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FXCM Japan Securities, the former subsidiary of FXCM Inc (NYSE:FXCM) which on April 1, 2015, became a part of Rakuten Securities, has updated its clients today on the pending changes to services they face as the migration of business to the new owner is under way.
FXCM Japan and Rakuten Securities, the securities brokerage arm of Japanese Internet expert Rakuten Inc (TYO:4755), today reached an agreement on the services transition. The process of the integration should be completed on August 1, 2015. Since the morning of that day, all trades with FXCM Japan will be effectively conducted via Rakuten Securities.
- The shift will be automatic for owners of accounts with FXCM Japan for Trading Station and MetaTrader 4 (MT4).
- Those willing to trade securities products that were not on the menu of FXCM Japan but are offered by Rakuten will have to open new accounts, however.
- One service is certain to go. That is social trading platform Mirror Trader – the broker will halt support of the platform and will close all Mirror Trader accounts on July 27, 2015.
- On the brighter side, clients of FXCM Japan will enjoy certain perks, such as zero fees for account maintenance.
FXCM Inc sold its Japanese operations to Rakuten Securities for $62 million, in an effort to raise money to repay as fast as possible the loan from Leucadia National Corp. (NYSE:LUK), which was extended to the US FX broker as it was struggling to meet regulatory capital requirements after the Swiss franc spike on January 15, 2015.
To view the details about the services transition, click here.