FXCM Agrees to Purchase Assets From Refco
Friday November 11, 12:32 pm ET
NEW YORK, Nov. 11 /PRNewswire/ -- Forex Capital Markets LLC (FXCM) has signed a Memorandum of Understanding with units of Refco, Inc., with an agreement to do the following:
FXCM or an affiliate has agreed to purchase the retail client accounts of
Refco FX Associates LLC (RefcoFX.com), which are traded on the FX Trading
Station platform.
FXCM has also agreed to buy the 35% share of Forex Capital Markets LLC
currently owned by Refco Group Ltd LLC.
The announcement was made today by Drew Niv, CEO of Forex Capital Markets, the foreign exchange brokerage firm. FXCM is a Futures Commission Merchant registered with the CFTC and is a member of the National Futures Association.
"Both purchases are subject to the approval of the U.S Bankruptcy Court, which is currently overseeing Refco's chapter 11 cases," said Niv.
The largest component is the interbank market with a share of 43%. The interbank market consists mainly of large investment banking firms. Large companies to provide a flow of transactions of large amounts of importance in order to take advantage of a relatively small area between the bids and asking prices. As we descend the hierarchy of diffusion tends to increase with decreasing volume. Traders and multinational companies are responsible for much of the capital market for the former. They mainly use foreign exchange to pay for goods, products and services.
Posted by: Valutahandel | July 12, 2011 at 12:53 AM