Stock Update (NYSE:FXCM): Leucadia and FXCM Inc Complete Long-Term Partnership Agreement
Leucadia National Corporation (NYSE:LUK) and FXCM Inc (NYSE:FXCM) announced that they have completed the process of deepening their partnership, with Leucadia now holding a membership interest in FXCM’s operating entity, FXCM Group, LLC. (See below for a summary of definitive agreements.)
Rich Handler, Chief Executive Officer, and Brian Friedman, President of Leucadia, stated: “We are pleased to affirm our long-term commitment and investment in FXCM and are excited about our prospects for success. We look forward to our role as board members of FXCM Group, LLC, and we believe that, together, Leucadia and FXCM can further strengthen and expand the FXCM platform.”
Drew Niv, Chief Executive Officer of FXCM, stated: “We are delighted that Leucadia has shown its commitment to FXCM by becoming a long-term partner. This partnership can bring many benefits to FXCM shareholders, clients, and employees. Leucadia’s financial strength and its skill and expertise — including the deep expertise available at Jefferies — make it the ideal partner to help FXCM to continue to grow our business.” (Original Source)
Shares of FXCM Inc closed yesterday at $9.33, down $-0.24 or -2.51%. FXCM has a 1-year high of $24.77 and a 1-year low of $5.26. The stock’s 50-day moving average is $9.51 and its 200-day moving average is $10.49.
FXCM, Inc. engages in the provision of foreign exchange trading and related services to active retail accounts globally. It focuses on trading activities with counterparties which include brokers and dealers, futures commission merchants, banks, and other financial institutions.