NEW YORK, Sept. 30, 2016 (GLOBE
NEWSWIRE) -- FXCM
Inc. (NASDAQ:FXCM) ("FXCM"), a leading online
provider of foreign exchange (FX) trading and related services,
today announced that it has agreed to sell DailyFX, its news and
research website to IG Group ("IG"), a global leader in online
trading, for a price of $40 million. Subject to IG final approval
and customary closing conditions, the transaction is expected to
close by the end of October.
Upon completion, IG will receive the entire
DailyFX business including all international and domestic web
domains, source code and content. 34 employees currently working on
DailyFX domains will also transfer to IG in the transaction. FXCM
will continue to be an advertiser to U.S. and Canadian residents on
the DailyFX English version of the website.
Once the transaction is completed, a transition
period for migration purposes will begin immediately. Cash of $36
million will be paid to FXCM on closing, with the additional $4
million to be paid on completion of certain migration
requirements. Proceeds from the sale will be used to repay
debt owed to Leucadia. Following this transaction, FXCM will
have made loan repayments of $157 million to Leucadia with $153
million outstanding and will have repaid more than half its
debt.
"While DailyFX is a high quality asset and was not
a targeted asset to sell, the opportunity came along and it was
something we felt we should take advantage of," said Drew Niv CEO
of FXCM. "At this time, we do not plan on selling any other retail
FX assets and believe the remaining assets held for sale satisfy
the remaining debt outstanding to Leucadia."
FXCM strongly believes in education, trading tools
and resources and will continue to offer high quality forex trading
education and provide news and analytics through its FXCM web
domains as well as on the FXCM Trading Station platform and
charting package. The company will continue to offer FXCM clients
with proprietary data and premium resources. In the coming weeks
FXCM will be launching FXCM Plus, a password protected webpage for
all FXCM live clients which will include FXCM's proprietary data
including signals, sentiment data (SSI), live webinars and
technical alerts. FXCM clients will also still have access to
IG's DailyFX PLUS.
For more information on FXCM's tools and
resources, and to open a demo or live account, traders can contact
an FXCM specialist at info@fxcm.com or call 1-212-897-7660.
Visit www.fxcm.com and follow us on
Twitter @FXCM,
Facebook FXCM,
Google+ FXCM or
YouTube FXCM.
About
Us:
FXCM Inc. (NASDAQ:FXCM) is a publicly traded company
which owns 50.1% of FXCM Group, LLC (FXCM Group).
FXCM Group is
a holding company of Forex Capital Markets LLC, (FXCM US), Forex Capital Markets Limited, inclusive
of all EU branches (FXCM UK), FXCM
Australia Pty. Limited, (FXCM AU),
and all affiliates of aforementioned firms, or other firms under
the FXCM group of companies [collectively "FXCM"]. FXCM Group is
owned and operated by FXCM
Inc. (NASDAQ:FXCM) and Leucadia National Corporation
(NYSE:LUK). Leucadia National Corporation is a multi-billion dollar
diversified holding company engaged through its consolidated
subsidiaries in a variety of businesses.
FXCM is a
leading provider of online foreign exchange (FX) trading, CFD
trading, spread betting and related services. The company's mission
is to provide global traders with access to the world's largest and
most liquid market by offering innovative trading tools, hiring
excellent trading educators, meeting strict financial standards and
striving for the best online trading experience in the market.
Clients have the advantage of mobile trading, one-click order
execution and trading from real-time charts. In addition, FXCM
offers educational courses on FX trading and provides trading tools
proprietary data and premium resources. FXCM Pro provides retail brokers,
small hedge funds and emerging market banks access to wholesale
execution and liquidity, while providing high and medium frequency
funds access to prime brokerage services via FXCM Prime.
Trading foreign exchange and CFDs on margin
carries a high level of risk, which may result in losses that could
exceed your deposits, therefore may not be suitable for all
investors. Read full
disclaimer.
Contacts
Jaclyn Sales, 646-432-2463
Vice-President, Corporate Communications and Investor Relations
jsales@fxcm.com