FXCM says promptly notified CFTC of January 2015 capital shortfall

NEW YORK (Reuters) - U.S.-based retail broker Forex Capital Markets said on Friday it promptly notified the Commodity Futures Trading Commission and the National Futures Association of its capital deficiency on January 15 last year, when the Swiss National Bank moved to abandon the Swiss franc's peg to the euro.The CFTC on Thursday filed a civil suit against FXCM , saying it was under-capitalized for two days in January 2015, and failed to report its capital shortfall in a timely manner.In its statement, FXCM said following the SNB move, FXCM customers lost approximately $225 million by the close of business on Jan. 15, 2015."As a result of such losses, FXCM experienced for the very first and only time in its history a one-day regulatory net capital shortfall," the company said."FXCM thereafter promptly notified both the CFTC and the National Futures Association of its net capital shortfall due to the unforeseen SNB Event."(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama)Join the conversation about this story
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