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$GLBR weekly chart:
Note $GLBR is already trading above the 50DMW (blue line), and that the 200DMA is $4.90.
Suggests tremendous upside potential from the current $0.12 price point.
CFTC asks for more time to determine stance in lawsuit about FXCM publications
March 20, 2019, 9:32 am UTC
The CFTC asks for more time to decide on its position in a lawsuit targeting NFA’s publications about FXCM from February 2017.
The lawsuit launched by Effex Capital, the entity embroiled in FXCM’s exit from the US retail FX market, targeting the National Futures Association (NFA) keeps getting protracted. As FinanceFeeds has reported, the Seventh Circuit U.S. Court of Appeals has invited the Commodity Futures Trading Commission (CFTC) to have its say on the matter by filing the so-called amicus brief. The CFTC has already been granted a reprieve to determine its stance – until March 25, 2019. However, the US regulator has now asked for another extension of time to decide on whether to file such a brief.
On Tuesday, March 19, 2019, the CFTC submitted a Motion with the Court, requesting a second extension of time to file possible amicus brief. The regulator wants an additional two-week extension of time to determine whether to file an amicus brief, and, if so, to file one. The deadline would thereby move from March 25, 2019 (pursuant to the Court’s grant of the CFTC’s previous motion to extend time) to April 8, 2019.
The CFTC notes that a decision to file an amicus brief in this case must be approved by the Commission (i.e., the five CFTC commissioners appointed by the President and confirmed by the Senate). The CFTC Office of the General Counsel has made a recommendation to the Commission with regard to an amicus brief. However, in light of the issues raised by this case as well as other pressing issues currently before the agency, the Commission will not be able to complete its deliberations with regard to an amicus brief by March 25. The CFTC therefore requests an additional extension.
Let’s recall that the case is about NFA’s publications from February 2017 related to FXCM.
Effex Capital, LLC brought this action in the United States District Court for the Northern District of Illinois. It alleged that NFA committed a raft of state law torts, violated the Illinois Trade Secret Act, and violated the Fifth Amendment’s Due Process Clause through its actions regarding a settlement between the NFA and its member Forex Capital Markets, LLC (FXCM). In particular, Effex claims that the NFA made false and misleading statements about it in four NFA documents relating to the FXCM settlement: a Complaint, a Decision, a Narrative of the Decision, and a Press Release.
According to Effex, these statements are defamatory, interfere with its business relations, and include confidential and proprietary information. Furthermore, Effex argues that it was deprived of procedural due process because, as a non-party to the settlement and non-member of the NFA, it was unable to participate in the settlement between the NFA and FXCM and did not have the opportunity to contest references to it in the related settlement documents. Effex seeks injunctive relief as well as money damages.
Effex asked for a preliminary injunction; the NFA moved under Federal Rule of Civil Procedure 12(b)(6) to dismiss the action. The district court determined that Effex had failed to exhaust its administrative remedies under the Commodity Exchange Act and dismissed without prejudice. The District Court advised Effex to pursue administrative remedies and then seek review of properly exhausted claims. Effex appealed.
On December 4, 2018, the Seventh Circuit U.S. Court of Appeals filed an Order inviting the CFTC to file a brief as “amicus curiae” in this case within ninety days from the date of the order. An amicus curiae is someone who is not a party to a case and is not solicited by a party, but who assists a court by offering information that bears on the case.
When inviting the CFTC’s opinion, the Appeals Court noted that the District Court premised its dismissal on a variety of possible avenues that Effex could have taken to seek review of the NFA’s actions by the CFTC.
https://financefeeds.com/cftc-asks-for-more-time-to-determine-stance-in-lawsuit-about-fxcm-publications/
Current $GLBR chart with a Golden Cross:
$GLBR Golden Cross on 03/20/2019 at $0.07
See black circle on the stock chart.
What is a Golden Cross?
The golden cross is a candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average. The golden cross is a bullish breakout pattern formed from a crossover involving a security's short-term moving average (such as the 15-day moving average) breaking above its long-term moving average (such as the 50-day moving average) or resistance level. As long-term indicators carry more weight, the golden cross indicates a bull market on the horizon and is reinforced by high trading volumes.
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Key Takeaways
- The golden cross is a technical chart pattern indicating the potential for a major rally.
- The golden cross appears on a chart when a stock’s short-term moving average crosses above its long-term moving average.
- The golden cross can be contrasted with a death cross indicating a bearish price movement.
What Does a Golden Cross Tell You?
There are three stages to a golden cross. The first stage requires that a downtrend eventually bottoms out as selling is depleted. In the second stage, the shorter moving average forms a crossover up through the larger moving average to trigger a breakout and confirmation of trend reversal. The last stage is the continuing uptrend for the follow through to higher prices. The moving averages act as support levels on pullbacks.
The most commonly used moving averages are the 50-period and the 200-period moving average. The period represents a specific time increment. Generally, larger time periods tend to form stronger lasting breakouts. For example, the daily 50-day moving average crossover up through the 200-day moving average on an index like the S&P 500 is one of the most popular bullish market signals. With a bellwether index, the motto "A rising tide lifts all boats" applies when a golden cross forms as the buying resonates throughout the index components and sectors.
Day traders commonly use smaller time periods like the 5-period and 15-period moving averages to trade intra-day golden cross breakouts. The time interval of the charts can also be adjusted from 1 minute to weeks or months. Just as larger periods make for stronger signals, the same applies to chart time periods as well. The larger the chart time frame, the stronger and lasting the golden cross breakout tends to be.
https://www.investopedia.com/terms/g/goldencross.asp
Court grants CFTC more time to decide on its stance in case about FXCM publications
February 18, 2019, 9:45 am UTC
The CFTC has until March 25, 2019, to decide whether to file a brief concerning NFA’s publications about FXCM from February 2017.
"... Shortly after the United States Commodity Futures Trading Commission (CFTC) asked the Seventh Circuit U.S. Court of Appeals to give it more time to determine its stance in a lawsuit targeting the National Futures Association (NFA), the Court has granted the CFTC request.
In an order entered on February 15, 2019, the Court agrees that the amicus brief of the Commodity Futures Trading Commission, if any, shall be due by March 25, 2019. This means a three-week extension for the US regulator, so that it may decide whether or not to file a brief in which to state its position on the allegations made by Effex Capital, the company involved in FXCM’s US retail FX market exit, against NFA. ..."
https://financefeeds.com/court-grants-cftc-time-decide-stance-case-fxcm-publications/
Derivative stockholder lawsuit targeting Global Brokerage and Drew Niv may be close to its end
February 28, 2019, 11:14 pm UTC
A lawsuit focused on the events from January 15, 2015 and the loan from Leucadia that FXCM Inc’s directors agreed to back then may be close to its end.
"... A lawsuit brought by Brett Kandell, a stockholder of FXCM Inc, now known as Global Brokerage Inc (OTCMKTS:GLBR), may be close to its end, as the parties in the case have reached a settlement. The notice concerning the agreement, which has yet to be approved by the Court, has been published by Global Brokerage.
Under the terms of the settlement, the defendants shall caused to be paid on their behalf $1,550,000 to the broker. That is, the benefits will go to the company and not to the stockholders.
The released claims include, inter alia, all claims related to the events from January 15, 2015, as well as the decision of the Board of Directors of the company to approve the Leucadia loan.
Stockholders who held shares in FXCM Inc (Global Brokerage Inc) as of January 16, 2019 and who continue to hold stock, have the right to object to the proposed settlement. They have the right to be heard at the Settlement Hearing to be held before the Honorable Sam Glasscock III on June 5, 2019, at the Delaware Chancery Court. ..."
https://financefeeds.com/derivative-lawsuit-targeting-global-brokerage-drew-niv-may-close-end/
Trading action is suggestive that the litigation which has followed $GLBR is about to be positively resolved.
"... There has been a slight change in the timing of the proceedings in the lawsuit launched by investors in FXCM Inc, now known as Global Brokerage Inc (OTCMKTS:GLBR). The New York Southern District Court has rescheduled the oral argument on the defendants’ Motion to Dismiss the case against them.
The argument had initially been scheduled for February 27, 2019, but today Judge Ronnie Abrams signed an order granting a request by the plaintiffs to reschedule the argument. It is now set to happen on March 6, 2019. ..."
https://financefeeds.com/ny-court-reschedules-oral-argument-mega-lawsuit-fxcm-inc/
Trading volume has picked up. Earlier today, 10,000 shares were showing on the Ask at $0.1999. There are now only 5,000 shares showing on the Ask at $0.1999.
Golden Cross starting to form in $GLBR right before its oral argument on 03/06/2019. The Golden Cross should form around $0.08, but most likely in the upper $0.07 range.
Golden Cross Definition from Investopedia: https://www.investopedia.com/terms/g/goldencross.asp
Key Takeaways
- The golden cross is a technical chart pattern indicating the potential for a major rally.
- The golden cross appears on a chart when a stock’s short-term moving average crosses above its long-term moving average.
$GLBR 3Q2018 Results: 11/12/2018
https://docs.fxcorporate.com/ir-glbr/press-releases/Global-Brokerage-FS-Sept-2018.pdf
NY Court reschedules oral argument in “mega lawsuit” against FXCM Inc
February 20, 2019, 6:36 pm UTC
The argument in the case launched by investors in FXCM Inc, now known as Global Brokerage Inc, has been set for March 6, 2019.
There has been a slight change in the timing of the proceedings in the lawsuit launched by investors in FXCM Inc, now known as Global Brokerage Inc (OTCMKTS:GLBR). The New York Southern District Court has rescheduled the oral argument on the defendants’ Motion to Dismiss the case against them.
The case is captioned In re Global Brokerage, Inc. f/k/a FXCM Inc. Securities Litigation (1:17-cv-00916).
https://financefeeds.com/ny-court-reschedules-oral-argument-mega-lawsuit-fxcm-inc/
Standard Chart:
One-Year Chart:
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