Rakuten Securities HK claims Trading Station trades unaffected by FXCM exit from US market
The company insists that there has been no impact on the trades placed through Rakuten Securities HK’s Trading Station account.
FinanceFeeds continues to explore the details of the aftermath of the exit of FXCM Inc (NASDAQ:FXCM) from the US market, after regulators found out that the broker had traded against its customers for several years.
One of the aspects of this move is, as expected, a hit on FXCM’s reputation and a drop in confidence along its client base and partnership network. Yesterday, FastMatch, in which FXCM holds a stake, sought to distance itself from the broker and announced changes to its board, including the replacement of Drew Niv and William Ahdout.
Today, the trend of distancing reached Hong Kong, as Rakuten Securities HK sought to reassure its clients of its independence from FXCM.
It is worth recalling that in May 2015, FXCM announced that it had agreed the sale of FXCM Asia Limited (FXCM Hong Kong) to Rakuten Securities, Inc. – a subsidiary of Rakuten Inc (TYO:4755), for approximately $36 million.
In today’s announcement, Rakuten Securities Hong Kong stresses that it is solely owned and is a subsidiary of Rakuten Securities Incorporation under the Rakuten Group.
The broker adds that FXCM’s exit from the US market has no impact on the trades placed through Rakuten Securities HK’s Trading Station account.
“The execution service of Trading Station platform is supported by FXCM and the Trading Station platform is just one of the platforms we offer to customers” – Rakuten Securities HK.
Meanwhile, GAIN Capital has entered into a definitive agreement to acquire the US client base of FXCM’s retail business, with the transaction set to close before the end of the month, pending necessary regulatory permissions. FXCM’s clients will be transferred to GAIN’s Forex.com business. The overseas subsidiaries of FXCM have been busy assuring their clients that the service will continue unaffected by what has happened to FXCM in the United States.