FXCM Discontinues Management Agreement with Global Brokerage
- The termination of the agreement is a further nod to FXCM and Leucadia's cooperation.
FXCM Group has taken additional steps to separate itself from Global Brokerage Holdings LLC, terminating an existing management agreement with the company. The mutually agreed step reflects a growing divide between the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and CFD trading group and the holding company as both are going their separate ways.
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The groups began separating over H2 2017. The group took steps to distance itself from Global Brokerage back in August, asserting that any developments in terms of GLBR’s stock price or delisting would have no impact on FXCM Group or its ability to serve its customers.
To further reiterate this point, FXCM released a statement in August clarifying that the group bore no responsibility for GLBR’s Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term. Moreover, FXCM reiterated that its only debt was the loan to Leucadia, which it had moved one step closer to repaying via the sale of FastMatch.
Brendan Callan
Brendan Callan, CEO of FXCM, commented on the latest termination of the agreement: “We are extremely pleased to have taken this step. I believe that operating on a standalone basis is better for the firm, our stakeholders and most importantly our clients. FXCM continues to invest in our product offering and look forward to launching a new Web platform and MT5 in the coming months.”
Per the latest development, the management agreement was effectively terminated. “The termination of the Management Agreement represents the fact that FXCM and Leucadia continue to work closely to ensure that FXCM’s operating businesses are independent, strong, and built for future growth,” added Jimmy Hallac, Chairman of the Board of FXCM and Managing Director of Leucadia.
FXCM Group has taken additional steps to separate itself from Global Brokerage Holdings LLC, terminating an existing management agreement with the company. The mutually agreed step reflects a growing divide between the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and CFD trading group and the holding company as both are going their separate ways.
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The groups began separating over H2 2017. The group took steps to distance itself from Global Brokerage back in August, asserting that any developments in terms of GLBR’s stock price or delisting would have no impact on FXCM Group or its ability to serve its customers.
To further reiterate this point, FXCM released a statement in August clarifying that the group bore no responsibility for GLBR’s Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term. Moreover, FXCM reiterated that its only debt was the loan to Leucadia, which it had moved one step closer to repaying via the sale of FastMatch.
Brendan Callan
Brendan Callan, CEO of FXCM, commented on the latest termination of the agreement: “We are extremely pleased to have taken this step. I believe that operating on a standalone basis is better for the firm, our stakeholders and most importantly our clients. FXCM continues to invest in our product offering and look forward to launching a new Web platform and MT5 in the coming months.”
Per the latest development, the management agreement was effectively terminated. “The termination of the Management Agreement represents the fact that FXCM and Leucadia continue to work closely to ensure that FXCM’s operating businesses are independent, strong, and built for future growth,” added Jimmy Hallac, Chairman of the Board of FXCM and Managing Director of Leucadia.