The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

FX news: US retail platforms eager to affirm transparency and best practice

This week Forex Capital Markets (FXCM) and Gain Capital, two major US retail platforms, showed that the battle for market share, even though the actual number of price-providers continues to consolidate, is as competitive as ever.

FXCM seldom misses an opportunity to extol the virtues, as it sees it, of its ‘No dealing desk’ (NDD) execution model. But this week it goes further by establishing its ‘Execution Center’ website with the intention that it will “provide forex traders with detailed information regarding forex execution practices. FXCM will continue to update this area over the coming months with insightful information and analysis.” FXCM’s first foray into ‘detailed information’  is the release of two cartoons comparing its NDD model and the ‘dealing desk’ (DD) model. The NDD cartoon shows a retail trader smiling with happiness from the “fast, automated and fair” system; the (DD) cartoon has the retail trader pulling his hair when confronted with continual re-quotes.

The Gain Capital initiative, or more precisely that of its retail platform, comes in the wake of some less than useful publicity a couple of months ago (see FX news: Gain Capital settles with NFA). has launched a monthly ‘Trade Execution scorecard’ which, given that the platform uses a ‘dealing desk’ execution model, tackles the issue of pricing transparency from another direction. The ‘scorecard’ shows data for the time taken to execute trades and slippage (or improvement) on the filling of limit orders.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree