This day in history: September 9, 2010 – FXCM’s $421 million IPO becomes $1 billion as firm goes public

We take a look back at “This day in history” within the world of FX taking a journey through annuls of time to look at the various groundbreaking developments that continue to take place in our fascinating industry.

Drew Niv

On this day six years ago, the deluge of FX firms which rallied to list their stock on public exchanges was initiated by North American electronic giant FXCM which issued an initial public offering, signaling the beginning of its elevation of status in which today stands the company as one of the world’s largest retail FX companies, and one of the United States’ mainstays alongside publicly listed peers GAIN Capital and Interactive Brokers.

The corporate landscape of the FX industry was substantially different six years ago, and arguably unrecognizable from that of today.

GAIN Capital had become a publicly listed entity on the New York Stock Exchange just one year earlier, an FXCM was busily engaged in its imminent acquisition of British spread betting company ODL Securities, whilst Cypriot giant FxPro looked toward a listing on London Stock Exchange’s Alternative Investment Market, signaling the path toward many other FX companies following suit.

Underwritten by Credit Suisse, Barclays Capital, JPMorgan, Deutsche Bank Securities, UBS Investment Bank alongside Sandler O’Neill & Partners, FXCM’s initial filing with the Securities and Exchange Commission (SEC) noted that the firm was intending to offer all 15,060,000 shares in its initial public offering (IPO), amounting to an approximate pre-flotation valuation of just over $421 million.

Factoring in the acquisition of ODL Securities placed the entire corporate valuation at approximately $680 million at the time according to filings by FXCM with the SEC.

Just a few months later, FXCM’s public listing was completed, however the post-IPO value of the company represented a stratospheric appreciation in value with the firm raising over $210 million in share capital, having listed its stock at prices between $13 and $15, making for a post IPO valuation of approximately $1 billion.

Indeed, six years is a lifetime in this rapidly evolving industry, and long-term CEO Drew Niv remains a pillar of the FX industry’s leadership, having spoke to FinanceFeeds at length recently during a meeting at his office in New York with regard to how he steered the company through the events that unfolded after the Swiss National Bank removed the peg on the EURCHF pair, sending markets into a torrent of unprecedented and unexpected volatility, and causing the company to take an emergency loan from Leucadia.

Mr. Niv is to be commended for having retained the company on a completely even keel, with only the share prices dented, a matter which was addressed in the form of a reverse stock split.

This year, the company reentered the institutional FX sector, reviving FXCMPro, and has focused on innovating its execution model with new products.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading


DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.