FXCM UK Merger Ltd named designated member of Lucid Markets LLP

Maria Nikolova

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.

Source: Companies House.

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.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Interviews

Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.

Interviews

FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.

<