FXCM to acquire US retail forex accounts of FXDD
FXCM’s US subsidiary, Forex Capital Markets (FXCM US), is to acquire FXDirectDealer’s (FXDD) US retail forex accounts.
FXCM will be acquiring approximately USD27 million in client equity and 7,000 active FXDD US accounts, which will be transferred to FXCM US on 16 May after the close of trading.
FXDD clients using the MetaTrader 4 (MT4) platform will be transitioned to the FXCM MT4 platform and should see minimal changes in platform functionality.
FXCM's upgraded MT4 platform integrates with its No Dealing Desk forex execution.
“FXCM is dedicated to providing clients with award winning customer service, superior technology, and transparent No Dealing Desk forex execution, and we welcome the former FXDD clients to the FXCM network,” says Drew Niv, CEO of FXCM.
FXDD will maintain its presence in the US and its regional headquarters in New York City. In addition to providing forex services to international markets, the company will also work to enhance its institutional business.
“We are pleased to announce this transaction with FXCM, as it will allow us to focus our resources to expand our core international business,” says Joseph Botkier, CEO of FXDD. “We are confident that FXCM will provide the same level of excellent service and trading environment that our account holders have experienced at FXDD.”
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