FXCM Group Clarifies its Relationship to Global Brokerage, Inc.
(Thomson Reuters ONE) -
NEW YORK, Aug. 21, 2017 (GLOBE NEWSWIRE) -- FXCM Group, LLC ("FXCM Group" or
"FXCM"), a leading international provider of online foreign exchange trading,
CFD trading, spread betting and related services, and Leucadia National
Corporation (NYSE:LUK) ("Leucadia") today responded to questions from FXCM's
customers regarding FXCM's relationship to Global Brokerage, Inc. (NASDAQ:GLBR)
("GLBR").
Leucadia, a diversified holding company with a $8.5 billion market value, holds
a 49.9% equity interest and up to a 65% economic interest in FXCM and is firmly
committed to the success of FXCM's success.
GLBR is a shareholder of FXCM with 50.1% equity ownership and a minority
economic interest. More importantly, FXCM has no responsibility or obligation
for GLBR's debt or other obligations. Accordingly, the recent news and any
adverse developments at GLBR have no impact on FXCM or its ability to service
its customers.
"Leucadia continues to work hand in hand with FXCM management," said Jimmy
Hallac, Managing Director of Leucadia and Chairman of FXCM Group. "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."
FXCM's only debt is its loan to Leucadia. Currently, $66.7 million remains
outstanding on the Leucadia loan while FXCM has approximately $130 million in
capital following the sale of FastMatch with $123.9 million in cash as of June
30, 2017. As recently announced, FXCM used $46.7 million of proceeds from the
sale of its stake in FastMatch to pay down the Leucadia loan and expects
additional paydowns in the coming months.
"FXCM is grateful for its partnership with Leucadia," said Brendan Callan, Chief
Executive Officer of FXCM Group. "Our customers, employees and stakeholders
benefit greatly from the Leucadia affiliation, in particular our growing
collaborative relationship with Jefferies."
About Leucadia National Corporation
Leucadia National Corporation is a diversified holding company that invests in a
broad array of businesses. The Company's financial services businesses and
investments include investment banking and capital markets (Jefferies Group),
asset management (Leucadia Asset Management), real estate (HomeFed), online
provider of foreign exchange trading services (FXCM), commercial mortgage
banking, investment sales and servicing (Berkadia), and vehicle finance
(Foursight Capital). The Company's merchant banking businesses and investments
include an insurance and consumer products company (HRG Group), beef processing
(National Beef), oil and gas exploration and development (Vitesse Energy and
JETX Energy), automobile dealerships (Garcadia), fixed wireless broadband
services in Italy (Linkem), manufacturing (Idaho Timber) and a gold and silver
mine (Golden Queen).
About FXCM Group, LLC
FXCM Group is a holding company of 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 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
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
Datum: 21.08.2017 - 14:45 Uhr
Sprache: Deutsch
News-ID 557200
Anzahl Zeichen: 5340
contact information:
Town:
New York
Kategorie:
Business News
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"FXCM Group Clarifies its Relationship to Global Brokerage, Inc."
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