FX news: FXCM's ODL acquisition goes ahead
We wrote of the likelihood of the acquisition of platform ODL’s remaining business by Forex Capital Markets (FXCM) back in February (FXCM might have it all) – we can now confirm that the deal has been done.
FXCM responded to the increases in capital requirements imposed by the CFTC, beginning January 2009, by acquiring ODL’s US business. Since then the company has focused on overseas expansion, opening offices in Paris, Sydney, Dubai, Milan, Santiago, Athens and Berlin.
Today’s news, that terms have been agreed for the acquisition of ODL’s remaining business, largely situated in the UK and Europe will, to quote the release: “provide an excellent complement to FXCM’s sizeable operations in both the United States and Asia. The combined companies will operate as one of the largest non-bank forex brokers globally, servicing over 200,000 live trading accounts with combined client assets in excess of $800 million. The deal is still pending final due diligence review and regulatory approval.”
After the acquisition, ODL will continue to trade under its current name.
Commenting on the acquisition, FXCM’s chief executive, Drew Niv, says: “For several years, FXCM has been working towards becoming a major player in Europe. The deal with ODL will provide us with a great opportunity to achieve this.