NEW YORK & SYDNEY--(BUSINESS WIRE)--FXCM Inc. (NYSE:FXCM), a leading online provider of foreign exchange trading and related services worldwide, today announced that its subsidiary FXCM Holdings LLC, has signed a definitive agreement with IBFX, Inc. and IBFX Australia Pty Ltd to acquire their U.S. and Australian MetaTrader 4 ("MT4") retail forex accounts ("IBFX MT4 Accounts").
"FXCM welcomes the IBFX clients and our team will work hard to ensure a smooth transition,” said Drew Niv, CEO of FXCM. “We are dedicated to providing clients with a wealth of tools, resources and educational services along with our award winning customer service, superior technology, and transparent No Dealing Desk forex execution.”
FXCM will be acquiring approximately $63 million in client equity and 13,000 accounts.
"A majority of the clients being acquired are located in Asia and have traded through IBFX's Australian regulated entity," added Niv. “This acquisition would have added 5% to FXCM’s most recently disclosed client equity.”
The IBFX MT4 Accounts will be transferred to Forex Capital Markets LLC (“FXCM US”) or FXCM Australia Limited (“FXCM AU”) by the end of September. IBFX clients using the 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.
Financial terms of the transaction were not disclosed at this time.
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 sec.gov.
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.
About FXCM Inc.
FXCM Inc. (NYSE:FXCM) is a leading online provider of foreign exchange, or FX, trading and related services to retail and institutional customers world-wide.
At the heart of FXCM's client offering is No Dealing Desk FX trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's AU subsidiary, FXCM Australia Limited, offers Contract for Difference ("CFD") products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with FX on one platform. In addition, FXCM offers educational courses on FX trading and provides free news and market research through DailyFX.com.
Trading foreign exchange and CFDs on margin carries a high level of risk, and may not be suitable for all. Read full disclaimer.