A quick note from the New York Stock Exchange where US retail FX giant FXCM (NYSE:FXCM) is listed. Trading in shares of the company was halted about an hour ago pending a news announcement.
Shares in the FX broker were down as much as 88% after the press release stating the $225 million hit the company will have to take, as a result of adverse Swiss Franc trading of its clients. FXCM has warned the financial hit may lead to breaches of US regulatory capital requirements. Still, the company has been in talks with regulators to resolve the matter.
Reuters reported earlier today that the National Futures Association (NFA) was monitoring US FX brokers over volatility. The watchdog confirmed that it was in “constant contact with FXCM”.
The price per FXCM share stood at $12.63 at the moment of publication of this article.
Stay tuned, as LeapRate will keep you updated.