FXCM UK confirms Jefferies as person with significant control
Forex Capital Markets Limited has entered a document which states that Jefferies Financial Group has the right to exercise significant influence over the company.
A number of documents concerning online trading services provider Forex Capital Markets Limited (FXCM UK) have just been made available via UK Companies House.
Effective today, an earlier statement about a lack of person with significant control for FXCM UK is withdrawn. The brokerage filed another document, which states that Jefferies Financial Group Inc (NYSE:JEF), formerly known as Leucadia National Corporation, is a person with significant control for FXCM UK. Jefferies is said to have significant influence or control over the brokerage.
In June this year, FXCM UK published its 2018 financial report, showing a drop in turnover and a widened loss.
In 2018, the broker saw its turnover shrink by 24.6% year on year to $58.8 million. This, the company explained, reflects a lower FX and CFD trading volume, due to weak currency volatility, and the impact of the ESMA measures which restricted the offering of CFDs to retail clients.
The loss for the year widened to $5.04 million, compared with $521,484 a year earlier.
Client cash held fell 9.1% from the preceding year to $224 million in 2018.
In the face of the dismal results, FXCM UK paid some dividends.
On January 31, 2019, the directors recommended and approved a dividend payment in the amount of $6.5 million to the company’s immediate parent – FXT (Forex Trading LLC), incorporated in Delaware. The dividend amount was subsequently paid to FXCM Group.
