Shares of Forex Capital Markets (FXCM) cratered 50% at the opened upward of the NYSE trading session. On Monday, FXCM shares shut at $6.55, on Tuesday morning, the stock opened at $3.60.
Yesterday, the
CFTC levied a $7 i chiliad one thousand monetary penalization against FXCM for taking positions against their retail clients.
FXCM falsely marketed itself equally a “No Dealing Desk” currency trading venue piece secretly controlling a “market maker” on their trading platform that was taking the other side of trades made yesteryear retail traders.
FXCM profited to the melody of $77 i chiliad one thousand over a 4-year menstruum due to their conceals marketplace pose making activity. The CFTC likewise banned the brokerage from e'er registering inward the United States, prompting FXCM to take from the American retail currency trading market. The embattled brokerage announced yesterday the sale of its American customer database to Gain Capital Holdings.
At press time, shares of FXCM are trading at $3.47, nigh 17 cents from the day’s lows at $3.30.
