Talk:FXCM

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The following Wikipedia contributor has declared a personal or professional connection to the subject of this article. Relevant policies and guidelines may include conflict of interest, autobiography, and neutral point of view. Formilds (talk · contribs) This user has declared a connection. ((Optional) I am from FXCM and part of my duties with the company include proposing edits to the Wikipedia page for FXCM.)

This edit request by an editor with a conflict of interest has now been answered.

I am back to propose changes to the page. I know you want sentence by sentence changes but there is so much content on the page that it is difficult to do. When one sentence is changed, it changes the context of the paragraph and ultimately results in the moving of other sentences. However, I did it both ways so that it will be easier (hopefully) for those reviewing. These changes are applicable to the first four paragraphs of the page.

CURRENT VERSION

(Here is the current version as it exists on the page as of October 15, 2018) FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker, now run from London after being banned from United States markets for defrauding its customers.[2][3][4] Its former parent company, Global Brokerage, Inc. filed for bankruptcy on December 11, 2017.[5][6][7] The operating company, known as FXCM Group, is now owned by Jefferies Financial Group,[8] which changed its name from Leucadia National Corporation in 2018.[9]

FXCM allows retail clients to speculate on the foreign exchange market and provides trading in contract for difference (CFDs) on major indices and commodities such as gold and crude oil. Global Brokerage shareholders lost over 98% of their investment since January 2015.[10]

On February 6, 2017 the firm agreed to pay a $7 million penalty to settle a suit from the U.S. Commodity Futures Trading Commission (CFTC) involving fraudulent misrepresentation by FXCM to its customers and to regulators. FXCM withdrew its CFTC registration and agreed not to re-register in the future, effectively banning it from trading in the United States.[11] Three top managers resigned under regulatory pressure and the majority owner of the firm changed its name to Global Brokerage Inc., effective January 27, 2017.[12][13][14][15]

A Managing Director of Leucadia National Corp, which before the bankruptcy held a 49.9% equity stake in the operating company,[16] was appointed chairman of the FXCM Group board.[17] Its U.S. accounts were sold to Gain Capital. About 40,000 customer accounts were sold at about $375 each.[13][18]

PROPOSED VERSION (Here is the proposed final version as outlined line by line below)

FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker currently based in London.^[1] FXCM allows retail clients to speculate on the foreign exchange market and provides trading in contract for difference (CFDs) on major indices and commodities such as gold and crude oil.^[2][3] The exchange's operating company, FXCM Group, is owned by Leucadia.^[4]

In February 2017, the firm agreed to settle a suit with the U.S. Commodity Futures Trading Commission (CFTC) after FXCM was accused of fraudulent misrepresentation involving its customers and regulators.^[5] Its parent company changed its name to Global Brokerage, Inc. (formerly FXCM, Inc.) that month.^[6][7] The parent company and three founding partners were ordered to pay a $7 million penalty and withdraw their CFTC registration, effectively ending the exchange's U.S. operations.^[5] Its U.S. accounts (around 40,000 in total) were sold to Gain Capital for $375 apiece.^[8]

Global Brokerage filed for bankruptcy in November 2017, but officially reorganized in February 2018.^[4][9] While the company technically owns a 51% equity stake in FXCM Group, its agreement with Leucadia and FXCM about future distributions of cash flows places its real economic interest in FXCM at 10 to 50%. Leucadia remains the de facto parent company of the FXCM Group.^[4][9]

SENTENCE BY SENTENCE

• First sentence change from: "FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker, now run from London after being banned from United States markets for defrauding its customers" To - "FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker currently based in London." The rest of the information, specifically "after being banned from United States markets for defrauding its customers" will be moved in part the second paragraph. Itdoesn't seem appropriate for the opening sentence. It is more of a coatrack and that information is more suitable in the third paragraph where it talks about it being banned from US Markets (keeping everything together).

• Move first sentence of second paragraph - "FXCM allows clients to speculate on the foreign exchange market and provides trading in contract for differences on major indices and commodities such as gold and crude oil. - to the second sentence of the first paragraph. In keeping with common lead sections for Wikipedia, this describes more of what the company does.

• Move second sentence of first paragraph - "Its former parent company, Global Brokerage, Inc. filed for bankruptcy on December 11, 2017" - to the first sentence in the third paragraph. Rewriting it slightly to reflect the actual dates of bankruptcy filing and reorganization. The new sentence should read - "Global Brokerage filed for bankruptcy in November 2017, but officially reorganized in February 2018."

• Remove the last sentence of the first paragraph - "The operating company, known as FXCM Group, is now owned by Jefferies Financial Group,[8] which changed its name from Leucadia National Corporation in 2018.[9]" - and replace with - "The exchange's operating company, FXCM Group, is owned by Leucadia." - the structure of the company is explained in the body of the article so not necessary to have all of the previous company names in the first paragraph.

• The current second paragraph would be eliminated based on the moves and changes above.

• The new second paragraph (or the current third paragraph), shoudl read - "In February 2017, the firm agreed to settle a suit with the U.S. Commodity Futures Trading Commission (CFTC) after FXCM was accused of fraudulent misrepresentation involving its customers and regulator" - which is only a slight change from the current. It is clearer settlement.

• The current second sentence of the third paragraph remains from a move above.

• Combine the first and second sentences of the third paragraph to read as follows - "The parent company and three founding partners were ordered to pay a $7 million penalty and withdraw their CFTC registration, effectively ending the exchange's U.S. operations" - this clears up wording so it is easier to understand that operations in the US ceased and a penalty was levied.

• Add the following as the last sentence to the third paragraph (or new second paragraph) - "Its U.S. accounts (around 40,000 in total) were sold to Gain Capital for $375 apiece" - this gives an account of what happened to the US accounts once trading in the US ceased. It is currently the last sentence in the fourth paragraph but should be moved up so that it falls inline with the events of operations ceasing in the US.

• I believe that with those moves, additions, and changes, there should be only three paragraphs. The third paragraph (above) contains much of the same context but reworded.

NOTE - Above I went through line by line and hopefully got it right. However, I put everything into what the actual opening paragraphs would be like with the changes above so that you can see it all laid out. Let me know if there are any questions or you need additional clarification for any of the changes. --Formilds (talk) 03:12, 16 October 2018 (UTC)Reply

  Unable to review edit request  

1. "The current second paragraph would be eliminated based on the moves and changes above." —in other words, delete something because you've written something different to take its place. This requires a more developed rationale in order to proceed.
2. The reason why this is in the lead is because it was an event which irrevocably altered how the company was to operate.
3. None of the references which would inevitably need to be deleted with the removal of certain sentences have been identified in your request. Instead of identifying the full reference, a number placed within brackets (i.e., [2]) has been inserted into text labeled as "current text". These numbers are not linked in any way to references located on the talk page.^[a]
4. The one substantive change you've proposed is the change of operating company name from JFG to LNC. This change of acronyms may be more about window dressing though. Can you confirm that the people involved in JFG are the same as those with LNC? Please advise.  Spintendo  05:08, 16 October 2018 (UTC)Reply

Spintendo, I am confused as the response above does not address all of the requests. What I am looking to do is have someone review all of the proposed edits that are in my sandbox. The current article does not list the history correctly as there seems to be a confusion of ownership throughout the years. The copy in my sandbox better defines it and also reads more neutral than the current article, including the opening paragraphs. I was looking through recent requests for COI edits which led me to find another similar request which was handled without all the need to break down each and every section. I would request that the draft article in my sandbox be reviewed and the changes updated to the live page. --Formilds (talk) 00:42, 27 October 2018 (UTC)Reply

I also left a message on the talk page of Chetsford who did the review of the article on Move (company).--Formilds (talk) 00:49, 27 October 2018 (UTC)Reply

@Formilds: I believe I've reviewed all the requests you've placed before me. If you have others, or have revised some of the earlier problematic requests, please feel free to re-submit them here at your earliest convenience.  Spintendo  02:08, 20 November 2018 (UTC)Reply

@Spintendo: There is actually a request above from October 27, 2018. I left more of a detailed explanation on the talk page of Chesterford. --Formilds (talk) 00:53, 24 November 2018 (UTC)Reply

Formilds, I am going to take a look at the draft but note that I will likely only use it as a guide for any edits that I include in the page. My review will be more of a review of the current page compared to your draft to see if there is a way to improve the current page, not just add language that the company is requesting. --CNMall41 (talk) 16:29, 4 December 2018 (UTC)Reply

Formilds, I notice on your draft that you removed much of the information associated with the company's legal troubles. While there may be some WP:UNDUE issues, I cannot see why it would be warranted to remove the issues. Can you explain your rationale for the removal?--CNMall41 (talk) 16:51, 4 December 2018 (UTC)Reply

@CNMall41:. Thank you for looking at the draft. I did not remove negative information and it is not my intention to do that. I just put the information in proper context with the history. I even kept headings that were negative such as "loss of license" and "legal issues." The goal is to have the article read more clearly with regards to ownership structure and where the legal issues fall within the company history. It is not even my goal to have information such as a list of our services or awards. Just looking to have this read more neutral and keep the history accurate with regards to the legal issues. If the negative information must be in its own sections I understand, but think that it is better to have it within the context of the history.

I even highlighted the areas of the draft that contained negative information which is over 50% of the draft. — Preceding unsigned comment added by Formilds (talk • contribs) 02:20, 10 December 2018 (UTC)Reply

I will take a look in a few days. In the meantime, please remember to sign your comments. --CNMall41 (talk) 19:07, 10 December 2018 (UTC)Reply

Formilds, with all due respect, this company has a ton of legal issues and they are very difficult to wade through. The current page is difficult to decipher but so is the draft you presented. I am going to wait for feedback from others on the bankruptcy section below prior to doing any further edits. Even though you have a COI, you are welcome to engage in the discussion as long as you do not make edits to the article itself. --CNMall41 (talk) 17:29, 11 December 2018 (UTC)Reply

Formilds, I implemented quite a bit of your request. Although, I did not remove all of the negative information you requested such as the part about the number of total actions and the sentence about the class actions that were filed. There is also a reference you invoked as "MWGlobal" but cannot locate it in the draft you left in your sandbox. Please provide me with the link to this. For others watching the page, I left more detailed edit summaries than normal. I am just wondering about opinions for the lede at this point and I will start a new thread below but the COI request can be considered closed. --CNMall41 (talk) 01:11, 20 December 2018 (UTC)Reply

The company has quite a bit of negative information to include, but not sure the current lede is reflected of the page history, especially after the implementation of several COI request (above). Here is the proposed wording by the COI editor. I would rather get a consensus on this prior to implementing any on the actual page. Note that I copied and pasted directly from User:Formilds/sandbox.--CNMall41 (talk) 01:16, 20 December 2018 (UTC)Reply

FXCM, also known as Forex Capital Markets, is a retail foreign exchange broker currently based in London.[2] FXCM allows retail clients to speculate on the foreign exchange market and provides trading in contract for difference (CFDs) on major indices and commodities such as gold and crude oil.[3][4] The exchange's operating company, FXCM Group, is owned by Leucadia.[5]

In February 2017, the firm agreed to settle a suit with the U.S. Commodity Futures Trading Commission (CFTC) after FXCM was accused of fraudulent misrepresentation involving its customers and regulators.[6] Its parent company changed its name to Global Brokerage, Inc. (formerly FXCM, Inc.) that month.[7][8] The parent company and three founding partners were ordered to pay a $7 million penalty and withdraw their CFTC registration, effectively ending the exchange's U.S. operations.[6] Its U.S. accounts (around 40,000 in total) were sold to Gain Capital for $375 apiece.[9]

Global Brokerage filed for bankruptcy in November 2017, but officially reorganized in February 2018. While the company technically owns a 51% equity stake in FXCM Group, its agreement with Leucadia and FXCM about future distributions of cash flows places its real economic interest in FXCM at 10 to 50%. Leucadia remains the de facto parent company of the FXCM Group.[5][10]

I removed this for a second time in as many days since it is not related to the company. Just because the CEO makes a statement about the industry doesn't mean that it is about the company or belongs on the company page. Would be happy to discuss and get a consensus if there are people who feel otherwise. Also, if we are including CEO quotes about the industry, why we would include this one in particular and not others?--CNMall41 (talk) 07:08, 2 January 2019 (UTC)Reply

Smallbones, I understand your want to make sure that negative information about this company is covered in Wikipedia. However, it is covered extensively. There is also a process for discussing edits and you seem to cross the line of WP:5P2 and WP:5P4. The edits I made were discussed not only on this page but also in detailed edit summaries. The edits I implemented were not as-is from the company and if you actually look, you will see that all the negative information about the company is in there (in fact, there is very little positive other than a few facts). However, you reverted them all saying "revert to last Alaney2k, per discussion at WP:COIN." Your revert caused the re-introduction of WP:SYNTH and edits that were not WP:NEUTRAL.

The discussion you mention was a report filed by you, basically stating that edits requested by a COIN editor are tainted if implemented by me since they originated from a company you are "running out of patience" with. The most relevant statment I see from the COIN report is from an admin who said - "Since the COI issue was previously flagged, and since Formilds is going through all the correct steps, there is nothing left for this board to resolve. User:CNMall41 is doing just what they are supposed to do in handling requests from a COI-affected editor. The material is not forever 'tainted' by originating from a proposal by User:Formilds. It is to be reviewed like any other proposed content."

There has bee NO policy base reason you have given for your reverts and NO discussion from you about the edits. I have reverted you a final time prior to filing an ANI report and ask that you discuss here. Please start to WP:AGF and not use Wikipedia to WP:RIGHTGREATWRONGS. --CNMall41 (talk) 19:35, 7 January 2019 (UTC)Reply

This edit request has been answered. Set the |answered= parameter to no to reactivate your request.

michael should be replaced as www.forexwolf.in 111.223.2.232 (talk) 17:52, 9 May 2020 (UTC)Reply

 Not done: it's not clear what changes you want to be made. Please mention the specific changes in a "change X to Y" format and provide a reliable source if appropriate. GoingBatty (talk) 19:52, 9 May 2020 (UTC)Reply