FXCM UK reports termination of Drew Niv’s director appointment

Maria Nikolova

The UK Companies House service shows Forex Capital Markets Limited terminated Dror Niv’s appointment on February 9, 2017.

FinanceFeeds has been exploring the consequences from the exit of FXCM (NASDAQ:FXCM) from the US retail FX market, with many questions yet to be answered regarding what’s going on in the overseas companies that are part of the larger “FXCM family”.

On February 6, 2017, along with the exit of the broker from the US, the regulators also imposed a ban on Drew Niv, FXCM’s CEO, from the US Forex industry. Today, Forex Capital Markets Limited, authorised and regulated in the United Kingdom by the Financial Conduct Authority, registration number 217689, has submitted a report regarding Mr Niv.

The filing with the UK Companies House is brief – it says that Dror Niv’s appointment as a director had been terminated effective February 9, 2017.

The report, besides its formality, is important as it shows that FXCM overseas companies are indeed affected by what happened at FXCM US. The situation is developing, regardless of the apparent lack of action on behalf of regulators like the FCA in the UK.

Meanwhile, several hours ago FXCM posted a press release insisting that in the face of the disposal of its US retail FX business, it will be profitable. It stressed that it expected significant cost savings from the move. But the question is not FXCM’s profitability but rather its capability to recover from the blow to its reputation and the possible further actions by regulators.

FastMatch has already sought to distance itself from the US broker, noting that “FXCM is a passive minority owner of FastMatch. FastMatch operates as a completely independent entity of FXCM with no operational dependencies between two firms”. FastMatch has also replaced former directors Drew Niv and William Ahdout by Brian Friedman, President, and Jimmy Hallac, Managing Director, of Leucadia National Corp. (NYSE:LUK).

Read this next

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

<