FXCM Aqcuires Controlling Stake In FX Intelligence Firm Faros Trading LLC
FXCM has announced that it has acquired a 50.1% interest in FX intelligence, market coverage, and institutional FX execution services
Mergers and acquisitions are certainly becoming a feature within the retail side of the FX industry this week, further borne out by today’s announcement by FXCM, that it has acquired a 50.1% stake in American FX intelligence and market coverage company, Faros Trading LLC.
FXCM CEO Drew Niv made a corporate statement today that “The acquisition of Faros expands FXCM’s institutional business, adding industry leading market intelligence and client services to the execution platforms we now offer.”
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“The combination should expand our market reach and deliver a compelling suite of services to institutional FX traders,” he concluded.
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FXCM has shown interest this year in acquiring compatriot FX firms, originally engaging in discussions with GAIN Capital, and subsequently eschewing entry into a deal, citing GAIN Capital’s then imminent purchase of GFT, as its reason for not proceeding.
Bearing in mind the firm’s interest in strengthening its armory by acquiring one of its peers, especially at a time when it remains one of the only retail FX firms serving the United States, this particular acquisition represents an interesting move,when considering that Faros Trading also provides order execution services to institutional FX firms.
The company has not disclosed the financial terms surrounding its acquisition of Faros Trading, and confirmed that no further details are currently being released on the matter.
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interesting, the founder of gcap has been selling his gain shares now is in bed via his association with Faros. Not a ringing endorsement of the lesser ran’s (gain) in the US retail space. Will be interesting to see how the Gains, saxo’s and oanda’s react.
sorry now is in bed w/FXCM via his association….