US holding company, aka the baby Berkshire Hathaway, Leucadia National has given troubled forex broker-dealer FXCM a $300 million financing. The move comes after talks earlier in the day to support the broker.
FXCM has received financing by holding firm, Leucadia National, according to media reports. The troubled FX and CFD broker reported losses on the back of the Swiss Franc crisis, thus putting the vulnerable Forex broking sector in unwanted stress.
CNBC reported that Leucadia National invested $300 million cash in listed broker-dealer in Exchange for $250 million in two-year senior secured notes with a 10% coupon.
It adds that if FXCM is sold, Leucadia will get 75 percent of the proceeds. The news comes as a sigh of relief for industry participants who were on the edge after Alpari UK became insolvent.
FXCM issued a note on the 15th of January late last night, informing the market that it had also suffered heavily during the CHF crisis, the firm joined fellow listed CFD provider, IG, who was the first broker to issue a note about heavy losses.
Forex Magnates reported that FXCM was in discussion with Jefferies, a subsidiary of Leucadia National. Leucadia is a publicly traded firm that has a number of firms under its portfolio. FXCM becomes the second financial services firm as it expands its business.
FXCM’s CEO Drew Niv is reported to have issued a statement, according to CNCB, he stated: "Leucadia's support and this financing are by far the best alternative for FXCM, our customers, our shareholders, and all other relevant constituencies."
Richard B. Handler, Chief Executive Officer, and Brian P. Friedman, President of Leucadia, commented in a statement: "We are pleased to have been able to provide this critical financing to FXCM that is designed to maintain FXCM's financial strength and allow it to prosper going forward. We believe this is an attractive investment for Leucadia and we look forward to a mutually beneficial relationship with FXCM management. We want to thank the entire FXCM team, with whom Leucadia and Jefferies worked over the past approximately 36 hours to achieve this solution for FXCM."
UBS acted as financial advisor and Weil Gotshal and Manges, LLP as legal advisor to FXCM. Jefferies originated and advised Leucadia in respect of this transaction and Skadden, Arps, Slate, Meagher and Flom LLP acted as legal advisors to Jefferies and Leucadia.
FXCM has received financing by holding firm, Leucadia National, according to media reports. The troubled FX and CFD broker reported losses on the back of the Swiss Franc crisis, thus putting the vulnerable Forex broking sector in unwanted stress.
CNBC reported that Leucadia National invested $300 million cash in listed broker-dealer in Exchange for $250 million in two-year senior secured notes with a 10% coupon.
It adds that if FXCM is sold, Leucadia will get 75 percent of the proceeds. The news comes as a sigh of relief for industry participants who were on the edge after Alpari UK became insolvent.
FXCM issued a note on the 15th of January late last night, informing the market that it had also suffered heavily during the CHF crisis, the firm joined fellow listed CFD provider, IG, who was the first broker to issue a note about heavy losses.
Forex Magnates reported that FXCM was in discussion with Jefferies, a subsidiary of Leucadia National. Leucadia is a publicly traded firm that has a number of firms under its portfolio. FXCM becomes the second financial services firm as it expands its business.
FXCM’s CEO Drew Niv is reported to have issued a statement, according to CNCB, he stated: "Leucadia's support and this financing are by far the best alternative for FXCM, our customers, our shareholders, and all other relevant constituencies."
Richard B. Handler, Chief Executive Officer, and Brian P. Friedman, President of Leucadia, commented in a statement: "We are pleased to have been able to provide this critical financing to FXCM that is designed to maintain FXCM's financial strength and allow it to prosper going forward. We believe this is an attractive investment for Leucadia and we look forward to a mutually beneficial relationship with FXCM management. We want to thank the entire FXCM team, with whom Leucadia and Jefferies worked over the past approximately 36 hours to achieve this solution for FXCM."
UBS acted as financial advisor and Weil Gotshal and Manges, LLP as legal advisor to FXCM. Jefferies originated and advised Leucadia in respect of this transaction and Skadden, Arps, Slate, Meagher and Flom LLP acted as legal advisors to Jefferies and Leucadia.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24