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FXCM Completes Purchase of Infinium Capital's Assets, Launches New JV

FXCM, the leading retail Forex broker, announced last week that it had completed the purchase of selected assets of Infinium Capital, the troubled high speed trading firm from Chicago, and that it will launch a new joint venture on the basis of these newly acquired assets.

 
As we reported in February, the acquisition has two components: the legacy business and the infrastructure part. The legacy business consists of the five most successful trading desks of Infinium, which FXCM is keeping in the new business. The rest, as you know, were loss-making, which is the main reason for Infinium's going down. 
 
The infrastructure part of the deal is crucial for FXCM, as Drew Niv – the broker's chief executive, praised Infinium's high-speed trading network as one of the best not only in the United States but also in the world. There's nothing astonishing about that as the Chicago-based firm had been pouring a huge amount of investment into the infrastructure for years in a row. Well, FXCM is taking that now and is giving it to Lucid Markets, a business specialized in algorithmic trading. Lucid Markets gets to benefit from the newly acquired infrastructure and also from a wider range of instruments to which its algorithmic strategies can be applied. 
 
 
The new joint venture will be called V3 and the principals of Lucid Markets will hold a 49.9% stake in it. V3 is set to be accretive for FXCM already in the first half of 2014, but the meaningful contribution is expected in the second half of this year.
 
FXCM has acted rather decisively regarding Infinium – the broker first announced that it is interested in a deal with the Chicago firm in the end of August 2013, a couple of months later it bought a note in the company and in January this year said it would purchase some assets. The losses of the company and the lawsuit of a number of Infinium's employees targeting the high speed trader's management did nothing to dissuade FXCM. 
 
 

About FXCM Inc. 

 
FXCM Inc. (NYSE:FXCM) is a global online provider of foreign exchange, or FX, trading and related services to retail and institutional customers world-wide. At the heart of FXCM's client offering is No Dealing Desk FX trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, offers Contract for Difference ("CFD") products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with FX on one platform. In addition, FXCM offers educational courses on FX trading and provides free news and market research through DailyFX.com.
 
Details about the new JV are from FXCM's presentation during the Citi Asset Management, Broker Dealer & Exchanges Investor Conference (March 12, 2014).
TAGS: fxcm  fxcm forex broker  us forex broker  infinium capital  v3  joint venture  forex deal  lucid markets  high speed trading  mergers and acquisitions  forex acquisition  corporate structure  m&a  forex 

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