FXCM changes name to Global Brokerage Inc. and New Ticker Symbol “GLBR” on NASDAQ

FXCM Inc. (NASDAQ: FXCM) is currently undergoing a facelift and has announced a change in its name from FXCM Inc. to Global Brokerage Inc. They have also introduced a new ticker symbol GLBR on Nasdaq. The changes will be effective as from Feb 27, 2017. Earlier this month, FXCM settled the $7 million charges with the US’ company, Commodity Futures Trading Commission (CFTC). These are the monitory penalties that they were charged for engaging in false and misleading solicitations. The brokerage company as well as its CEO, Drew Niv, was forced. As a result to withdraw from the US market.

Mr. William Ahdout, who is serving as the company’s Director has submitted his resignation later to the Company’s Board of Director. Mr. Drew has also submitted his resignation from the position Director and Chairman of the Board and the resignation will be effective upon selection and appointment of a successor. It is critical for mr. Niv to remain in his position, for the time being, to ensure that the transition goes smoothly. He will serve to advise appointed a successor and ensure an orderly transition.

FXCM forex brokerThe company’s Board of Management has come up with the recommendation of names who will work as Corporate Governance Committee. Among the appointed member of the Corporate Governance Committee is Mr. Bryan I. Reyhani who will serve as the chairman of the Board of Directors. However, the board has made a final decision that mr. Niv and Mr. Ahdout will have to resign from the Board of Directors.

The Background of the FXCM Inc:

FXCM Inc. (NASDAQ: FXCM) is one of leading publicly traded company owning 50.1 % of FXCM Group, LLC. It is a holding company of Forex Capital Markets LLC, which is a forex capital market that has branches that include EU branch (FXCM UK) and FXCM Australia pty. Limited (FSCM AU). All the branches are under FXCM group of companies, which is owned by FXMC Inc. (NASDAQ: FXCM) AND Leucadia National Corporation. Leucadia National Corporation is also a multi-billion dollar holding company that has diversified its investment and engaged in a number of consolidated subsidiaries businesses.

FXCM Inc. is a leading online foreign exchange trading and related service provider. The company allows customers access to Foreign Exchange market through its innovative service platform. The company operates in the retail trading segment, which offers its users an agency model to perform their FX trades. The company acts as an intermediary between the customers and the FX market. The company offers some products with include Spot FX trading, Spread betting, Contract-for-Difference, MetaTrader 4, Trading Station Web, FXM Pro, Ninja Trade platform and Mirror Trader Platform. The Company holds some interest in Lucid Markets Trading Limited, which is an innovative electronic market maker as well as a trader in institutional foreign exchange spot and future market.

Changes in the company:

Following the regulatory orders, the company has announced a number of changes which include a change in its name and management. Drew Niv has resigned as Director and Chairman of the Board of FXCM effective upon selection of its successor. They have also announced that the board of management will promote Brendan Callan as an interim Chief Executive Office of the company. Mr. Callan has been working as a Chief Executive Officer as well as the president of the European operations for the last seven years. The Board of Management has also settled on Mr. Bryan I. Reyhani as the interim Chairman of the FXCM’s Board of Management.

In another announcement, Jimmy Hallac was appointed the chairman of FXCM Group. Up to his appointment, Mr. Hallac was working as the Managing Director of Leucadia National Corporation, which holds a significant interest in FXCM Group.

After the changes, the six-member Board of Director will now include Mr. Hallac, Rich Handler, Brian Friedman, David Sakhai, Robert Lande and Kenneth Grossman. These changes have paved to many other questions. We are waiting to see how the company will not be regulated and how it will be operating. All we now know is that Global Brokerage, Inc. has an equity interest in FXCM Group. However, there is a question on future of the FXCM Group as many people are asking whether the name of FXCM’s non-US business will also change.

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