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FXCM parts ways with Global Brokerage

Oct 03 2017
By
Jonathan Smith

  FXCM Group, the two remaining forex, CFD and spread betting units of Global Brokerage, announced it is terminating the Management agreement with Global Brokerage Holdings, LLC (GLBR).

 

According to FXCM’s statement, the termination was mutually agreed by the parties and reflects the continuing separation of FXCM from Global Brokerage.

 

“We are extremely pleased to have taken this step. I believe that operating on a standalone basis is better for the firm, our stakeholders and most importantly our clients. FXCM continues to invest in our product offering and look forward to launching a new Web platform and MT5 in the coming months”, said Brendan Callan, CEO of FXCM.

 

According to Jimmy Hallac, Chairman of the Board of FXCM and Managing Director of Leucadia, FXCM and Leucadia will continue to work closely to ensure that FXCM’s businesses are “independent, strong, and built for future growth”.

 

Leucadia holds a 49.9% equity interest and up to a 65% economic interest in FXCM, while GLBR is a shareholder with 50.1% equity ownership and a minority economic interest, but FXCM and GLBR have been slowly parting ways in recent months. In August, for instance, FXCM Group announced GLBR’s capital troubles and eventual delisting from NASDAQ will not affect the brokerage’s operations or ability to serve its clients.

 

GLBR came into existence earlier this year, after FXCM Inc. was transformed into Global Brokerage Holdings. The change was in order to prevent customer confusion after the US subsidiary got in huge trouble with the local regulators and was eventually stripped of its licenses and shut down, selling its US retail customers to rival Gain Capital.

 

At the same time, 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.

 

TAGS: fxcm  global brokerage 

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