FXCM UK Merger Ltd named designated member of Lucid Markets LLP
The member list of Lucid Markets has been reshuffled, with a dozen of appointments terminated.
Lucid Markets LLP, one of the businesses that FXCM Group actively markets for sale, has earlier today filed a set of documents with the UK Companies House. The filings reveal a number of changes concerning the members’ list of the limited liability partnership.
Let’s note that a Limited Liability Partnership (LLP) consists of a number of members. A member of an LLP may be a designated member as defined in the Companies Act. At any moment, an LLP must have at least two designated members.
Given the reshuffle unveiled today, the two designated members of Lucid Markets LLP are FXCM UK Merger Limited, as well as Lucid Markets Trading Limited. The principal activity of FXCM UK Merger is that of a holding company – its main asset is its investment in Lucid Markets Trading Limited.
A dozen of members have had their appointments terminated, the documents show.
Lucid Markets remains among the businesses in the “FXCM family”, despite the broker actively marketing Lucid and other non-core businesses for sale. In May last year, FXCM announced the sale of its stake in FastMatch to Euronext. FXCM Group has said 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.
The latest report we have from Lucid Markets shows that during 2016, it continued to provide liquidity to the Forex market but registered annual profit, excluding amortization, of $11.99 million, down 43% from $21.2 million in 2015. This reflects a 29% year-over-year drop in turnover to $26.3 million. This drop was blamed on decrease in currency volatility.