FXCM Inc. (NASDAQ:FXCM) is undergoing a facelift in the aftermath of its recent regulatory clampdown earlier this month – the company will be changing its name to Global Brokerage, Inc, according to an official announcement. The name of the brokerage will remain FXCM.
Earlier this month, FXCM settled charges with the US’ Commodity Futures Trading Commission (CFTC) worth $7 million in a civil monetary penalty for engaging in false and misleading solicitations. The brokerage and its CEO Drew Niv were consequently forced to withdraw from the US market and CFTC regulation.
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Per the changes, Global Brokerage, Inc will also be listed under a new trading ticker symbol on NASDAQ, taking the acronym ‘GLBR’. The changes are slated to come into effect on February 27, 2017, with a new CUSIP of 37891B109.
On the personnel front, William Ahdout has also submitted his resignation to FXCM Inc. or soon to be renamed Global Brokerage Inc, the public company, from his position serving as a Director on the Company’s Board of Directors with immediate effect. This also coincides with Drew Niv also resigning from his positions serving as a Director, Chairman of the Board and CEO.
The FXCM group has also announced that the company is introducing some changes to its senior management. The forex, CFDs and spread betting provider is promoting the company’s European operations CEO, Brendan Callan to Interim CEO. He has been with the firm since 2001 and has successfully been managing the company’s London-based subsidiary since 2010.