10/04/07 — The FXCM Group has released its latest balance sheet. The numbers reflect the groups financial strength and status as of August 31, 2007. Highlights include:
Over $120 Million in Capital* (Assets Minus Liabilities)
Over $96 Million In Operating Cash (Excludes Client Funds)
This release marks the second time this year that the forex broker has publicly disclosed its financials. FXCM believes that financial transparency in the retail forex industry is more important than ever in light of the NFAs new financial requirements. Furthermore, we challenge other forex firms to follow our example.
Balance Sheet (Unaudited) FOR THE MONTH ENDED August 31, 2007 (Amounts in USD)
CUSTOMER CASH
$296,474,636
OPERATING CASH
$96,311,380
OTHER ASSETS
$19,666,212
FIXED ASSETS
$9,821,211
TOTAL ASSETS
$422,273,439
CUSTOMER DEPOSITS
$296,474,636
OTHER LIABILITIES
$5,662,597
TOTAL LIABILITIES
$302,137,233
FXCM CAPITAL
$120,136,206
TOTAL LIABILITIES AND FXCM CAPITAL
$422,273,439
Drew Niv, CEO of the trading firm, commented: FXCM is proud of our continued financial discipline and strong balance sheet. We believe clients should have the necessary information to make intelligent choices."
Forex Capital Markets, LLC Far Exceeds
The NFAs New Capital Requirements
The National Futures Association (NFA) has officially announced that a new increased $5 million capital requirement for all Forex Dealer Members will go into effect on December 21, 2007. Although this new $5 million capital requirement has yet to take affect, NFAs president and Chief Executive Officer has already testified before congress that capital levers for Forex Dealer Members should be raised to $20 million.
Forex Capital Markets, LLC, an NFA member firm, is the US regulated entity of the FXCM Group. As of August 31, 2007 Forex Capital Markets, LLC had an adjusted net capital of $60,268,390.
According to Niv, The financial resources for FXCM (Forex Capital Markets, LLC) far exceed both the recently announced increased $5 million capital requirement level as well as the $20 million capital level proposed by NFAs president and CEO in his recent congressional testimony.
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