FXCM US Reaches Settlement with CFTC on SNB Related Matter
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FXCM Inc. /
FXCM US Reaches Settlement with CFTC on SNB Related Matter
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NEW YORK, Feb. 13, 2017 (GLOBE NEWSWIRE) -- FXCM Inc. (NASDAQ:FXCM) ("FXCM" or
the "Company"), today issued a statement on the settlement of the civil action
filed by the Commodity Futures Trading Commission ("CFTC") against its U.S.
subsidiary, Forex Capital Markets LLC ("FXCM US") in the Southern District Court
of New York on August 18, 2016. The action relates to the brief
undercapitalization FXCM US suffered as the direct result of the Swiss National
Bank suddenly and unexpectedly announced on January 15, 2015 that it was
abandoning its historical policy of pegging the Swiss Franc to a fixed exchange
rate of 1.2000 Swiss Francs per Euro. The action also concerns the negative-
balance protection policy of FXCM US prior to January 15, 2015, a policy FXCM US
no longer provides to US customers. This settlement, which includes a fine of
$650,000, brings to a close all material U.S. regulatory matters affecting FXCM
US.
Disclosure Regarding Forward-Looking Statements
In addition to historical information, this release contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities
Litigation Reform Act of 1995, which reflect FXCM's current views with respect
to, among other things, its operations and financial performance in the future.
These forward-looking statements are not historical facts and are based on
current expectations, estimates and projections about FXCM's industry, business
plans, management's beliefs and certain assumptions made by management, many of
which, by their nature, are inherently uncertain and beyond our control.
Accordingly, readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict including, without
limitation, risks associated with FXCM's plans to shut down its US subsidiary
and a potential sale of its US customer accounts, risks associated with FXCM's
strategy to focus on its operations outside the United States, risks associated
with the events that took place in the currency markets on January 15, 2015 and
their impact on FXCM's capital structure, risks associated with FXCM's ability
to recover all or a portion of any capital losses, risks relating to the ability
of FXCM to satisfy the terms and conditions of or make payments pursuant to the
terms of the finance agreements with Leucadia, as well as risks associated with
FXCM's obligations under its other financing agreements, risks related to FXCM's
dependence on FX market makers, market conditions, risks associated with FXCM's
litigation with the National Futures Association and the Commodity Futures
Trading Commission or any other potential litigation or regulatory inquiries to
which FXCM may become subject, risks associated with potential reputational
damage to FXCM resulting from FXCM's plans to shut down its US subsidiary, and
those other risks described under "Risk Factors" in FXCM Inc.'s Annual Report on
Form 10-K, FXCM Inc.'s latest Quarterly Report on Form 10-Q, and other reports
or documents FXCM files with, or furnishes to, the SEC from time to time, which
are accessible on the SEC website at sec.gov. This information should also be
read in conjunction with FXCM's Consolidated Financial Statements and the Notes
thereto contained in FXCM's Annual Report on Form 10-K, FXCM Inc.'s latest
Quarterly Report on Form 10-Q, and in other reports or documents FXCM files
with, or furnishes to, the SEC from time to time, which are accessible on the
SEC website at sec.gov.
These factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included in this
release and in our SEC filings. FXCM Inc. undertakes no obligation to publicly
update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required by law.
About FXCM Inc.
FXCM Inc. (NASDAQ:FXCM) is a publicly traded company which owns 50.1% of FXCM
Group, LLC (FXCM Group).
FXCM Group is a holding company of Forex Capital Markets LLC, (FXCM US), Forex
Capital Markets Limited, inclusive of all EU branches (FXCM UK), FXCM Australia
Pty. Limited, (FXCM AU), and all affiliates of aforementioned firms, or other
firms under the FXCM group of companies [collectively "FXCM"]. FXCM Group is
owned and operated by FXCM Inc. (NASDAQ:FXCM) and Leucadia National Corporation
(NYSE:LUK). Leucadia National Corporation is a multi-billion dollar diversified
holding company engaged through its consolidated subsidiaries in a variety of
businesses.
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading,
spread betting and related services. The company's mission is to provide global
traders with access to the world's largest and most liquid market by offering
innovative trading tools, hiring excellent trading educators, meeting strict
financial standards and striving for the best online trading experience in the
market. Clients have the advantage of mobile trading, one-click order execution
and trading from real-time charts. In addition, FXCM offers educational courses
on FX trading and provides trading tools proprietary data and premium
resources. FXCM Pro provides retail brokers, small hedge funds and emerging
market banks access to wholesale execution and liquidity, while providing high
and medium frequency funds access to prime brokerage services via FXCM Prime.
Trading foreign exchange and CFDs on margin carries a high level of risk, which
may result in losses that could exceed your deposits, therefore may not be
suitable for all investors. Read full disclaimer.
Jaclyn Sales, 646-432-2463
Vice-President, Corporate Communications
jsales(at)fxcm.com
investorrelations(at)fxcm.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FXCM Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 13.02.2017 - 22:00 Uhr
Sprache: Deutsch
News-ID 523824
Anzahl Zeichen: 7133
contact information:
Town:
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Kategorie:
Business News
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