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FXCC
07-17-2011, 09:31 PM
Dear Reader,

I am the official Representative of FX Central Clearing Ltd. (FXCC) and I am here to assist you with any inquiries you might have regarding our products. I will be more than happy to answer any questions on this matter, to clarify any doubts, hoping to provide you a comprehensive overview of our services along with the professionalism and transparency we wish to get our clients used to from the start.

Best Regards,
The FXCC Representative

Jim
08-23-2011, 07:41 PM
Hi FXCC Representative,

That sounds terribly formal, do you by any chance have a name and/or a face? I've somewhat belatedly started doing my own due diligence (http://trading-gurus.com/due-diligence-in-the-city-of-london/) on FXCC, and I have a few initial questions to ask you, on behalf of the TG community as well as myself:

1. FXCC appear to be registered in Cyprus, with a MiFID passport (http://en.wikipedia.org/wiki/Markets_in_Financial_Instruments_Directive). Have I got that straight?

2. As a consequence your FSA registration (http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=268220) states that:


Consumers considering or currently doing business with passported EEA firms ('EEA Authorised'), may wish to ask for further information from the firm or its UK branch about its complaints and compensation arrangements. This is because the position may differ compared to a UK authorised firm.

Do you have a UK branch? Please tell me more about your complaints and compensation arrangements.

3. Whilst I have a nodding acquaintance with UK law, I'm afraid I'm not terribly familiar with Cyprus law. Were I to deposit some money with FXCC, where would it be held and would the account be segregated, in what currencies might said account be denominated, and what would happen to my money in the no doubt unlikely event that FXCC ceased trading whilst owing its creditors a substantial number of euros?

4. FXCC appear to offer "entry level" Currenex accounts, which might well be of interest to many of our members, but here's the $64k question. Do such accounts come complete with API access? If so please tell me more.

5. It seems your MT4 accounts benefit from "a proprietary ECN bridge". Please tell me more about that. Did you guys write it yourself?

6. Any chance of MetaTrader 5 in the foreseeable future?

That should be enough to be getting on with, and I await your answers with much anticipation.

Thanks in advance,

Jim

FXCC
08-24-2011, 10:14 AM
Hi FXCC Representative,

That sounds terribly formal, do you by any chance have a name and/or a face? I've somewhat belatedly started doing my own due diligence (http://trading-gurus.com/due-diligence-in-the-city-of-london/) on FXCC, and I have a few initial questions to ask you, on behalf of the TG community as well as myself:

Hello Jim, and thank you very much for your concerns,
My name is Saed, I work at FXCC and I have been delegated to answer questions about FXCC and its products on such great sites as TG Community. I will be working here in conjunction with my colleague Maria and we would be happy to discuss anything regarding FXCC and its products



1. FXCC appear to be registered in Cyprus, with a MiFID passport (http://en.wikipedia.org/wiki/Markets_in_Financial_Instruments_Directive). Have I got that straight?

That’s correct; FX CENTRAL CLEARING Ltd is registered under Cyprus Company Law with Registration Number HE 258741. It is authorised and regulated as a Cyprus Investment Firm (CIF) by the Cyprus Securities and Exchange Commission (CySEC), under the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007), and subject to CySEC Rules. The CySec Regulatory Registration for FX CENTRAL CLEARING Ltd is 121/10. FX CENTRAL CLEARING Ltd operates under the EU Markets in Financial Instruments Directive (MiFID).


2. As a consequence your FSA registration (http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=268220) states that:

Consumers considering or currently doing business with passported EEA firms ('EEA Authorised'), may wish to ask for further information from the firm or its UK branch about its complaints and compensation arrangements. This is because the position may differ compared to a UK authorised firm.

Do you have a UK branch? Please tell me more about your complaints and compensation arrangements.

FX CENTRAL CLEARING Ltd. does not have any branches in UK at the current time.

We have put in place internal procedures for handling complaints fairly and promptly. Any complaint shall be made in writing or by email giving all relevant details to be sent to our postal address or email address disclosed on our website, the moment we receive the complaint it will be dealt with directly by our Compliance department.

As we are a member of the Investor Compensation Fund, in case of failure to fulfil our obligations, our retail clients will be compensated up to 20 000 Euro. If you are looking for the full legal background of this statement, you are more than welcome to review our Legal Documentation at the following address: https://hub.fxcc.com/downloads/Investor_Compensation_Fund.pdf


3. Whilst I have a nodding acquaintance with UK law, I'm afraid I'm not terribly familiar with Cyprus law. Were I to deposit some money with FXCC, where would it be held and would the account be segregated, in what currencies might said account be denominated, and what would happen to my money in the no doubt unlikely event that FXCC ceased trading whilst owing its creditors a substantial number of euros?

In accordance with the Directive for the Authorization and Operating Conditions for CIF’s, Cypriot Investment Firms are required to take the necessary steps to ensure that client funds deposited are held in an account or accounts identified separately from any accounts used to hold funds belonging to the CIF. As a result, clients’ funds are always kept segregated from FXCC’s own funds and as such, client’s funds are not used for any other purpose rather than for client’s own trading purposes.

In addition and pursuant to the above, FXCC holds clients’ funds in segregated accounts with Hellenic Bank, the branch in Cyprus. FXCC is taking all necessary steps in order to ensure that clients’ funds are safe.

Indeed and in compliance with Law 144(I)/2007, FX Central Clearing Ltd. is a member of the Investor Compensation Fund (ICF) covering Clients of Cyprus Investment Firms (CIFs). The objective of the ICF is to secure claims by covered Clients against Cyprus Investment Firms through payment of compensation in cases where the member of the Fund is unable to do so from their own resources. For more details: https://hub.fxcc.com/downloads/Investor_Compensation_Fund.pdf

The client’s funds are assigned to a specific segregated bank account(s) depending on the base currency of the client’s trading account with us. FXCC offers the following base currencies (USD, EUR and GBP).


4. FXCC appear to offer "entry level" Currenex accounts, which might well be of interest to many of our members, but here's the $64k question. Do such accounts come complete with API access? If so please tell me more.

In the near future we will provide our individual clients with access to CURRENEX API, and once I have more details on this matter, I will gladly inform you.



5. It seems your MT4 accounts benefit from "a proprietary ECN bridge". Please tell me more about that. Did you guys write it yourself?

The MT4 ECN Bridge we are using is an application provided by a third party.


6. Any chance of MetaTrader 5 in the foreseeable future?

That should be enough to be getting on with, and I await your answers with much anticipation.

Thanks in advance,

Jim

About the MetaTrader 5, currently we do not have any plans of introducing this platform because of the restrictions on the trading conditions imposed by this new platform. For example hedging is not available on the MT5 whereas on the FXCC MT4 you have this option.


Thank you very much for taking the time to read this.

Should you have any further inquiries please feel free to ask, and I will be more than happy to answer all your enquiries.

FXCC Rep.
Saed

Jim
08-24-2011, 12:48 PM
Hi Saed, and welcome to the Trading Gurus community.



In the near future we will provide our individual clients with access to CURRENEX API, and once I have more details on this matter, I will gladly inform you.

Thanks very much. Will this be FIX?



The MT4 ECN Bridge we are using is an application provided by a third party.

Gold-i?


About the MetaTrader 5, currently we do not have any plans of introducing this platform because of the restrictions on the trading conditions imposed by this new platform. For example hedging is not available on the MT5 whereas on the FXCC MT4 you have this option

I have gone on record on numerous occasions stating that MT4 "hedging" benefits brokers rather than their clients, most recently here (http://community.trading-gurus.com/threads/102-Pippa-is-excited-to-be-here-with-the-Trading-Gurus?p=1049&viewfull=1#post1049). Does FXCC have any comment to make on this contentious issue?

Cheers,

Jim

FXCC
08-25-2011, 08:32 AM
Dear Jim,



Thanks very much. Will this be FIX?


The Currenex API that we will be offering to our clients is indeed using the FIX protocol.



Gold-i?

I am sorry; I cannot disclose any details about our technology providers, as it is one of the business competition secrets.


I have gone on record on numerous occasions stating that MT4 "hedging" benefits brokers rather than their clients, most recently here. Does FXCC have any comment to make on this contentious issue?

Basically it is the client’s choice how to manage the trades placed on the market, usually clients requesting the hedging possibility because they believe it is a big part of their trading plan also many MT4 EAs are programmed to use hedging to offset risk.

As you mentioned in your post, this is not betting, you need to have knowledge, to gain experience and to test strategies.

Hedging is and has always been a two edged sword for traders. The manner one trader uses hedging as a part of his/her trading plan is the actual basic point here. The output of a trader’s activity on the markets depends on his/her trading experience and knowledge about market swings, news releases, and many others. We strive to offer to our clients all the tools, but the actual client has the power to decide how to use them better.

The order execution policy and trading conditions we offer, including hedging information is available on our web site.


If you have any further inquiries, please feel free to ask.

Best Regards,
Maria
FXCC Representative

Jim
08-26-2011, 01:50 PM
Hi Maria,


The Currenex API that we will be offering to our clients is indeed using the FIX protocol.

That's good to hear. Please let us know as soon as you're looking for beta testers.


I am sorry; I cannot disclose any details about our technology providers, as it is one of the business competition secrets.

Top secret eh? That's a shame. The only way to form an opinion on your MT4 offering is to suck it and see?


Hedging is and has always been a two edged sword for traders. The manner one trader uses hedging as a part of his/her trading plan is the actual basic point here.

Looks like we'll have to agree to disagree on this one.


The output of a trader’s activity on the markets depends on his/her trading experience and knowledge about market swings, news releases, and many others.

I'm not sure I entirely agree on this point either. It's possible to make money in the markets with no knowledge (http://trading-gurus.com/tag/rrr/) of market swings, news releases, indicators and many other things too.

Thanks very much for your assistance,

Jim