Forex Brokers News - Apparently Non Dealing Desk doesn’t mean you get the best execution – NFA has just announced that it heavily fined FXCM for slippage malpractices. FXCM will pay $2 million directly to NFA and will compensate all customers who suffered from this practice since June 2008. The details of this case are not much different from the similar fine of $459k which NFA imposed on Gain Capital for using the Virtual Dealing plugin and similar slippage settings. FXCM seems to have taken this matter seriously and already started compensating clients as one of them sent me the following email:
Dear Client
We have important news regarding your Forex Capital Markets, LLC (FXCM US) trading account(s). Last year, FXCM enhanced its No Dealing Desk forex execution by making Price Improvements (positive slippage) available on all orders. We have reviewed your past trading data and your account(s) has been identified to receive a price improvement credit.
Account Number(s): xxxxx
Price Improvement Credit(s): x
The credit will be deposited into your FXCM trading account(s) and will be available by August 28, 2011.
