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

Institutional FX

Euronext reports double-digit growth in FX volume

Pan-European exchange, Euronext has reported a 10 percent rebound in the average daily volume on its spot foreign exchange market. The ADV figure stood at $19.6 billion in January 2022, which is up from December’s $18 billion.

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”