FXCM Agrees To Withdraw From CFTC Registration

(RTTNews) - The U.S. Commodity Futures Trading Commission or CFTC today issued an Order filing and settling charges against Forex Capital Markets LLC (FXCM) , its parent company, FXCM Holdings, LLC , and two founding partners, Dror Niv, and William Ahdout, who were, respectively, Chief Executive Officer of FXCM and Managing Director of FXCM.

The CFTC Order fiund that, between September 4, 2009 though at least 2014 , FXCM engaged in false and misleading solicitations of FXCM's retail foreign exchange customers by concealing its relationship with its most important market maker and by misrepresenting that its "No Dealing Desk" platform had no conflicts of interest with its customers. The Order finds FXCM, FXCM Holdings, and Niv responsible for FXCM making false statements to the National Futures Association (NFA) about its relationship with the market maker.

The Order requires Respondents jointly and severally to pay a $7 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act and CFTC Regulations, as charged. FXCM, Niv, and Ahdout agree to withdraw from CFTC registration; never to seek to register with the CFTC; and never to act in any capacity requiring registration or exemption from registration, or act as a principal, agent, officer, or employee of any person that is registered, required to be registered, or exempted from registration with the CFTC.