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FXCM: our clients will not be affected if GLBR delists from NASDAQ

Aug 22 2017
By
Jonathan Smith

In response to questions from its customers, major forex brokerage FXCM issued a press release on Monday to clear up its relationship to Global Brokerage, Inc over fears of possible delisting of the latter from NASDAQ. In addition, FXCM also stated some already known facts about its loan to Leucadia (NYSE:LUK) and its relations with the company.

 

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. In its statement FXCM reiterates that it has no responsibility for GLBR’s obligations and that FXCM’s only debt is its loan to Leucadia. Furthermore, the broker stated that “any adverse developments at GLBR have no impact on FXCM or its ability to service its customers.”

 

After FXCM closed the closed FastMatch sale previous week and used the proceeds ($46.7 million in cash) to repay the debt owed to Leucadia, there are $66.8 million outstanding on its original loan. We remind you that in January 2015, Leucadia loaned FXCM $300 million needed by the broker to meet its capital requirements after the Swiss franc spike.

 

Commenting on its collaborative relationship with Leucadia, Jimmy Hallac, Managing Director of Leucadia and Chairman of FXCM Group said: “We are optimistic about what we can achieve together and re-affirm our long-term commitment. FXCM has had solid operating performance in a challenging market environment and has come a long way in reducing its debt and strengthening its balance sheet. Customers should feel confident trading with FXCM as their FX and CFD provider.

 

Probably FXCM’s customers are worried about the impact a possible delisting of Global Brokerage from the Nasdaq Stock Market might have on the broker’s situation. Forex Capital Markets (FXCM Inc.) (NYSE:FXCM) transferred its stock exchange listing from the New York Stock Exchange to The NASDAQ Global Market in mid-September, 2016. Since then, the stock price of Global Brokerage, Inc. (NASDAQ:GLBR) has been on the fall, and the company warned of possible delisting from NASDAQ in May this year. Previous week Global Brokerage’s stock price has dropped to a new record low of $1.20.

 


After the closure of the US business, FXCM Group 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.

TAGS: FXCM  GLBR  NASDAQ delisting  Leucadia  stock price 

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