LeapRate Exclusive... LeapRate has learned that the May acquisition by FXCM (NYSE:FXCM) of FXDD's US client assets was done for cash consideration of $4.4 million. It turns out that the assets acquired were a little less than previously advertised - FXCM ended up getting $23.4 million in client equity spread among 6,172 active accounts. FXCM's…
Read moreFXCM has released a formal statement on its purchase of FXDD's US client base, which apparently included $27 million of client funds spread over 7,000 active trader accounts. The statement follows:
Read moreCrises, Acquisitions, IPOs and Bitcoin all topped our list of the most followed stories in 2013. 2013 was nothing short of a spectacular year in the Forex industry. Forex industry volumes returned after two lackluster years, with our Retail Forex Volume Index hitting an all-time high of $329 billion daily in June, before settling back…
Read moreSwissquote has set up an internal fund of CHF 100 million ($110 million) geared to potential acquisitions. It looks like Swissquote's appetite for acquisitions might not be sated with its takeover of rival Swiss forex broker MIG Bank. Swissquote (SWX:SQN) CEO Marc Burki was quoted in an interview in Swiss financial publication L'Agefi (and as reported…
Read moreFaros clients are mainly hedge funds, institutional money managers, corporations, and family offices. Just a few days after acquiring Alpari US's retail assets, global forex leader FXCM has made an acquisition on the institutional side of its business, buying Faros Trading. Faros is a leader in FX intelligence, market coverage, and execution services to the institutional foreign…
Read moreEmboldened by much better Q1 results, Gain Capital (Forex.com) is going it alone. Well, it seems as if the letter written to the Gain Capital Board by shareholder Springhouse Capital -- warning Gain not to make any acquisitions or do anything else to ward off a takeover of Gain -- wasn't written in a vacuum.…
Read moreFollows a very brief attempted "friendly" offer by FXCM, which was rebuffed by Gain Capital management. In a move which has shocked the FX world, FXCM has made an offer to acquire Gain Capital (Forex.com) for $5.35 per share, or a total of $210 million -- all payable in FXCM stock. That's the headline. But…
Read moreGain Capital is to (potentially) make only back-end payments to GFT, based on volume. LeapRate Exclusive.... Back at the beginning of December, when the Gain Capital-GFT deal was announced, we wrote that "we are fairly certain that very little money changed hands here, perhaps a couple of million dollars...". Well it turns out that even that…
Read moreCity Index, owner of FX Solutions, is the latest major FX firm to abandon the U.S. It should come as no surprise to those who follow our blog, or the FX industry generally, that yet another international FX firm has decided that their capital is better deployed somewhere other than the U.S. After recently seeing…
Read moreDarren Mast, Getco COO, named Interim Head of Currencies at the merged company. In what seems like a clear sign that the merged Knight Capital and Getco company will look to sell its Forex ECN division Hotspot FX, Knight Capital announced today that post-merger, the Currencies division (namely, Hotspot FX) will be run an interim…
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