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Screenshot of a breaking news alert e-mail from Q2 2017
US Forex broker FXCM Inc (NYSE:FXCM) today announced the completion of the sale of FXCM Securities Limited to AS Expobank. The report comes several months after LeapRate exclusively reported of FXCM’s plans to sell this business to Expobank.
FXCM Securities was FXCM’s brokerage specializing in exchange traded equities, futures, and options, which was acquired in 2010, as FXCM took over ODL Group Limited.
In its today’s announcement, FXCM stressed that the sale represents a non-material disposition of one of FXCM’s non-core assets. At this point, the purchase price has not been revealed.
FXCM has been carrying out a raft of non-core assets sales, as it seeks to raise cash to repay its $300 million loan from Leucadia National Corp (NYSE:LUK) extended in the wake of huge losses FXCM incurred from the ‘Black Thursday’ Swiss Franc spike. Japanese giant Rakuten Securities has acquired FXCM Japan in March for $62.2 million and FXCM Asia for $36 million in May. Institutional business Faros Trading was sold to Jefferies LLC.
The official announcement from FXCM on the deal completion can be viewed by clicking here.