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I was ready to buy the stock just before the halt, around $1.30, but was too slow, now it's around $4...
I won't say this loss is nothing but the real value is their customers base, and this won't disappear in minutes.
Me to. Was not going to break the bank but 1000 shares for a quick pop would have been nice.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Here's the statement from our press release this morning:
FXCM to Forgive Majority of Clients Who Incurred Negative Balances
NEW YORK, Jan. 28, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM), announced today its decision to forgive approximately 90% of its clients who incurred negative balances in certain jurisdictions, on January 15, 2015 as a result of the Swiss National Bank announcement on that date. FXCM will notify the applicable clients and adjust applicable client account statements in the next 24-48 hours. "FXCM worked diligently to reach this decision and we are extremely appreciative of our clients for their patience and loyalty as we worked through this," said Drew Niv, CEO of FXCM.
The SNB announcement, extreme price movements and the resulting lack of liquidity were exceptional and unprecedented events causing many market participants to incur trading losses. These events were unforeseen and beyond the control of FXCM.
FXCM will also notify certain clients (such as institutional, high net worth, and experienced traders who generally maintain higher account balances) requesting payment of negative balances, pursuant to the terms of the FXCM master trading agreements. This group represents approximately 10% of clients who incurred negative balances which comprises over 60% of the total debit balances owed.
I think it's a rude statement to say that you "forgive" customers with negative balance when you have promoted on your website that clients can't loose more than they deposit. Isn't that false marketing then?
I think you misunderstood what they meant. When they wrote " clients can't loose more than they deposit" I think they meant that you can't have negative capital on your account there. You can't and will not owe them money, they will close your account when it comes down to zero.
...so when they forgive those who went into negative capital they mean that they will simply close their account and they will not have to repay any money because fxcm will set their account to zero.