On October 8th CMS Forex notified all of their retail clients that they will no longer be servicing the accounts of their retail client base. All clients will be transferred to Gain Capital. Does this move signal the beginning consolidation in the Retail Forex Industry? The jury is still out on whether this is good or bad for the Forex industry but one thing is for sure, new regulations have shaken things up.
Letter sent to CMS Forex Clients:
OCTOBER 8, 2010 Dear XXXXX,
This letter is to notify you that Capital Market Services LLC (“CMS Forex”) will cease providing Foreign Exchange trading services to retail customers, effective October 15, 2010. In an effort to provide the highest quality of service to our existing customers, we have made arrangements to transfer the custody and clearing of your account to GAIN Capital Group, LLC (“FOREX.com”).
The dollar rebounded from near a 15- year low against the yen in MAM Software
The dollar rebounded from near a 15- year low against the yen in MAM Software. on speculation minutes of the Federal Open Market Commitee’s meeting will show the case for further easing by the U.S. central bank is far from certain.
The yen declined against 9 of its 16 most-traded counterparts after Japanese Finance Minister Yoshihiko Noda said his government is ready to take bold action on currencies, including intervention.
South Korea’s won retreated from a five- month high on speculation the Bank of Korea will follow Japan to protect exports.
The dollar was at 82.13 yen at 11:14 a.m. in Tokyo from 82.07 yesterday, when it reached 81.39 yen, the lowest level since April 1995.
The U.S. currency traded at $1.3869 per euro after climbing 0.5 percent yesterday to $1.3876. The euro was at 113.90 yen from 113.89 yen.
Fed Vice Chairman Janet Yellen said yesterday low interest rates may give firms the incentive to engage in excessive risk- taking. Fed Chairman Ben S. Bernanke said on Oct. 4 the central bank’s first round of large-scale asset purchases aided the economy and further quantitative easing may help more.
Japanese stocks retreated with carmakers leading the decline on speculation the yen will remain strong against the dollar as the U.S. Federal Reserve eases monetary policy.
Toyota Motor Corp., the world’s largest carmaker, lost 1.6 percent. Honda Motor Co., Japan’s second-largest carmaker, sank 1.7 percent.
Toyota Motor Corp., the world’s largest carmaker, lost 1.6 percent. Honda Motor Co., Japan’s second-largest carmaker, sank 1.7 percent.
Fast Retailing Co. tumbled 8 percent after forecasting a profit drop. Oki Electric Industry Co., a maker of communications equipment, plunged 15 percent after forecasting a loss and saying it will sell 30 billion yen ($365 million) in preferred shares.
The dollar traded near the lowest level since 1995 against the yen
The dollar traded near the lowest level since 1995 against the yen on growing speculation the Federal Reserve will debase its currency by stepping up purchases of government debt to support the economic recovery. Opportunities increased for Money Managers.
Australia’s dollar was set for an eight-week rally versus the greenback after reaching a record high yesterday before a report forecast to show the U.S. jobless rate rose for a second month.
The yen maintained three days of gains against the U.S. currency on expectations Japan will refrain from intervening before today’s meeting of Group-of-Seven industrialized nations.
The dollar stood at 82.36 yen at 11:07 a.m. in Tokyo from 82.41 yen in New York yesterday when it touched 82.11 yen, the lowest since May 1995. The euro traded at $1.3917, compared with $1.3926 yesterday when it reached $1.4029, the highest since Jan. 28. The euro was at 114.62 yen from 114.75 yen.
Australia’s currency fetched 98.06 U.S. cents from 98.25 cents yesterday when it touched 99.18, the most since exchange controls were ended in 1983.
U.S. private nonfarm payrolls rose by 75,000 in September after an increase of 67,000 in the previous month, according to the median forecast of 60 economists in a Bloomberg News survey before today’s report from the Labor Department. The jobless rate is expected to increase to 9.7 percent from 9.6 percent.
The dollar fell versus the euro on MetaTrader
The dollar touched an eight-month low versus the euro on MetaTrader on speculation the Federal Reserve will join the Bank of Japan in increasing purchases of government debt.
The Dollar Index fell to levels last seen in January before reports this week forecast to show applications for U.S. Unemployment benefits rose and the jobless rate climbed.
South Korea’s won rose to a five-month high on prospects that the Asian nation’s yield advantage over U.S. assets will widen.
The dollar slid to $1.3859 per euro, the weakest level since Feb. 4, before trading at $1.3828 as of 12:02 p.m. in Tokyo from $1.3839 in New York yesterday.
The dollar bought 83.16 yen from 83.22. The currency yesterday reached 82.96 yen, the lowest since Sept. 15 when Japan intervened in foreign- exchange markets for the first time since 2004. The euro fetched 115.00 yen from 115.16 yen.
The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six major U.S. trading partners, hit 77.698 today, matching yesterday’s low, which was the weakest since Jan. 20.
U.S. initial jobless claims increased by 2,000 to 455,000 in the week ended Oct. 2, according to a Bloomberg News survey of economists ahead of tomorrow’s data.
The unemployment rate climbed to 9.7 percent in September from 9.6 percent in August, according to a separate survey ahead of the Oct. 8 report.
Oil fell from near a two-month high in Forex Online Trading
Oil fell from near a two-month high in Forex Online Trading after equities slipped and as the dollar rose against the euro for a second day.
Futures retreated yesterday after U.S. stock markets declined for the third time in four days and the dollar gained, as investors sought more stable assets instead of commodities.
An Energy Department report tomorrow will probably show crude supplies rose last week, according to a Bloomberg News survey.
The November contract fell as much as 32 cents, or 0.4 percent, to $81.15 a barrel in electronic trading on the New York Mercantile Exchange. It was at $81.29 at 11:44 a.m. Singapore time. Yesterday it lost 11 cents to $81.47.
Oil closed at $81.58 on Oct. 1, the highest level since Aug. 5. Prices are up 2.4 percent this year.
The Standard & Poor’s 500 Index dropped 0.8 percent yesterday and the Dow Jones Industrial Average shed 0.7 percent. Asian equity markets fell for the first time in three days with the MSCI Asia-Pacific Index slumping 0.4 percent o 126.66 as of 12 p.m. Tokyo time.
Crude rose earlier yesterday after the U.S. Commerce Department reported that orders for non-military capital goods excluding planes climbed 5.1 percent.
The dollar strengthened from a six-month low against the euro as concern that Europe’s major banks are undercapitalized made the region’s assets less attractive. The greenback traded at $1.3647, up 0.3 percent, after rising 0.8 percent yesterday.
How to be a successful Introducing Broker
Anyone can try their hand a being an Introducing Broker (IB), but those who tend to be successful at it are those who know the foreign exchange industry well – and being well connected doesn’t hurt either.
People or companies interested in Forex trading need contacts with currency traders like Tradeview Forex. But the occupation of an Introducing Broker best suits those already in the world of high finance, such as financial advisors, successful traders, insurance agents, salespeople, advertisers or people who work in the banking sector. And the best IBs tend to be people who have a good reputation among their peers. These types of people can transition successfully from their current profession to the world of Forex trading.
As an Introducing Broker, it is your job to identify potential clients – typically people who have a reasonable amount of disposal income to invest. A responsible IB is someone who can not only get people interested in Forex trading, but also provide guidance for the potential investor. Introducing Brokers are entitled to lucrative commissions from trading firms, and you will enjoy a host of benefits not always offered to the traders you introduce to the trading firm. It is because of the handsome commissions and other perks that so many people are now
trying to get into the Introducing Broker industry.
trying to get into the Introducing Broker industry.
If you are a financial professional with a track record in Forex successful trading, becoming an Introducing Broker may be the right fit for you. And with Tradeview Forex, it’s easy to get started. All you need to do is fill in an online application, and Tradeview’s staff will contact you right away. If you complete the formalities you will soon get the permission to introduce new clients and begin receiving commissions.
Your clients will also be profit from the knowledge they receive from you, and they will appreciate the personalized attention. If you help potential traders make few successful trades, they will recommend your services to their friends, and your future as an Introducing Broker will be bright.
The yen fell against the euro in Forex Trading
The yen fell to a four-month low against the euro in Forex Trading, after speculation the Bank of Japan will take more credit-easing measures at a meeting starting today.
The yen retreated from near a two-week high versus the dollar as gains in Asian shares boosted demand for higher- yielding assets and on prospects Japanese importers sold the currency to take advantage of recent strength.
The euro slipped from a six-month high against the dollar as sovereign debt concerns reduced demand for European assets.
The won rose for a sixth day, its longest winning streak in eight weeks, after South Korea’s foreign-exchange reserves reached a record.
The yen declined to 115.12 per euro at 12:19 p.m. in Tokyo from 114.78 in New York on Oct. 1, after falling to 115.29 earlier today, the lowest since May 18. It dropped to 83.65 per dollar from 83.22 on Oct. 1, when it touched 83.16, the strongest since Sept. 15.
The euro slipped to $1.3762 from $1.3791 after rising to $1.3807, the most since March 17. New Zealand’s dollar declined 0.2 percent to 74.33 U.S. cents.
Japan’s currency weakened against all of its 16 major counterparts as the Bank of Japan begins a two-day policy meeting today.
Asian stocks rose in , driving the MSCI Asia Pacific Index to a fifth consecutive weekly advance, after U.S. reports on economic growth, unemployment and business activity beat estimates.
Asian stocks rose in Metatrader
Asian stocks rose in Metatrader, driving the MSCI Asia Pacific Index to a fifth consecutive weekly advance, after U.S. reports on economic growth, unemployment and business activity beat estimates.
BHP Billiton Ltd., Australia’s largest oil producer, climbed 1.3 percent as crude-oil gained on optimism demand will increase. Shinhan Financial Group Co. jumped 4.4 percent in Seoul on speculation fourth-quarter earnings at South Korean banks will improve.
BHP Billiton Ltd., Australia’s largest oil producer, climbed 1.3 percent as crude-oil gained on optimism demand will increase. Shinhan Financial Group Co. jumped 4.4 percent in Seoul on speculation fourth-quarter earnings at South Korean banks will improve.
Mizuho Financial Group Inc. and Resona Holdings Inc. slumped at least 2.5 percent in Tokyo after Morgan Stanley MUFG Securities Co. cut their ratings.
The MSCI Asia Pacific Index gained 0.3 percent to 126.67 as of 11:51 a.m. in Tokyo. The index gained 8.4 percent last month, the largest monthly advance since July 2009. The 12 percent climb in the three months ended yesterday was the biggest quarterly increase of the past year.
Japan’s Nikkei 225 Stock Average rose 0.9 percent today. Australia’s S&P/ASX 200 Index increased 0.2 percent. South Korea’s Kospi Index climbed 0.4 percent. Markets are closed in Hong Kong and China for a public holiday.
Futures on the Standard & Poor’s 500 Index increased 0.3 percent. The gauge fell 0.3 percent yesterday, trimming its biggest September gain since 1939, as investors sold some of the month’s best-performing shares amid speculation improving economic data will reduce the need for the Federal Reserve to stimulate growth.
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