NEW YORK, Feb. 13, 2017 (GLOBE
NEWSWIRE) -- FXCM Inc. (NASDAQ:FXCM) ("FXCM" or the
"Company"), today issued a statement on the settlement of the civil
action filed by the Commodity Futures Trading Commission ("CFTC")
against its U.S. subsidiary, Forex Capital Markets LLC ("FXCM US")
in the Southern District Court of New York on August 18,
2016. The action relates to the brief undercapitalization
FXCM US suffered as the direct result of the Swiss National Bank
suddenly and unexpectedly announced on January 15, 2015 that it was
abandoning its historical policy of pegging the Swiss Franc to a
fixed exchange rate of 1.2000 Swiss Francs per Euro. The
action also concerns the negative-balance protection policy of FXCM
US prior to January 15, 2015, a policy FXCM US no longer provides
to US customers. This settlement, which includes a fine of
$650,000, brings to a close all material U.S. regulatory matters
affecting FXCM US.
Disclosure Regarding Forward-Looking
Statements
In addition to historical
information, this release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934 and/or the
Private Securities Litigation Reform Act of 1995, which reflect
FXCM's current views with respect to, among other things, its
operations and financial performance in the future. These
forward-looking statements are not historical facts and are based
on current expectations, estimates and projections about FXCM's
industry, business plans, management's beliefs and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain and beyond our control. Accordingly, readers
are cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict
including, without limitation, risks associated with FXCM's plans
to shut down its US subsidiary and a potential sale of its US
customer accounts, risks associated with FXCM's strategy to focus
on its operations outside the United States, risks associated with
the events that took place in the currency markets on January 15,
2015 and their impact on FXCM's capital structure, risks associated
with FXCM's ability to recover all or a portion of any capital
losses, risks relating to the ability of FXCM to satisfy the terms
and conditions of or make payments pursuant to the terms of the
finance agreements with Leucadia, as well as risks associated with
FXCM's obligations under its other financing agreements, risks
related to FXCM's dependence on FX market makers, market
conditions, risks associated with FXCM's litigation with the
National Futures Association and the Commodity Futures Trading
Commission or any other potential litigation or regulatory
inquiries to which FXCM may become subject, risks associated with
potential reputational damage to FXCM resulting from FXCM's plans
to shut down its US subsidiary, and those other risks described
under "Risk Factors" in FXCM Inc.'s Annual Report on Form 10-K,
FXCM Inc.'s latest Quarterly Report on Form 10-Q, and other reports
or documents FXCM files with, or furnishes to, the SEC from time to
time, which are accessible on the SEC website at sec.gov. This
information should also be read in conjunction with FXCM's
Consolidated Financial Statements and the Notes thereto contained
in FXCM's Annual Report on Form 10-K, FXCM Inc.'s latest Quarterly
Report on Form 10-Q, and in other reports or documents FXCM files
with, or furnishes to, the SEC from time to time, which are
accessible on the SEC website at sec.gov.
These factors should not be construed
as exhaustive and should be read in conjunction with the other
cautionary statements that are included in this release and in our
SEC filings. FXCM Inc. undertakes no obligation to publicly update
or review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required
by law.
About FXCM Inc.
FXCM Inc. (NASDAQ:FXCM) is a
publicly traded company which owns 50.1% of FXCM Group, LLC (FXCM
Group).
FXCM Group is a holding company
of Forex Capital Markets LLC, (FXCM US), Forex Capital Markets
Limited, inclusive of all EU branches (FXCM UK), FXCM Australia
Pty. Limited, (FXCM AU), and all affiliates of aforementioned
firms, or other firms under the FXCM group of companies
[collectively "FXCM"]. FXCM Group is owned and operated
by FXCM Inc. (NASDAQ:FXCM) and Leucadia National
Corporation (NYSE:LUK). Leucadia National Corporation is a
multi-billion dollar diversified holding company engaged through
its consolidated subsidiaries in a variety of businesses.
FXCM is a leading provider of
online foreign exchange (FX) trading, CFD trading, spread betting
and related services. The company's mission is to provide global
traders with access to the world's largest and most liquid market
by offering innovative trading tools, hiring excellent trading
educators, meeting strict financial standards and striving for the
best online trading experience in the market. Clients have the
advantage of mobile trading, one-click order execution and trading
from real-time charts. In addition, FXCM offers educational courses
on FX trading and provides trading tools proprietary data and
premium resources. FXCM Pro provides retail brokers,
small hedge funds and emerging market banks access to wholesale
execution and liquidity, while providing high and medium frequency
funds access to prime brokerage services via FXCM Prime.
Trading foreign exchange and CFDs on
margin carries a high level of risk, which may result in losses
that could exceed your deposits, therefore may not be suitable for
all investors. Read full disclaimer.