6, 2017, the cftc imposed a penalty of 7 million on fxcm for defrauding its retail customers. Nikolova, Maria (November 14, 2017). "Kahn Swick Foti, LLC And Former Louisiana Attorney General Announce Investigation Into fxcm, Inc. Initially, the firm was called Shalish Capital Markets, but after one year, rebranded as fxcm. "fxcm never had any ownership interest in Effex Capital, according to legal complaint".
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43 The same day, NFA barred fxcm from its membership. A b Nguyen, Lananh (February 24, 2017). 63 At fxcm Group Brendan Callan was the CEO and Jimmy Hallac of Leucadia was Chairman of the Board. "fxcm sells its US clients to Gain Capital as it exits US Forex market". Industry criticism Critics of the industry state that few retail traders have the experience to make money trading forex. "Euronext reaches into currency trading with deal to buy FastMatch". 49 50 The value of publicly held shares of Global Brokerage fell below 15 million (about.60 per share) for 30 consecutive days on May 2, 2017, prompting nasdaq to warn Global Brokerage that the shares could be delisted as early as October 31, 2017. Filed for bankruptcy on December 11, 2017. CHF net CHF short 702 contracts to 13,492. 40 41 Loss of US license fxcm promised its customers a "no dealing desk" trading system, taking prices from a number of major banks and market makers. 70 71 Global Brokerage owed another 163 million to convertible note holders.