FXDirectDealer, LLC develops and markets online foreign exchange trading systems to financial institutions and advisors. The company provides Internet based real-time margin monitoring capability solution. It also offers e-commerce product for trading margined foreign currency at interbank market rates. It caters to retail traders and investors, corporations, money managers, and hedge funds. The company has a strategic alliance with MoneyTec LLC. It was founded in 2002 and is based in New York, New York. FXDirectDealer, LLC operates as a subsidiary of Compagnie Financiere Tradition.
7 World Trade Center
250 Greenwich Street
New York, NY 10007
Founded in 2002
Commodity Futures Trading Commission Orders FXDirectDealer to Pay $2.74 Million for Supervision Failures Relating to Trading Platform
Sep 19 13
The U.S. Commodity Futures Trading Commission (CFTC) issued an Order filing and simultaneously settling charges that, from at least December 10, 2009, until June 2011, FXDirectDealer, LLC (FXDD), violated its supervision obligations by employing a trading system that gave FXDD pricing advantages over and harmed thousands of its retail customers. The CFTC Order requires FXDD to make full restitution of $1,828,261 to FXDD s current and former customers that were harmed by its violation and imposes a $914,131 civil monetary penalty against FXDD. According to the CFTC Order, FXDD solicits customers to open trading accounts and to buy or sell foreign currency (forex) with FXDD taking the other side of the transaction. FXDD streams forex price quotes for particular currency pairs to its customers through its electronic trading platforms. The price quotes offered by FXDD measured in ‘pips’ often change, or ‘slip’ between the time the customer clicks on a price showing on the computer and the time FXDD fills the customer’s order. If the price slips, FXDD’s system employs slippage parameters that determine whether FXDD fills or rejects a customer order at the original price clicked by the customer, the Order finds. According to the CFTC Order, FXDD used asymmetrical slippage parameters on its principal trading platform, meaning that the system favored FXDD over its customers in slippage situations. Based on these parameters, FXDD rejected a customer’s order when the price slipped more than 2 pips in the customer’s favor (and instead re-quoted the customer the new, less favorable price), but filled a customer’s order at the original price if the price slipped in FXDD’s favor by more than 2 pips. As a result, FXDD benefited from slippage of more than 2 pips in its favor between order placement and order execution, but did not allow its customers to benefit from similar price changes in their favor. The CFTC Order further finds that had FXDD employed an adequate supervisory system and diligently supervised its personnel, FXDD would have discovered these problems with the integrity of trades on the platform and would have had the opportunity to correct them before more than 24,900 customer accounts were deprived of $1,828,261.
FXDirectDealer, LLC Announces Worldwide Launch of JForex Platform
May 3 12
FXDirectDealer, LLC announced the global availability of its JForex platform to clients worldwide. This platform, powered by Dukascopy Bank SA, allows traders to follow positions directly from charts and develop strategies based on multiple currency pairs. The platform is available in English and Spanish and additional languages will be made available in the near future. Similar to FXDD's JForex mobile app, the JForex platform lets traders efficiently manage orders while accessing streaming quotes and advanced charting. The JForex platform features: Live charts and technical analysis. In-depth price information provided by high/low tables and pivot points. Dow Jones FX Market News. Dow Jones Economic Calendar. Lowest FX spreads (starting from 0.5 pips). ECN liquidity (100-200 mio on majors). Instant order execution. Access to trading reports. Compatibility with MAC and PC and One-click execution.