Es ético para un cristiano al comercio de Forex? - Negocios - Nairaland
Puede el comercio cristiano FOREX!
Teniendo en cuenta la similitud que algunos han etiquetado en el comercio de divisas, es decir, el juego, es ético para los cristianos para el comercio de divisas sin girar los versículos de la Biblia?
¡Estos Moderadores de Nairaland han confirmado Idio * s! Me pregunto el tipo D de Post que lo hace a d Frontpage estos días! @ OP. Por qué no preguntar una vez más si es "ético para un cristiano vivir en la pobreza abyecta?". Ve y toma tu siesta jor
Limitbreka: Forex nunca puede ser apuesta. Pensé que mi pastor como el comercio de divisas y estoy orgulloso de decir que él hace Ğoº ° ˚ ° º º Dinero de forex mensualmente. Yo personalmente no puedo prescindir de la divisa.
@ Limitbreka. Por favor necesito su ayuda en los rudimentos básicos del comercio de divisas. Por el momento, tengo una cuenta de demostración / práctica pero necesito que alguien me ponga a través de las características esenciales de la plataforma. Por favor, mi dirección de correo electrónico es awesome_garnet76@yahoo. com. Gracias de antemano. Esperanza de leer de usted pronto. va
@ Fxwarrior. Por favor, lo mismo va a ti. Su experiencia es muy solicitada. Esto es lo que siempre he anhelado. Gracias.
8 Directrices éticas para los corredores
No es ningún secreto que la industria de la inversión está plagada de conflictos de interés incómodos y aparentemente insolubles. Los corredores quieren ganar comisiones y están a menudo bajo una intensa presión para hacerlo. Pero lo que trae más dinero para el corredor no siempre es lo mejor para los inversionistas - o lo que realmente quieren. La tentación es vender productos excesivamente riesgosos porque son más lucrativos que las alternativas de bajo riesgo.
Todo el mundo tiene que ganarse la vida, incluidos los corredores, y todo el mundo lo sabe; Sin embargo, los intentos deliberados de confundir o perder la venta de cualquier manera no sólo son poco éticos, pueden volver a perseguir al corredor en forma de relaciones azotadas o incluso reclamaciones por daños. Hay cosas obvias que un corredor debe evitar: táctica de mentira, tergiversación y venta dura; Sin embargo, algunos comportamientos poco éticos son más sutiles. Pero no más aceptable. Este artículo examinará los peligros éticos menos obvios a los que se enfrenta un corredor y luego le dará un conjunto de reglas para ayudarle a evitar problemas en las zonas gris éticas.
La verdad a medias (o cuarto de verdad o tres cuartos de verdad) Una de las tentaciones más insidiosas de la intermediación mala es mezclar la verdad con la mentira. Por ejemplo, un corredor podría decir a un cliente que él mira el mercado diario, implicando que la acción apropiada será tomada en línea con acontecimientos del mercado y acontecimientos. Pero si un gestor de fondos literalmente no hacen más que ver, el cliente está siendo engañado.
Explicación insuficiente - Algunos agentes simplemente no se toman la molestia de explicar las cosas, y prefieren que los clientes no sepan demasiado. Una rama de esto es "cegamiento con la ciencia". Es posible hipnotizar e impresionar a los clientes por hablar por encima de sus cabezas sobre las tasas de rendimiento interno. Opciones de futuros de oro largo y derivados de divisas e incontables otros términos financieros.
Silencio discreto - puede ser muy tentador para un corredor que vende un fondo estructurado. Por ejemplo, elogiar la protección incorporada y los retornos garantizados que ofrece. Especialmente en estos días, los inversionistas aman la seguridad más (razonablemente) buenos retornos. Pero si esto llega al precio de todos los dividendos, realmente se debe decir al inversionista. No hay manera de que pueda darse por sentado, o asumido que ellos saben.
No ofrecer alternativas - Desde un punto de vista ético y legal, los clientes inexpertos en particular no están preparados para tomar decisiones significativas a menos que estén conscientes de otras opciones. Y hay muchas, muchas inversiones por ahí. Si un corredor ofrece a un inversor principiante un fondo en particular, o incluso una combinación de fondos, con la actitud "esto es adecuado para usted", él o ella no está proporcionando un servicio óptimo. Incluso si la oferta es de hecho adecuada, los inversores deben tener una opción o alternativas. Como mínimo, el corredor debe señalar al cliente que ésta es meramente una opción sugerida y que uno podría obtener retornos similares con un nivel similar de riesgo de muchas maneras diferentes.
Ocho sencillas reglas para corredores
Cuando está en duda, lo deletrea
Si incluso se le ocurre que un inversionista puede necesitar o quiere saber algo, dígales. Nunca sucumbir a la necesidad de mantener la calma, incluso cuando usted sabe que esto puede costarle el trato.
Código de Ética Empresarial y Director, Oficial & amp; Conducta del empleado
Introducción
FXCM ( "FXCM" o la "Compañía"), incluidas nuestras subsidiarias, afiliadas y entidades relacionadas, se compromete a mantener el nivel más alto de confianza pública. Reconocemos que nuestra reputación depende de la adhesión de nuestros directores, funcionarios y empleados a los más altos estándares de comportamiento ético y profesionalismo en el desempeño de sus funciones.
Este Código de Ética Empresarial y Director, Oficial & amp; Conducta del Empleado (el "Código") establece un resumen de los estándares comunes que hemos establecido para la Compañía, sus directores, funcionarios y empleados. El Código está diseñado para promover los valores y principios que encarna y para disuadir cualquier acto ilícito. El Código es crucial para asegurar que nuestros directores, oficiales y empleados - así como el público en general - estén conscientes de las normas que nos hemos fijado. Todos los directores, funcionarios y empleados son personalmente responsables del cumplimiento del Código, y el incumplimiento de sus disposiciones es motivo de acción disciplinaria, que puede incluir el despido y la remisión a las autoridades gubernamentales pertinentes y otros organismos reguladores, cuando proceda. Con respecto a cualquier conducta no específicamente tratada en el Código, se instruye a los funcionarios y empleados a consultar a sus supervisores oa un representante apropiado de los Departamentos Legal o de Cumplimiento, pero en última instancia, ellos son responsables de usar el buen juicio y actuar de manera consistente con el Espíritu, principios y valores contenidos en el Código.
Leyes que gobiernan & amp; Regulaciones
El objetivo de FXCM es proporcionar a nuestros clientes el máximo valor y servicio al cliente y maximizar su experiencia de intercambio de divisas ( "divisas"). A pesar de estos objetivos, la Compañía pone el cumplimiento legal y regulatorio por encima de los beneficios. En nuestra conducta empresarial, debemos estar siempre de acuerdo con las leyes y regulaciones aplicables.
FXCM LLC es un Comerciante de la Comisión de Futuros registrado ( "FCM") y un Comerciante de Divisas (RFED) con la Commodity Futures Trading Commission (CFTC) y es miembro de la National Futures Association ( "National Futures Association" NFA "). Se espera que los directores, funcionarios y empleados de FXCM cumplan no sólo con la carta, sino también con el espíritu de todas las leyes y regulaciones aplicables.
Las principales subsidiarias operativas de FXCM también están registradas o autorizadas por la Financial Services Authority en el Reino Unido, la Comisión de Valores y Futuros de Hong Kong y la Australian Securities and Investment Commission de Australia.
Valores éticos fundamentales
FXCM se da cuenta de que nuestro éxito se basa en la reputación de la Compañía de integridad, junto con la confianza y la confianza pública que esta reputación ha acumulado. Respetamos los intereses de nuestros clientes, honramos nuestros compromisos, y somos francos en prometer solamente lo que podemos entregar.
Un requisito general de cualquier Miembro de la NFA es que las comunicaciones con el público no sean engañosas o engañosas. FXCM cree que el imperativo de la veracidad no se debe simplemente a las restricciones de cumplimiento normativo. Más bien, es debido a nuestra filosofía de mayor protección de los inversionistas que emprendemos todos los esfuerzos para asegurar que nuestras comunicaciones de los clientes y materiales promocionales sean veraces y completos. La información exacta y completa permite a los inversores tomar decisiones inteligentes y, por lo tanto, nuestras declaraciones están diseñadas para no confundir o engañar.
FXCM se compromete a tratar a aquellos con quienes tratamos de la misma manera que esperamos ser tratados por otros. Aplicamos este enfoque de manera consistente y no discriminatoria; Desde nuestros mayores inversores institucionales hasta nuestros más pequeños titulares de cuentas.
Compitamos agresivamente en favor de nuestros intereses generales, pero lo hacemos de manera justa, ética y de una manera que cumple plenamente con todas las leyes y regulaciones aplicables, así como con los valores y principios contenidos en el Código.
Nuestra historia de éxito se ha logrado a través de la competencia empresarial honesta. No buscamos ventajas competitivas a través de prácticas comerciales ilegales o poco éticas. Nos esforzamos para tratar de manera justa con nuestros clientes, proveedores de servicios, competidores y colegas individuales. Nos oponemos a tomar ventaja injusta de cualquiera a través de la manipulación, el ocultamiento, el abuso de información privilegiada, la tergiversación de hechos materiales, o cualquier otra práctica desleal.
Responsabilidad
FXCM tiene un historial de cumplir con los compromisos y responsabilidades que tenemos con nuestros clientes, empleados, proveedores de servicios, autoridades gubernamentales, reguladores, competidores, los medios de comunicación y la sociedad. A nuestros clientes, estamos comprometidos a proporcionar nuestros productos y servicios de una manera eficiente e innovadora de acuerdo con sus necesidades, y ofrecemos un entorno comercial que es rápido, confiable, conveniente y valioso en términos de precio y calidad. Para nuestros empleados, ofrecemos posiciones desafiantes en un ambiente profesional y colegial y oportunidades iguales para el desarrollo profesional basado en el desempeño. A nuestros proveedores de servicios, buscamos construir relaciones mutuamente beneficiosas, mientras promovemos los principios del Código en el proceso. A nuestros reguladores, nos esforzamos observar estrictamente y cumplir con todas las leyes, reglas, regulaciones y estándares relevantes de buenas prácticas comerciales. No sacrificamos el cumplimiento legal y regulatorio por el bien de los beneficios; Más bien, ofrecemos a las autoridades y organismos reguladores nuestra cooperación y asistencia hacia el objetivo compartido de la protección de los inversores. Para nuestros competidores, estamos comprometidos con las prácticas empresariales respetables y competir ofreciendo productos y servicios superiores. A los medios de comunicación, ofrecemos nuestro apoyo para proporcionar una cobertura precisa y objetiva de nuestro negocio. Como miembro de la sociedad en general, ofrecemos nuestro apoyo a muchas organizaciones e instituciones dedicadas a causas sociales, caritativas, educativas, humanitarias y culturales. Estamos comprometidos a seguir siendo un miembro corporativo responsable y respetuoso de la ley de la sociedad.
Competencia
FXCM invierte enormes recursos de tiempo, energía y gastos en el desarrollo de nuestros productos y servicios de divisas y plataforma de trading patentada. Además, FXCM ha construido una sólida red de proveedores de liquidez y sect. Para proporcionar a nuestros clientes con una cotización del precio competitiva en cada comercio. Valoramos la innovación y la experiencia de nuestro personal. Nuestros directores, funcionarios y empleados poseen una gran experiencia en los mercados de divisas.
Confiabilidad
La fiabilidad es el sello de FXCM y los productos y servicios que ofrecemos. La Compañía ofrece servicio de atención al cliente de 24 horas al día, siete días a la semana en inglés, que incluye ventas, trato administrativo y asistencia técnica. Nuestro objetivo es dar a los clientes tranquilidad en el conocimiento de que pueden depender de nosotros, liberándolos así para dedicar más atención a sus estrategias de inversión individuales.
Valores Profesionales Principales: Prácticas Comerciales
FXCM reconoce la importancia de todas las leyes, reglas, regulaciones, políticas y estándares relevantes - ya sean internas o externas - y cumple con ellas. Estamos comprometidos con una disciplina de gestión estricta y un ambiente de control y cumplimiento de primera clase. Como entidad regulada, FXCM tiene que cumplir con estrictas normas financieras, incluyendo requisitos de adecuación de capital. También estamos obligados a presentar rutinariamente informes financieros a nuestros reguladores, tanto nacionales como extranjeros. Estas normas y otras son rigurosamente aplicadas por la CFTC, la NFA y la FCA, por ejemplo, que tienen el derecho de refinar las firmas y / o terminar su estado regulatorio por violaciones.
FXCM realiza la debida diligencia para que conozcamos a nuestros clientes y realicemos nuestras transacciones de acuerdo con todas las leyes, normas y reglamentos aplicables. FXCM ha adoptado un Programa de Identificación de Clientes a / k / a Conozca Su Política de Cliente documentando nuestros procedimientos para obtener, verificar y registrar información que identifica con precisión a cada persona que abre una cuenta con nosotros. Todos los empleados están obligados a cumplir con las políticas y procedimientos del Programa de Identificación del Cliente y Conozca a su Cliente.
La política de FXCM es que la información en nuestras comunicaciones sea completa, justa, precisa, oportuna y comprensible. Esta política se aplica a las comunicaciones con la Bolsa de Nueva York, la Comisión de Bolsa y Valores y otras autoridades gubernamentales, reguladores, empleados, clientes y los medios de comunicación. Todos los directores, funcionarios y empleados que participan en nuestro proceso de divulgación (incluida la administración de nivel superior) son responsables de actuar en cumplimiento de esta política. En particular, se requiere que estos individuos se mantengan familiarizados con los requisitos de divulgación aplicables y se les prohíbe falsificar, omitir o hacer que otros malinterpreten u omitan hechos materiales a terceros, dentro o fuera de la Compañía, incluyendo a nuestros auditores independientes. Aquellos que desempeñan un papel supervisor en nuestro proceso de divulgación tienen la obligación de cumplir con sus deberes con diligencia.
FXCM registra de manera completa, precisa y oportuna todas las transacciones y obligaciones de nuestras cuentas de clientes. Mantenemos sistemas de controles contables internos diseñados para asegurar la confiabilidad y adecuación de los registros de nuestra cuenta de cliente y los reportes regulatorios que generan. Mantenemos registros para los períodos requeridos por las leyes y regulaciones aplicables.
FXCM está comprometida con un proceso de auditoría interna y externa independiente y robusto para complementar nuestros procesos operativos y para ayudarnos a identificar y abordar cualquier asunto relevante de contabilidad, controles contables internos o asuntos de auditoría. Nuestros gerentes cooperan plenamente con nuestros auditores para alcanzar e implementar soluciones de manera eficiente y oportuna.
FXCM mantiene instrumentos apropiados para controlar y monitorear la transferencia de información confidencial y delicada dentro y, en la medida de lo posible, fuera de la Compañía en una base de necesidad de conocer. No revelamos deliberadamente información no pública relacionada con nuestro negocio, nuestros clientes o nuestros empleados, a menos que en relación con la prestación de servicios a nuestros clientes, a petición de nuestros clientes, o según lo requiera la ley.
FXCM se esfuerza por mantener un diálogo abierto y transparente con nuestros clientes y otros, basado en la justicia, respeto mutuo y profesionalismo.
Gestión de riesgos
FXCM aconseja a los clientes a participar en la toma de riesgo consciente, disciplinado e inteligente. Por nuestra parte, nos guiamos por el principio de adhesión a los marcos legales y regulatorios adecuados, así como a los instrumentos, procedimientos y procesos de aprobación de la gestión para monitorear, controlar y manejar los riesgos a los que estamos expuestos.
Anti lavado de dinero
El lavado de dinero es el proceso mediante el cual personas o empresas tratan de ocultar el origen y la propiedad del producto de actividades ilegales como fraude, robo, tráfico de drogas o cualquier otro delito. El lavado de dinero también puede implicar el uso de fondos legítimamente derivados para financiar el terrorismo. Diversos productos y transacciones financieras, incluidos los relacionados con el mercado de divisas, pueden estar involucrados en planes de lavado de dinero. En consecuencia, somos agresivos al no permitir que la Compañía sea utilizada como vehículo para dicha actividad. El blanqueo de capitales es un delito penal y puede someter a sus perpetradores y / o facilitadores a importantes sanciones penales y civiles, incluyendo encarcelamiento y multas.
Para garantizar el cumplimiento de las leyes y reglamentos contra el lavado de dinero, FXCM ha implementado políticas y procedimientos para detectar, prevenir y reportar el lavado de dinero u otra actividad sospechosa.
Mejora continua
Aunque el Código no crea obligaciones jurídicamente vinculantes para FXCM, ni otorga derechos legales a nuestros empleados u otros, revisamos activamente nuestro desempeño anterior y nos esforzamos por adherir a los principios y valores aquí incluidos.
Valores Profesionales Principales: Prácticas de Empleo
Los Compromisos de FXCM con la Excelencia del Empleado & amp; Igualdad de oportunidades
FXCM busca crear y mantener un ambiente profesional diseñado para atraer, desarrollar y retener personas excepcionales. Ofrecemos igualdad de oportunidades, independientemente de la raza, origen nacional, ascendencia, género, sexo, orientación sexual, religión, edad, discapacidad física, condición médica o embarazo. No toleraremos ninguna forma de discriminación, hostigamiento, represalias o represalias ilegales. Se instruye a los empleados a consultar el Manual del Empleado para nuestras políticas completas de acoso y procedimientos de reportes.
FXCM ofrece una cultura basada en el desempeño, con un sistema de recompensa competitiva correspondiente y evaluaciones periódicas justas y objetivas que toman en cuenta la contribución personal a nuestros esfuerzos generales, así como la adhesión a los valores y principios establecidos en el Código. Nuestros funcionarios y gerentes mantienen una política de puertas abiertas diseñada para dar a cada empleado acceso fácil a la gerencia.
Violaciones
Evaluamos si se han producido violaciones del Código y, en caso afirmativo, determinamos si se deben tomar medidas disciplinarias o no contra el violador y otras personas involucradas en el delito. Las medidas disciplinarias pueden incluir, pero no se limitan a, consejería, amonestaciones orales o escritas, advertencias, libertad condicional o suspensión sin remuneración, rebajas, reducciones de compensación, rescisión de empleo, restitución y acciones legales.
Podemos renunciar a la aplicación del Código en ciertas situaciones limitadas. Cualquier exención de las disposiciones del Código puede ser otorgada sólo en circunstancias excepcionales, y sólo en la revisión de la dirección en el caso de los empleados. Un empleado que crea que se puede pedir una exención es instruido para discutir el asunto con nuestro Asesor General y / o Oficial Jefe de Cumplimiento.
Con respecto a los directores y funcionarios, cualquier renuncia de cualquier disposición del Código debe ser aprobada por la Junta o un comité de la Junta y será divulgada rápidamente como lo requieren las leyes de valores aplicables y las reglas de la Bolsa de Nueva York.
Director, Oficial & amp; Responsabilidades del empleado
Conformidad
Cada director, funcionario y empleado de FXCM es personalmente responsable de acatar todas las leyes, normas y reglamentos aplicables, así como las políticas internas de FXCM, incluidos los principios y valores contenidos en el Código. Estas responsabilidades incluyen estar familiarizado con las leyes, normas, reglamentos, directrices, manuales y las mejores prácticas empresariales emergentes pertinentes a sus funciones, y aplicarlas al máximo de sus capacidades.
operaciones con información privilegiada
Se prohíbe a todos los directores, funcionarios y empleados:
Compra o venta de valores de FXCM en cualquier momento en que esté en posesión de información material, no pública (incluyendo transacciones en valores mantenidos a través de planes de beneficios de empleados, tales como planes 401 (k));
Comprar o vender valores de cualquier otra empresa en cualquier momento en que esté en posesión de información material, no pública obtenida como resultado del empleo o relación del director, ejecutivo o empleado a la Compañía;
Divulgar información material o no pública a cualquier otra persona, incluidos los cónyuges, parientes, amigos, compañeros de trabajo o socios comerciales, que a continuación, se negocia en valores o transmite la información en más (o "propinas" Información no pública;
Participando en actividades de inversión a corto plazo o "day-trading" De los valores de FXCM;
Participar en & ldquo; venta a corto & rdquo; De los valores de FXCM (es decir, vender los valores de FXCM que dicha persona no posee y tomar prestados dichos valores para realizar la entrega); y
Compra o venta de put, calls, opciones o valores derivados similares basados en la compañía, incluso con fines de cobertura.
Generalmente, la información es & ldquo; no-pública & rdquo; Si no ha sido efectivamente puesto a disposición de los inversores en general, y la información es & ldquo; material & rdquo; Si existe una probabilidad sustancial de que un inversor razonable considere que es importante para tomar una decisión de comprar, vender o mantener un valor o cuando es probable que tenga un efecto significativo en el precio de mercado del valor. La información positiva y negativa puede ser material. Si bien no es posible compilar una lista exhaustiva, la información relativa a cualquiera de los siguientes elementos probablemente será considerada material:
Trimestrales o anuales;
Orientación sobre las estimaciones de ingresos y confirmar dicha orientación en una fecha posterior;
Fusiones, adquisiciones, licitaciones, joint ventures o cambios en activos;
Nuevos productos o descubrimientos;
Desarrollos relativos a clientes o proveedores, incluyendo la adquisición o pérdida de un contrato importante;
Cambios en el control o en la gestión;
Cambios en la política de compensación;
Cambio en firma de contabilidad pública registrada independiente o notificación de que la Compañía ya no puede confiar en el informe de dicha firma;
Financiamientos y otros eventos relacionados con los valores de la Compañía (por ejemplo, incumplimientos de valores, llamadas de valores para redención, planes de recompra, divisiones de acciones, ventas públicas o privadas de valores, cambios en los dividendos y cambios en los derechos de los tenedores de títulos).
Bajas significativas;
Litigios significativos; y
La quiebra, la reestructuración empresarial o la administración judicial.
El término & ldquo; valores & rdquo; Deben ser ampliamente interpretados e incluirán, pero no se limitarán a, acciones, acciones preferentes, títulos de deuda, tales como bonos, pagarés y obligaciones, así como put, calls, opciones y otros instrumentos derivados.
Las reglas anteriores se aplican a todos los directores, funcionarios y empleados, independientemente de si están ubicados en los Estados Unidos o en el extranjero. La violación de estas reglas puede exponer tanto a FXCM como al director, funcionario y empleado a sanciones penales y civiles. Además, los directores, funcionarios y empleados que se involucren en las transacciones prohibidas mencionadas arriba están sujetos a terminación inmediata. Cabe señalar que las personas sujetas al Código no pueden violar las reglas mencionadas, ni siquiera de forma indirecta. En consecuencia, debe asumir que los miembros de su familia no pueden tomar ninguna de las acciones que está prohibido tomar.
FXCM ha adoptado una política de negociación de valores titulada "Políticas y procedimientos para la negociación de valores de FXCM Inc. por directores, ejecutivos y empleados de acceso". Cada director, ejecutivo y Empleado de Acceso (como se define en dichas políticas y procedimientos) deben leer dichas políticas y procedimientos en su totalidad y remitirlos periódicamente para obtener orientación adicional.
Si tiene alguna duda sobre la conveniencia de cualquier transacción, debe buscar asesoramiento de la oficina del asesor general antes de emprender la venta o compra de cualquier FXCM u otros valores.
Enfoque en el cliente
Buscamos activamente distinguirnos de los competidores en el área de servicio al cliente. Esperamos y alentamos a nuestros empleados a fomentar un enfoque centrado en el cliente, y tratar a nuestros clientes con la máxima cortesía, profesionalismo y respeto.
Esperamos que nuestros directores, funcionarios y empleados abracen el trabajo en equipo y contribuyan sus mejores esfuerzos para alcanzar objetivos comunes.
Honestidad & amp; Acuerdo justo
Esperamos que nuestros directores, funcionarios y empleados actúen en todo momento de buena fe, con la debida diligencia, competencia, credibilidad y diligencia, y sin ninguna falsificación de hechos materiales.
Cada director, funcionario y empleado se esforzarán en tratar de manera justa con los clientes, competidores, proveedores y empleados de la Compañía. Ningún director, funcionario o empleado se beneficiará indebidamente de nadie a través de manipulación, ocultación, abuso de información privilegiada, falsificación de hechos materiales o cualquier otra práctica desleal.
Ningún soborno, soborno u otros pagos similares en cualquier forma se harán directa o indirectamente a, oa cualquier persona con el propósito de obtener o retener negocios o obtener cualquier otra acción favorable. La Compañía y el director, funcionario o empleado involucrado pueden estar sujetos a medidas disciplinarias, así como a posibles responsabilidades civiles o penales por la violación del Código. Para obtener más información, consulte la Declaración de Política y la Guía de Cumplimiento de la FXCM Inc. Anticorrupción.
Confidencialidad
Durante el transcurso de su servicio, los directores, funcionarios y empleados podrán tener acceso a información confidencial sobre nuestros clientes, competidores, prácticas comerciales, sistemas, planes estratégicos, honorarios e ingresos y otros conocimientos que FXCM o nuestros clientes consideran propietarios. A los directores, funcionarios y empleados no se les permite divulgar ni utilizar, ni durante ni después de su empleo con FXCM, ninguna información que reciban o desarrollen, con excepción de los fines comerciales autorizados o cuando estén legalmente obligados. Esto incluye, pero no se limita a, información almacenada en cualquier sistema informático, así como software propietario desarrollado por FXCM.
Cualquier director, funcionario o empleado que posea información confidencial tiene la importante responsabilidad de mantener esa información confidencial y divulgar dicha información internamente sólo en una base de necesidad de conocer. Los directores, funcionarios y empleados deben ser discretos con la información confidencial y evitar la comunicación de asuntos confidenciales de manera que sean susceptibles de interpretación o uso por terceros.
Difusión pública de información de la empresa
Es particularmente importante que las comunicaciones externas sean precisas, consistentes y no violen nuestras obligaciones de confidencialidad o las leyes, normas y reglamentos aplicables. La información publicada puede tener un efecto significativo en nuestra reputación, así como en las consecuencias empresariales y legales. Las comunicaciones externas incluyen, pero no se limitan a, comunicaciones a los medios de comunicación, analistas financieros e industriales, entidades gubernamentales, inversionistas, colegas de la industria, clientes y otros miembros de grupos externos.
Para asegurarnos de que las comunicaciones relacionadas con el trabajo cumplen con todas nuestras políticas y leyes aplicables, necesitamos revisar ciertas comunicaciones. Si usted es contactado por los medios de comunicación, un inversor o un analista o desea publicar información o hacer una presentación externa, debe ponerse en contacto con los Departamentos Legal o de Cumplimiento para asesoramiento y revisión. Este proceso de asesoramiento y revisión es particularmente importante a la luz de FXCM siendo una empresa pública. También debe revisar la Política y Procedimientos Corporativos de FXCM Inc. para el Cumplimiento de la Regulación FD & rdquo; Para obtener más información relacionada con las comunicaciones externas sobre FXCM.
Es importante que tenga en cuenta que la facilidad de la comunicación electrónica significa que la información sobre FXCM que usted no tenía la intención de convertirse en público puede llegar a ser ampliamente difundido a través de Internet. Dada esta potencialidad, usted debe tener cuidado con respecto a la correspondencia relacionada con FXCM. En caso de divulgación no deseada de información relacionada con el trabajo que infrinja la política de la empresa o las leyes, normas y reglamentos aplicables, debe notificar con prontitud a los Departamentos Legal o de Cumplimiento.
Conflictos de interés
Los conflictos de intereses personales surgen cuando los directores, funcionarios o empleados enfrentan una opción entre sus intereses personales (financieros o de otro tipo) y los de la Compañía. Los conflictos de intereses pueden poner en entredicho la integridad de la Compañía en su conjunto. Por consiguiente, un director, funcionario o empleado de servicio a la Compañía no puede ser subordinado a la ganancia personal y la ventaja. Se espera que todos los directores, funcionarios y empleados actúen en el mejor interés de la Compañía. Cualquier director, funcionario o empleado en una posición en la que su objetividad pueda ser cuestionada debido a un interés individual oa una relación familiar o personal debe consultar a su supervisor oa un representante apropiado de los Departamentos Legal o de Cumplimiento. Del mismo modo, cualquier director, funcionario o empleado consciente de una transacción o relación que razonablemente se podría esperar para dar lugar a un conflicto de intereses personal debe discutir rápidamente el asunto con un supervisor o Legal o Compliance Officer. Para obtener información adicional, consulte "Preguntas sobre el código & amp; Informar Violaciones & rdquo; abajo.
Oportunidades de FXCM
Es política de la Compañía que los directores, funcionarios y empleados no puedan (i) aprovechar oportunidades que se descubran a través del uso de propiedad, información o posición de la Compañía o (ii) usar propiedad, información o posición de la Compañía para beneficio personal. Además, los directores, funcionarios y empleados no pueden competir con la Compañía, directa o indirectamente. Los directores, funcionarios y empleados tienen el deber de promover los intereses legítimos de la Compañía cuando surja la oportunidad de hacerlo.
Protección y uso adecuado de los activos de FXCM
El robo, la negligencia y los residuos tienen un impacto directo en la rentabilidad de la Compañía. Los directores, funcionarios y empleados tienen el deber de salvaguardar los activos de la Compañía y asegurar su uso eficiente. Los activos de la empresa deben usarse sólo para propósitos comerciales legítimos, y los directores, oficiales y empleados deben tomar medidas para asegurar contra su robo, daño o uso indebido.
Los activos de la empresa incluyen la propiedad intelectual, tales como patentes, derechos de autor, marcas / marcas, planes comerciales y de marketing, información sobre salarios y cualquier información e informes financieros no publicados. El uso o distribución no autorizados de esta información es una violación de la política de la Compañía.
Empleo externo
El empleo y la participación en otras actividades fuera de la Compañía podrían interferir con las funciones de un individuo como director, funcionario o empleado de FXCM. El servicio prestado por cualquier empleado como director, fideicomisario, funcionario o empleado (remunerado, no remunerado, elegido, nombrado o de otra manera) de cualquier negocio que no sea FXCM, o cualquier organización caritativa, cívica, religiosa, política o educativa requiere la aprobación por escrito del Legal o Departamentos de Cumplimiento. A menos que se le dé un permiso específico, no se permite el servicio por parte de ningún empleado en un consejo o en una posición de asesoría con otras firmas en la industria de divisas, y particularmente con cualquiera de nuestros clientes.
Preguntas sobre el Código y denuncia de violaciones
Se anima a los empleados a hablar con sus supervisores cuando tengan dudas acerca del mejor curso de acción en una situación particular. Cualquier pregunta relacionada con el Código y su aplicabilidad puede ser dirigida a su supervisor oa los Departamentos Legal o de Cumplimiento.
Alentamos a informar directamente a los supervisores pertinentes ya los representantes apropiados de los Departamentos Jurídicos y de Cumplimiento o, en su caso, directamente a los niveles superiores de la administración de violaciones de leyes, normas, reglamentos o el Código. Los informes de funcionarios y empleados pueden hacerse de manera confidencial y anónima. In case of violations by directors, senior employees and officers, such reports should be made to an appropriate representative of the Legal or Compliance Departments.
Under FXCM’s Whistleblower Policy, any employee may, in his or her sole discretion, report to the Audit Committee, the General Counsel or to the Company’s Ethics and Compliance Hotline, openly, confidentially or anonymously (i) any questionable accounting, internal accounting controls or auditing matters; (ii) non-compliance with applicable legal and regulatory requirements or the Code; or (iii) retaliation against employees and other persons who make, in good faith, allegations of questionable accounting, internal accounting controls or auditing matters, in each case through any avenue available, including:
in writing to FXCM, Inc. Attn: Audit Committee or General Counsel, 55 Water St. 50th Floor, New York, NY 10041;
by calling (877) 882-3925 at any time; o
by accessing http://reportlineweb. com/fxcm and submitting a message.
Any other interested party may report to the Audit Committee, the General Counsel or to the Company’s Ethics and Compliance Hotline any issue regarding questionable accounting, internal accounting controls or other auditing matters, legal allegations or retaliatory acts, as set forth in the preceding paragraph. Any such report must be accompanied by the name of the person submitting the report.
All reports should be factual rather than speculative or conclusory, and should contain as much specific information as possible to allow for proper assessment. In addition, all reports should contain sufficient corroborating information to support the commencement of an investigation, including, for example, the names of individuals suspected of violations, the relevant facts of the violations, how the complainant became aware of the violations, any steps previously taken by the complainant, who may be harmed or affected by the violations, and, to the extent possible, an estimate of the misreporting or losses to the Company as a result of the violations.
The hotline above and website are managed by an outside, independent service provider and allow any employee or other interested party of the Company to make a report. Employees are able to submit a report on an anonymously and confidential basis and are not required to divulge their names.
The hotline above and website service provider will explain to each caller procedures for following up on the report (including the caller’s providing additional information at a later date).
The Company expressly prohibits retaliation against any director, officer or employee for reports made in good faith.
§a; FXCM's liquidity providers include global banks, financial institutions, prime brokers and other market makers.
Code of Business Ethics and Director, Officer & Employee Conduct
Introducción
Forex Capital Markets Limited, including our affiliates and related entities, is committed to maintaining the highest level of public trust and confidence. FXCM Ltd. has earned a reputation for fairness, honesty, and integrity, and considers this to be our most valuable corporate asset. We recognise that our reputation hinges on the adherence of our employees to the highest standards of ethical behaviour and professionalism in the performance of their duties, without which our history of accomplishments would not have been possible.
The Code of Business Ethics and Employee Conduct (the "Code") sets forth a summary of the common standards we have established for the Company, its managers, and employees. The Code is designed to promote the values and principles it embodies and to deter any wrongdoing. The Code is crucial in ensuring that our employees—as well as the public at large—are aware of the standards we have set for ourselves. All employees are personally responsible for compliance with the Code, and failure to comply with its provisions is grounds for disciplinary action, which may include dismissal, and referral to the relevant governmental authorities and other regulatory bodies, where appropriate. Regarding any course of conduct not specifically addressed in the Code, employees are instructed to consult their supervisors or an appropriate representative of the Legal or Compliance Departments, but ultimately, they are responsible for using good judgment and acting in a manner consistent with the spirit, principles, and values embodied in the Code.
Governing Laws & Regulaciones
FXCM's objective is to provide our clients with the utmost in value and client service and to maximise their forex trading experience. Notwithstanding these objectives, the Company places legal and regulatory compliance above profits. In our business conduct, we must always be in compliance with applicable laws and regulations.
Forex Capital Markets Limited, is registered with the Financial Conduct Authority ("FCA") in London, firm registration number 217689. The effective date of authorisation with the FCA is May 27, 2003.
FXCM LTD's affiliates are also registered with the commodity Futures Trading Commission (CFTC) as a Futures commission Merchant (FCM) in the United States or holder of an Australian Financial Services Licence (Number 309763) issued by the Australian Securities and Investment Commission (ASIC), ARBN with ASIC is 121934432. In Paris, FXCM France is registered with the Autorité de Contrôle Prudentiel (ACP), as the branch of Forex Capital Markets Limited. the Securities and Futures Commission (SFC) in Hong Kong.
Core Ethical Values
FXCM realises that our success is based on the Company's reputation for integrity along with the public trust and confidence this reputation has garnered. We respect the interests of our clients, honor our commitments, and are forthright in promising only what we can deliver.
A general requirement of any FCA registered firm is that communications with the public may not be deceptive or misleading. FXCM believes that the imperative for truthfulness does not stem merely from the strictures of regulatory compliance; rather, it is due to our philosophy of increased investor protection that we undertake every effort to ensure that our client communications and promotional materials are truthful and complete. Accurate and complete information enables investors to make intelligent decisions and, therefore, our statements are designed not to confuse or mislead.
FXCM is committed to treating those with whom we deal in the same manner that we expect to be treated by others. We apply this approach in a consistent, non-discriminatory manner; from our largest institutional investors to our smallest account holders.
We compete aggressively in furtherance of our overall interests, yet we do so fairly, ethically, and in a manner that fully complies with all applicable laws and regulations, as well as the values and principles embodied in this Code.
Our history of success has been achieved through honest business competition. We do not seek competitive advantages through illegal or unethical business practices. We endeavor to deal fairly with our clients, service providers, other firms, and individual colleagues. We oppose taking unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair practice.
Responsibility
FXCM has a history of living up to the commitments and responsibilities we have toward our clients, employees, service providers, government authorities, regulators, other firms, the media, and society. To our clients, we are committed to providing our products and services in an efficient and innovative manner consistent with their needs, and we offer a trading environment that is fast, reliable, convenient, and valuable in terms of price and quality. To our employees, we offer challenging positions in a professional and collegial environment and equal opportunities for performance-based professional development. To our service providers, we seek to build mutually beneficial relationships, while promoting the Code's principles in the process. To our regulators, we strive to strictly observe and comply with all relevant laws, rules, regulations, and standards of good business practice. We do not sacrifice legal and regulatory compliance for the sake of profits; rather, we offer the authorities and regulatory bodies our cooperation and assistance toward the shared goal of investor protection. To other firms, we are committed to respectable business practices and to compete by providing superior products and services. To the media, we offer our support in providing accurate and objective coverage of our business. As a member of society at large, we offer our support to many organizations and institutions dedicated to social, charitable, educational, humanitarian, and cultural causes. We are committed to remaining a responsible, law-abiding corporate member of society.
Competence
FXCM invests tremendous resources of time, energy, and expense into developing the superior forex products and services that have earned us widespread recognition as an industry leader in the online currency market. As a result, our trading volume is virtually unrivaled in the industry, and has enabled us to build strong execution relationships with many of the world's largest liquidity providers, which include global banks, financial institutions, and other market makers.
We value both innovation and experience in our personnel. Our executives and employees possess a wealth of experience in the foreign currency markets, and many have been involved as pioneers in online foreign exchange since the inception of the industry. We are uniquely qualified in our field.
Confiabilidad
Reliability is the hallmark of FXCM and the products and services we offer. The Company provides a 24-hour multilingual support network that includes sales, dealing, administrative, and technical support, 7 days a week. Our goal is to give clients peace of mind in the knowledge that they can depend on us, thereby freeing them to dedicate more attention to their individual investment strategies.
Core Professional Values: Business Practices
Regulatory Compliance
FXCM acknowledges the importance of all relevant laws, rules, regulations, policies and standards—whether internal or external—and complies with them. We are committed to strict management discipline and a first-class control and compliance environment. As a registered FCA firm, FXCM LTD is required to meet strict financial standards, including capital adequacy or financial resource requirements. We are also required to routinely submit financial reports to our regulators, both domestic and overseas. These standards are rigorously enforced by the FCA, which have the right to fine firms and/or terminate their regulatory status for violations.
Client money deposited by clients classified as Retail will be segregated with FXCM Ltd in accordance with FCA client money rules.
FXCM conducts due diligence so that we know our clients, and conduct our transactions in accordance with all applicable laws, rules, and regulations. FXCM has adopted a Client Identification Program, aka Know Your Client Policy, documenting our procedures to obtain, verify, and record information that accurately identifies each person who opens an account with us. All employees are required to comply with the Client Identification Program and Know Your Client policies and procedures.
It is FXCM's policy that the information in our communications be full, fair, accurate, timely, and understandable. This policy applies to communications with government authorities, regulators, employees, clients, and the media. All employees involved in our disclosure process (including upper-level management) are responsible for acting in furtherance of this policy. In particular, these individuals are required to maintain familiarity with applicable disclosure requirements, and they are prohibited from knowingly misrepresenting, omitting, or causing others to misrepresent or omit, material facts to others, whether within or outside the Company, including our independent auditors. Those engaged in a supervisory role over our disclosure process have an obligation to discharge their duties with diligence.
FXCM records in a complete, accurate, and timely manner, all transactions and obligations on our client accounts. We maintain systems of internal accounting controls designed to ensure the reliability and adequacy of our client account records, and the regulatory reports they generate. We maintain records for the period required by applicable laws and regulations.
FXCM is committed to an independent, robust internal and external audit process to supplement our operational processes and to help us identify and address any relevant accounting, internal accounting controls, or auditing matters. Our managers cooperate fully with our auditors to reach and implement solutions in an efficient and timely manner.
FXCM maintains appropriate instruments to control and monitor the transfer of confidential and sensitive information within and, as far as possible, outside the Company on a need-to-know basis. We do not deliberately disclose non-public information concerning our business, our clients or our employees, unless in connection with the delivery of services to our clients, upon request of our clients, or as required to do so by law.
FXCM strives to maintain an open and transparent dialogue with our clients and others, based on fairness, mutual respect, and professionalism.
Gestión de riesgos
FXCM advises clients to engage in conscious, disciplined, and intelligent risk taking. For our part, we are guided by the principle of adherence to the appropriate legal and regulatory frameworks as well as the instruments, procedures, and managerial approval processes to monitor, control, and manage the risks to which we are exposed.
Anti-Money Laundering
Money laundering is the process by which persons or businesses attempt to conceal the origin and ownership of the proceeds of illegal activity such as fraud, theft, drug trafficking, or any other crime. Money laundering may also involve the use of legitimately derived funds to finance terrorism. Various financial products and transactions, including those related to the foreign exchange market, may be involved in money laundering schemes. Accordingly, we are aggressive in not allowing the Company to be used as a vehicle for such activity. Money laundering is a criminal offense and can subject its perpetrators and/or facilitators to substantial criminal and civil sanctions, including imprisonment and fines.
To ensure compliance with anti-money laundering laws and regulations, FXCM has implemented policies and procedures to detect, prevent and report money laundering or other suspicious activity.
Continuous Improvement
While this Code does not create legally binding obligations on FXCM, nor does it confer legal rights to our employees or others, we actively review our past performance and strive to adhere to the principles and values included herein.
Core Professional Values: Employment Practices
FXCM's Commitments to Employee Excellence & Equal Opportunity
FXCM seeks to create and maintain a professional environment designed to attract, develop, and retain outstanding people. We offer equal opportunities, irrespective of race, national origin, ancestry, gender, sexual orientation, religion, age, physical disability, medical condition, or pregnancy. We will not tolerate any form of unlawful discrimination, harassment, retaliation, or retribution. Employees are instructed to consult the Employee Manual for our complete harassment policies and reporting procedures.
Competitive Reward System
FXCM offers a performance-based culture, with a corresponding competitive reward system and periodic fair and objective evaluations that take into account personal contribution to our overall efforts, as well as adherence to the values and principles set forth in this Code. Our partners and managers maintain an open-door policy designed to give each and every employee easy access to management.
Violations
We assess whether violations of this Code have occurred and, if so, determine whether or not disciplinary measures should be taken against the violator and others involved in the wrongdoing. Disciplinary measures may include, but are not limited to, counseling, oral or written reprimands, warnings, probation or suspension without pay, demotions, reductions in compensation, termination of employment, restitution, and legal action.
We may waive application of the Code in certain limited situations. Any waivers of Code provisions may be granted only in exceptional circumstances, upon management review. An employee who believes that a waiver may be called for is instructed to discuss the matter with our General Counsel and/or Chief Compliance Officer.
Employee Responsibilities
Compliance
Each FXCM employee is personally responsible to abide by all laws, rules, and regulations, as well as the internal policies of FXCM, including the principles and values embodied in this Code. These responsibilities include being familiar with the laws, rules, regulations, guidelines, manuals, and emerging best business practices relevant to their duties, and implementing them to the best of their abilities.
CLIENT FOCUS
We actively seek to distinguish ourselves from other firms in the area of client service. We expect and encourage our employees to foster a client-focused approach, and to treat our clients with utmost courtesy, professionalism, and respect.
We expect our employees to embrace teamwork and to contribute their best efforts toward reaching common goals.
We expect our employees to act at all times in good faith, with due care, competence, credibility and diligence, and without any misrepresentation of material facts.
CONFIDENTIALITY
During the course of their service, employees may be provided access to information regarding our clients, trade practices, systems, marketing or strategic plans, fees and revenues, and other knowledge considered proprietary by FXCM or our clients. Employees are not permitted to disclose or use, either during or subsequent to their employment with FXCM, any such information they receive or develop, except for authorised business purposes or where legally mandated. This includes, but is not limited to, information stored on any computer system as well as proprietary software developed by FXCM.
Any employee who possesses confidential information has an important responsibility to keep that information confidential, and to disclose such information internally only on a need-to-know basis. Employees must be discreet with confidential information and avoid communicating confidential matters in ways that are susceptible to interpretation or use by third parties.
CONFLICTS OF INTEREST
Personal conflicts of interest arise when employees face a choice between their personal interests (financial or otherwise) and those of the Company. Conflicts of interest may call into question the Company's integrity as a whole. Accordingly, an employee's service to the Company may not be subordinated to personal gain and advantage. All employees are expected to act in the Company's best interest. Any employee in a position where his or her objectivity may be questioned because of an individual interest or family or personal relationship should consult his or her supervisor or an appropriate representative of the Legal or Compliance Departments. Similarly, any employee aware of a material transaction or relationship that could reasonably be expected to give rise to a personal conflict of interest should promptly discuss the matter with a supervisor or Legal or Compliance Officer.
OUTSIDE EMPLOYMENT
Employment and participation in other activities outside the Company could interfere with an individual's duties as an FXCM employee. Service by any employee as a director, trustee, or officer (paid, unpaid, elected, appointed, or otherwise) of any business other than FXCM requires written approval from the Legal or Compliance Departments. Unless given specific permission, service by any employee on a board or in an advisory position with other firms in the foreign currency industry, and particularly with any of our clients, is not allowed.
Insider Trading
All directors, officers and employees are prohibited from:
buying or selling FXCM's securities at any time when in possession of material, non-public information (including transactions in securities held through employee benefits plans, such as 401 (k) plans);
buying or selling securities of any other company at any other time when in possession of material, non-public information obtained as a result of the employment or relationship of the director, executive officer or employee of the Company;
disclosing material, non-public information to any other person, including spouses, relatives, friends, co-habitants or business associates, who then trades in securities or passes the information on further ("tipping") or starting rumors related to material, non-public information;
engaging in short-term investment activities or "day-trading" of FXCM's securities;
engaging in "short-selling" of FXCM's securities (i. e. selling FXCM's securities that such person does not own and borrowing such securities to make delivery);
buying or selling puts, calls, options or similar company-based derivative securities, including for hedging purposes.
Generally, information is "non-public" if it has not been effectively made available to investors generally, and information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making a decision to buy, sell or hold a security or where it is likely to have a significant effect on the market price of the security. Both positive and negative information may be material. While it is not possible to compile an exhaustive list, information concerning any of the following items will likely be considered material:
quarterly or annual results;
guidance on earrings estimates and confirming such guidance on a later date;
mergers, acquisitions, tender offers, joint ventures, or changes in assets;
new products or discoveries;
developments regarding customers or suppliers, including the acquisition or loss of an important contract;
changes in control or in management;
changes in compensation policy;
change in independent registered public accounting firm or notification that the Company may no longer rely on such firm's report;
change in independent registered public accounting firm or notification that the Company may no longer rely on such firm's report;
financings and other events regarding the Company's securities (e. g. defaults on securities, calls of securities for redemption, repurchase plans, stock splits, public or private sales of securities, changes in dividends and changes to the rights of security holders);
significant write-offs;
significant litigation;
bankruptcy, corporate restructuring or receivership.
The term "securities" should be broadly construed and shall include. but not be limited to, stock, preferred stock, debt securities, such as bonds, notes and debentures, as well as puts, calls, options and other derivative instruments.
The rules above apply to all directors, officers and employees, regardless of whether they are located in the U. K, or abroad. Violation of these rules may expose FXCM and the director, officer and employee to criminal and civil sanctions. In addition, directors, officers and employees who involve themselves in the prohibited transactions listed above are subject to immediate termination. It should be noted that persons subject to the Code may not violated the rules above even indirectly. Accordingly, you should assume that your family members may not take any actions which are prohibited from taking.
FXCM has adopted a securities trading policy entitled "Policies and Procedures for Trading in Securities of FXCM Ltd. by Directors, Executive Officer and Access Employees". Each director, executive officer and Access Employee (as defined in such policies and procedures) should read such policies and procedures in their entirely and refer back to them periodically for additional guidance.
If you have any doubts as to the propriety of any transaction, you should seek advice from the General Counsel’s office before undertaking the sale or purchase of any FXCM or other securities.
HONESTY & FAIR DEALING
We expect our employees to act at all times in good faith, with due care, competence, credibility and diligence, and without any misrepresentation of material facts.
Each employee shall endeavor to deal with the Company's customers, competitors, suppliers and employees. No employee shall take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair practice.
No bribes, kick back or other similar payments in any form shall be made directly or indirectly to or for anyone for the purpose of obtaining or retaining business or obtaining any other favourable actions well as potential civil or criminal liability for violation of the code.
FXCM OPPORTUNITIES
It is the Company's policy that directors, officers and employees may not (i) take opportunities for themselves that are discovered through the use of Company property, information or position or (ii) use Company property, information or position for personal gain. Furthermore, employees may not compete with the company, directly or indirectly. Employees have a duty to the Company to advance its legitimate interest when the opportunity to do so arises.
PROTECTION AND PROPER USE OF FXCM ASSETS
Theft, carelessness and waste have a direct impact on the Company's profitability. Employees have a duty to safeguard Company assets and ensure their efficient use. Company assets should be used only for legitimate business purposes, and directors, officers and employees should take measures to ensure against their theft, damage or misuse.
Company assets include intellectual property such as patents, copyrights, trademarks/branding, business and marketing plans, salary information and any unpublished financial data and reports. Unauthorised use or distribution of this information is a violation of Company policy.
Questions Regarding the Code and Reporting Violations
Employees are encouraged to talk to their supervisors when in doubt about the best course of action in a particular situation. Any questions regarding the Code and its applicability may be directed to your supervisor or the Legal or Compliance Departments.
We encourage reporting of violations of laws, rules, regulations or the Code to be done directly to relevant supervisors and appropriate representatives of the Legal and Compliance Departments or, where appropriate, directly to higher levels of management. Reports by officers and employees may be made on a confidential, anonymous basis. In case of violations by directors, senior employees and officers, such reports should be made to an appropriate representative of the Legal or Compliance Departments.
Under FXCM’s Whistleblower Policy, any employee may, in his or her sole discretion, report to the Audit Committee, the General Counsel or to the Company’s Ethics and Compliance Hotline, openly, confidentially or anonymously (i) any questionable accounting, internal accounting controls or auditing matters; (ii) non-compliance with applicable legal and regulatory requirements or the Code; or (iii) retaliation against employees and other persons who make, in good faith, allegations of questionable accounting, internal accounting controls or auditing matters, in each case through any avenue available, including:
in writing to FXCM, Inc. Attn: Audit Committee or General Counsel, 55 Water St. 50th Floor, New York, NY 10041;
by calling (877) 882-3925 at any time; o
by accessing https://iwf. tnwgrc. com/fxcm and submitting a message.
Any other interested party may report to the Audit Committee, the General Counsel or to the Company’s Ethics and Compliance Hotline any issue regarding questionable accounting, internal accounting controls or other auditing matters, legal allegations or retaliatory acts, as set forth in the preceding paragraph. Any such report must be accompanied by the name of the person submitting the report.
All reports should be factual rather than speculative or conclusory, and should contain as much specific information as possible to allow for proper assessment. In addition, all reports should contain sufficient corroborating information to support the commencement of an investigation, including, for example, the names of individuals suspected of violations, the relevant facts of the violations, how the complainant became aware of the violations, any steps previously taken by the complainant, who may be harmed or affected by the violations, and, to the extent possible, an estimate of the misreporting or losses to the Company as a result of the violations.
The hotline above and website are managed by an outside, independent service provider and allow any employee or other interested party of the Company to make a report. Employees are able to submit a report on an anonymously and confidential basis and are not required to divulge their names.
The hotline above and website service provider will explain to each caller procedures for following up on the report (including the caller’s providing additional information at a later date).
The Company expressly prohibits retaliation against any director, officer or employee for reports made in good faith.
Advertencia de Riesgo: Nuestro servicio incluye productos que se negocian en margen y conllevan un riesgo de pérdidas superiores a los fondos depositados. Los productos pueden no ser adecuados para todos los inversores. Por favor asegúrese de que entiende completamente los riesgos involucrados.
Possible Exploitation By Large Banking Institutions
Many banks are in a position of supreme knowledge. Large client institutions are exchanging foreign exchange for legitimate commercial purposes to transfer currency balances from one currency to another or to hedge commercial or speculative interests. These are the big time players with serious money to transact who have a much greater ability to move prices and influence the market than us. Banks are on the inside with knowledge of the large forex dealings.
The foreign exchange market is alleged to be massive at a volume of $5 trillion-a-day with no single exchange. The transactions of private traders are but a tiny little squid swimming in the giant ocean.
We have these banks in a strong position with inside knowledge of forex orders from their own clients. Not only that, but they sometimes have mates or colleagues at other banks in a similar position of knowledge power. With a bit of chitchat, the knowledge of the trader can leak both ways and expand even larger. Not only do they know about their own big player customer forex orders, but they now have the power of knowledge of other key insiders.
There’s a suspicion that some of these traders in the know may have used that information to place trades ahead of the real commercial transactions entrusted to them, to improve their own personal financial position or that of their employing bank.
Greed can be a big motivator.
In Banks We Trust
When a company goes to a bank to transact foreign exchange there’s a large amount of trust placed by the company on the bank, to protect the information and to do their business, without using their knowledge to the bank or another’s advantage.
A bank cannot assert that they would not have a conflict of interest. Perhaps they have another customer who’s the competition, or they’ve received instructions from someone else that would work against the instructions received from another. Conflict of interest aside, there’s a strong expectation that the bank would act with a high degree of independence and confidentiality in respect of the business it receives from each customer.
Standard Of The Fiduciary Duty
A fiduciary duty arises when a party places their trust and confidence to protect their money or property in another party. When this arises a fiduciary duty means that the party accepting the responsibility for the money or property is to act in good faith to protect it. They are to act in the best interests of the party whom is vulnerable and placing their trust in them.
There are certain types of relationships where the fiduciary duty is applicable. Such as principal and agent, broker and client, trustee and beneficiary and so on. It’s not acceptable to stab the party trusting you in the back.
Fiduciary duty is a standard that underpins the legal systems in many countries and is an important concept in common law. Not only is it a legal responsibility, but also it’s an ethical one to be responsible with the trust that’s placed on you, to act in a trust-worthy manner.
All of us would expect that a bank would accept our money and instructions and act upon them trustfully, prudently and honestly. Without an ulterior motive to take advantage of the knowledge and trust we place in them.
Enforcing A Duty Of Care
As the inquiry into the actions of various banks, including big names Goldman Sachs, Barclays, Citi Group, UBS and Deutsche Bank is underway. We welcome the actions that demonstrate a fiduciary duty applies to our foreign exchange dealings.
Areas of risk in the foreign exchange market are:
The potential for banks and their employees to use knowledge of their clients’ activities to their own advantage and not necessarily in the best interests of their client. This is the subject of the recent investigation.
The independence of banks who operate a speculative foreign exchange section for the bank’s gain and the ease with which they can profit from insider information about other parties commercial and speculative activities.
Forex brokers who operate dealing desks acting in a way that knowingly sabotages the interests of the customer to their own advantage.
Market makers, who contractually and by their very name, can trade against their own customers for profit, even intentionally with motive.
Now I’m in no way suggesting that these risk situations are occurring, but they are clear areas of risk. A conflict of interest is naturally there and without a sound conscience for strong ethical behaviour and responsible actions there’s vulnerability there for the taking.
Many forex brokers will have competitive and transparent operations where they facilitate traders to transact how they want at competitive prices. These are the businesses where traders can thrive and the forex broker benefits from a growing and satisfied customer base.
Taking Responsibility
As the guardian of our own fortunes we need to be able to rely on a market of integrity and honesty, but it’s our responsibility to not make ourselves a sitting duck where you can be taken advantage of too easily.
Remember, if the deal’s too good to be true, it usually is.
What do you think is ethical or not in the foreign exchange industry? Do you think it’s ok for banks to use their knowledge of customer transactions for their own advantage? What standard of care do you expect from your forex broker? Por favor comparta sus pensamientos.
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About the Author: I’m Rachel Hunter, TraderRach. a Forex Trader who helps traders achieve the life they love with forex. Be strategic and design your trading business for sustainable success and have fun! That’s my mission. Join many traders’ gaining the edge with “10 Powerful Lessons for Forex Trading Success” plus other goodies. Years of precious learning specially packaged up for you. My background before trading is as a Chartered Accountant and Chief Financial Officer. I know what it takes to make a trading business rock on. It would give me great pleasure to make a difference to your success.
Is It Ethical For A Christian To Trade Forex? - Business (1) - Nairaland
Pls I will need 2 learn how 2 trade forex somebody should contact me @ ucheosefoh@yahoo. com
GAMBLING IN THE SIN CONTEXT - The simple reason why gambling is a sin is because you don't buy and sell anything to profit from. There is no exchange of goods and services with money. Secondly, gambling involves betting, stalking and contention. Thirdly, in gamble what you buy does not have the capacity to increase or reduce in value to profit from by selling, so gambling is not a business. Finally, in business we sell to make profit, you bet or stalk in gambling to make money. A simple example is betting, lottery and taking funds that does not belong to you because you know you can choose not to account for it.
Idera_olu: Can Christian Trade FOREX!
Considering the similarity some have tagged to Forex trading i. e: Gambling, is it ethical for Christians to trade Forex without spinning the verses of the bible?
These may be an opportunity to educate others that want to know more.
Muchas gracias.
Below is what I posted to all my forex students and friends after I quitted the devil's business!!
"To all my forex friends:
This is hard for me to do but I have to do it
By the grace of our Lord Jesus Christ I am off with forex.
Recently I have decided to amend my ways before the Lord.
And I kept asking myself what about forex? Is this really good for christians?
Then I came across this after google searching:This is somebody saying=
"Is Forex and most other financial trading wrong or sinful for Christians?
I have stopped trading Forex altogether because I have developed serious ethical problems as a Christian with it.
Most types of financial trading are a zero sum game, even a negative sum game. It produces NOTHING of value, no goods or services, and no wealth is created like in Stock Trading. The net change in total wealth among traders is zero at the end of the day (sometimes even less!) - the wealth is just SHIFTED from one trader to another! (Reallocation of wealth.)
It is far too close to gambling for me (some skill, a lot of chance), and you make gains ONLY at another's expense! Jesus said that we should love our neighbor as we love ourselves. How can you do that when you profit only at somebody else’s expense? It is a violation of Jesus’ most basic commandment for humanity. And to give to worthy causes from Forex earnings may be great, but the end never justifies the means! I personally consider Forex now essentially a form of legalized stealing and robbery. The experienced Forex trader is committed to “fleecing” those who are inexperienced!
Don’t pray and ask God to help you with your financial trading - he won’t! Don’t be deceived.
An agnostic has even said: “In Forex you’re not doing any useful work, and you’re hoping to make a lot of money from it, right? Isn’t this really like stealing from the public? You’re hoping to get a lot of money from moving currencies around, and you’re not giving the world anything in return - except moving some currencies around. I think that’s just like theft.”
Mark 8:36: For what shall it profit a man if he shall gain the whole world and lose his own soul Or what shall a man give in exchange for his soul Whosoever.
We have to please God in every areas of our lives.
Therefore I surrendered all. unto Jesus.
Bless u if you shall also surrender all to Him."
Code of Business Ethics and Director, Officer & Employee Conduct
Introducción
FXCM is committed to maintaining the highest level of public trust and confidence. FXCM se ha ganado una reputación de imparcialidad, honestidad e integridad, y considera que este es nuestro activo corporativo más valioso. We recognise that our reputation hinges on the adherence of our employees to the highest standards of ethical behaviour and professionalism in the performance of their duties, without which our history of accomplishments would not have been possible.
The Code of Business Ethics and Employee Conduct (the "Code") sets forth a summary of the common standards we have established for the Company, its managers, and employees. The Code is designed to promote the values and principles it embodies and to deter any wrongdoing. The Code is crucial in ensuring that our employees—as well as the public at large—are aware of the standards we have set for ourselves. All employees are personally responsible for compliance with the Code, and failure to comply with its provisions is grounds for disciplinary action, which may include dismissal, and referral to the relevant governmental authorities and other regulatory bodies, where appropriate. Regarding any course of conduct not specifically addressed in the Code, employees are instructed to consult their supervisors or an appropriate representative of the Legal or Compliance Departments, but ultimately, they are responsible for using good judgment and acting in a manner consistent with the spirit, principles, and values embodied in the Code.
Governing Laws & Regulaciones
FXCM's objective is to provide our clients with the utmost in value and client service and to maximise their forex trading experience. Notwithstanding these objectives, the Company places legal and regulatory compliance above profits. In our business conduct, we must always be in compliance with applicable laws and regulations.
FXCM Australia Limited is the holder of an Australian Financial Services Licence (Number 309763) issued by the Australian Securities and Investment Commission (ASIC). FXCM's ARBN with ASIC is 121934432. Employees are expected to comply with all applicable laws and regulations.
FXCM Australia's affiliates are also registered with the Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant (FCM) in the United States or licensed by the Financial Conduct Authority (FCA) in the United Kingdom.
Core Ethical Values
FXCM realises that our success is based on the Company's reputation for integrity along with the public trust and confidence this reputation has garnered. We respect the interests of our clients, we will honour our commitments, and are forthright in promising only what we can deliver.
ASIC requires that communications with the public may not be false or misleading and a person must not engage in dishonest conduct or conduct which is misleading or deceptive. FXCM believes that the imperative for truthfulness and honesty does not stem merely from the strictures of regulatory compliance; rather, it is due to our philosophy of increased investor protection that we undertake every effort to ensure that our client communications and promotional materials are truthful and complete. Accurate and complete information enables investors to make intelligent decisions and, therefore, our statements are designed not to confuse or mislead.
FXCM is committed to treating those with whom we deal in the same manner that we expect to be treated by others. We apply this approach in a consistent, non-discriminatory manner; from our largest institutional investors to our smallest account holders.
We compete aggressively in furtherance of our overall interests, yet we do so fairly, ethically, and in a manner that fully complies with all applicable laws and regulations, as well as the values and principles embodied in this Code.
Our history of success has been achieved through honest business competition. We do not seek competitive advantages through illegal or unethical business practices. We endeavour to deal fairly with our clients, service providers, other firms, and individual colleagues. We oppose taking unfair advantage of anyone through any form of manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair practice.
Responsibility
FXCM has a history of living up to the commitments and responsibilities we have toward our clients, employees, service providers, government authorities, regulators, other firms, the media, and society. To our clients, we are committed to providing our products and services in an efficient and innovative manner consistent with their needs, and we offer a trading environment that is fast, reliable, convenient, and valuable in terms of price and quality. To our employees, we offer challenging positions in a professional and collegial environment and equal opportunities for performance-based professional development. To our service providers, we seek to build mutually beneficial relationships, while promoting the Code's principles in the process. To our regulators, we strive to strictly observe and comply with all relevant laws, rules, regulations, and standards of good business practice. We do not sacrifice legal and regulatory compliance for the sake of profits; rather, we offer the authorities and regulatory bodies our cooperation and assistance toward the shared goal of investor protection. To other firms, we are committed to respectable business practices and to compete by providing superior products and services. To the media, we offer our support in providing accurate and objective coverage of our business. As a member of society at large, we offer our support to many organisations and institutions dedicated to social, charitable, educational, humanitarian, and cultural causes. We are committed to remaining a responsible, law-abiding corporate member of society.
Competence
FXCM invests tremendous resources of time, energy, and expense into developing the superior forex products and services that have earned us widespread recognition as an industry leader in the online currency market. As a result, the trading volume for FXCM Holdings LLC is virtually unrivalled in the industry, and has enabled us to build strong execution relationships with many of the world's largest liquidity providers which include global banks, financial institutions, and other market makers.
We value both innovation and experience in our personnel. Our executives and employees possess a wealth of experience in the foreign currency markets, and many have been involved as pioneers in online foreign exchange since the inception of the industry. We are uniquely qualified in our field.
Confiabilidad
Reliability is the hallmark of FXCM and the products and services we offer. The Company provides a 24-hour multilingual support network that includes sales, dealing, administrative, and technical support, whenever the forex market is open. Our goal is to give clients peace of mind in the knowledge that they can depend on us, thereby freeing them to dedicate more attention to their individual investment strategies.
Core Professional Values: Business Practices
Regulatory Compliance
FXCM acknowledges the importance of all relevant laws, rules, regulations, policies and standards—whether internal or external—and complies with them. We are committed to strict management discipline and a first-class control and compliance environment. As the holder of an Australian Financial Services Licence, FXCM Australia is required to meet strict financial standards, including capital adequacy or financial resource requirements. We are also required to submit financial reports to our regulators, both domestic and overseas. These standards are rigorously enforced by ASIC, which have the right to fine firms and/or terminate their regulatory status for violations.
Client Money deposited with FXCM Australia will be segregated in accordance with the Australian Client Money Rules.
FXCM conducts due diligence so that we know our clients, and conduct our transactions in accordance with all applicable laws, rules, and regulations. FXCM has adopted a Client Identification Program, a. k.a Know Your Client Policy, documenting our procedures to obtain, verify, and record information that accurately identifies each person who opens an account with us. All employees are required to comply with the Client Identification Program and Know Your Client policies and procedures.
It is FXCM's policy that the information in our communications be full, fair, accurate, timely, and understandable. This policy applies to communications with government authorities, regulators, employees, clients, and the media. All employees involved in our disclosure process (including upper-level management) are responsible for acting in furtherance of this policy. In particular, these individuals are required to maintain familiarity with applicable disclosure requirements, and they are prohibited from knowingly misrepresenting, omitting, or causing others to misrepresent or omit, material facts to others, whether within or outside the Company, including our independent auditors. Those engaged in a supervisory role over our disclosure process have an obligation to discharge their duties with diligence.
FXCM records in a complete, accurate, and timely manner, all transactions and obligations on our client accounts. We maintain systems of internal accounting controls designed to ensure the reliability and adequacy of our client account records, and the regulatory reports they generate. We maintain records for the period required by applicable laws and regulations.
FXCM is committed to an independent, robust internal and external audit process to supplement our operational processes and to help us identify and address any relevant accounting, internal accounting controls, or auditing matters. Our managers cooperate fully with our auditors to reach and implement solutions in an efficient and timely manner.
FXCM maintains appropriate instruments to control and monitor the transfer of confidential and sensitive information within and, as far as possible, outside the Company on a need-to-know basis. We do not deliberately disclose non-public information concerning our business, our clients or our employees, unless in connection with the delivery of services to our clients, upon request of our clients, or as required to do so by law.
FXCM strives to maintain an open and transparent dialogue with our clients and others, based on fairness, mutual respect, and professionalism.
Gestión de riesgos
FXCM advises clients to engage in conscious, disciplined, and intelligent risk taking. For our part, we are guided by the principle of adherence to the appropriate legal and regulatory frameworks as well as the instruments, procedures, and managerial approval processes to monitor, control, and manage the risks to which we are exposed.
Anti-Money Laundering and Counter-Terrorism Financingm
Money laundering is the process by which persons or businesses attempt to conceal the origin and ownership of the proceeds of illegal activity such as fraud, theft, drug trafficking, or any other crime. Money laundering may also involve the use of legitimately derived funds to finance terrorism. Various financial products and transactions, including those related to the foreign exchange market, may be involved in money laundering schemes or financing terrorism. Accordingly, we are aggressive in not allowing the Company to be used as a vehicle for such activity. Money laundering and financing terrorism are criminal offenses and can subject its perpetrators and/or facilitators to substantial criminal and civil sanctions, including imprisonment and fines.
To ensure compliance with anti-money laundering and counter-terrorism financing laws and regulations, FXCM has implemented policies and procedures to detect, prevent, and report money laundering or other suspicious activity.
Continuous Improvement
While this Code does not create legally binding obligations on FXCM, nor does it confer legal rights to our employees or others, we actively review our past performance and strive to adhere to the principles and values included herein.
Core Professional Values: Employment Practices
FXCM's Commitments to Employee Excellence & Equal Opportunity
FXCM seeks to create and maintain a professional environment designed to attract, develop, and retain outstanding people. We offer equal opportunities, irrespective of race, national origin, ancestry, gender, sexual orientation, religion, age, physical disability, medical condition, or pregnancy. We will not tolerate any form of unlawful discrimination, harassment, retaliation, or retribution. Employees are instructed to consult the Employee Manual for our complete harassment policies and reporting procedures.
Competitive Reward System
FXCM offers a performance-based culture, with a corresponding competitive reward system and periodic fair and objective evaluations that take into account personal contribution to our overall efforts, as well as adherence to the values and principles set forth in this Code. Our partners and managers maintain an open-door policy designed to give each and every employee easy access to management.
Violations
We assess whether violations of this Code have occurred and, if so, determine whether or not disciplinary measures should be taken against the violator and others involved in the wrongdoing. Disciplinary measures may include, but are not limited to, counselling, oral or written reprimands, warnings, probation or suspension without pay, demotions, reductions in compensation, termination of employment, restitution, and legal action.
We may waive application of the Code in certain limited situations. Any waivers of Code provisions may be granted only in exceptional circumstances, upon management review. An employee who believes that a waiver may be called for is instructed to discuss the matter with our General Counsel and/or Chief Compliance Officer.
Employee Responsibilities
Compliance
Each FXCM employee is personally responsible to abide by all laws, rules, and regulations, as well as the internal policies of FXCM, including the principles and values embodied in this Code. These responsibilities include being familiar with the laws, rules, regulations, guidelines, manuals, and emerging best business practices relevant to their duties, and implementing them to the best of their abilities.
CLIENT FOCUS
We actively seek to distinguish ourselves from other firms in the area of client service. We expect and encourage our employees to foster a client-focused approach, and to treat our clients with utmost courtesy, professionalism, and respect.
We expect our employees to embrace teamwork and to contribute their best efforts toward reaching common goals.
We expect our employees to act at all times in good faith, with due care, competence, credibility and diligence, and without any misrepresentation of material facts.
CONFIDENTIALITY
During the course of their service, employees may be provided access to information regarding our clients, trade practices, systems, marketing or strategic plans, fees and revenues, and other knowledge considered proprietary by FXCM or our clients. Employees are not permitted to disclose or use, either during or subsequent to their employment with FXCM, any such information they receive or develop, except for authorised business purposes or where legally mandated. This includes, but is not limited to, information stored on any computer system as well as proprietary software developed by FXCM.
Any employee who possesses confidential information has an important responsibility to keep that information confidential, and to disclose such information internally only on a need-to-know basis. Employees must be discreet with confidential information and avoid communicating confidential matters in ways that are susceptible to interpretation or use by third parties.
CONFLICTS OF INTEREST
Personal conflicts of interest arise when employees face a choice between their personal interests (financial or otherwise) and those of the Company. Conflicts of interest may call into question the Company's integrity as a whole. Accordingly, an employee's service to the Company may not be subordinated to personal gain and advantage. All employees are expected to act in the Company's best interest. Any employee in a position where his or her objectivity may be questioned because of an individual interest or family or personal relationship should consult his or her supervisor or an appropriate representative of the Legal or Compliance Departments. Similarly, any employee aware of a material transaction or relationship that could reasonably be expected to give rise to a personal conflict of interest should promptly discuss the matter with a supervisor or Legal or Compliance Officer.
OUTSIDE EMPLOYMENT
Employment and participation in other activities outside the Company could interfere with an individual's duties as an FXCM employee. Service by any employee as a director, trustee, or officer (paid, unpaid, elected, appointed, or otherwise) of any business other than FXCM requires written approval from the Legal or Compliance Departments. Unless given specific permission, service by any employee on a board or in an advisory position with other firms in the foreign currency industry, and particularly with any of our clients, is not allowed.
Questions Regarding the Code and Reporting Violations
Employees are encouraged to talk to their supervisors when in doubt about the best course of action in a particular situation. Any questions regarding the Code and its applicability may be directed to your supervisor or the Legal or Compliance Departments.
We encourage reporting of violations of laws, rules, regulations or the Code to be done directly to relevant supervisors and appropriate representatives of the Legal and Compliance Departments or, where appropriate, directly to higher levels of management. Reports by officers and employees may be made on a confidential, anonymous basis. In case of violations by directors, senior employees and officers, such reports should be made to an appropriate representative of the Legal or Compliance Departments.
Under FXCM’s Whistleblower Policy, any employee may, in his or her sole discretion, report to the Audit Committee, the General Counsel or to the Company’s Ethics and Compliance Hotline, openly, confidentially or anonymously (i) any questionable accounting, internal accounting controls or auditing matters; (ii) non-compliance with applicable legal and regulatory requirements or the Code; or (iii) retaliation against employees and other persons who make, in good faith, allegations of questionable accounting, internal accounting controls or auditing matters, in each case through any avenue available, including:
in writing to FXCM, Inc. Attn: Audit Committee or General Counsel, 55 Water St. 50th Floor, New York, NY 10041;
by calling (877) 882-3925 at any time; o
by accessing https://iwf. tnwgrc. com/fxcm and submitting a message.
Any other interested party may report to the Audit Committee, the General Counsel or to the Company’s Ethics and Compliance Hotline any issue regarding questionable accounting, internal accounting controls or other auditing matters, legal allegations or retaliatory acts, as set forth in the preceding paragraph. Any such report must be accompanied by the name of the person submitting the report.
All reports should be factual rather than speculative or conclusory, and should contain as much specific information as possible to allow for proper assessment. In addition, all reports should contain sufficient corroborating information to support the commencement of an investigation, including, for example, the names of individuals suspected of violations, the relevant facts of the violations, how the complainant became aware of the violations, any steps previously taken by the complainant, who may be harmed or affected by the violations, and, to the extent possible, an estimate of the misreporting or losses to the Company as a result of the violations.
The hotline above and website are managed by an outside, independent service provider and allow any employee or other interested party of the Company to make a report. Employees are able to submit a report on an anonymously and confidential basis and are not required to divulge their names.
The hotline above and website service provider will explain to each caller procedures for following up on the report (including the caller’s providing additional information at a later date).
The Company expressly prohibits retaliation against any director, officer or employee for reports made in good faith.
Advertencia de Riesgo: Nuestro servicio incluye productos que se negocian en margen y conllevan un riesgo de pérdidas superiores a los fondos depositados. Los productos pueden no ser adecuados para todos los inversores. Por favor asegúrese de que entiende completamente los riesgos involucrados.
Forex Scandal: The Ethics of Exchange Rate Manipulation
By: Audrey Zhang In November, 2014, five major banking groups wrapped up joint settlement talks with U. S.
Financial Ethics Archives
The Ethics of Bitcoin
By Haoqian Chen
Bitcoin is quite a phenomenon. This power point video gives a short history of the virtual currency. Some argue Bitcoin is evil. Is it? The video analyzes the ethics of the product and its uses.
As of today, according to Realtime. there are currently 15 million Bitcoins in circulation. At an exchange rate of US$431 to one virtual coin the amount in circulation is worth about US$6.5 trillion.
Bitcoin took off in late 2013 and hit a high of roughly US$1100 but the price has trended down although there
Forex Scandal: The Ethics of Exchange Rate Manipulation
By: Audrey Zhang In November, 2014, five major banking groups wrapped up joint settlement talks with U. S.
Financial Ethics Archives
Forex Scandal: The Ethics of Exchange Rate Manipulation
By: Audrey Zhang
In November, 2014, five major banking groups wrapped up joint settlement talks with U. S. British, and Swiss regulators over the forex manipulation scandal. The banks—UBS, JPMorgan, Citigroup, RBS, and HSBC, were charged with manipulating foreign exchange rates.[1] The foreign exchange market (Forex) is a global market that sees nearly $5 trillion changing hands each day, so it is not trivial when investigators uncovered the financial giants who dominate this market were rigging the market for self-serving profits.[2] After investigation, these banks were fined a total of $3.4 billion that year, followed by another $6 billion in May 2015. Despite the large sums, these fines seem to be a trifle for offending banks.[3] In fact, the share prices of several of the banks actually rose on the news, suggesting the penalties hardly dent the profits of these banks.[4] This study explains in-depth how these banks manipulated currency exchange rates over the past decade, as well as the economic and moral implications for the rest of the global economy.
El mercado Forex
The Forex market is a twenty-four hour market in which traders buy, sell, exchange, and speculate on different currencies.[5] This extremely active market sees $5.3 trillion turnover on any average day, and its relative volatility makes it difficult to comprehend how banks manipulated it for their own benefit.
While currency rates fluctuate, it is necessary to have a fixed benchmark rate so the value of investment portfolios held by larger institutions (such as pension funds and money managers) can be valued.[6] This benchmark rate is based on the trades taking place in a given time window, and the most commonly used fix is the WM/Reuters fix at 4:00 p. m. GMT.[7] The rate is calculated by taking the average levels of all trade for a period of one minute, starting 30 seconds before and ending 30 seconds after 4 p. m.[8] In other words, if a customer wants to buy a lot of euros in the next 60 seconds, the price of euros will go up over those 60 seconds. If the fix occurs at the end of that minute, then there is a profit opportunity: the euros the investor purchased pushed the price up over those five minutes, but he bought them at the average price over those five minutes, and he can sell them at the final price (the fix).[9] Because of this mechanism, each bank gets many orders per day from customers to transact at the fix. Some customers want to buy, others want to sell; so the bank nets the buyers with the sellers and ends up with some net position (to buy or to sell).[10] The goal, of course, is to buy the currency from the market at a lower price than they are sold to the customer.[11]
Traders know they can affect market prices by submitting a rush of orders during the window when the fix is set.[12] Since this skews the supply and demand of the market, the price will be affected. However, what makes this entire transaction uncertain is no one can accurately predict how many people are willing to sell euros (or any other kind of currency) over the next minute. Even if a customer knows he is buying, as long as he doesn’t know who is selling, he cannot be sure the price at which he sells will be higher than the average price over the previous minute.[13]
The Manipulation
This uncertainty in the market makes it difficult for one trader to move large quantities of sales to skew the market price. But if a trader can know in advance what other traders are doing, the risk in the transaction can be eliminated. At this juncture collaboration comes into play.
In November 2014, the U. K.’s Financial Conduct Authority (FCA) revealed that traders at the five big banks were colluding with each other via online chat rooms with names such as “The Cartel”, using pseudonyms such as “The 3 Musketeers” and “The Bandits’ Club”.[14] In these chat rooms, traders agree to place orders at a certain time and share confidential information about client orders prior to the fix. The traders then use this information to attempt to manipulate the fix in their favor.[15] Basically, if traders within the private chat rooms are selling euros to customers at the fix, they would want a high fix so they could sell at a high price. In this case, they would want to buy a lot of euros in the few minutes right before the fix in order to increase the price. To do that, they try to anticipate the actions of banks outside of these chat rooms, and take one of the following options:[16]
Try to net off with outside banks (buy from them at the fix) so that the chat room traders have fewer euros to buy, but outside banks have fewer to sell to their customers.
Try to sell to outside banks at the fix, so the chat room traders have more euros to buy in the last few seconds of the fix, but outside banks have more to sell.
Transfer their orders to a single trader within the chat room, thereby increasing his influence in the market, and this trader then executes a single order during the fix period.
Of course, options 1 and 3 seem to be the complete opposite of each other, and it is counter intuitive they would have the same effect in favor of the positions of the traders within the private chat rooms. These bankers had not (yet) figured out a foolproof way to cheat the system—sometimes the manipulation worked, sometimes it didn’t.[17] When there happened to be more buyers than sellers at the fix, the cheat worked; when there were other customers and banks looking to sell euros at the fix, the supply is greater than demand, and price is pushed down instead. Regardless, by knowing in advance what other banks are doing and colluding with each other, these traders did get an unfair advantage allowing them to push the price around more than a pure market supply and demand system would allow.[18]
Economic Implications
In general, the price movements arising from the manipulations are so small the general public is unlikely to notice a big difference when buying foreign currency. Furthermore, since this cheat method isn’t foolproof, the profits of these banks seem “relatively modest and inconsistent”.[19] However, the rigging does mean sometimes holiday makers end up paying more for their vacation money as a result of the currency manipulation.[20] It could also have a distorting effect on relative prices for imports and exports related to the various currencies.[21] Additionally, manipulation of forex rates skews the value of pension funds and investments, affecting the customers of these banks and potentially costing them millions of dollars.[22] The overall economic impact of the rigging is hard to pin down to a specific number, but banking analyst Dick Bove estimates the rate-rigging activities by less than twenty traders have cost shareholders almost $6 billion.[23]
Ethical Analysis
To analyze the ethical implications of the scandal, a theoretical framework is required. Utilitarianism is an ethical theory that proposes an act is morally right if and only if that act maximizes the good for all.[24] Conversely, an act that diminishes the good for all is unethical. Classic proponents of this moral theory include Jeremy Bentham, Henry Sidgwick, and John Stuart Mill.[25]
This theory reduces all morally relevant factors to consequences alone and may appear very simple at first. It is important to note the theory involves many distinct claims regarding the moral rightness of any action. Utilitarianism argues the morality of any action only depends on the consequences, rather than the intentions, of the action.[26] These consequences must be a direct result of the action, as opposed to intended or likely consequences.[27] This implies motive does not matter in the morality of the action. Furthermore, the value of these consequences are evaluated based on the pleasures and pains they cause, and the moral rightness depends on the total net good in the consequences to all people.[28]
These are only several of the distinct claims accepted by utilitarian theorists, but they provide a basic understanding of the theory, which will be applied to the case of JPMorgan in the Forex Scandal to evaluate the ethics of the acts in this case.
Case Study: JPMorgan
JPMorgan is among the four banks that pleaded guilty to the charges of rigging the fix rates of the foreign exchange market to reap a profit.[29] As mentioned previously, it is difficult to evaluate the overall financial gains to the bank as a direct result of manipulation. Instead, the FCA gives detailed examples of how traders at JPMorgan attempted to manipulate the exchange rates for their own financial profit. The following case, interpreted from the chat room histories revealed by investigators, demonstrates an attempt by a senior trader to manipulate the 4:00 p. m. WMR EUR/USD fix.[30]
JPMorgan had net buy orders of €105m and wanted to move the fix rate up.
In a chatroom conversation, it offers to transfer this order to Firm A. Firm A says “maybe”. Firm A is buying €150m at the fix “for a top [account]”, adding “i’d prefer we join forces”. JPMorgan replies “perfick . . . lets do this . . . lets double team em”. Firm A replies “YESsssssss”. Later Firm A says to JPMorgan; “I got the bookies covered”, referring to dealers in the interdealer broker market.
By the fix, JPMorgan had built orders of €278m while Firm A’s orders were €240m.
JPMorgan bought €57m in the two minutes before the fix window. The FCA said these trades were designed to take advantage of the expected upwards movement in the fix rate following the discussions within the chatroom.
During the fix window, JPMorgan bought €134m and Firm A bought €125m. Between them they accounted for 41 per cent of the euro-dollar trade.[31]
Utilitarian Analysis
First, analyze the consequences of these traders’ actions on themselves. In this specific example, JPMorgan’s profit in the trade was $33,000, a significant amount of money to be made within a sixty-second window. For these financial giants, however, this is a rather small sum to be added to the overall earnings of a behemoth bank. More importantly, these profits made by traders over the years of manipulation do not go directly to their salaries. The main motivation for these traders to manipulate the rates was actually to boost end-of-year bonuses awarded for being a part of a team that consistently made higher profits.[32] Additionally, since the rigging does not always work in the favor of the banks, the economic gains for these traders really do not amount to a whole lot.[33]
In comparison, the fines faced by these banks are a much bigger financial loss. JPMorgan and Citibank were fined the heaviest, proportional to the extent of their involvement in the manipulations.[34] JPMorgan faced fines of $550 million to settle the charges.[35] In general, analysts agree the negative impact on the reputations of these banks, along with the financial retributions, outweigh the positive gains they made throughout the years of manipulation.[36] After the scandal was exposed, shares of both JPMorgan and Citigroup slid 0.8 percent at 12:05 in New York.[37] Despite statements from both banks saying they do not anticipate a material impact on operations or their ability to serve clients, the bad publicity clearly had some effect on these banks.[38] Even bonuses these traders vied for so much were withheld after the scandal was revealed.[39] For the banks and traders themselves, then, the net “pain” produced by the action is much greater than the net “pleasure” of financial gains, and decreased the overall utility (happiness) of the traders.
The consequences of the forex rate manipulation on other people are slightly more complex. Firstly, these banks were able to drive the exchange rate for two currencies down or up to make a profit, but the price movements from the manipulation are so small holidaymakers are unlikely to notice a big difference when buying foreign currency.[40] The bank’s actual clients suffered worse consequences, as they were paid rates worse than the true rates determined by an unrigged supply-and-demand market, and were negatively affected proportionally to the size of their investments.[41] Furthermore, these manipulations influenced virtually every economy in the world, affecting innumerable consumers, businesses, and investors all over the globe, costing an estimated $6 billion dollars combined.[42] Although it is difficult to pin down the exact amount of financial cost to others, it is safe to say there were no positive consequences for other people as a direct result of the rate manipulations, and many negative ones.
An additional negative consequence is the loss of trust in the financial system by the general public. Sadly, these riggings occurred after banks had pledged to clean up their actions after the Libor rigging scandal, when banks were found to have falsely inflated or deflated their rates to profit from trades just two years prior, in 2012.[43]
All in all, were the actions of these senior level traders colluding with each other to manipulate the fix rates of the Forex market ethical? According to utilitarianism, their actions caused a lot more negative consequences both for the bankers directly involved, and for everyone else in the global economy, and is therefore unethical. But what if the manipulations haven’t been exposed, and banks weren’t affected by bad publicity and big fines? In this situation, although the amount of profits made by the bankers would be comparatively equal to the financial loss of the greater population. Utilitarianism theory asserts that moral righteousness depends on the consequences for all people and sentient beings. The fact that a great number of people suffered negative financial consequences for the benefits of the few means the net good for all people has been reduced, and the action is not ethical.
After the investigations, JPMorgan declared in a statement, that the conduct is “principally attributable” to a single trader, who has since then been dismissed. Bloomberg reported Chairman and CEO Jamie Dimon said “The conduct described in the government’s pleadings is a great disappointment to us… We demand and expect better of our people. The lesson here is that the conduct of a small group of employees, or of even a single employee, can reflect badly on all of us.”[44] As the largest U. S. bank, and the first bank to settle the charges, JPMorgan took a responsible step to address its involvement.[45] Michael Hausfeld, a lawyer for the investors, said in a phone interview with CNBC that “It is a beginning with respect to the accountability of other banks engaged in the same trading.”[46] Does this mean these banks have learned their lesson?
First, despite facing record fines, the banks did not suffer any notable financial setback after the scandal was revealed. According to Forbes, Citigroup and JPMorgan shares were little changed, while shares for UBS and Barclays actually surged.[47] Neither the fines nor the negative impact on their reputation caused these banks a significant setback in their status as global financial giants. The real question, then, is whether the punishment meted out can cause a shift in the culture of the financial sector towards one that promotes trust, integrity, and ethical behavior. In order to avoid this type of manipulation in the future, we have to reduce the opportunities and incentives to cheat.
To reduce the opportunity to cheat, global regulators agreed to widen the daily FX fix windows from 60 seconds to five minutes, making it much harder for a few traders to influence the final fixing.[48] To reduce the incentives to cheat, some argue we must start with criminal charges being brought against some of the individuals involved.[49] Another possible step is to force the CEOs or other senior figures at these banks to resign. Ultimately, it is their responsibility to maintain a certain culture of integrity within the organization, and if they fail to do so, they should take final responsibility.[50] Without these concrete actions to dis-incentivize further similar incidents, the fines “will do little to change the pervasive culture of corruption that currently exists in the banking sector.”[51] Real changes can only occur when perpetrators face serious, personal liability for their actions, and when “corrupt bankers indicted, convicted, and sent to prison for their crimes”.[52]
[1] Taylor, “Forex Scandal.”
[2] “Trefis: Five Banks Settle Forex Manipulation Charges For 3.4 Billion”
[3] Freifeld, Henry, and Slater, “Global Banks Admit Guilt in Forex Probe, Fined Nearly $6 Billion.”
[4] Taylor, “Forex Scandal.”
[5] Levine, “Banks Manipulated Foreign Exchange in Ways You Can’t Teach.”
Levine, “Banks Manipulated Foreign Exchange in Ways You Can’t Teach.”
[17] Levine, “Banks Manipulated Foreign Exchange in Ways You Can’t Teach.”
[20] Lumsden, “How the Foreign Exchange Trading Scandal Affects You.”
[21] Onyanga-Omara and McCoy, “Banks Fined $4.3B in Foreign Exchange Probe.”
[22] Levine, “Banks Manipulated Foreign Exchange in Ways You Can’t Teach.”
[23] English, “JPMorgan (JPM), Citigroup (C) Among Banks Fined $2.5 Billion in Currency-Market Manipulation.”
[29] UBS pleaded guilty to another charge, but were granted immunity for the charge of forex rate manipulation due to their early efforts to collaborate with investigators at the onset of investigations.
[31] Barrett and Aglionby, “Traders’ Forex Chatroom Banter Exposed.”
[33] Levine, “Banks Manipulated Foreign Exchange in Ways You Can’t Teach.”
[34] “Banks Fined £2bn over Forex Scandal.”
[35] Finch, “Six Banks Pay $5.8 Billion, Five Guilty of Market Rigging.”
[36] Chrispin, “Forex Scandal.”
[37] Finch, “Six Banks Pay $5.8 Billion, Five Guilty of Market Rigging.”
[39] Fleming and Schafer, “Forex Banks Prepare to Claw Back Bonuses.”
[41] Hutchison, “Q&A.”
[42] English, “JPMorgan (JPM), Citigroup (C) Among Banks Fined $2.5 Billion in Currency-Market Manipulation.”
[49] Taylor, “Forex Scandal.”
[51] Onyanga-Omara, “5 Banks Guilty of Rate-Rigging, Pay More than $5B.”
Referencias
“Banks Fined £2bn over Forex Scandal.” Mail Online . Accessed July 8, 2015. http://www. dailymail. co. uk/wires/pa/article-2831019/Banks-face-1bn-forex-penalty. html.
Barrett, Claer, and John Aglionby. “Traders’ Forex Chatroom Banter Exposed.” Financial Times . November 12, 2014. http://www. ft. com/intl/cms/s/2/47c32ec4-6a34-11e4-8fca-00144feabdc0.html#slide0.
Blathnaid, Healy. “‘We … Do. Dollarrr’: Foreign Exchange Scandal Reveals Bankers’ Banter.” Mashable . Accessed July 7, 2015. http://mashable. com/2014/11/12/banks-fined-foreign-exchange/.
Chrispin, Sebastian. “Forex Scandal: How to Rig the Market.” BBC News . Accessed July 7, 2015. http://www. bbc. com/news/business-26526905
English, Carleton. “JPMorgan (JPM), Citigroup (C) Among Banks Fined $2.5 Billion in Currency-Market Manipulation.” TheStreet . Accessed July 8, 2015. http://www. thestreet. com/story/13143712/1/jpmorgan-citigroup-among-banks-fined-25-billion-in-currency-rigging-probe. html.
Finch, David McLaughlinTom SchoenbergGavin. “Six Banks Pay $5.8 Billion, Five Guilty of Market Rigging.” Bloomberg. com . Accessed July 8, 2015. http://www. bloomberg. com/news/articles/2015-05-20/six-banks-pay-5-8-billion-five-plead-guilty-to-market-rigging.
———. “Six Banks Pay $5.8 Billion, Five Guilty of Market Rigging.” Bloomberg. com . Accessed July 8, 2015. http://www. bloomberg. com/news/articles/2015-05-20/six-banks-pay-5-8-billion-five-plead-guilty-to-market-rigging.
Fleming, and Daniel Schafer. “Forex Banks Prepare to Claw Back Bonuses.” CNBC . Accessed July 8, 2015. http://www. cnbc. com/id/102188579.
Freifeld, Karen, David Henry, and Steve Slater. “Global Banks Admit Guilt in Forex Probe, Fined Nearly $6 Billion.” Reuters . May 20, 2015. http://www. reuters. com/article/2015/05/20/us-banks-forex-settlement-idUSKBN0O50CQ20150520.
Gara, Antoine. “Four Banks Plead Guilty To Foreign Exchange Collusion, UBS Pleads Guilty To Wire Fraud.” Forbes . Accessed July 8, 2015. http://www. forbes. com/sites/antoinegara/2015/05/20/four-banks-plead-guilty-to-foreign-exchange-collusion-ubs-pleads-guilty-to-wire-fraud/.
Graham, Patrick. “Regulators Back Widening of FX Fixing Window to 5 Mins - Sources.” Reuters . September 23, 2014. http://www. reuters. com/article/2014/09/23/fx-investigation-fsb-idUSL6N0RO3XG20140923.
Hutchison, Clare. “Q&A: How Did Banks Rig Foreign Exchange Markets?” The Evening Standard . Accessed July 8, 2015. http://www. standard. co. uk/business/markets/qa-how-did-banks-rig-foreign-exchange-markets-10262755.html.
JPMorgan Briefing . Accessed July 8, 2015. http://play. buto. tv/BjfMx.
Levine, Matt. “Banks Manipulated Foreign Exchange in Ways You Can’t Teach.” BloombergView . November 12, 2014. http://www. bloombergview. com/articles/2014-11-12/banks-manipulated-foreign-exchange-in-ways-you-can-t-teach.
“Libor Scandal.” CNNMoney . Accessed July 8, 2015. http://money. cnn. com/investing/libor-scandal/.
Lumsden, Gavin. “How the Foreign Exchange Trading Scandal Affects You.” Citywire Money . Accessed July 7, 2015. http://citywire. co. uk/money/how-the-foreign-exchange-trading-scandal-affects-you/a783355.
Onyanga-Omara, Jane. “5 Banks Guilty of Rate-Rigging, Pay More than $5B.” USA TODAY . Accessed July 8, 2015. http://www. usatoday. com/story/money/2015/05/20/billions-in-bank-fx-settlements/27638443/.
Onyanga-Omara, Jane, and Kevin McCoy. “Banks Fined $4.3B in Foreign Exchange Probe.” USA TODAY . Accessed July 7, 2015. http://www. usatoday. com/story/money/business/2014/11/12/forex-investigation-settlements-announced/18885767/.
Sebastian Chrispin, “Forex Scandal: How to Rig the Market.” BBC News . Accessed July 8, 2015. http://www. bbc. com/news/business-26526905.
Sinnott-Armstrong, Walter. “Consequentialism.” In The Stanford Encyclopedia of Philosophy . edited by Edward N. Zalta, Spring 2014. 2014. http://plato. stanford. edu/archives/spr2014/entries/consequentialism/.
Strauss, Delphine. “Q&A: The Forex Fix – What Is It and How Can It Be Manipulated?” Financial Times . November 12, 2014. http://www. ft. com/intl/cms/s/0/f0046558-69cb-11e4-8f4f-00144feabdc0.html#axzz3fAY6PhwS.
Taylor, Mark. “Forex Scandal: After Big Bank Fines, What’s Next?” CNBC . Accessed July 1, 2015. http://www. cnbc. com/id/102699036.
Treanor, Jill. “City Shamed Again but Fines Fail to Stop Banks Behaving Badly.” The Guardian . Accessed July 8, 2015. http://www. theguardian. com/business/2014/nov/16/banks-forex-fines-barclays-rbs.
“What Is the Forex ‘Fix’?.” FXStreet . Accessed July 7, 2015. http://www. fxstreet. com/education/forex-basics/what-is-the-forex-fix/2014-06-16.html.
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Foreign Exchange Compliance
Welcome to foreign exchange compliance!!
The foreign exchange compliance online acts as your forex trading guide as it presents details information and guidelines regarding various areas of foreign exchange trading. Its main objective is to help you to know about various forex policies and rules set by authorities in order to regulate the foreign exchange trading. Learn useful information regarding foreign exchange trading guidelines which should be followed by the traders while doing business in foreign exchange currency markets.
Foreign exchange trading is a very huge market in which the currencies from all parts of the world are bought and sold for profit. It is one of the largest and most liquid trading markets of the world. Therefore, it is important that you are aware of guidelines and standards set by foreign currency exchange compliance before entering into the world of forex trading.
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