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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate has learned, via filings made with the U.S. Securities and Exchange Commission (SEC), that former FXCM (NYSE:FXCM) senior executive Michael Romersa has sold approximately $1.4 million worth of his FXCM shares over the past couple of days. He sold 85,470 shares at prices ranging from $16.32 to $16.78.
The last reported sale of Mr. Romersa’s occurred back in March when he cashed in $8.8 million of FXCM shares. With the latest sale, Mr. Romersa has cashed in a little over $10 million of his shares since March.
Romersa was Chief Dealer of FXCM before retiring prior to FXCM’s IPO in December 2010. After this latest sale, Romersa still holds over 2.5 million FXCM shares and remains above a 10% shareholder in the company.
Romersa still holds about one third of his shares as special ‘Holding Units’, held by original FXCM shareholders. Holding Units can be converted on a one-for-one basis for ‘regular’ publicly traded FXCM shares. Romersa received 900,000 shares, and still holds these special derivatives.
FXCM announced that it will report its 2014 third quarter financial results after the closing of the U.S. financial markets on Thursday, November 6th. The financial results should be interesting as September was the firm’s highest volume metric in the retail segment to date. However, the industry remains skeptical if the late summer volatility and volume surge is the beginning of a new trend or an outlier. Selling some shares before finding out that answer seems like the conservative move to make. Stay tuned to LeapRate this fall as FX industry news stays hot.
For the official SEC filing, click here.