Brokers News 

Global Brokerage’s bankruptcy case triggers stay of legal actions brought by investors, ex-clients

“At this hearing, the Bankruptcy Court will consider, among other things, the adequacy of the Disclosure Statement and confirmation of the Prepackaged Plan for Chapter 11 bankruptcy” reports financefeeds.com. A number of legal actions against Global Brokerage Inc (NASDAQ:GLBR), formerly known as FXCM Inc, are stayed as a result of the filing of a bankruptcy petition by the broker on December 11, 2017.On Thursday, Counsel for Global Brokerage filed documents about the bankruptcy with the New York Southern District Court, thus informing all parties in the cases of the start of…

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Brokers News 

Bankruptcy Judge grants Global Brokerage’s Motion to pay Trade Claims

“In the ordinary course of business, Global Brokerage incurred various fixed, liquidated, and undisputed payment obligations (Trade Claims) to various third-party providers of services (Trade Creditors)” reports financefeeds.com. For the 12 months prior to filing the bankruptcy petition, Global Brokerage’s average aggregate monthly payment to Trade Creditors was about $250,000.At this hearing, the Bankruptcy Court will consider, among other things, the adequacy of the Disclosure Statement and confirmation of the Prepackaged Plan for Chapter 11 bankruptcy. Source: financefeeds.com Share This:

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Brokers News 

Russian c-bank outlines new requirements for capital of Forex brokers

“The proposal is set to affect Forex brokers too, as the large majority of Forex companies that target Russian clientele do so online, without having the necessary Forex dealer license issued by the Bank of Russia” reports financefeeds.com. In the meantime, the Russian regulators are slowly moving towards tackling the activities of financial services companies, including Forex brokers, that target Russian clients without having the necessary regulatory permission.A new document that the Central Bank of Russia has filed with the Ministry of Justice proposes new formulas for the calculation of minimum…

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Brokers News Platforms Stocks 

How to use 5 of the best online stock trading platforms

“This is all to say there is no one best online stock broker, but each one has different strengths and weaknesses” reports businessinsider.com. Online stock trading sites makes it easier than ever to learn and invest in the comfort of your own home.Charges for data, research, and tools: All the best online stock trading sites have quality market data like real-time quotes, educational resources, and stock-screening tools built right into their platforms.It’s a tumultuous time for online stock brokers.The research team at Reviews.com decided to research the options on the…

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Brokers News 

Korea Investment & Securities Buys Indonesian Brokerage for ‎‎$36.6 Million

“Korea Investment & Securities Co., Ltd. provides financial services and offers securities dealing, brokerage, underwriting, online trading, and asset management services” reports financemagnates.com. Ltd. has acquired a 75 percent stake in a mid-sized Indonesian securities firm for USD 36.6 million ‎(40 billion won)‎ in early December, according to a company statement. Source: financemagnates.com Share This:

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Brokers News Stocks 

Global Brokerage seeks to protect $288 million of NOLs

“Global Brokerage estimates that, as of September 30, 2017, it had approximately $288 million of consolidated NOLs for U.S. federal income tax purposes in addition to certain other Tax Attributes” reports financefeeds.com. The “Tax Attributes” include valuable assets of Global Brokerage’s estate because the Tax Code generally permits corporations to carry over their Tax Attributes to reduce future taxable income.The Tax Attributes could thus translate into future tax savings over time and any such savings could enhance the Debtor’s cash position for the benefit of all parties in interest.The company,…

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Brokers GBP News 

Ex-London brokers cash in on Brexit with shop selling Marmite and bean

“Two former London brokers in Luxembourg have hit on an old-fashioned way to hedge against Brexit” writes Stephanie Bodoni for independent.co.uk. In the race to attract London business after Brexit, Luxembourg has already become the nation of choice for several insurers, funds and banks. Source: independent.co.uk Share This:

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Brokers Crypto Futures News 

Big Banks Block Client Access to Sunday’s Bitcoin Futures

“The FIA, which represents big futures brokers, said they are concerned about the risk of bitcoin futures” writes unknown author for cryptocoinsnews.com. Brokers, in evaluating bitcoin futures, must consider their relationships with clients and decide if they should charge higher fees to “backstop” bitcoin futures trades.Banks’ hesitation could compromise the hotly anticipated bitcoin futures launch, which cryptocurrency advocates see as a key step in cryptocurrency’s evolution.Typhon Capital Management, a hedge fund firm, will trade Cboe’s bitcoin futures in one of its funds.A Goldman Sachs spokesperson said that given that bitcoin…

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Brokers News Stocks 

Global Brokerage announces Dec 28, 2017, as last day of trading of its shares on NASDAQ

“There was no update from Global Brokerage on how its plans to file for Chapter 11 bankruptcy progress” reports financefeeds.com. Global Brokerage says it has not arranged for listing or registration of its Common Stock on another national securities exchange.In a move in line with previously announced plans, Global Brokerage Inc (NASDAQ:GLBR), formerly FXCM Inc, today announces that it has informed Nasdaq of its intention to delist its Class A common stock from the NASDAQ Capital Market.This happens about a month after Nasdaq approved Global Brokerage’s application to transfer its…

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Brokers Crypto Futures News 

Brokers say bitcoin futures contracts ignore risks

“CME Group Inc. and Cboe Global Markets Inc. last week moved to launch bitcoin futures under the self-certification process” writes Deputy Markets Editor for marketwatch.com. Plans by U.S. exchanges to launch bitcoin futures and options this month came under fire from an organization representing the world’s largest derivatives brokers, including all of Wall Street’s major banks, raising questions about the prospects for the eagerly awaited contracts.In a letter to Commodities Futures Trading Commission Chairman J. Christopher Giancarlo, the Futures Industry Association late Wednesday complained that the process that allows exchanges…

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