'The big move, it’s what kills you'.
Drew Niv was looking for action. Then action came looking for him.
But by early 2014, his hot hand had gone cold. Niv’s customers - small-timers who usually lost money while FXCM was busy making it - were looking for thrills elsewhere. Currencies seemed boring.
So from his 50th-floor office just south of Wall Street, Niv, now 41, held out a solution. FXCM could help customers capitalize on minuscule currency moves with a powerful financial tool: leverage.
Niv made no bones about the risks. Yes, leverage could amplify profits, he said. But it could also amplify losses.
'Leverage is the enemy', Niv said in an interview with Bloomberg News in May 2014. 'The big move, it’s what kills you'.
Well, the big move just arrived, via Zurich.