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I’ve had the chance to interview Sameer Bhopale, FXCM’s CMO, who had this to say:

“The idea behind FXCM’s App Store is to deliver clients what they actually want – traders require apps, indicators and strategies depending on their trading preferences. We’ve received numerous requests from news, range, trend traders and others for specific solutions which led us to start developing this app store. We will launch it this week and traders will be able to download from a very large selection indicators, strategies, and custom apps for MT4 as well as for FXCM Trading Station platform.

At this point all apps are created by FXCM and our flagship programming services department. In the near future we will open it up to third party app developers. There are about 60 apps already available and we are working on introducing many more and will also be taking requests and see what is required. We will open a section for developers where they will be able to see the requirements and in the meanwhile we are working on our vetting process as the apps need to pass compliance to make sure they comply with our standards and requirements

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“FX Solutions remains fully committed to the US market and, indeed, to all the core markets in which we operate. As an integral part of the City Index Group of Companies, we have understandably been leveraging the synergies available to us with regard to both staffing and technology. The ultimate goal, as always, is to create efficiency and increase scalability. Our business is strong and we continue to focus on providing all of our clients with the optimal trading experience, encompassing robust technology, accurate pricing and exceptional client support. Nothing has changed.”

from here

The euro is being boosted by a renovated risk-on mood in the markets, after yesterday most countries in the EU agreed to tighter budget controls and the Greek Prime Minister declared his commitment to get an agreement with bondholders. Strong German unemployment data released today has also contributed to encourage confidence in the European economy.

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NEW YORK, December 20, 2011 FXCM Inc. (NYSE: FXCM), a leading online provider of foreign exchange, or FX, trading and related services, today announced that FXCM Holdings LLC has entered into a three year revolving credit facility with Bank of America, N.A., as Administrative Agent and several lenders from time to time parties thereto. The credit agreement provides for a $75 million revolving credit facility that may be increased during its three year term by up to $75 million for a total of up to $150 million.

“We are pleased to announce the credit facility which will provide us the increased liquidity and financial flexibility that will allow us to continue to grow our business both organically and through acquisitions.” said Drew Niv, Chief Executive of FXCM.
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Question is why NFA needs so much money? Is that because of the aggressive forex brokers consolidation in the US which led to the decrease of number of NFA members while leading to increase in revenue for the bigger brokers?

Or is it because NFA itself posed amazing number of restrictions and reporting requirements over its members in the past year or so that it itself cannot cope with the scope of work stemming from those requirements?

The whole NFA decision making structure is nontransparent and it’s not clear how those decisions are made. CEOs of major forex brokers reside in various positions in some of NFA’s committees however it’s unclear what power they actually have when it comes to making decisions such as this one. More often than not it was suggested that major brokers are behind these ludicrous requirements as they are trying to oust smaller competitors.

Whatever the case is NFA is acting like a dictator once again instead of acting in the best of interest  of ALL its members – small and big.

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South Korea and China have agreed to expand their currency swap agreement to the equivalent of $56.5 billion in the face of global uncertainty and financial turmoil.

The existing won-yuan swap arrangement reached in April 2009 was worth the equivalent of $33.5 billion at the current won-dollar exchange rate.

The central Bank of Korea (BoK) said its new deal with the People’s Bank of China would last until October 25, 2014.

The agreement came a week after South Korea and Japan signed a deal to increase their currency swap agreement to the equivalent of $70 billion from $13 billion.

A currency swap allows central banks to exchange their currencies with each other in case of a liquidity crunch.

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The Forex markets have been continuing to show strength (BIS survey 2010) and Russia places itself as a key participant of overall daily volumes, although FX is not a regulated asset class the daily FX volumes traded on the countries bourse – MICEX are well into the $10 billion mark.

The exhibition is hosted by Finexpo an established events and marketing agency in financial markets, in addition to Moscow the group organises events across Asia, Europe and the US.

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The US ADP non-farm Employment figures are the key indicator – these are expected to show that only 100,000 jobs were added in August, versus 114,000 in July. Figures also due this afternoon are the August Chicago PMI, July factory orders, and August Challenger job cuts.

In data so far, the EU CPI was 2.5 percent, as expected.

“With EU CPI stable and below its April peak at 2.8 percent, the ECB may feel it has room to ease monetary policy again – in turn that could weaken the euro and help support the dollar,” said William Adams, an analyst at FastMarkets.

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PFGBEST is moving on official approval from the China Banking Regulatory Commission (“CBRC”) to build on the PFGBEST brand in China. The CBRC is the primary banking regulator in China, supervising banks and non-bank institutions and their business operations within the country.

“We are happy and delighted with this approval from CBRC. As one of the first U.S. Futures & Forex firms to receive CBRC approval, we are fulfilling our long-term commitment to this fast growing market,” said PFGBEST President and Chief Operating Officer Russ Wasendorf, Jr. “China is a vast, dynamic market and this permits us to use our talent and technology leadership to serve the demand through the region for global foreign exchange with many exchange-listed products. In our view, China has the potential to establish one of the largest financial services industries in the world,” he said.

Mr. Kem Chong, PFGBEST Chief Representative in China said: “CBRC’s approval allows us to conduct market research and promote our most successful trader education programs. It will help us to continue expanding relationships with investors and traders, financial media, academic and technology partners, and regulators in mainland China.” Kem Chong has been with PFGBEST for six years.

More info here.