Execution costs are even more of a factor. Typical exchange commissions are in the 0.1% – 0.25% range per transaction (10 to 25 basis points), but the effective fees are much higher when taking into bid and ask spreads maintained by the exchanges. As most exchanges are unregulated, there is generally no central authority or regulator to examine internal exchange orders that separate proprietary activity from customer activity and ensure fair pricing. THIN LIQUIDITY. A large institutional order, representing a sizable percentage of daily volume can move the market for a product, and related products in an exchange by a factor of 5-10%. That means a single order to buy $1,000,000 worth of bitcoin can cost an extra $50,000-$100,000 per transaction given a lack of liquidity if not managed correctly and executed on only one exchange. By way of comparison, similar trades on FX exchanges barely move markets a fraction of a percent; those price changes cost traders money, and deter investment.
What are the XTRD solutions?
FIX API An API is an “Application Programming Interface”, a set of rules that computer programs use to communicate. FIX stands for “Financial Information eXchange”, the API standard used by most financial organizations as the intermediary protocol to communicate amongst disparate systems such as market data, execution, trade reporting, and order entry for the past 25 years.XTRD is fixing the problem of having 100 different APIs for 100 exchanges by creating a single FIX based API for market data and execution – the same FIX API that all current financial institutions utilize.XTRD will leverage our data center presences in DC3 Chicago and NY4 New Jersey to host FIX trading clients and reduce their trading latencies to single milliseconds, a time acceleration of 100x when it comes to execution vs internet. More infrastructure and private worldwide internet lines will be added in 2018 and beyond to enable secure, low latency execution for all XTRD clients, FIX and PRO. XTRD PRO XTRD PRO is a professional trading platform that will fix the basic problems with trading across crypto exchanges – the need to open multiple web pages, having to click around multiple windows, only being able to use basic order types, and not seeing all your positions, trades, and market data in one place.XTRD PRO will be standalone, downloadable, robust end-to-end encrypted software that will consolidate all market data from exchanges visually into one order book, provide a consolidated position and order view across all your exchange accounts, and enable client side orders not available on exchanges – keyboard macro shortcuts, VWAP/TWAP, shaving the bid and offer, hit through 1% of the inside, reserve orders that bid 100 but show 1, SMART order routing to best exchange and intelligent order splicing across exchanges based on execution costs net of fees, OCO and OTO, many others. XTRD SPA XTRD SPA is the solution to bridge cross-exchange liquidity issues. XTRD is creating Joint Venture partnerships with trusted cryptocurrency exchanges to provide clients on those exchanges execution across other exchanges where they do not have accounts by leveraging XTRD’s liquidity pools.An order placed by a client at CEX.IO, XTRD’s first JV partner, can be executed by XTRD at a different exchange where there may be a better price or higher liquidity for a digital asset. Subsequently, XTRD will deliver the position to CEX.IO and then CEX.IO will deliver the execution to the client, with XTRD acting as just another market participant at the CEX.IO exchange.XTRD does not take custody of funds, we are a technology partner with exchanges. All local exchange rules, procedures, and AML/KYC policies apply. XTRD DARK Institutions and large market participants who have large orders of 100 BTC or more generally must execute across multiple markets, increasing their counterparty risk, paying enormous commissions and spreads, and generally having to deal with the vagaries of the crypto space. Alternatives are OTC brokers that charge multiple percents or private peer-to-peer swaps which are difficult to effectuate unless one is deeply in the space.XTRD is launching XTRD DARK – a dark liquidity pool to trade crypto vs fiat that matches buyers and sellers of large orders, discreetly and anonymously, at a much lower cost. Liquidity is not displayed so large orders do not move thin markets as they would publicly. The liquidity will come from direct XTRD DARK participants as well as aggregation of retail order flow into block orders, XTRD’s own liquidity pools, connections with decentralized exchanges to effectuate liquidity swaps, and OTC broker order flow.XTRD is partnering with a fiat banking providebroker dealer to onboard all XTRD DARK participants for the fiat currency custody side with full KYC/AML procedures.
TOKEN USAGE. XTRD will generate the XTRD utility tokens via smart contact during the Token Generation Event (TGE) in Q1 of 2018. The XTRD utility token will be utilized on the XTRD network by market participants to pay for execution, VPS, market data, software licensing, and other fees. Market participants will be able to purchase XTRD tokens directly from XTRD’s liquidity pool. The TGE will be preceded by a private institutional sale and a SAFT (Simple Agreement for Future Token) Platform based presale. The XTRD token will be fully ERC20 compliant to ensure that it functions properly on the Ethereum blockchain, similarly to other ERC20 tokens.
XTRD TOKEN LIQUIDITY AGGREGATION. The XTRD token will be used to create liquidity in the overall cryptocurrency market. Along with the utility of the XTRD token to pay for fees on the XTRD platform of products, most of the XTRD token revenue will be used to increase the inventory of other cryptocurrencies that are in demand by our customers. This will create points of liquidity for our customers to access across the worldwide crypto exchange ecosystem. These liquidity points will be created using XTRD tokens that are paid back into the system for fees. 70% of funds raised in the token sale will be used for liquidity aggregation.
XTRD STAKING. Discounts of 25% on XTRD services (execution, colocation, market data, software licensing) will be available for token holders in general and discounts of 40% on XTRD services will be available for token holders who maintain an average monthly stake of at least 50,000 XTRD tokens. Fiat will be accepted at no discount to par. Execution fees will generally be set as a percentage of the gross trade amount, based on a combination of factors such as liquidity, the pair being traded, market conditions at the time of the trade, and so on. All charges will be marked to market and remain constant, no matter the value of the XTRD token (a $10 charge will be 2 XTRD if $5 each or 0.5 XTRD if $20 each).
TOKEN LEGAL CONSIDERATIONS. XTRD tokens are ERC20 compliant utility tokens functioning on the Ethereum blockchain. The value of XTRD is derived purely from serving as a medium of payment for services by market participants in the XTRD trading ecosystem. XTRD tokens confer no voting rights, profit participation, equity, ownership of intellectual property, revenue sharing, rights to dividends, transfer of ownership upon company sale, control of company assets, or any decision-making ability regarding XTRD or its’ operations. XTRD tokens are not designed for speculation. In summary, XTRD tokens are not securities. XTRD Digital Assets, Inc has obtained a qualified legal opinion concurring that XTRD tokens are not to be considered “securities” under applicable U.S. securities laws given their failure to meet all prongs of the Howey Test.
Who is XTRD intended for?
XTRD is mainly aimed at major institutions, hedge funds, algorithmic traders who are currently unable to enter the crypto markets. These firms include companies such as Divisa Capital run by XTRD Advisor Mushegh Tovmasyan.
More information will be added to this thread as the project develops. We are currently looking for key community members to assist in building out this thread. If you are interested please email [[email protected]](mailto:[email protected])
Looking for Beta Users for Groundbreaking P2P Swap Trading System, Maximum Leverage, Minimum Risk, All Markets
I'm looking for traders to take positions (either in agreement with, or contrary to) my research/opinion or using your own trade setups and fundamental/macro outlook - via our P2P swap platform. You can use actual capital or I can give you test capital, basically, play money, to trade with me and my team and all I ask for is feedback on the system and the ability to quote you (which is not mandatory, but it would be nice). You can trade stocks, bonds, commodities, forex and forex pairs long or short, or swap the exposures directly for another asset, ex. S&P 500 for the LSE 100, Apple for Google, etc. Fees start at 5 bp, the best available from anywhere. Digital leverage is available, up to 10,000x worth (double digit profits/losses can be had from 11 basis points in movement, or less - so be careful), with no possibility of a Margin Call since the trades are pre-funded. If you think the opportunity is worthwhile, feel free to contact us or see info sheet below for more... Macro Trading Has a New Power Tool: Peer to Peer, Counterparty Risk-Free Swaps for Value Transfer & Trading Trade the value of over 45,000 tickers of instruments in every asset class from every major geography and exchange with up to 10,000x pricing leverage without concerns of counterparty/credit/default risk or margin calls. Very big claims… substantiated by a very big discovery in value transfer and security. Veritaseum is the worldwide leader in the financial implementation of “smart contracts” – unbreakable, self-executing bilateral agreements between two or more parties. We use these smart contracts to create peer to peer swaps for the transfer of value through the “blockchain,” a worldwide, open ledger of pseudonymous transactions that can be seen and audited by anyone, any time in the cloud. The blockchain is considered unhackable and one of the most secure implementations of cryptography to date. With the use of financial “wallets”, client side applications that use a simple interface to guide users in the quick (as in minutes – enter ticker(s), amount to risk, collateral, expiry and leverage required) creation of a smart contract (in this case a P2P swap), users trade OTC directly with other parties – totally bypassing and intermediating exchanges, with even less risk. Monetary value is committed up front, a leverage factor is digitally dialed in (anywhere from 2x to 10,000x) and the smart contract is created and sent to the blockchain to await a match. Once matched, the funds are locked into the transaction until expiry, at which point profits and losses are distributed along with principal and unused collateral (the capital chosen to be put at risk). A novel, risk averse, extremely powerful, and quite frankly - ingenious way to trade macro strategies. Not only can one go long or short any ticker in any asset class from any region for any currency, one can go long one ticker relative to another. For instance, those with a bearish outlook on the S&P 500 normally short it for USD. You can now short (pay) the S&P 500 index directly while going long (receiving) Eurozone equities (or 10 year treasury yields, or Swiss francs or the CNYJPY pair or bitocin), in a single transaction – with or out without leverage. Since the exchange is peer to peer, we never hold or control any of your assets, hence you are not exposed to our balance sheet, credit, default or counterparty risks (the blockchain is your effective counterparty). Veritaseum is a software concern, not a financial concern or intermediary! You can always track your assets and trade through the blockchain at any time. The capital is loaded in the wallet in the form of bitcoin, and for those who choose to minimize exposure to bitcoin market price volatility, leverage can be used to nearly eliminate the noise. You can also conduct trades using a demo mode and test coins, so as to use the system without risking actual capital.
Smart Contracts as Transaction Vehicles: The Safest Possible Way To Exchange Value
Veritaseum's UltraCoin smart contracts are: 1. highly flexible - you design your own derivatives yourself using your own parameters via our simple graphical user interface 2. self-executing 3. autonomous 4. unbreachable: we call them, the unbreakable promise! They are backed, fortified and stored by/on the blockchain itself 5. uber-transparent: simple click the "trace transaction" button to find the location and historical travel path of your assets anytime, from anywhere you have an internet connection
Trading Through a Balance Sheet-Based Financial Institution vs. Distributed, Decentralized, P2P Software Concern
What I do want to accomplish is the education through the fact that the Bitcoin protocol has given rise to the genesis of a new type of company, with a new business model that can offer a totally new type of product. As you were able to see from above, Veritaseum's UltraCoin offers a very uniquer product with many if not all of the attributes that potential competitors offer, with a slew of attributes that others can't touch. This is done at 1/5th of the price and at much less risk! When dealing with Veritaseum's UltraCoin, you can never get Gox'd because we never have (nor do we want) possession of your coins or fiat - every, at any time. Because we don't user our balance sheet (we are a software company, not a centralized exchange or brokedealer) you:
are never exposed to us as a counterparty, we make the blockchain your counterparty
never have to worry about our capital reserves or the capitalization/credit of your initial counterparty (all trades are fully funded at the outset, even a heavily levered trade at 10,000x),
You never have to worry about negative drawdowns, negative equity or margin calls
If a catastrophic event were to occur, say bi-coastal earthquake takes out our datacenters on the east and west coasts simultaneously while a meteor hits the backup center in the midwest, you will still be able to recover you funds - on your own. Since we do not have possession of your funds you don't have to worry about us absconding with them nor getting blown up with them. Each trade has a catastrophic rollback feature which will put you back into your original funding position n-time units after expiry. Unfortunately, you will not be able to complete your trade, but if two bi-coastal trades hit at the same time as meteor to the mid-west, you may not be studying that EUR short anyway :-)
This is just the beginning of what is capable with our Internet 2.0 business models. I implore you to download our:
and of course, the UltraCoin BTC wallet for Windows - or - Mac & Linux, which doubles as the trading client. The wallets have a "Demo Mode" which allows you to trade on testnet if, after using the spreadsheet modeler, you are still not comfortable committing live coins. You can get the demo (testnet) coins here.
Hey all, I am a very new and bright-eyed hopeful forex trader :) I am trying to understand why this is not all too good to be true, I have been using a practice account, and it has been going great. I mainly trade off of the 5min chart after finding a channel in the 10min to 15min charts and a trend/pivot in the 1h. I will work out a point to wait for a buy, then place the trade, and if it goes in the opposite direction I will "buy" a short position if it drops at least 30-40%. But not if it is only around 20%, that I can just wait out. This all just seems too good to be true, looking at these charts and finding a point where there is a support channel and then waiting on a good entry point, I also started splitting up my order into four different chunks to spread my entry point down. I also sell off in the same way. I have only been buying a single large short position though, mainly because I don't want to click through the setting 8 times :P. Hey its a practice account! I understand the risk and psychological impact once it is real money. Do most of you trade with the maximum leverage your broker offers? I think with Oanda the most I can do is a leverage of 50. I watched youtube videos of people using Forex Broker Inc. and that let's them use a leverage of up to 200. Which is better for the long run? Ideally I want to make around $100-200+ a day to eliminate my current 2nd job. Getting tired of working 60-70+ hours between both. But have student loans to pay off. How much money would you need to have trading in order to make $200 off of an average pip move? Which seems to be around 30-50 pips. As a new trader though I would gladly settle for the mindset at first of just getting to the point of consistently being profitable, as long as it wouldn't take up too much of my free time between both jobs now.
FXCM CEO Drew Niv Discusses Firm's Future after the CHF Crisis
Hi Everyone, Our CEO Drew Niv held a Q&A with Forex Magnates which will answer many questions we have received over the past couple of weeks http://forexmagnates.com/exclusive-fxcm-inc-ceo-drew-niv-discusses-firms-future-after-the-chf-crisis/. Please understand that some questions I can't answer since we are a publicly traded company and it may be material information, but we will get to all questions in due time. What happened on January 15th after the SNB announcement? What was the immediate impact of the SNB announcement on the company’s systems? At the time of the SNB announcement over 3,000 FXCM clients held slightly over $1 billion in open positions on EUCHF. Those same clients held approximately $80 million of collateral in their accounts. As you know this was the largest move of a major currency since currencies started floating 1971. The EUCHF move was 44 standard deviation moves, while most risk management systems only contemplate 3-6 standard deviations. The moved wiped out those clients’ account equity as well as generated negative equity balances owed to FXCM of over $225 million. We believe that the FXCM system operated properly during this event. The caveat of our no dealing-desk execution system is that traders are offset one for one with a liquidity provider. When a client entered a EUCHF trade with FXCM, FXCM Inc. had an identical trade with our liquidity providers. During the historic move, liquidity became extremely scarce and shallow, which affected execution prices. This liquidity issue resulted in some clients having a negative balance. While clients could not cover their margin call with us we still had to cover the same margin call with our banks. When a client profits in the trade FXCM gives the profits to the customer, however, when the client is not profitable on that trade FXCM Inc. ends up having to pay the liquidity provider. FXCM ended with a regulatory capital shortfall. Accordingly, FXCM needed to get a loan to cover this balance, which it did. For anyone that still thinks FXCM is running an FX dealing desk, we have now demonstrated that such is not the case. Why do you think many people traded EUCHF with FXCM? Because we are a no dealing-desk broker and offset each trade one-for-one with our liquidity providers, and only make money on trades not customer losses. We published a study a few years ago called “traits of successful traders” that looked at FXCM traders over a long period of time and their general behavior to find what was destructive behavior to stay away from and what worked for clients. The study focuses on what the majority of profitable traders did to increase their odds of success. What the study found was that traders who traded during quiet range-bound market hours like Asian hours OR that traded rang- bound low volatility currency pairs tended to be more profitable. Obviously many of our competitors who are on the opposite side of their clients’ trades did not find this trade to be helpful to their bottom line, as they lose money when traders profit. We saw many of the dealing desk firms begin to increase overnight rollover cost as well as raise margin requirements to get these trades off their system and that’s why FXCM and other STP brokers had much bigger exposure. Why did FXCM require an emergency loan with such tough terms? As a regulated broker we are required to notify our regulators in a timely manner when any event occurs that may be deemed sensitive to clients. When we notified the regulators, they required FXCM Inc.’s regulated entities to supplement their respective net capital on an expedited basis. We explored multiple debt and equity financing alternatives in an effort to meet the regulator’s deadline. The deal we ended up doing with Leucadia was the only deal that could and would happen in the very short timeframe we were given by the regulators. The CEO and the president of Leucadia were here in the office working on the deal. It was a tall order for someone outside of the FX industry to come in and write a $300 million dollar check. This was the type of thing only top management could do. But they see the sustainability of FXCM, and that was everyone’s end goal. We really are very thankful to Leucadia. The deal enables us to live and fight another day and gives us time to build shareholder value in the future. You said you plan to pay back the loan with proceeds from sales of non-core assets so what are non-core assets and will that be enough? We announced last week that we anticipate that with the proceeds from the sale of some non-core assets and continued earnings we can meet both near and long-term obligations of our financing, while preserving the strength of our franchise. It’s widely known and understood that FXCM’s core business has always been retail FX; It is the majority of FXCM’s revenue. However, over the past few years, the company has spent over $250 million dollars making strategic acquisitions building up our non-core businesses, mainly the institutional side as we tried to diversify the firm. We are now looking to sell some of those non-core assets; But, we are not in a rush and are looking to get the highest valuations for these assets. We are considering closing or selling smaller regulated entities that require large sums of capital requirements, but that offer increasingly low return on capital. The latter move allows us to free up significant amounts of cash that is currently trapped. We believe that in the near term we can pay down a majority of the loan. That’s our goal. What happens after 90 days according to your agreement with Leucadia? The agreement says we need to pay back $50 million of the loan along with $10 million in fees in 90 days. If we don’t pay that $60 million, we will be assessed an additional $30 million in fees when the loan is due in 2017. So we are going to pay our $60 million and hopefully more in 90 days and then go from there. To be clear, the financing does not force us to do anything at 90 days. Will you be selling FXCM? I absolutely do not plan on selling FXCM. Like I said we will be selling non-core assets but no I don’t plan on selling FXCM. That is also why we implemented the shareholder rights plan to prevent a hostile takeover. FXCM has been independent for over 15 years and we intend to stay that way. Are client funds safe with FXCM? Yes. As we have said, we believe FXCM’s systems operated properly during this event. I’ll stress it here again, FXCM is not insolvent, has not filed for any form of bankruptcy, and is in compliance with all regulatory capital requirements in the jurisdictions in which it operates. The financing we received from Leucadia has strengthened our balance sheet and gives us the opportunity to grow our core business. With Leucadia, our pockets are even deeper and we aren’t going anywhere. Additionally, all of our regulated entities except the U.S. provide clients with segregated funds. All of our global client base in our regulated entities minus US clients would be protected under a bankruptcy. Our UK regulated entity through the FSCS even offers clients £50,000 per person in protection. Canada has similar insurance for retail traders of up to $1 million CAD. What are the relationships like with your liquidity providers after this event? Many of these relationships are long-standing relationships. The entire industry took a hit here. They understand what happened. Most everyone halted trading in EUCHF, but half of our liquidity providers kept providing prices in all other pairs the entire time. Half of the LPs did stop pricing FXCM on Friday January 16th, but most have returned. We presently only have two providers that have not yet returned, but we are optimistic that they will soon return. There is still plenty of liquidity on the platform. Most banks and other liquidity providers have been working very closely with the FXCM team. Where do you see FXCM in six months from now? We will be well on our way to paying down the loan and continue to grow our core franchise. FXCM still has the best platform for retail traders, we still provide the fairest and more transparent execution in the business and we have a slew of new trading indicators and applications that no one in the space is even considering offering their clients. We’ll still be here; We may just look a little different. Here are a few things we are working to get out in the next six months: Single Share CFDs – We are going to be offering the top 200 or so most traded US, UK, French and German stocks. We are going to offer these shares on the equivalent of NDD in FX. Improving CFD execution – Sharpening execution capabilities to match some of the benefits of our FX capabilities for Index and Energy CFDs to remove restrictions on stops and limits, allowing APIs, along with tighter spreads. Market Depth in FX – clients will be able to see the depth of liquidity which will provide them more transparency with execution quality and allow them to make more informed trading decisions. Real Volume indicators – clients will have a real volume ticker of all trades done on the FXCM system, which will show clients’ actual order flow; they can see directional volume, so long, short, net or total volume as well as balance on volume per instrument; and finally we have an indicator to show the ratio of real volume divided into transactions per period. These indicators will let clients compare our trading activity against other independent providers who also publish volumes like the CME, and clients will be able to compare execution. Sentiment Index – We will be providing FXCM’s client sentiment data in real-time as a default on the platform so clients can see where the rest of the clients are. These software updates and platform features are bringing much more transparency to the retail FX market aimed at improving the client experience in the market. With your stock price so low, is that an indication of the health of your company? While it is true that FXCM’s stock price dropped after the events of January 15th, we do not believe that the present stock price is indicative of the health of the company. The stock price does not impact our day to day operations as a company. With the injection of cash from the Leucadia financing, the core retail business is functioning completely as normal. We have excess regulatory capital in all our regulated entities and never had to pause trading or interrupt client’s trading experience. As we announced in our business update, daily volume on the retail side was on pace to set an all-time company record. Why didn’t the dealing desk brokers have these types of losses? A dealing desk broker does not have offsetting trades. If the customer is long a trade the broker is short that trade, so when the customer makes a profit on a trade the broker loses. When the customer loses on the trade then the broker is profitable. Obviously on January 15th most clients lost money so the dealer was very profitable. Even for clients that blew through their stops and had negative balances with these firms, the dealer doesn’t have a liquidity provider that it owes money to. They can essentially act like the negative balances never happened and enjoy their profits. What is FXCM changing with regards to their risk management systems? The primary change we will be making is removing currency pairs from the platform that carry significant risk due to over-active manipulation by their respective government either by a floor, ceiling, peg or band. Given what happened with EUCHF the industry is now looking very hard at any potentially similar issues, especially given the increased geopolitical risks in Southern and Eastern Europe. We will also be raising margin requirements for other pairs as well. Some of these changes will be permanent while others may change as geopolitical risks change. The pairs we are removing from the platform were not material to our volume or our revenue. Some of the currencies we are removing include DKK, SGD, HKD, PLN and CZK. FXCM made some material changes in margin requirements for clients. Are those changes permanent or temporary in nature? When you look at some of the changes we made to margin requirements, look at them in three different categories: 1. Some of the changes we made were required by regulators, and therefore we had to comply with these changes. 2. When you look at emerging market currencies, the banks and our liquidity providers were raising margin requirements to eliminate any potential risk of large gaps. 3. Previously liquid Western country currencies, like the DKK or CHF, which now carry risk because they are manipulated currencies, have become less liquid. Despite what the media thinks about leverage, we know the clients like it and want more, it’s the number 1 or number 2 request our sales staff has been getting the past week. We understand the importance of this to our clients but we just need to be smart about it moving forward. What is Black Thursday’s long-term impact on the retail foreign exchange industry? In what ways has it changed the direction the industry is going? Banks are raising their margin requirements, too. A lot of these currencies that carry any type of geopolitical risk with them are going to lose support and liquidity. Investors always had little faith in emerging market currencies but always believed in Western countries’ currencies even if they were manipulated in some way, but that’s gone. Switzerland is a Western country and if they can pull the shenanigans they did with their currency, what’s to say other western countries won’t do the same? The market is going to be very sceptical as they can only stand to lose; The risk is just too high now. It’s too bad really as these pairs historically had low volatility, were range-bound and were very profitable trades for clients.
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