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FXCM changes name to Global Brokerage

FXCM, a top global broker that recently got in big trouble with the US regulators and subsequently withdrew from the US forex market, selling its clients to Gain Capital, announced it is changing its name to Global Brokerage Inc. 

 
Respectively, the ticker also changes – to GLBR. The company's common stock trades on the NASDAQ Global Market and the new CUSIP will be 37891B109. The changes come into effect on February 27, 2015. 
 
In other news, the company announced the resignations of William Ahdout as a Director on the Company's Board of Directors and Drew Niv, as Director and Chairman of the Board and Chief Executive Officer. The company board appointed Bryan I. Reyhani to serve as Chairman of the Company's Board of Directors. 
 
As a result of FXCM's violations of the US regulations and their personal culpability, both Ahdout and Niv were banned from the NFA and were prohibited from registering with the CFTC, acting in exempt capacities or acting as principals, agents, officers or employees of CFTC registrants.
 
Recently Niv and Ahdout had also lost their positions as members of the board of directors of the ECN FastMatch, in which FXCM has a minority stake.
 
FXCM still has its regulated forex businesses in the UK and across the major EU markets Germany, Italy and France, Australia, Israel and South Africa, as well as in Hong Kong, New Zealand, Japan. The broker offers forex, CFDs, and spread betting services. Last week the company said it expects that its exit from the US will trigger international growth.
 
 
TAGS: fxcm  global brokerage  glbr  change   

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