Last week the NASDAQ listed TradeStation Group announced that:
With the launch of [its] new TradeStation Forex business, TradeStation will have transformed its forex offering from a fully disclosed operation, where it introduces customers to a third-party forex dealer, to one where its new subsidiary, TradeStation Forex, Inc., an approved Retail Foreign Exchange Dealer (RFED) and member of the NFA, acts as principal and directs aggregated pricing to its customers.
The third-party forex dealer referred to in the announcement is currently GAIN Capital, and TradeStation will shortly be cutting out that middleman and dealing directly with a number of liquidity providers. Retail forex traders will be able to use the recently introduced TradeStation 9.0 platform to access that liquidity, and the announcement also stated that:
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It didn't take long for the next forex lawsuit to arrive, and from the same source too! Following on from their action against FXCM, the Business Trial Group of Morgan & Morgan, P.A. has announced another class action lawsuit, this time against FXDirectDealer, LLC (more commonly known simply as FXDD). According to the announcement the plaintiff this time around is Hugo Cruz, and once more the suit accuses:
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In a press release issued earlier today The Business Trial Group of Morgan & Morgan, P.A. announced that it had filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) alleging fraud and racketeering. My thanks to Michael Greenberg over at ForexMagnates for bringing this interesting piece of news to my attention.
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MSN Trader is now live! According to the web site it's "The Investor Platform of the Future". Despite the slightly confusing initial publicity, from 12:00 GMT today there have been over 160 currency pairs available for trading on MSN Trader, as long as you are a UK resident.
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According to Computer Weekly Microsoft will be launching MSN Trader for the benefit of retail traders here in the UK on Wednesday, pasting a white label version of Saxo Bank's WebTrader platform into MSN Money:
More on Microsoft Enters Retail Forex. Launches MSN Trader with Saxo Bank
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GKFX are proud of their dealing desk and their fixed spreads. In this guest post Paul Hare, their Director of Trading, explains why. (Note that GKFX are a UK based broker, and are therefore regulated by the Financial Conduct Authority (FCA for short, and formerly the Financial Services Authority). Some of the regulatory points Paul makes don't work in quite the same way in other jurisdictions.)
More on Dealing Desk or No Dealing Desk – That is the Question!
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I'm not sure this is the sort of publicity GAIN Capital would want, particularly during their long drawn out IPO, but these things are sent to try us. The National Futures Association has just announced that:
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The Betfair Group IPO was initially mooted back in 2005, but was then put back on the shelf. On September 21st Betfair announced that they intended to list their shares on the London Stock Exchange and last week the prospectus was published at long last, informing any interested readers that:
More on Betfair IPO a Success. Will FXCM Succeed Where GAIN Did Not?
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Now that yesterday's excitement has died down a bit I had a chance this morning to chat to LMAX in greater detail about their new retail trading platform, recently christened LMAX Trader.
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First there was Betfair. Then came Tradefair. Today there is LMAX Trader, which has just been launched amid a flurry of publicity, it's mission "to transform retail contracts for difference (CFD) and FX trading". In the press release LMAX chief executive Robin Osmond is quoted as saying:
More on LMAX Trader Launched to "Transform Retail FX Trading"
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