Forex Magnates has just learned from sources close to the matter, that in a surprise, brazen move, FXCM – just out of its own trouble, has emerged as a potential savior for Alpari UK.
FXCM itself went into the red this Friday with $225 million in client losses due to CHF exposure and had to turn to an outside firm to raise funds. It now seems the American firm asked for the $300 million Leucadia National bailout so it can not only recover but also expand.
This move can be seen as a brilliant play by Drew Niv, showing both traders and investors his firm is not only still in business but intends to use this time to aggressively expand.
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Due to the sensitive nature of such negotiations Alpari UK and FXCM have yet to confirm the report but Forex Magnates will update our readers as soon as that information is made publicly available.
Virtually all brokers have been releasing updates over the weekend about their reaction to the game-changing floor drop by the Swiss National Bank (SNB). While some faced losses, others made it clear that they are on the hunt for new business, either by targeting clients directly as a marketing strategy or by expressing interest in acquiring assets from failing market participants.
All of these rapid movements are tracked on this real time post.