FXCM Fined €200,000 by a French Regulator
- FXCM one of the most popular forex brokers was fined €200,000 by a French regulator.
- A French regulator – the Autorité des Marchés Financiers (AMF), fined Forex Capital Markets (NYSE:FXCM) and took actions against the Forex broker.
- Regulator AMF mentioned that FXCM failed to keep a check if third parties managing FXCM clients’ accounts are using and having legal approval for services like portfolio management.
Recently, in a statement French regulator – the Autorité des Marchés Financiers (AMF) stated that
FXCM, a forex broker Forex Capital Markets (NYSE:FXCM) failed to follow regulations and also was not able to keep a track of the third parties managing FXCM clients’ accounts who were not found using and having legal approval for services like portfolio management.
This resulted in a fine of €200,000 to FXCM.
There was a comment from FXCM on the issue, stating
“This matter pertains to clients back in 2009-2011, the company has since stopped doing business with these firms. The company has also implemented enhanced internal control mechanisms of checking introducing brokers and partner companies”.What does this mean?
This can be seen as yet another setback of one of the most popular forex brokers. Let us see how traders react.
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