FXCM to Acquire U.S. Retail Forex Accounts of FXDD
NEW YORK--(BUSINESS WIRE)--
Inc. (NYSE:FXCM), a leading online provider of foreign exchange
trading and related services worldwide, today announced that its U.S.
subsidiary, Forex Capital Markets LLC ("FXCM U.S."), has signed a
definitive agreement with FXDirectDealer LLC ("FXDD") to acquire their
U.S. retail forex accounts ("FXDD U.S. Accounts").
FXCM will be acquiring approximately $27 million in client equity and
seven thousand active FXDD U.S. accounts.
The FXDD U.S. Accounts will be transferred to FXCM U.S. on Friday May
16, 2014 after the close of trading. FXDD clients using the MetaTrader 4
("MT4") platform will be transitioned to the FXCM MT4 platform and
should see minimal changes in platform functionality. FXCM's upgraded
MT4 platform integrates seamlessly with its No Dealing Desk forex
"FXCM is dedicated to providing clients with award winning customer
service, superior technology, and transparent No Dealing Desk forex
execution, and we welcome the former FXDD clients to the FXCM network,"
said Drew Niv, CEO of FXCM.
FXDD will maintain its presence in the U.S. and its regional
headquarters in New York City. In addition to providing forex services
to international markets, the company will also work to enhance its
"We are pleased to announce this transaction with FXCM, as it will allow
us to focus our resources to expand our core international business,"
said Joseph Botkier, CEO of FXDD. "We are confident that FXCM will
provide the same level of excellent service and trading environment that
our account holders have experienced at FXDD."
Financial terms of the transaction were not disclosed.
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Disclosure Regarding Forward-Looking Statements
In addition to historical information, this release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934, which reflect FXCM Inc.'s current views with respect to, among
other things, its operations and financial performance for the future.
You can identify these forward-looking statements by the use of words
such as "outlook," "believes," "expects," "potential," "continues,"
"may," "will," "should," "seeks," "approximately," "predicts,"
"intends," "plans," "estimates," "anticipates" or the negative version
of these words or other comparable words. Such forward-looking
statements are subject to various risks and uncertainties. Accordingly,
there are or will be important factors that could cause actual outcomes
or results to differ materially from those indicated in these
statements. FXCM Inc. believes these factors include but are not limited
to evolving legal and regulatory requirements of the FX industry, the
limited operating history of the FX industry, risks related to the
protection of its proprietary technology, risks related to its
dependence on FX market makers, market conditions and those other risks
described under "Risk Factors" in FXCM Inc.'s Annual Report on Form 10-K
and other SEC filings, which are accessible on the SEC website at sec.gov.
These factors should not be construed as exhaustive and should be read
in conjunction with the other cautionary statements that are included in
this presentation and in our SEC filings. FXCM Inc. undertakes no
obligation to publicly update or review any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as required by law.
About FXCM Inc.
Inc. (NYSE:FXCM) is a global online provider of foreign exchange, or
FX, trading and related services to retail and institutional customers
At the heart of FXCM's client offering is No Dealing Desk FX trading.
Clients benefit from FXCM's large network of forex liquidity providers
enabling FXCM to offer competitive spreads on major currency pairs.
Clients have the advantage of mobile trading, one-click order execution
and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital
Markets Limited, offers Contract for Difference ("CFD") products with no
re-quote trading and allows clients to trade oil, gold, silver and stock
indices along with FX on one platform. In addition, FXCM offers
educational courses on FX trading and provides free news and market
research through DailyFX.com.
Trading foreign exchange and CFDs on margin carries a high level of
risk, and may not be suitable for all. Read
Exchange Dealer registered with the CFTC and a member of the
National Futures Association, is headquartered in New York City's 7
World Trade Center. FXDD is a leader in online Forex
trading dedicated to providing powerful trading technology, reliable
streaming liquidity and dedicated, 24-hour customer service for every
account holder. FXDD provides services to individual and institutional
traders, hedge funds, commercial entities, brokerage firms and money
managers around the world. FXDD offers 24-hour Forex trading by way of
its trading platforms, which include: MetaTrader,
PowerTrader, Mirror Trader and Swordfish. The Company's services
currently provide competitive interbank pricing, no-interest accounts,
and fully-automated execution.
Jaclyn Klein, 646-432-2463
Corporate Communications and Investor Relations
Director of Marketing
Source: FXCM Inc.
News Provided by Acquire Media
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