Hi guys

I can confirm that the e-mail from FINMA’s communication members that is going around is true. I just it got myself a few minutes ago.

Here you have

Francesc

Dear Francesc Riverola

Crown Forex S.A.’s activity was not in line with the existing Swiss law. The FINMA investigation is completed and FINMA has made a decision on February 23, 2009. Crown Forex S.A. has appealed to the Federal Administrative Court against this decision of the FINMA. The FINMA decision is now pending before the Federal Administrative Court and not in force. Meanwhile the accounts of Crown Forex S.A. continue to be blocked and customer withdrawals are not possible. The competences for the company remain with the investigators.

Further information cannot be given for the moment.

Kind regards

Christina Bürgi Simone Flach-Florey
Communication Communication

Eidgenössische Finanzmarktaufsicht FINMA

Autorité fédérale de surveillance des marchés financiers FINMA

Autorità federale di vigilanza sui mercati finanziari FINMA

Swiss Financial Market Supervisory Authority FINMA

IMPORTANT UPDATE:
FINMA Opens Bankrupcy Process of Crown Forex S.A
Crown Forex S.A indentifies law violations practiced by FINMA’s investigation committee. Decision could be suspended with inmediate effect

Hi everyone

FXstreet.com 24/5 real-time Forex News are now available on Twitter

http://twitter.com/FXstreetNews

Check it out

Francesc

Always interesting to get the big bank’s view

http://www.bbh.com/fx/quarterlyoutlook/On%20The%20Mend-%20Q2%202009%20Quarterly.pdf

Francesc

Hi everyone

Here you have some pictures about FXstreet.com office in Barcelona Maud just uploaded to our FaceBook group.

You’ll not find me as I was not working the day the took the pictures - the only day I was not in the office what a pitty - but my desk is right behind Carolina and Daniela, our Argentinian girls

http://www.facebook.com/album.php?aid=69253&id=41542658897&ref=nf

For those of you that enjoy Press Releases, here you have FXstreet’s PR about our new 24/5 pure Forex News feed

Francesc

Exclusive 100% Forex News Feed launched by FXstreet.com
The new service is totally focused on Forex, specially the technical situation of
the majors and most important crosses.
—
Barcelona, Spain — March, 27th 2009 — FXstreet.com, the leading Forex website, launched a
news feed focusing on Forex only. It’s a 24 hours service which covers in real-time the
most relevant movements of the most traded pairs, including majors, small dollars and major
crosses.
FXstreet.com decided to create a totally exclusive and original news feed to cover a lack in
the market. So far, the news provided by the existing newswire were mainly macro-economic,
very few of them were currencies-related. The journalists and traders team of FXstreet.com
now offers up to 30 Forex news per day. You will find this new service at
http://www.fxstreet.com/news/technical-news/

Press Release Forex News Feed

Hi Everyone

AC Markets announced today that they have filed a banking licence request with FINMA (Swiss Financial Market Supervisory Authority).

That’s indeed a good news for the Forex Retail community as we see the Forex industry finally being regulated in Switzerland, even though FINMA’s credibility is currently at the stakes with their lack of transparency with Crown Forex S.A investigation.

Anyway, let’s congratulate AC Markets for the move and we just hope they will get the banking licence without trouble.

Francesc

PRESS RELEASE – FOR IMMEDIATE RELEASE
ACM ( ac-markets.com) is pleased to announce that it has filed a banking license requisition with the FINMA (Swiss Financial Market Supervisory Authority).

Following the acquisition of ISO 9001 and ISO 27001 certifications, a substantial increase in its share capital, and a continual improvement in its services, this banking license request is a reflection of the company’s vitality, representing for ACM’s clients a true gauge of security, quality and longevity.

The successful realization of this project would enable ACM to offer a greater range of services, not only to individual clients but to institutional investors as well, including White Label partners and Asset Managers.

Since its inception, ACM has continually evolved and today has offices in Geneva, Zürich, New York, Dubai and Montevideo. ACM offers its clients quick access to four secure and performing trading platforms as well as exceptional conditions of execution.
www.ac-markets.com

Hi everyone

This was the week we should have known something regarding the supposed decision taken by FINMA on Crown Forex S.A. I said “supposed” because I’m starting to doubt that the decision has been taken and I’m now more biased to think that they do not know what to do.

Allow me to explain:

I was told by a head of the legal department that is investigating Crown Forex S.A that the decision had been taken on February 23rd and that the company had a period of 30 days to opposite.

The period finished on March 25th and not the 23rd as Hoosier very wisely pointed out in a previous post as February only has 28 days in the month.

So on March 25th we had to know the decision: if the company did not opposite it would be automatically enforced, otherwise the case would go to higher court. So FINMA had just to go public and announce one or the other decision. Period.

But as you very well know, this was not the case…. Today is March 27th and there is still nothing new… Days are passing by and FINMA is hiding the head under the wings.

My conclusion: they do not know what to do, otherwise it does not make any sense, because their latest reply made me laugh (or should have had to cry?):

Dear Mr Riverola
We will inform the public in the Crown Forex case as soon as our decision is effective. Due to procedural reasons this isn’t the case now.
Kind regards,
TL

What does that mean? That if the company opposited and the case goes to a higher court we will not know the decision till it will be enforced in one, two or three years from now? Is this a joke or what?

And if the company did not opposite… Why are you not enforcing the decision you supposedly took already? Is that you need time to enforce a decision?… Then why don’t you say so?

Those of you that follow me in this blog know that I’m a guy that try to be polite with everyone but this case is really piss…. me of.

I’ve been told that my contact at the legal department won’t be back to the office till Wednesday. I’ll give him/her a call as the other sources I had there do not want to collaborate with me at all.

I’ll keep you posted.

Those of you affected by Crown Forex S.A investigation, I just want to tell you that patience has been and will be an asset on this case.

Francesc

IMPORTANT UPDATE:
FINMA Opens Bankrupcy Process of Crown Forex S.A
Crown Forex S.A indentifies law violations practiced by FINMA’s investigation committee. Decision could be suspended with inmediate effect

Earth Hour 2009 Video

Earth Hour at UN sites around the world (Ban Ki-moon, UN Secretary-General)

Please, spread the word and join us tomorrow switching off the lights for one hour. Some sources I’ve found says at 20:00PM local time, some say 20:30PM… Well, it does not matter if we do it

Francesc

So far, the most viewed recorded webinar during March 2009:

Trading Forex on a Daily Basis Using Daily Charts by James Chen

Please, do not confuse GLOBEFX CLUB Inc. NFA ID:0402957 with FOREX CLUB FINANCIAL COMPANY with NFA ID:0358265

Francesc

GLOBEFX CLUB INC
NFA ID:0402957

NOTICE OF MEMBER RESPONSIBILITY ACTION:
On March 24, 2009, NFA issued a Member Responsibility Action (”MRA”) against GlobeFX Club, Inc. (”Globe FX Club”) whereby:

1. GlobeFX Club is suspended from NFA membership, until further notice;

2. GlobeFX Club is prohibited from soliciting or accepting any customer or pool participant funds or placing trades for any pools that it operates or any customer accounts that it holds;

3. GlobeFX Club and any person acting on its behalf are prohibited from disbursing or transferring any funds from any accounts (bank, trading, or any other types of accounts) which it owns or controls (including customer accounts) or which are held in its name, without prior approval from NFA; and

4. GlobeFX Club is required to provide copies of this MRA via overnight courier to all pool participants in any pools which it operates or over which it exercises control and to all customer account holders.
View Full Case Summary

NFA takes an emergency enforcement action against GlobeFX Club, Inc.
March 24, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against GlobeFX Club, Inc. (GlobeFX Club), a Commodity Pool Operator located in Homestead, Florida. Effective immediately, the Member Responsibility Action (MRA) is deemed necessary to protect pool participants, customers and other NFA Members because GlobeFX Club has provided contradictory information in regards to whether it is conducting business, has customer accounts and is operating a pool. NFA has been unable to determine the nature of GlobeFX Club’s business, the identities of its customers, the treatment of customer funds and the identity of two individuals who purportedly loaned money to the firm. The firm has also failed to produce books and records requested by NFA and answer questions concerning its operations.
View Full News Release