LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
FXCM shares up despite news that two senior officers of FXCM recently sold most of their shares.
Shares of publicly traded forex brokers continue to surge forward. On a day when stocks were generally down (Dow -0.7%, S&P500 -0.5%), leading forex broker FXCM continued its climb upward — crossing the $19 line, setting an all-time high of $19.24, before closing at an all-time closing high of $19.16.
FXCM’s rise Thursday came despite the only real news out there on FXCM being word that two senior officers — FXCM CFO Robert Lande and FXCM CTO Evan Milazzo — each recently sold some of their shares. Lande pocketed $2.6 million from the sale of 147,500 shares, and Milazzo $706,000 from selling 38,000 shares. Both sales were part of options exercised for stock and then sold. Lande still owns 24,300 FXCM shares, while Milazzo sold all his shares.
If you had bought shares of FXCM one year ago, you would have nearly doubled your money:
FXCM and Gain Capital one-year price chart. Source: Google Finance.
Both FXCM and rival Gain Capital reported healthy Q2 financial metrics recently, and it appears as though Wall Street has taken notice.