FXCM exited the U.S. retail Forex industry this month due to hefty penalties from the CFTC for illegally profiting from its clients via a secret market maker program, but today the the embattled broker filed paperwork with the SEC to rebrand.
According to the filing, FXCM is changing its name to Global Brokers Inc (Ticker:GLBR). Shares of FXCM will continue to trade on NASDAQ under the new symbol. The new name is effective as of February 27, 2017.
FXCM founders Dror Niv and William Ahdout, who were involved in the secret market maker scheme, announced their resignations from FXCM’s Board of Directors today.
Brendan Callan, who has served as Chief Executive Officer of FXCM’s European division since 2010, has been appointed to Chief Executive Officer of FXCM Group.
According to the press release, Managing Director of Leucadia National Corporation, Jimmy Hallac, was appointed today to Chairman of FXCM Group.
As of today, FXCM’s six-member Board of Directors contains three Leucadia executives: Jimmy Hallac, Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia.
At press time, FXCM shares are trading at $2.75 - about $0.05 away from the all-time low at $2.70, recorded on February 15, 2017.
FXCM image via Twitter
