FXDD

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FXDD
Type Private
Industry Financial Services
Founded 2002
Headquarters New York, United States
Key people Joseph Botkier, CEO
Services Foreign Exchange (Forex, FX), Precious Metals Trading, FX Options
Website http://www.fxdd.com

FXDirectDealer, LLC (known as FXDD), an online trading services provider registered with the CFTC and a member of the NFA, is based in 7 World Trade Center in New York. FXDD is a leading provider of foreign exchange trading for retail and institutional clients. The company provides 24 hour access to the spot foreign exchange market through proprietary and third-party trading software, including: MetaTrader 4, FXDD Swordfish, PowerTrader, VikingTrader, Mirror Trader, and JForex.

History[edit]

FXDD was founded in New York City in 2002 by its sister company Tradition (North America, Inc.),[1] a division of Compagnie Financiere Tradition and Advanced Technologies Group Ltd.

The company formerly ran its operations out of Tradition’s headquarters at 75 Park Place, NY. In 2010, the Company moved to the 32nd floor of 7 World Trade Center. "We believe that our business has a firm base and good prospects and we needed an office space that can accommodate future expansion," said Lubomir Kaneti, Chief Operating Officer. "7WTC is no ordinary office tower. We are happy to be part of the revitalizing of downtown New York City."[2]

May 7, 2014 FXCM announce it is to Acquire U.S. Retail Forex Accounts of FXDD http://ir.fxcm.com/releasedetail.cfm?ReleaseID=846252

Regulatory Issues[edit]

September 18, 2013 CFTC Orders FXDirectDealer, LLC to Pay $2.74 Million for Supervision Failures Relating to Trading Platform. 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 http://www.cftc.gov/PressRoom/PressReleases/pr6697-13


Offshore Operations[edit]

FXDD Malta, LTD, founded in 2010, is a separate offshore entity regulated by the MFSA, which provides its clients with access to the spot foreign exchange, fx options, binary options, and precious metals markets.[3]

Instruments[edit]

FXDD began its operations as a retail spot foreign exchange dealer. The company offers trading in the Major currency pairs, cross pairs, emerging market pairs, gold, silver, and oil. As of August 2013, FXDD offers trading in 32 currency pairs, including the USD/CNY, USD/CNH, USD/MXN, USD/INR, and USD/KRW.

FXDD Malta, LTD, the European company, offers spot Forex trading in 32 currency pairs, as well as vanilla options trading, and binary options trading.

Sponsorships[edit]

FXDD’s first sports sponsorship was the New York Rangers. The company signed to be a sponsor in 2009.

In 2010, FXDD partnered with the Formula 1 Red Bull Racing Team.

In 2010, FXDD sponsored the FXDD Mazda-RX8 driven by Emil Assentato and Jeffrey Segal. The car won the 2010 GRAND-AM Rolex Sports Car Series Championship.[4]

FXDD unveiled the all-new AIM Autosport Team FXDD Ferrari 458 Italia GT Grand Am during the 2012 series.[5] The FXDD Ferrari 458 Italia GT Grand Am showcased the FXDD brand colors and logo on its hood and doors. Driven by Emil Assentato and Jeffrey Segal, the team won the 2012 Rolex GT Series Championship.

FXDD began its sponsorship with the Massachusetts Institute of Technology Cycling Club in 2008.[6] The team won the Division II National Championship in 2008.

FXDD Malta Ltd sponsored the Malta national soccer team in 2012.[7]

References[edit]

  1. ^ "Foreign Exchange". Tradition (North America) Inc. 
  2. ^ "FXDD Leases and Moves to Expanded Offices at 7 World Trade Center". PRNewswire.com. December 6, 2010. 
  3. ^ "FXDD Malta, LTD Receives Approval To Start EU Operations". ForexFactory.com. February 11, 2010. 
  4. ^ "FXDD Mazda-RX8 Wins 2010 Grand-AM Rolex Sports Car Championship". PRWeb.com. September 16, 2010. 
  5. ^ "GrandAm Road Racing Teams". Grand-Am.com. 
  6. ^ "MIT Cycling Club". Massachusetts Institute of Technology. 
  7. ^ "Malta’s national soccer teams secure official sponsor". SportsPro Media. January 11, 2012. 

External links[edit]