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.