FXCM UK Merger Limited appoints Michael Grant as Director

Maria Nikolova

FXCM UK Merger Limited, whose main asset is its investment in Lucid Markets Trading Limited, appointed Michael Grant as its Compliance Director, effective July 7, 2017.

To those interested in the institutional business of FXCM, the name of FXCM UK Merger Limited is well known as its principal activity is that of a holding company and its main asset is its investment in Lucid Markets Trading Limited. The latter is, in turn, a person with significant control in Lucid Markets LLP, one of the institutional businesses that FXCM has been actively marketing for sale.

As per a filing with the UK Companies House, FXCM UK Merger Limited has made another addition to its directors team. Effective July 7, 2017, Michael Grant is appointed as Compliance Director at the company.

The announcement is hardly surprising to many, as Mr Grant was appointed as Director at Lucid Markets Trading Limited in March this year. That announcement was made along with that of the resignation of Drew Niv as a Director of the company. About a month later, Drew Niv left his director role in FXCM UK Merger Limited too.

Lucid Markets has confirmed that it is actively marketed for sale in 2017, as FXCM is trying to dispose of certain assets. Thus far, however, we have not seen any information on a particular deal or a bidder.

In May this year, FXCM announced the sale of its stake in FastMatch to Euronext. FXCM Group has estimated that it will receive approximately $55.6 million for its interest in FastMatch, with a portion held in escrow and subject to certain future adjustments including a share of a $10 million earnout if certain performance targets of FastMatch are met.

FXCM is under pressure to get money as time is running out for the repayment of the Leucadia loan. Moreover, Global Brokerage Inc (NASDAQ:GLBR), which has an indirect effective 37.3% ownership of FXCM Group LLC, is having trouble staying listed on NASDAQ. Early in May this year, NASDAQ sent a notice to Global Brokerage informing it that as a result of its low market capitalization the company does not comply with listing requirements and may be delisted. The company has warned that in case of delisting from NASDAQ, it faces a risk of default.

  • Read this next

    Digital Assets

    Binance Broadens Its VIP Invitation Program for Traditional Asset Traders

    Step Into the Future of Trading: Binance Invites Traditional Asset Traders to Join Its Exclusive VIP Program

    Digital Assets

    Algotech Presale Revolutionizes DeFi Scene, Surpassing $1 Million Raised in Just Weeks

    Emerging Cryptocurrency trading platform Algotech (ALGT) known to be famous with its cutting-edge features. The TradFi platform features advanced algorithms to provide a competitive edge to traders. 

    Fintech

    Revolut enables direct transfers from Singapore to Bangladesh and Kenya

    British fintech firm Revolut has broadened its array of services with the introduction of the “Mobile Wallets” feature in Singapore, facilitating direct money transfers to Bangladesh and Kenya.

    Digital Assets

    SBF claims “zero loss” to FTX customers, 100-year sentence is “grotesque”

    Sam Bankman-Fried, the former FTX CEO who was found guilty of fraud charges last year, is facing his sentencing next month. But before that day arrives, he’s making a plea for what he considers a fair shake.

    Digital Assets

    Bitcoin nears $62,000, sparking retail buying frenzy

    Bitcoin dashed past the $61,000 barrier on Wednesday, a peak it hadn’t touched since the waning days of November 2021.

    Market News

    OPEC+ Extension of Oil Output Cut Causes Rally

    The dynamics surrounding crude oil are indeed fascinating, given its unique role as both a globally traded commodity and a vital energy source deeply influenced by the OPEC+ alliance’s decisions.

    Institutional FX

    DKK reports 226% growth in 2023 with eyes on African expansion

    “Our numbers are beginning to show how we are powering, the growth required by emerging markets, and we plan for the success of our strategies to continue to thrive in 2024.”

    Industry News

    ‘WTF’ as in ‘What The Fraud?’, Sumsub’s new podcast on digital fraud

    “We found a lack of informative podcasts talking about digital fraud threats and prevention for business owners. So, we decided to dive in and share our expertise along with industry top minds in the ‘What The Fraud?’ podcast.”

    Digital Assets

    Coin Metrics integrates market data from Cboe Digital

    “We are pleased to work with Coin Metrics and believe that having quality and timely data, and systems to analyze that data, will help crypto markets mature as well as evolve to become a core component of a diversified investment portfolio. We are focused on providing access and solutions to the spot and derivatives crypto market in a way which mirrors an investor’s experience with traditional markets.”

    <