Brokers News

FXCM Hong Kong sold to top 5 FX broker in Japan

Sep 15 2015 13:51:32 GMT
By
Stanimir Zhelev , ForexBrokerz.com Find me on Google+
FXCM Inc. (NYSE:FXCM), a leading online provider of foreign exchange (FX) trading and related services, today announced that Forex Trading, LLC, a subsidiary of FXCM Newco, LLC ("FXCM") has completed its sale of FXCM Asia Limited ("FXCM Hong Kong") to Rakuten Securities, Inc. ("Rakuten Sec"), a top 5 FX broker in Japan, and a subsidiary of Rakuten, Inc. ("Rakuten") (TOKYO:4755), one of the world's largest Internet services companies, for a total consideration of approximately $38 million.
 
Rakuten Sec will continue to use the FXCM trading system for FXCM Hong Kong clients under a white label agreement with FXCM and will continue to service local forex traders as FXCM Asia powered by Rakuten Sec.
 
Additionally, FXCM anticipates repaying $33 million outstanding under its credit agreement with Leucadia and will have repaid $115 million to date, leaving $195 million remaining.
 
"The company remains focused on completing our near-term strategy of eliminating the Leucadia debt through the sale of non-core assets and cash generated through operations as well as accelerating the growth of our core business through a number of FX and CFD initiatives," said Drew Niv, CEO of FXCM. "With the close of this deal we have made another positive step towards completing our goals."
 
About FXCM Inc.
 
FXCM Inc. (NYSE:FXCM) is a leading provider of online foreign exchange (forex) trading, CFD trading, spread betting and related services. Our mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market.
 
Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.
 
Trading foreign exchange and CFDs on margin carries a high level of risk, which may result in losses that could exceed your deposits, therefore may not be suitable for all investors.
 
TAGS: fxcm  japan  forex japan  forex broker japan  hong kong  rakuten 

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