Dear Client,

We have received several inquiries regarding the recent news
surrounding Refco. In particular, clients have asked how the news about Refco
affects FXCM.

The answer is: the news has no effect on FXCM or its clients. FXCM is
an independent company with a strong balance sheet and regulatory
record. Information on both can be viewed at the CFTC website
http://www.cftc.gov/files/tm/fcm/tmfcmdata0508.xls and NFA website
http://www.nfa.futures.org/basicnet/SearchResults.aspx?type=firm&firm=FOREX+CAPITAL+MA RKETS.

Although Refco is a minority shareholder, FXCM is managed and
controlled by the firm's original founders. Furthermore, Refco has never had
access to FXCM's client or firm assets.

* FXCM's net capital exceeds $61,000,000 and is completely independent
and separate from Refco
* FXCM's client funds are completely independent and non-accessible by
Refco


FXCM clients can make deposits, withdrawals, and trade as usual. For
further information, please contact our knowledgeable staff 24 hours a
day. Contact information can be found at
http://www.fxcm.com/contact-fxcm.jsp.

Best regards,

Drew Niv
CEO
FXCM