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Foreign Exchange

FX news: FXCM announces IPO

Forex Capital Markets, one of the world’s largest retail platforms, announced today that it has “filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its class A common stock.”

The size of the offering is said to be $200 million, although this is unconfirmed and the use of the proceeds as yet unstated. Retail commentary site Forex Magnates) puts FXCM’s value at $676 million (based on its recent purchase of UK-based platform ODL). FXCM’s net profit for the year ended December 31 2009 was $86.96 million and for the half year ended June 30 2010 $51.84 million.

In documents recently submitted to the SEC, FXCM states that the retail segment represents 90% of its revenues; institutional business accounts for the rest. The documents paint a positive picture of retail volumes, quoting data from Aite group that global average retail daily volumes were $10 billion in 2001, rose to approximately $125 billion in 2009 and were estimated at $158 billion on June 30 this year. It is estimated that there are 1.1 million retail FX investors, of which 165,000 are FXCM customers.

The documentation confirms an open secret – that FXCM is the engine behind Deutsche’s DbFX platform: “We are a party to an agreement with Deutsche Bank for us to provide sales, trade execution, processing and other back office services to DB in relation to DB’s offering of its retail foreign currency trading platform.”

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