The company’s CEO Drew Niv highlighted in the conference call after the FXCM Inc earnings report yesterday that the firm intended to repay its loan to Leucadia National by the end of 2015 primary through assets sales.
After FXCM Inc (NYSE:FXCM) reported its earnings and trading volumes figures yesterday, the company’s CEO Drew Niv and CFO Robert Lande have taken to the earnings call. FXCM’s senior management revealed crucial details about the company's future plans after the dramatic events of the 15th of January.
The main takeaway from the earnings call is that as expected, there will be a major restructuring of FXCM Inc's (NYSE:FXCM) business in the coming months. The company’s CEO Drew Niv outlined that aside from selling its institutional businesses, which was already clearly communicated by the firm, it intends to part with its FXCM Japan and FXCM Hong Kong subsidiaries.
In the aftermath of the Swiss National Bank’s decision to scrap the floor under the EUR/CHF, FXCM Inc (NYSE:FXCM) was forced to shore up its balance sheet. The company was forced to recapitalize, signing a $300 million loan agreement with Leucadia National with a starting interest rate of 10%, growing by 1.5% each quarter.
Revision of Losses from January 15th and Sale of FXCM Japan and Hong Kong
The company’s CEO, Drew Niv, highlighted during the earnings call that the firm intends to make significant reductions in its obligations to Leucadia National through the sale of non-core assets. The main surprise from this statement is in the details, as the CEO of FXCM Inc (NYSE:FXCM) stated that the firm decided to exit its business in Japan and Hong Kong.
Speaking during the earnings call, Mr. Niv said, “We have decided to exit the Japanese and Hong Kong retail markets selling our locally regulated subsidiary in each country. The sales will not only generate meaningful proceeds, but will also liberate over $50 million of cash which currently resides in these two entities.”
“We have multiple bids for each subsidiary and are seeing significant competition for these properties. We are in active discussions to select the best bid and move towards closing in the near future,” he explained.
FXCM Trading Volume by Region, Source: FXCM
From the $50 million which Mr. Niv mentioned, $22 million in cash lie on the balance sheet of FXCM Japan, while the remaining $28 million are in the Hong Kong subsidiary of FXCM Inc.
The company's CEO Drew Niv stated, “We believe that the sale proceeds plus cash freed from the balance sheet of these entities could exceed $250 million, which would go a long way towards repaying if not fully repaying the Leucadia loan.”
Considering the lucrative Japanese market and the expansion appetite of many companies to acquire businesses in the region, the sale of this unit could net FXCM somewhere between $40 and $50 million.
The Hong Kong unit of the firm generated about $2.5 million in non-GAAP adjusted EBITDA in 2014. The jurisdiction and the lack of wide media coverage of the Swiss National Bank conundrum which FXCM faced, likely saved the value of the brand and clients continued to hold their accounts with the brokerage.
The main proceeds from potential sales will come from the non-core business of FXCM Inc (NYSE:FXCM). Back in 2012, FXCM acquired Lucid Markets for $176 million, with the estimated total costs of the investment totaling $192 million.
Considering the pressure under which FXCM is to sell its institutional business, and the outflow of institutional clients from FXCM, the company is not likely to recover its investment in this business.
The other big institutional business of FXCM, FastMatch, has experienced dwindling volumes in the aftermath of the Swiss National Bank debacle leading to decreased volumes.
FXCM owns 35% of FastMatch and the stake is on the sale list of the company alongside its high-frequency trading investment in V3. The company paid around $16 million for a 50.1 percent stake in V3, with the rest of the unit owned by Lucid Markets.
Retail Revenue per Million Drops to $69, Clients to Choose Dealing Desk or Not
FXCM Retail Revenue per Million, Source: FXCM
The retail revenues per million (RPM) which FXCM reported for the fourth quarter of 2014 totaled $69. This is $1 below the estimate which the company made in its previous earnings report.
In order to optimize its RPM, FXCM Inc (NYSE:FXCM) has announced that it will be returning the dealing desk model for clients with equity below $20,000.
The company’s CEO Drew Niv said during the earnings call, “To accelerate growth in our core business we will launch a hybrid desk model for small retail FX accounts. These are accounts with less than $20,000 of deposits. While these accounts maybe large in number, they still represent much less than half of our trading volume.”
After FXCM Inc (NYSE:FXCM) reported its earnings and trading volumes figures yesterday, the company’s CEO Drew Niv and CFO Robert Lande have taken to the earnings call. FXCM’s senior management revealed crucial details about the company's future plans after the dramatic events of the 15th of January.
The main takeaway from the earnings call is that as expected, there will be a major restructuring of FXCM Inc's (NYSE:FXCM) business in the coming months. The company’s CEO Drew Niv outlined that aside from selling its institutional businesses, which was already clearly communicated by the firm, it intends to part with its FXCM Japan and FXCM Hong Kong subsidiaries.
In the aftermath of the Swiss National Bank’s decision to scrap the floor under the EUR/CHF, FXCM Inc (NYSE:FXCM) was forced to shore up its balance sheet. The company was forced to recapitalize, signing a $300 million loan agreement with Leucadia National with a starting interest rate of 10%, growing by 1.5% each quarter.
Revision of Losses from January 15th and Sale of FXCM Japan and Hong Kong
The company’s CEO, Drew Niv, highlighted during the earnings call that the firm intends to make significant reductions in its obligations to Leucadia National through the sale of non-core assets. The main surprise from this statement is in the details, as the CEO of FXCM Inc (NYSE:FXCM) stated that the firm decided to exit its business in Japan and Hong Kong.
Speaking during the earnings call, Mr. Niv said, “We have decided to exit the Japanese and Hong Kong retail markets selling our locally regulated subsidiary in each country. The sales will not only generate meaningful proceeds, but will also liberate over $50 million of cash which currently resides in these two entities.”
“We have multiple bids for each subsidiary and are seeing significant competition for these properties. We are in active discussions to select the best bid and move towards closing in the near future,” he explained.
FXCM Trading Volume by Region, Source: FXCM
From the $50 million which Mr. Niv mentioned, $22 million in cash lie on the balance sheet of FXCM Japan, while the remaining $28 million are in the Hong Kong subsidiary of FXCM Inc.
The company's CEO Drew Niv stated, “We believe that the sale proceeds plus cash freed from the balance sheet of these entities could exceed $250 million, which would go a long way towards repaying if not fully repaying the Leucadia loan.”
Considering the lucrative Japanese market and the expansion appetite of many companies to acquire businesses in the region, the sale of this unit could net FXCM somewhere between $40 and $50 million.
The Hong Kong unit of the firm generated about $2.5 million in non-GAAP adjusted EBITDA in 2014. The jurisdiction and the lack of wide media coverage of the Swiss National Bank conundrum which FXCM faced, likely saved the value of the brand and clients continued to hold their accounts with the brokerage.
The main proceeds from potential sales will come from the non-core business of FXCM Inc (NYSE:FXCM). Back in 2012, FXCM acquired Lucid Markets for $176 million, with the estimated total costs of the investment totaling $192 million.
Considering the pressure under which FXCM is to sell its institutional business, and the outflow of institutional clients from FXCM, the company is not likely to recover its investment in this business.
The other big institutional business of FXCM, FastMatch, has experienced dwindling volumes in the aftermath of the Swiss National Bank debacle leading to decreased volumes.
FXCM owns 35% of FastMatch and the stake is on the sale list of the company alongside its high-frequency trading investment in V3. The company paid around $16 million for a 50.1 percent stake in V3, with the rest of the unit owned by Lucid Markets.
Retail Revenue per Million Drops to $69, Clients to Choose Dealing Desk or Not
FXCM Retail Revenue per Million, Source: FXCM
The retail revenues per million (RPM) which FXCM reported for the fourth quarter of 2014 totaled $69. This is $1 below the estimate which the company made in its previous earnings report.
In order to optimize its RPM, FXCM Inc (NYSE:FXCM) has announced that it will be returning the dealing desk model for clients with equity below $20,000.
The company’s CEO Drew Niv said during the earnings call, “To accelerate growth in our core business we will launch a hybrid desk model for small retail FX accounts. These are accounts with less than $20,000 of deposits. While these accounts maybe large in number, they still represent much less than half of our trading volume.”
iFOREX Adds Saudi and South Korean Equity CFDs as IPO Is Delayed
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
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A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
