Forex Capital Markets, Ltd. (FXCM) is a global forex broker that caters to the retail and institutional markets. The Companies that make up the FXCM group of companies (collectively the "FXCM Group") are regulated in the United Kingdom, Australia, France, Germany, and Italy. FXCM offers both Dealing Desk and No Dealing Desk (NDD) Forex trading execution. NDD execution, available on standard and active trader accounts, eliminates any conflict of interest between the broker and trader ensuring there is no dealer intervention in trades. NDD trades are executed back to back with one of multiple banks or financial institutions, which compete to provide FXCM with bid and ask prices.