Tue, 03 Feb 2009 07:30:38 +0100
Fxcm Acquires Certain Assets Of Hotspot Fxr
FXCM Acquires Certain Assets of Hotspot FXr’s Retail Forex Business to Expand Active Trader Platform
“Hotspot FXr is a major innovator in the field of fair and transparent pricing. While the retail clients of Hotspot FXr will be moving to a new platform, they will continue to receive pricing which is free of influences from the dealing desk,” said Drew Niv, CEO of Forex Capital Markets (FXCM). ”Every price is derived from a major bank and every trade is offset. FXCM and Hotspot FXr share the same fair pricing principles.”
Hotspot FXr’s retail forex business is a perfect fit with FXCM’s focus on expanding its Active Trader Group. FXCM’s Active Trader platform was developed to meet the needs of non-institutional traders exceeding $10 million in monthly volume. The Active Trader platform is revolutionary in the retail forex space, offering pricing transparency, with a five level display of market depth.
The deep liquidity available through FXCM’s Active Trader platform derives from the firm’s long standing liquidity relationships with many of the world’s largest banks and financial institutions. The platform provides agency (no dealing desk) execution where all trades are offset, with FXCM taking no market risk. This enables FXCM to focus on obtaining competitive pricing and providing the best technology to its clients.
Upon completion of the transaction:
- Subject to consent of Hotspot FXr’s retail clients and regulatory approval, accounts are expected to be transferred from Hotspot FXr to FXCM on February 13, 2009
- FXCM’s purchase will further bolster the firm’s Active Trader Group
- FXCM anticipates monthly average trading volume on the Active Trader platform to increase
FXCM welcomes the retail clients of Hotspot FXr. Each client will be individually contacted in the next few days to provide a seamless transition to FXCM’s Active Trader platform. FXCM staff is available to answer questions about the transition and can be contacted at 646.432.2970 or activetrader@fxcm.com.
FT Partners www.ftpartners.com served as sole strategic advisor to FXCM.
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