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Some marked progress has been made regarding the acquisition of FXCM Asia Limited, the former subsidiary of FXCM Inc (NYSE:FXCM), by Japanese Rakuten Inc (TYO:4755).
FXCM Asia, an online provider of Forex trading in Hong Kong, today announced that it will continue to service local forex traders as “FXCM Asia powered by Rakuten Sec”. FXCM Asia was acquired by Rakuten Securities, Inc., a subsidiary of Rakuten Inc (TYO:4755), under a definitive agreement signed between FXCM and Rakuten Sec on September 11, 2015.
The acquisition marked Rakuten Sec’ expansion into a new market – Hong Kong. The company has now assumed full ownership of FXCM Asia. Following the latest agreement, Rakuten Sec will continue to provide the FXCM trading system to clients of FXCM Asia. Forex trading by existing FXCM Asia clients will not be affected.
“Traders can expect not just better support, but also a better trading environment and, potentially, a broader suite of trading products over the long term.” said Yuji Kusunoki, President of Rakuten Sec.
“This is the commitment of FXCM Asia, now stronger, more efficient, and more competitive than ever as a result of operational synergies realized from Rakuten Sec and FXCM joining forces. We have an extremely competitive forex pricing model, market-leading trading technology and a talented team with deep industry expertise. We are uniquely positioned for future growth.”
FXCM Asia will continue to offer access to Trading Station in three versions: desktop, web, or mobile, using one simple login. In addition, traders will continue to benefit from research and analysis through DailyFX.
FXCM Asia contact details will remain the same.
Selling FXCM Asia was a part of FXCM’s efforts to dispose of non-core assets, in order to repay swiftly the $300 million loan it received Leucadia. Earlier this year, FXCM sold its Japanese operations to Rakuten too. The transaction, which closed on April 1, 2015, valued FXCM Japan at $62 million.
To view the official press release, click here.