FX week in review: Jefferies gets 100% of FXCM, LMAX buys Cürex FX, broker results
It was a week of consolidation in the FX and CFDs industry, with Jefferies Financial (NYSE:JEF) finally formally taking 100% ownership of leading broker FXCM nearly nine years after first taking a stake in the company, in the wake of the January 2015 “Swiss Franc crisis”.
London’s LMAX took steps to grow its US institutional business, buying Cürex’s FX business.
And there was a lot more too – broker results, brand ambassadors named, guest editorials on important topics…
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Jefferies now owns 100% of outstanding interests of FXCM. Jefferies Financial Group, Inc. (NYSE:JEF) has posted its SEC filing for the quarter to end-August 2023, with the document revealing details about Jefferies’ relationship with FXCM. On September 14, 2023, Jefferies completed a foreclosure on the collateral that GLBR had pledged to secure its obligations under a credit facility, which consisted of GLBR’s equity interest in FXCM. As a result of the foreclosure, Jefferies now owns 100% of the outstanding interests of FXCM; and FXCM has become a consolidated subsidiary.
LMAX builds US presence buying Cürex’s FX business. London based institutional FX and digital assets trading venue operator LMAX Group has announced that it has entered into an agreement to acquire the FX business of Cürex, a New York City‐based institutional foreign exchange execution services and data analytics company. The transaction is expected to close within a month, subject to customary closing conditions. Financial terms of the transaction are not disclosed.
Exclusive: Tickmill signs cricket legend Jonty Rhodes as brand ambassador. FNG Exclusive… FNG has learned that leading online multi-asset broker Tickmill has signed Jonty Rhodes as brand ambassador for the company. We expect the parties to make a formal announcement shortly. Jonty Rhodes is a South African professional cricket coach, commentator and former Test and One Day International cricketer. He is widely regarded as one of the greatest fielders of all time, and was the first South African cricketer to take 100 ODI catches.
MetaTrader 4 Partial Close and Close-By – How to Handle These Actions in Regulatory Reporting. The following is a guest editorial courtesy of Quinn Perrott, co-CEO of trade reporting solutions provider TRAction. What is a partial close? MetaTrader 4 (MT4) has a feature that allows the trader to close a portion of an open position. This gives the trader flexibility when it comes to locking in profits or trimming losses by closing a fraction of the total, keeping the remainder active in the market.
FX and CFD broker financial and operating results reported this week here at FNG included:
- eToro Revenues in the UK plummet 57% in 2022 as crypto trading slows.
- Trading 212 sees 17% drop in 2022 Revenues, Profits fall 50%+.
- Exclusive: FXCM UK sees lower revenues but higher profits in 2022.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Tickmill quant research head Chariton Christou leaves to found Boltzmann Research.
❑ Exclusive: LMAX US Director Bryan Christian leaves for Symphony.
❑ R.J. O’Brien promotes Matt Heidkamp to COO, US, Gemma Lloyd to COO, EMEA.
❑ Cboe Global Markets announces appointments to its senior leadership.