FXCM, an international foreign exchange dealer providing multiple trading platforms, has unveiled plans to rebrand itself and change its stock ticker.
The company is changing its name to Global Brokerage Inc. and will trade under the new ticker symbol “GLBR” by as early as February 27. The name of the brokerage will remain FXCM.
FXCM Director William Ahdout and Chairman of the Board and CEO Drew Niv have resigned from the company. Resignation of FXCM’s CEO Drew Niv will be effective upon the selection of his successor. He has been banned for life by US regulators and the company sold its accounts to Gain Capital.
“At this time all parties have decided that it is in the best interests of the Company for Mr. Niv and Mr. Ahdout to resign from The Board of Directors,” said the company in a statement.
In addition, the company has chosen its interim CEO, Brendan Callan. He has been CEO of the company’s European operations since 2010. The company also appointed Jimmy Hallac as chairman.
All these changes came after the company settled charges with the US Commodity Futures Trading Commission (CFTC) worth $7 million in a civil monetary penalty for engaging in misleading solicitations.
FXCM is one of the pioneer companies of the retail forex business. The company was established in 1999 in the U.S. and opened its U.K. offices in 2003. The 100,000-account threshold was crossed in 2007, making FXCM one of the top players in the forex world.
The broker provides online forex trading, CFD trading, spread betting and related services. Their clients are able to enjoy the advantage of mobile trading, one-click order execution and trading from real-time charts.
FXCM has one of the most varied trading platforms in its arsenal, including MT4, NinjaTrader, and FXCM’s own Trading Station platform. One of the interesting facts about FXCM is that the company owned the Forex trading news and research website DailyFX before its sale to IG Group.