FXCM Details its Expected Savings from Leaving the US Retail Forex Market
XBulls is an online Forex and CDF trading platform that delivers a wide range of trading instruments including Forex and CFDs for stocks, commodities and indices. At XBulls we’re extremely pleased to deliver personalised trading capabilities to every client, along with our exceptional multilingual help desk, we keep striving to improve our services. We like to keep our clients as up to date with latest trading news as possible. Here some interesting news in regards FXCM inc.
FXCM Inc. (NASDAQ:FXCM) has sent its shareholders additional information regarding the costs associated with its US retail foreign exchange activities, which it has agreed to sell to GAIN Capital Holdings, Inc. (GAIN).
The note to investors explains again that none of FXCM’s costs will be transferred to GAIN and adds that FXCM expects significant cost savings from the winding down of its US retail foreign exchange operations.
The table below provides information on net revenues, net income, and Adjusted EBITDA(1) for FXCM’s US subsidiary, Forex Capital Markets LLC, and the rest of its continuing operations for the nine months ended September 30, 2016
FXCM is attempting to reassure its investors that even without its US customers, it remains one of the largest global retail foreign exchange brokers. The firm now says that it anticipates that an increased focus on serving its international global customer base will drive growth and continued profitability improvement.
We previously reported that withdrawing from the retail US business will free approximately $52 million in capital for FXCM, according to an SEC regulatory filing. Moreover, FXCM intends to implement a restructuring plan that includes the termination of approximately 150 employees, or about 18% of its global workforce.
For more information about XBulls visit the website. You can also read XBulls Reviews here and follow XBulls on Twitter for our latest industry updates and Forex news.
