Barclays, operated as a white label of FXCM and powered by FXCM technology, has concluded to end its retail forex business, Barley Margin FX.
According to Barclay, the decision has been made due to harsh and costly regulation requirements from European Market Infrastructure Regulation. Traders can transfer their accounts and open positions directly to FXCM.
FXCM's statement on the matter:
Additional requirements on firms offering derivatives, including some forms of forex, introduced by the European Market Infrastructure Regulation (EMIR), come into force in 2013 and 2014. As a result of these new regulations, Barclays Stockbrokers has considered its position regarding Margin FX and has made the difficult decision that it will no longer offer Barclays Margin FX.
FXCM powers the technology and infrastructure behind the Barclays Margin FX service. Barclays Stockbrokers' clients wishing to continue trading will be offered the chance to open an account with FXCM and transfer their positions, allowing them to continue to benefit from the security, trade execution, research and educational tools that Barclays Margin FX previously offered. FXCM is a global leader in retail FX, with over 188,000 accounts worldwide, and will continue to provide the highest standard of service.