Drew Niv relinquishes another Director role, leaves FXCM UK Merger Limited
In a regulatory filing submitted on April 7, 2017, FXCM UK Merger announces the resignation of Drew Niv as a Director.
Earlier this week FinanceFeeds reported that after abandoning a set of leading roles in a number of online trading companies over the past couple of months, Drew Niv still remained a Director at FXCM UK Merger Limited. His status at FXCM UK Merger, however, has just changed, as indicated by a regulatory submission with UK authorities dated April 7, 2017.
The document shows that Mr Niv has resigned as a Director at the company, which has significant control over Lucid Markets Trading Limited.
The move is barely surprising, given that Mr Niv relinquished his Director role at Lucid Markets Trading, with effect as of March 10, 2017. Mr Niv’s status on the UK Financial Services Register became “inactive” on February 15, 2017, as he left Forex Capital Markets Limited (FXCM UK).
Less than a week after that – on February 21, 2017, Mr. Niv left his roles as a member and Chairman of the Board of Directors of FXCM Inc. and as the Chief Executive Officer of FXCM Inc., effective upon the appointment of his successor. Soon after that, FXCM Inc changed its name to Global Brokerage Inc (NASDAQ:GLBR).
In March this year, the United States National Futures Association (NFA) implemented a membership bar on Drew Niv and William Ahdout and Forex Capital Markets LLC. This followed US regulatory findings that for several years the brokerage has been misleading its customers and the authorities about its (non) dealing desk model and its business practices. As of March 9, 2017, Mr Niv and Mr Ahdout are no longer registered as NFA listed principals of Forex Capital Markets LLC.
One day later, the NFA database showed that Forex Capital Markets LLC had a principal permanent bar and an NFA member permanent bar against its name. On March 10, 2017, six US registrations of FXCM were withdrawn, including the ones as Forex Dealer Member, Forex Firm, Retail Foreign Exchange Dealer, and Futures Commission Merchant.