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Global Brokerage announces poor financial metrics for Q1, will probably delist from the Nasdaq

Global Brokerage, Inc. (formerly FXCM Inc.) released on Tuesday poor financial metrics for Q1 of 2017, which are hardly surprising after the company’s dramatic exit from the US market. More importantly, the market value of Global Brokerage’s publicly held shares does not meet the requirements of Nasdaq, which could lead to its eventual delisting from the exchange, by October 30, 2017.

 

Global Brokerage’s U.S. GAAP trading revenue from continuing operations amounted to $45.1 million for the quarter ended March 31, 2017, down by 23.4% compared to Q1 of 2016. What is more, in Q1 of 2017 the company turned to net loss of $24.5 million, while a year earlier the net income attributable to Global Brokerage for the first quarter amounted to $61.9 million.

 

In addition, the company’s trading metrics for Q1 of 2017 were also disappointing. FXCM’s total trading volume for the three months ended March 31 came in at $679 bln., representing a drop of almost 26% from Q1 2016, when it amounted to $917 bln.

 

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, dropping by almost 80%.

 

 

Global Brokerage Inc. is a majority stakeholder in FXCM Group. The remaining 49.9% in the group are in the hands of Leucadia. 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: Global Brokerage  FXCM  financial results  stock price  Nasdaq 

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