FXCM expands CFD offering with Stock Baskets, Esports & Gaming trading volume up 200+%

LONDON and SYDNEY, Australia and JOHANNESBURG, South Africa, May 19, 2020 (GLOBE NEWSWIRE) — FXCM Group, LLC ("FXCM Group' or "FXCM'), the leading international provider of online foreign exchange trading, CFD trading, cryptocurrencies and related services, is today announcing a wider launch of its Stock Basket offering to customers. Effective immediately, basket products are tradeable by customers on its Australian and South African entities.

FXCM's stock basket products combine the shares of multiple companies from one sector into a single tradeable instrument. This allows customers to speculate on sectors as a whole instead of having to select a single company.

FXCM currently offers 6 baskets to its retail clients: Big US Tech ("FAANG"), Esports & Gaming ("ESPORTS"), Biotech, Cannabis, China Tech ("CHN.TECH") and China E–commerce ("CHN.ECOMM"). The list of companies and weightings is available on FXCM's stock basket website (https://www.fxcm.com/markets/stock–baskets/)

This announcement follows closely behind FXCM's initial launch of its Share CFD offering, with the broker expected to launch trading on more individual companies and stock baskets later this year.

Sector Symbol YTD Change1 Monthly Volume Change2
Esports & Gaming ESPORTS +12% +221%
Big US Tech FAANG +10% +176%
Biotech BIOTECH +8% +201%
Chinese E–Commerce CHN.ECOMM +8% +45%
Chinese Tech CHN.TECH –1% –52%
eMini Dow Futures US30 –19% —–

Past Performance is not an indicator of future results.
1 Year–to–date (YTD) figures calculated using FXCM's closing bid price from 2 January 2020 through 13 May 2020.
2 Percent change month–over–month (April 2020 vs. March 2020) from customers trading stock baskets on the FXCM Markets entity.

Brendan Callan CEO of FXCM commented: "The stock baskets are another step in our continued journey into stock CFD trading. These baskets provide customers an easy one–stop opportunity to speculate over sectors and subsequently trade stocks related to that particular industry. Trading stocks can often be quite a daunting experience when first entering the market, however baskets can provide an excellent opportunity for traders to spread their investment across a number of different companies, hedging their risk and benefiting from potential trading opportunities."

About FXCM:

FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. Founded in 1999, the company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one–click order execution and trading from real–time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools, proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime. FXCM is a Leucadia Company.

Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. The products are intended for retail, professional and eligible counterparty clients. Retail clients who maintain account(s) with Forex Capital Markets Limited (“FXCM LTD”), could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds but professional clients and eligible counterparty clients could sustain losses in excess of deposits. Prior to trading any products offered by Forex Capital Markets Limited, inclusive of all EU branches, FXCM Australia Pty. Limited, FXCM South Africa (PTY) Ltd, any affiliates of aforementioned firms, or other firms within the FXCM group of companies [collectively the “FXCM Group”], carefully consider your financial situation and experience level. If you decide to trade products offered by FXCM Australia Pty. Limited ("FXCM AU") (AFSL 309763), you must read and understand the Financial Services Guide, Product Disclosure Statement, and Terms of Business. Our FX and CFD prices are set by us, are not made on an Exchange and are not governed under the Financial Advisory and Intermediary Services Act. The FXCM Group may provide general commentary, which is not intended as investment advice and must not be construed as such. Seek advice from a separate financial advisor. The FXCM Group assumes no liability for errors, inaccuracies or omissions; does not warrant the accuracy, completeness of information, text, graphics, links or other items contained within these materials. Read and understand the Terms and Conditions on the FXCM Group's websites prior to taking further action.

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Striking at the core of the COVID-19 employment crisis

By Aurelia Bruce
May 19 2020 (IPS-Partners)


What is happening now

In the early months of 2020, much of the globe was put on pause as governments fought to contain the COVID-19 outbreak. For many, work came to a grinding halt as factories and shops were forced to close their doors, transforming a global health catastrophe into a labour market and economic crisis.

The shock to almost all economic sectors, particularly micro, small and medium-sized enterprises, was instant and severe – essential lockdown measures and restrictions on movement resulted in a surge in insolvencies and lay-offs. Without the financial buffers of investments and savings, many are at risk of:

    • poverty
    • poor housing conditions
    • malnutrition
    • limited access to healthcare

There is particular concern for vulnerable workers such as young people, who are disproportionately affected by poor working conditions, and unstable and informal working arrangements.

What we expect

The Organization for Economic Co-operation and Development (OECD) predicts that some countries could be dealing with the economic fallout of the COVID-19 pandemic for years to come. Preliminary analysis of the economic impact of the outbreak by the International Labour Organisation (ILO), suggests that global unemployment could rise between 5.3 million and 24.7 million.

Although these forecasts are not certain, one might argue they are conservative considering the 22 million jobs that were lost following the 2008 global financial crisis. In the UK, a University of Essex study predicts that the lockdown could cost the country 6.5 million jobs. Restrictions imposed to combat the outbreak are also causing some employers to lower their wages and working hours. In the long-term, this is likely to lead to a rise in underemployment.

During an economic downturn, we would expect an increase of informal self-employment, covering unregulated, unregistered or untaxed activities. However, in the case of this pandemic, incomes from these sources are amongst the hardest-hit.

Globally, workers in this sector are expected to see a 60 per cent decline in earnings, with those in Africa and Latin America losing as much as 81 per cent of their income.

What was happening before

While the forecasts may seem gloomy, the pre-COVID-19 numbers were not exactly encouraging either. For 2019, data from the ILO shows that only 3.3 billion, 57 per cent of the world’s working-age population, were employed. While 2.3 billion people were out of the labour force, another 188 million were unemployed; 165 million were employed but willing and available to work more hours; and 119 million were part of the potential labour force, which includes those who can work but are not seeking employment.

Furthermore, regardless of geographic location, young people in the labour force were facing higher rates of unemployment than adults, as seen in the chart below. Of the 1.3 billion people between ages 15 and 24, one-fifth of them were Not in Education, Employment or Training (NEET), and 75 per cent of them were in informal employment.

Although the potential impact of the pandemic on young people has not been quantified in specific numbers, it is obvious that youth, particularly those in entry-level jobs, non-standard work and those easily replaced by automated processes would be disproportionately affected.

Young workers are also heavily concentrated in sectors most disrupted by restrictions, such as tourism, hospitality and retail. So, the pre-COVID-19 trends tell a story of a tremendously underutilised labour force, particularly amongst our youth who were often left with little to no social protection, paid leave, unemployment benefits or remote working options.

Source: Own creation using ILO data

What needs to happen

In summary, whilst unemployment rates have held relatively steady overall, youth unemployment rates remain twice as high in many regions. Decent work deficits persist and labour underutilisation rates are largely ignored. The socio-economic effects of the pandemic will continue to gravely affect the unemployed globally, with up to an additional 24.7 million people facing job loss.

But along with the challenges, there are opportunities. The current economic recovery plans and COVID-19 response measures offer a chance for countries to address existing and emerging labour market issues.

Across the Commonwealth, there is a strong commitment to working towards a robust and coordinated strategy to tackle underemployment and high youth unemployment, as well as the additional threats posed by the pandemic. That is why the Commonwealth is bringing together governments and experts for a virtual series on the ‘Economics of COVID-19’.

Covid-19 seminar series

Critically, this will provide a space for policymakers to consider forward-thinking and targeted measures to support enterprises and entrepreneurs; and to strike at the core of joblessness, effectively utilising workers’ skills and preparing them for the labour market of the new digital economy

For more information or questions about registration please contact: economicevents@commonwealth.int

The author is Assistant Programme Officer Social Policy Division at the Commonwealth Secretariat

Covid-19 Straw Breaks Free Trade Camel’s Back

By Jomo Kwame Sundaram
KUALA LUMPUR, Malaysia, May 19 2020 - Economic growth is supposed to be the tide that lifts all boats. According to the conventional wisdom until recently, growth in China, India and East Asian countries took off [...] Read more »