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ACM USA

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Reader's Digest:

Last Quarterly Update: Nov 1, 2008

ACM USA is a new comer firm, heavily supported by the technology of AC Markets of Switzerland but under different ownership and management. Its business model is also different, ACM USA does not have a dealing desk. In terms of capital adequacy, starting out with US$7.3 million is not bad considering that 2 years ago many firms would start out with $0.5 million. The firm has a headcount of approximately 60 people, which is also a good size workforce for a starting Forex dealer. To put some perspective, the largest broker FXCM has probably 700 employees and Interbank FX has about 250 employees. The ACM USA website is not as content rich as they intend to, but it is off to a good start following the model developed by AC Markets in Geneva.

Website and client benefits:

Last Quarterly Update: Nov 1, 2008

The ACM USA site ( www.acmusa.com) follows the pattern set by ac-markets.com, the Swiss firm. The Swiss site has a few more resources than the US site, particularly the news and chart section and the research section. The Swiss site also has a very ilustrative flash presentation of the platform that is not yet available on the US site. Both websites are well done and get high marks for ease of navigation. With time, ACM USA will develop its own content for training and tools. It is worth noting that the ease of opening an account online is much easier in the US site than in the Swiss site. Opening an account in the US can be done within a day and funding can be done through credit cards, something that is not available in the Swiss site.

Forex Datasource Interview:

Last Annual Update: Nov 1, 2008

A member of management from ACM has not yet been interviewed by Forex Datasource.

Forex Datasource Evaluation:

Last Quarterly Update: Nov 1, 2008

ACM USA will make its own footprint, but leveraging the technology and operational expertise of AC Markets. We think that its decision to be an agent broker (no dealing desk) is the right approach in the United States market, even though its spreads are not as low as some of the competition. Given its profile, ACM USA will probably be in close competition with FX Solutions, which offers fixed spreads at a premium and targets a sophisticated audience. Ultimately, the ACM USA clients and their evaluations that will tell us whether the ACM USA venture is likely to grow in the very competitive US market.

Regulatory Capital:

Last Monthly Update: Nov 1, 2008

source: CFTC, Forex Datasource. Adjusted Net Capital

CURRENT 6-MONTHS AGO
THIS FIRM INDUSTRY
AVERAGE		 THIS FIRM INDUSTRY
AVERAGE
Adjusted Net
Capital (ANC)		 $8.4 M $30.3 M $0.0 M $0.0 M
Net Capital
Requirement
(NRC)		 $5.0 M $5.6 M $0.0 M $0.0 M
Key ANC Ratio 1.7 5.4 0.0 0.0


Key ANC Ratio:



Definitions:


Adjusted Net Capital (ANC): The CFTC developed this term to represent the available capital of a futures commodities merchant (FCM) firm to meet its capital requirements. The calculation is complicated. Roughly speaking, the ANC represents all the current assets of the FCM minus all of the liabilities of the firm. Current assets are, of course, assets that can realistically be turned to cash within a year. Liabilities are what a firm owes and this includes client deposits which the FCM holds. FCMs have a requirement to report this figure every month. There is at least a two month delay between the close of the month and when the CFTC publishes this data.

Net Capital Requirement (NCR): This figure, as the name states, is the capital amount that an FCM has to maintain to meet its regulatory obligations. New CFTC regulations have started to require a certain percentage of client funds to be set as the net capital requirement. This figure can be used as a proxy of how big is the book of business of an FCM: the bigger the NCR, the bigger is the FCM in terms of traded volume and/or Forex client funds under custody.

Key ANC Ratio: This ratio is calculated as ANC divided by NCR. It is used by Forex Datasource to determine how many times the ANC is bigger than the NCR. The bigger the Key ANC Ratio, the better capitalized the FCM. The Key ANC Ratio for the top 20 FCM's averages between 4 - 6.
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EVALUATION ON 10-POINT SCALE This
Firm		 Industry
Average
Average Trader Recommendation (historical): 5.7 7.2
Average Trader Recommendation (last 3 months): 5.4 7.1
Service Ratings 7.6 7.2
Trading Platform Evaluation 7.2 7.3

Ratings come from evaluations on this page and from FX Hound registrations.



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The Basics:


 Important Terms
Last Quarterly Update: Nov 1, 2008
Official Name ACM USA LLC
Country of Domicile United States
Major Equity Holders RAPHAEL KELLER; FREYDHA SA BVI
Regulated By US NFA: ACM USA LLC (ID# 0388715)
First year regulated as a broker/dealer 2008 (NFA)
Approximate number of current Forex clients Under 1000 (Forexds estimate)
Approximate client funds in custody Under $10 million (Forexds estimate)
Trading Platform Advanced Trader (desktop version); Advanced Web Trader (web version); Advanced Flash Trader (flash version); Advanced Mobile Trader (mobile version)
Number of currency pairs streamed on platforms 34 pairs
Other Securities Supported on Platform No
Typical transaction costs on major pairs EURUSD: 3 pips
USDJPY: 3 pips
GBPUSD: 3 pips
USDCHF: 3 pips
GBPJPY: 8 pips
Spreads fixed except in volatalite conditions
Institutional rates available with spreads as low as 1 pip.
Account Types Institutional accounts: Min deposit US$50000, max leverage 100:1; Standard accounts: Min deposit US$5000, max leverage 100:1; Mini accounts: Min deposit US$2000, max leverage 100:1
Specialty Trading Scalping is allowed as long as the fixed spreads are honored; Algo trading through an API is available; Islamic accounts are available upon approval.
Money Manager Software Money Manager Allocate Platform is available.
Deposit Currencies USD, EUR, GBP, CHF, and other currencies.
Bank where client funds are kept Deposits to ACM USA LLC: Citibank, New York
Beneficiary name open accounts ACM (USA) LLC
Type of deposits accepted Credit cards, bank wires
Agent or principal Broker/Dealer Agent broker (no dealing desk)


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Most recent client comments:


gm. CHINA. My evaluation: 5.

Torsten. UNITED STATES. My evaluation: 9. Platform is excellent

repeat. CHINA. My evaluation: 7.

Yosifov. UNITED KINGDOM. My evaluation: 7.

ALFA. SAUDI ARABIA. My evaluation: 2.

Sivanes. CANADA. My evaluation: 5.

Gavin. CANADA. My evaluation: 3.

Andreas. UNITED STATES. My evaluation: 8.

Chukwu. NIGERIA. My evaluation: 10.

Ann . UNITED KINGDOM. My evaluation: 1.



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