After Leucadia purchase and Japan's branch to Rakuten Securities, FXCM after problems related to Swiss Franc cap removal had to leave another from its assets – Faros Trading LLC, due to raising additional funds for Leucadia National Corp. for the loan repayment.
This institutional foreign exchange brokerage subsidiary of FXCM Inc. is being sold for an undisclosed sum, only more than one year after FXCM's purchase to Leucadia-owned Jefferies Group, thus gaining even more control of former FXCM business.
Fred Orlan, Global Head of Fixed Income at Jefferies, informed: “We are very pleased to expand our capabilities in foreign exchange. With major changes in these markets, we believe that there is a significant opportunity to provide clients with transparent advice, best-execution and market-expertise. Our foreign exchange effort will be closely coordinated with our global rates capabilities, in order to provide clients with a full-service macro offering.”
Still, we do not have more information about the agreement, while market is paying closer attention to FXCM's selling of non-core assets.
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