Eduard Yusupov, David Sakhai to stay with FXCM Group

Maria Nikolova

Mr Sakhai will receive annual compensation of $600,000, and a bonus of $1 million at the end of his employment term as COO.

When FXCM exited the US retail Forex market following regulatory revelations in February this year, there was some “collateral damage”, as a raft of directors at FXCM’s US businesses had to bid goodbye to their registrations with the National Futures Association (NFA). Amid these were Eduard Yusupov and David Sakhai who both had their NFA registrations as principals of Forex Capital Markets LLC withdrawn on March 10, 2017.

This change, however, did not mark the end of the career path for Mr Yusupov and Mr Sakhai at FXCM, as shown by today’s regulatory filing by the company with the US Securities and Exchange Commission (SEC).

FXCM Group, an indirect subsidiary of Global Brokerage Inc (NASDAQ:GLBR), has just announced the sealing of employment agreements with Mr Yusupov and Mr Sakhai.

On May 17, 2017, FXCM Group agreed that Mr Yusupov will retain his role as Group’s Global Head of Dealing. He will receive annual compensation of $600,000 for these services.

FXCM Group’s current Chief Operating Officer David Sakhai will retain this full-time role until May 31, 2018. He will receive annual compensation of $600,000 and a bonus of $1 million at the end of the period. If Mr Sakhai’s employment is terminated by the company not for cause, then he will be entitled to receive his compensation through May 31, 2018 plus the full bonus, as well as $500,000.

In addition, beginning from June 1, 2018 and ending no later than May 31, 2022, Mr Sakhai will serve FXCM Group on a part-time basis as a consultant and advisor. During the Advisory Term, he will receive advisory payments of $125,000 per year. In case his employment is terminated by the company during the Advisory Term not for cause, he will be entitled to receive all of the advisory payments he would have otherwise received through May 31, 2022. The same is valid if a change of control of FXCM Group occurs before the completion of the Advisory Term.

Mr Sakhai and Mr Yusupov are currently amid the defendants in a class action securities lawsuit in the New York Southern District Court. The case, captioned Raul v. Sakhai et al (1:17-cv-02035), was filed by Jonathan Raul, represented by Joshua M. Lifshitz, Lifshitz & Miller, on March 21, 2017. The list of defendants includes 13 names, including Global Brokerage Inc, Dror Niv and Global Brokerage’s new CEO Kenneth Grossman.

Read this next

Institutional FX

Eurex reports mixed volumes for November 2022

Deutsche Börse’s derivatives-focused exchange, Eurex today said its total traded derivatives contracts grew by 10 percent in November, from 68.6 million to 75.3 million compared to the same month last year.

Digital Assets

AAX’s Nigerian customers storm local office amid withdrawal halt

According to the Nigerian media, angry consumers of the troubled crypto exchange AAX had stormed its local office hoping they can get their money back after the firm halted operations earlier in November.

Digital Assets

As SPAC bubble bursts, Circle terminates its $9 billion merger with Concord

USDC stablecoin issuer, Circle has terminated its planned $9 billion SPAC merger with publicly traded blank-check company Concord Acquisition Corp.

Institutional FX

Integral reports lowest FX volume in two years

Foreign exchange trading volumes dropped in November across Integral’s trading platforms as currency markets saw a relatively quiet period after consecutive months of strong trading activity.

Technology

CDEX: Avelacom announces connectivity to Cboe Europe Derivatives

“We anticipate that many of our customers from Asia will be particularly interested in getting exposure to pan-European products via just one venue, which CEDX offers.”

Retail FX

BUX acquires Spanish Ninety Nine’s retail brokerage unit

“Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”

Digital Assets

SEBA and HashKey partner to expand crypto in Hong Kong and Switzerland

SEBA Bank AG has announced a new strategic partnership with HashKey Digital Asset Group as part of both firm’s expansion efforts in Hong Kong SAR. 

Executive Moves

Broadridge appoints Martin Koopman as Chief Product Officer

“Martin has a proven record of driving product innovation both at Broadridge and at previous companies. His vision and proven ability to execute will be invaluable as we become the foremost SaaS provider to the financial services industry.”

Digital Assets

DAM rolls out Moonwalkers v1 testnet ahead of support for yield-generating collateral

“We want to champion innovation by making it easier to securely direct stablecoin liquidity away from Ethereum towards newer networks without the constant vulnerabilities posed by bridges. d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.”

<