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UK regulator fines FXCM UK GBP4 million for withholding profits, poor transparency

( February 26, 2014, 10:08 GMT | Official Statement) -- MLex Summary: The UK Financial Conduct Authority has fined two companies in the FXCM group 4 million pounds for withholding profits unfairly and not being transparent when dealing with the regulator. Forex Capital Markets and FXCM Securities placed over-the-counter derivative trades on behalf of retail clients, which another group company executed, but didn’t pass profits made from price movements back to clients, the FCA said.The text of the statement follows....

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