FXCM Inc to Be Renamed 'Global Brokerage Inc' Following US Upheaval

FXCM Inc. (NASDAQ:FXCM) is undergoing a facelift in the aftermath of its recent regulatory clampdown earlier this month – the company will be changing its name to Global Brokerage, Inc, according to an official announcement. The name of the brokerage will remain FXCM.

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Earlier this month, FXCM settled charges with the US’ Commodity Futures Trading Commission (CFTC) worth $7 million in a civil monetary penalty for engaging in false and misleading solicitations. The brokerage and its CEO Drew Niv were consequently forced to withdraw from the US market and CFTC Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.

Per the changes, Global Brokerage, Inc will also be listed under a new trading ticker symbol on NASDAQ, taking the acronym ‘GLBR’. The changes are slated to come into effect on February 27, 2017, with a new CUSIP of 37891B109.

Executive Changes

On the personnel front, William Ahdout has also submitted his resignation to FXCM Inc. or soon to be renamed Global Brokerage Inc, the public company, from his position serving as a Director on the Company's Board of Directors with immediate effect. This also coincides with Drew Niv also resigning from his positions serving as a Director, Chairman of the Board and CEO.

The FXCM group has also announced that the company is introducing some changes to its senior management. The Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, CFDs and spread betting provider is promoting the company’s European operations CEO, Brendan Callan to Interim CEO. He has been with the firm since 2001 and has successfully been managing the company’s London-based subsidiary since 2010.