Breaking: Kenneth Grossman Succeeds Drew Niv as CEO of Global Brokerage

Global Brokerage Inc, the publicly traded company that owns 37.3 percent of FXCM Group LLC, has announced that it is appointing Kenneth Grossman as CEO. As was widely expected in the aftermath of the settlement between Forex Capital Markets LLC and the US CFTC, Drew Niv has resigned from the position of interim CEO.

The board of directors of Global Brokerage Inc has chosen an internal candidate to take the helm. Grossman sat on the board of the firm from 1999 to 2010. He was one of the founding partners of the company and served as director after taking several senior leadership roles and the CFO position at Berisford Capital Markets.

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Global Brokerage will be compensating the new CEO of the company with $600,000 per annum, and a bonus of $1 million upon completion of his employment term. The initial agreement between the parties is for a little over one year.

The change comes after the biggest creditor of Global Brokerage, Leucadia National, took over the position of chairman of the board recently. The firm’s Managing Director Jimmy Hullac was appointed to the role, succeeding Drew Niv in February 2017.

Leucadia currently holds three seats on the Global Brokerage board following the restructuring that was announced in the aftermath of FXCM's $7 million Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term with the CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term and its exit from the US market. The broker was forced to sell its US client base to its long-term rival GAIN Capital.