The Wall Street Journal reports that FXCM is considering sales of non-core assets to help repay the $300 million loan it was forced to accept under distressed conditions last week.
Shares of the company are down 85% since mid-month and declined nearly 30% on Friday.
They said FXCM is “reviewing countries where it offers currency trading, with an eye toward possibly lopping off jurisdictions where capital requirements and other costs are too onerous, one of the people said.”
There is nowhere where capital costs are higher than the US.
The WSJ reports that a leading contender to be sold is FXCM’s minority stake in FastMatch Inc., a separate company that operates an electronic currency-trading platform. FastMatch matches buy and sell orders among banks, hedge funds and other asset managers. The company estimates its share is worth roughly $70 million.
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