FXCM drops ATC Brokers as an IB – LeapRate Exclusive
FXCM drops ATC Brokers as an IB explained by professional Forex trading experts the “FXCM drops ATC Brokers as an IB” FX trading team.
FXCM drops ATC Brokers as an IB
LeapRate Exclusive… Continuing our exclusive coverage of the Chapter 11 filing of NFA-regulated FX introducing broker ATC Brokers US and its parent company Avail Trading Corp., LeapRate has learned that FXCM has now dropped ATC as a referring broker, effective March 18.
FXCM sent out emails on Tuesday (see a copy below) to all clients which had been referred by ATC announcing the move and providing instructions.
It is still unclear if this refers just to FXCM USA and ATC USA, or if the breakup also applies to ATC Brokers Ltd in the UK, which is a separate FCA-regulated entity owned directly by brothers David and Jack Manoukian.
FXCM informed the clients that those currently using FXCM’s platform will experience no change. Clients trading on ATC’s platform will see their account transitioned to FXCM’s Trading Station platform in order to avoid interruptions in trading. Account numbers will not change and any open positions will remain.
Clients wishing to continue trading with the MT4 platform can request a portion or all funds transferred to an MT4 account at FXCM.
As was reported first at LeapRate, ATC Brokers and its co-owner David Manoukian both filed for Chapter 11 protection in early February, after the company and Manoukian lost a lawsuit brought by a client who was awarded more than $1.6 million by a Los Angeles Superior Court judge. The case is likely to be retried (or looked at again in depth, at least) in court, with the company and Manoukian hoping that the initial decision and award will be reversed.
FXCM drops ATC Brokers as an IB Conclusion
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