Rakuten Securities HK claims Trading Station trades unaffected by FXCM exit from US market

Maria Nikolova

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.

Read this next

Digital Assets

Societe Generale launches its own cryptocurrency, EURCV

French banking giant Societe Generale has launched its own euro-pegged stablecoin, EUR CoinVertible (EURCV). This move by France’s third-largest bank reflects the increasing trend of mainstream financial institutions embracing cryptocurrencies on a global scale.

Executive Moves

Stelios Eleftheriou leaves NAGA Group to join BVNK

BVNK, the crypto-powered payments and banking platform for businesses, has appointed FX industry veteran Stelios Eleftheriou, who has a colorful career across the gaming industry, as Business Development Director (CFD & iGaming).

Retail FX

CAPEX.com introduce ETFs on UAE, Saudi stocks

Abu Dhabi-based broker CAPEX.com has expanded its asset class offerings to include a new suite of Exchange-Traded Funds (ETFs) tailored for the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) markets.

Institutional FX

Tradeweb Markets surges past $1.80 ADV in November

Tradeweb Markets Inc. (Nasdaq: TW) has reported a total trading volume of $38.2 trillion and a record average daily volume (ADV) of $1.80 trillion for November 2023. These figures mark a 59.2% year-over-year increase.

Inside View

A Mission in Accounting

Ismael Haber, an auditor and accountant, has made it his mission to help businesses improve the quality of their financial information by eliminating fraud and error. In the next five years, the demand for these specific financial services, being external financial audits, forensic accounting, and other fraud preventive and detective services is envisaged to increase.

Institutional FX

CME Group to launch new spot FX marketplace ‘CME FX Spot+’ in 2024

US derivatives exchange, CME Group today announced plans to introduce ‘CME FX Spot+’, a novel spot foreign exchange (FX) marketplace.


FMLS:2023: Andrew Mreana provides an exclusive sneak peek into cTrader’s 2024 innovations

cTrader’s focus for the next year would be on developing new tools for Introducing Brokers (IBs) and partners, particularly those related to algorithmic (algo) trading, the company’s head of growth told FinanceFeed in an exclusive interview at the Finance Magnates London Summit 2023.

Digital Assets

Grayscale’s Ethereum ETF stalls: SEC extends review to January 2024

The United States Securities and Exchange Commission (SEC) has extended the evaluation period for Grayscale’s proposed Ethereum spot ETF.

Institutional FX

BMLL completes China equity data offering: Shanghai, Shenzhen, and Hong Kong

“Demand for China data has never been higher. This is set against a general industry trend of increased market participant sophistication, and an increasing demand for quality historic market data to understand market microstructure and venue behaviour. Market participants need to get the full picture of market quality, liquidity and order book dynamics to ultimately make better informed decisions on the markets they trade and the venues they run.”