FXCM announced later on Thursday its intention to sell its Hong Kong division, FXCM Asia Ltd. to Rakuten Securities, a Japanese electronic trading company.
If you think, you heard about FXCM and Rakuten Securities before, you are right – the company has already sold Forex Trading, LLC (a subsidiary of FXCM Newco, LLC) in Japan. To the same subject. Now there is another agreement related to buyout of Hong Kong’s FXCM by Rakuten Securities, Inc. (fifth strongest broker in the “Country of the rising sun.” This deal should be closed for around $36 million.
As the entire procedure has to go through Hong Kong Securities and Futures Commission, the agreement is expected to be put into practice during the third quarter.
As for clients, they don’t have to worry. Rakuten Securities chose the easier way via white label agreement with FXCM, where clients can use the trading system of former company for Hong Kong division.
Drew Niv, CEO of FXCM stated: “We are pleased to extend our relationship and announce another transaction with Rakuten Sec through the sale of FXCM Hong Kong. This is another positive step towards FXCM completing its plan to sell non-core assets and repay the Leucadia loan,” Niv added.
Yuji Kusunoki, President of Rakuten Sec said: “We are delighted to invite FXCM Hong Kong to Rakuten group, followed by FXCM Japan. This is a great opportunity for us to expand our FX business globally.”
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