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  • #6,061
  • Jan 16, 2015 2:41pm Jan 16, 2015 2:41pm
"FXCM shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of FXCM including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities."
Chasing The Dream...
  • #6,062
  • Jan 16, 2015 2:44pm Jan 16, 2015 2:44pm
Quoting hg2014
{quote} Can anyone explain in layman's terms what this deal actually means? How will it change FXCM if at all?
back to business.

at least we know that they really meant that they pass on the market orders to the actual market.
  • #6,063
  • Jan 16, 2015 2:49pm Jan 16, 2015 2:49pm
http://www.zerohedge.com/news/2015-0...t-cnbc-reports
  • #6,064
  • Jan 16, 2015 4:19pm Jan 16, 2015 4:19pm
Hi Everyone,

I know you have been waiting for more information from me, and I would like to thank you for your patience. I wanted to post sooner but the nature of such announcements required me to wait until the official press release:

January 16, 2015

Leucadia National Corporation and FXCM Announce $300 Million Financing to Permit FXCM to Continue Normal Operations

NEW YORK--(BUSINESS WIRE)-- Leucadia National Corporation (NYSE: LUK) and FXCM (NYSE: FXCM) today announced that Leucadia would be providing $300 million in cash to FXCM and its subsidiaries (collectively "FXCM") that will permit FXCM to meet its regulatory-capital requirements and continue normal operations after yesterday's loss of $225 million due to the unprecedented actions of the Swiss National Bank. Under the terms of the agreements, Leucadia is investing $300 million in cash into FXCM in the form of a $300 million senior secured term loan with a two-year maturity and an initial coupon of 10%. The term loan obligations are guaranteed, on a secured basis, by certain of FXCM's domestic subsidiaries. In addition, Leucadia will receive, in the event of a sale of FXCM or its subsidiaries, a certain percentage of the sale proceeds and, in the event FXCM makes other distributions on account of its equity, a corresponding payment for its own account. This transaction is expected to close this afternoon. Drew Niv, Chief Executive Officer of FXCM, stated: "We could not be more grateful to Leucadia and its team for their rapid and effective response and to our regulators, who have been willing to work with us through this challenging process. Leucadia's support and this financing are by far the best alternative for FXCM, our customers, our shareholders, and all other relevant constituencies. We are pleased to continue to act as the leading online provider of foreign exchange trading and related services to retail and institutional customers worldwide."

Click to see full press release: http://bit.ly/1ua85Ve
  • #6,065
  • Jan 16, 2015 4:35pm Jan 16, 2015 4:35pm
Quoting Jason Rogers
Hi Everyone, I know you have been waiting for more information from me, and I would like to thank you for your patience. I wanted to post sooner but the nature of such announcements required me to wait until the official press release: January 16, 2015 Leucadia National Corporation and FXCM Announce $300 Million Financing to Permit FXCM to Continue Normal Operations NEW YORK--(BUSINESS WIRE)-- Leucadia National Corporation (NYSE: LUK) and FXCM (NYSE: FXCM) today announced that Leucadia would be providing $300 million in cash to FXCM and its subsidiaries...
what does it mean? is everything goes back to normal? will it safe to continue trading at FXCM? that's all we need to know...
  • #6,066
  • Jan 16, 2015 4:37pm Jan 16, 2015 4:37pm
Quoting Jason Rogers
Hi Everyone, I know you have been waiting for more information from me, and I would like to thank you for your patience. I wanted to post sooner but the nature of such announcements required me to wait until the official press release: January 16, 2015 Leucadia National Corporation and FXCM Announce $300 Million Financing to Permit FXCM to Continue Normal Operations NEW YORK--(BUSINESS WIRE)-- Leucadia National Corporation (NYSE: LUK) and FXCM (NYSE: FXCM) today announced that Leucadia would be providing $300 million in cash to FXCM and its subsidiaries...
Jason nice to see you. Nice to know, when FXCM have troubles you leave the forum.... really nice behave to clients
  • #6,067
  • Jan 16, 2015 4:39pm Jan 16, 2015 4:39pm
I always liked trading with FXCM, but after this event and thouroughly reading through some of FXCMs terms,(specifically the ones related to company insolvency) I am withdrawing my money and moving to citipro. The lack of ANY information from FXCM via email or phone the last days was a complete letdown.
  • #6,068
  • Jan 16, 2015 4:39pm Jan 16, 2015 4:39pm
Jason I have 1 question, is there real chance that account wich were stopped in negative balance will be revised after audit, and stops on chf crosses will be better for clients?
  • #6,069
  • Jan 16, 2015 4:40pm Jan 16, 2015 4:40pm
Quoting peter977
{quote} Jason nice to see you. Nice to know, when FXCM have troubles you leave the forum.... really nice behave to clients
  • #6,070
  • Jan 16, 2015 4:40pm Jan 16, 2015 4:40pm
Quoting gajebo
{quote} what does it mean? is everything goes back to normal? will it safe to continue trading at FXCM? that's all we need to know...
the simple answer, yes. But what will change after is still a question mark.
Trade what you see, not what you think!
  • #6,071
  • Jan 16, 2015 4:41pm Jan 16, 2015 4:41pm
Quoting Jason Rogers
Hi Everyone, I know you have been waiting for more information from me, and I would like to thank you for your patience. ,,,,,,Leucadia's support
//-----

thanks jason....... and thanks leucadia two....... ......

clearly a wake up call for us all...... hopefully the states will learn from this and follow the fxcm/uk which allows segregated funds.......h
to trade and code, keep both simple... no call to impress....h
  • #6,072
  • Jan 16, 2015 4:42pm Jan 16, 2015 4:42pm
Quoting gajebo
{quote} what does it mean? is everything goes back to normal? will it safe to continue trading at FXCM? that's all we need to know...
Yes Gajebo, FXCM operations continue as normal. You can deposit, withdraw and trade your account as normal. Our customer support team continues to be available 24 hours a day to help and we look forward to continuing to service your account. Incidentally, tomorrow is my 10 year anniversary of working at FXCM! Looking forward to the next 10
  • #6,073
  • Jan 16, 2015 4:45pm Jan 16, 2015 4:45pm
Quoting Jason Rogers
{quote} Yes Gajebo, FXCM operations continue as normal. You can deposit, withdraw and trade your account as normal. Our customer support team continues to be available 24 hours a day to help and we look forward to continuing to service your account. Incidentally, tomorrow is my 10 year anniversary of working at FXCM! Looking forward to the next 10
Jason, any word from company on how the company will take measures to prevent similar future events from significantly affecting the company?
Trade what you see, not what you think!
  • #6,074
  • Jan 16, 2015 4:47pm Jan 16, 2015 4:47pm
"normal" operations .. with some saftey breaks i hope at least for your clients.. just incase for another black swan

good luck on your future buisness endavour!
  • #6,075
  • Jan 16, 2015 4:49pm Jan 16, 2015 4:49pm
This is really good news and I hope FXCM looks into their internal operations to prevent this from happening in the future.
  • #6,076
  • Jan 16, 2015 4:53pm Jan 16, 2015 4:53pm
Quoting Jason Rogers
{quote} Yes Gajebo, FXCM operations continue as normal. You can deposit, withdraw and trade your account as normal. Our customer support team continues to be available 24 hours a day to help and we look forward to continuing to service your account. Incidentally, tomorrow is my 10 year anniversary of working at FXCM! Looking forward to the next 10
Oh boy!! Jason Rogers in flesh and bone retraced from a early unsubscription

Anyways, nice to see FXCM bailed out.

The new boss will probably make sure those 300M comes out of our butts in a probable new pricing structure.

But thats better than getting cents on the dollar after a messy bankruptcy battle.
So, you think you have rights? LOL
  • #6,077
  • Jan 16, 2015 5:12pm Jan 16, 2015 5:12pm
Quoting Jason Rogers
{quote} Yes Gajebo, FXCM operations continue as normal. You can deposit, withdraw and trade your account as normal. Our customer support team continues to be available 24 hours a day to help and we look forward to continuing to service your account. Incidentally, tomorrow is my 10 year anniversary of working at FXCM! Looking forward to the next 10
jason, you wrote 2 posts without saying anything we didn't know (in the absence of your highness).good luck for your next 10 years! it's not that we care! i'm done with fxcm!
  • #6,078
  • Jan 16, 2015 5:23pm Jan 16, 2015 5:23pm
Quoting Jason Rogers
Hi Everyone, I know you have been waiting for more information from me, and I would like to thank you for your patience. I wanted to post sooner but the nature of such announcements required me to wait until the official press release: January 16, 2015 Leucadia National Corporation and FXCM Announce $300 Million Financing to Permit FXCM to Continue Normal Operations NEW YORK--(BUSINESS WIRE)-- Leucadia National Corporation (NYSE: LUK) and FXCM (NYSE: FXCM) today announced that Leucadia would be providing $300 million in cash to FXCM and its subsidiaries...
Thanks, Jason.

But it looks like you're now a Leucadia National employee (sorry, there's no leg-pulling emoticon).
Fireworks are fun ... as long as you don't blow your fingers off.
  • #6,079
  • Jan 16, 2015 5:34pm Jan 16, 2015 5:34pm
All is good that ends well!

I knew it that fxcm will pull through, but honestly - I was expecting a bit more transparency from reps. At least around here. Saying a "we're here, on it", "hang in there, it'll be ok, can't comment" or whatever would've been nicer than silenzio stampa. There's a lesson in it for the future, fxcm guys.

Here's to the next trading week! And what a week it will be.
  • #6,080
  • Jan 16, 2015 5:43pm Jan 16, 2015 5:43pm
Quoting KeyframeHR
All is good that ends well! I knew it that fxcm will pull through, but honestly - I was expecting a bit more transparency from reps. At least around here. Saying a "we're here, on it", "hang in there, it'll be ok, can't comment" or whatever would've been nicer than silenzio stampa. There's a lesson in it for the future, fxcm guys. Here's to the next trading week! And what a week it will be.
his hands were tied. Remember FXCM is an Public company, compared to many other private companies. Any information he shares will be considered insider trading if it is not known to the public already. It is more an legal issue than anything else.
Trade what you see, not what you think!
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