FXCM 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 execution.
“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 institutional business.
“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
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.