FXCM will use the freed up capital and the proceeds of the sale to repay some of its outstanding balance with Leucadia.
FXCM Inc (NASDAQ:FXCM), the biggest US foreign exchange broker by market share, has committed to selling its US accounts after reaching a settlement with the US financial regulators that requires it to exit the US market. The company issued an official announcement on its investor relations website, containing information vital to US clients of the brokerage.
FXCM will be offloading its US accounts to GAIN Capital Holdings Inc (NYSE:GAIN) for an amount that is yet to be determined. The companies have signed a non-binding letter of intent for the transaction. The deal is subject to regulatory approval by US authorities and to a definitive agreement between the firms. GAIN has also notified its investors about the situation.
[gptAdvertisement]
FXCM CEO Drew Niv at Finance Magnates London Summit 2016:
The brokers are working on a sale agreement, with FXCM and GAIN expected to announce further details about the account transfer process in the coming days.
GAIN has also notified its investors that it has signed a non-binding letter of intent to acquire the client base of FXCM's U.S. operations.The firm added this is subject to GAIN and FXCM reaching a definitive agreement and to final regulatory approval, which GAIN will attempt to expedite for the benefit of FXCM's customers.
Earlier today the US Commodities Futures Trading Commission (CFTC) issued an announcement that FXCM has reached a settlement with the National Futures Association and the CFTC to pay a $7 million monetary fine.
A statement from the company reads: “The named FXCM entities and principals neither admit nor deny the allegations associated with the settlements.”
In 2016 the net revenues generated by the US business of FXCM amounted to about $48 million. For the first nine months of 2016, the company’s trading revenue from continuing operations was $196.6 million.
The deal won’t affect clients of FXCM that are located outside of the US.
FXCM’s exit from the US market will free up about $52 million in capital. The company will use the funds and the proceeds from the account sale to GAIN Capital to pay its debt to Leucadia National.
No impact on FXCM's global business
The company will continue to service its US clients for an interim period pending the customer-account sale and FXCM’s withdrawal from the US. The company will work together with GAIN Capital for an orderly transition.
The company highlighted in a statement: “FXCM wants to express its most sincere thanks to those U.S. customers who have been with FXCM over the years and wish you all the best of luck following this transition. FXCM wants to stress that these settlements have no impact on any customer of FXCM’s global businesses.”
“FXCM and its global subsidiaries will continue to provide excellent Execution and competitive pricing to its customers overseas through its award-winning technology, customer service and trading tools,” the statement concludes.
FXCM Inc (NASDAQ:FXCM), the biggest US foreign exchange broker by market share, has committed to selling its US accounts after reaching a settlement with the US financial regulators that requires it to exit the US market. The company issued an official announcement on its investor relations website, containing information vital to US clients of the brokerage.
FXCM will be offloading its US accounts to GAIN Capital Holdings Inc (NYSE:GAIN) for an amount that is yet to be determined. The companies have signed a non-binding letter of intent for the transaction. The deal is subject to regulatory approval by US authorities and to a definitive agreement between the firms. GAIN has also notified its investors about the situation.
[gptAdvertisement]
FXCM CEO Drew Niv at Finance Magnates London Summit 2016:
The brokers are working on a sale agreement, with FXCM and GAIN expected to announce further details about the account transfer process in the coming days.
GAIN has also notified its investors that it has signed a non-binding letter of intent to acquire the client base of FXCM's U.S. operations.The firm added this is subject to GAIN and FXCM reaching a definitive agreement and to final regulatory approval, which GAIN will attempt to expedite for the benefit of FXCM's customers.
Earlier today the US Commodities Futures Trading Commission (CFTC) issued an announcement that FXCM has reached a settlement with the National Futures Association and the CFTC to pay a $7 million monetary fine.
A statement from the company reads: “The named FXCM entities and principals neither admit nor deny the allegations associated with the settlements.”
In 2016 the net revenues generated by the US business of FXCM amounted to about $48 million. For the first nine months of 2016, the company’s trading revenue from continuing operations was $196.6 million.
The deal won’t affect clients of FXCM that are located outside of the US.
FXCM’s exit from the US market will free up about $52 million in capital. The company will use the funds and the proceeds from the account sale to GAIN Capital to pay its debt to Leucadia National.
No impact on FXCM's global business
The company will continue to service its US clients for an interim period pending the customer-account sale and FXCM’s withdrawal from the US. The company will work together with GAIN Capital for an orderly transition.
The company highlighted in a statement: “FXCM wants to express its most sincere thanks to those U.S. customers who have been with FXCM over the years and wish you all the best of luck following this transition. FXCM wants to stress that these settlements have no impact on any customer of FXCM’s global businesses.”
“FXCM and its global subsidiaries will continue to provide excellent Execution and competitive pricing to its customers overseas through its award-winning technology, customer service and trading tools,” the statement concludes.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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