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FOREIGN EXCHANGE

Elsewhere in retail FX...

Citi and Saxo; Results of Refco's FXCM stake auction

Citi confirms that it is making a move into retail FX with its plans to launch CitiFX Pro. As reported in last week’s column, Saxo Bank will provide the technology and client support for the platform, to be rolled out initially in the US and then to various other locations throughout 2008.

The results of the auction of the 35% stake held in FXCM by Refco have been released. There were six winning bidders, including Long Ridge Equity Partners (and affiliated entities) and Lehman Brothers. The financial terms of the transaction were not disclosed. Long Ridge FXCM LP and Long Ridge FXCM Coinvestment LLC will hold 25.1%, while Lehman Brothers will acquire 9.9%. No financial terms were disclosed, but the $60 million cited in this column a few weeks ago is believed to be accurate.

Once the transfer of ownership is completed, FXCM will no longer have any financial connection or business relationship with the Refco estate. The FXCM board will comprise seven directors – five seats will be held by the company’s original founders and two will be held by members nominated by the new investors, excluding Lehman Brothers. 

 More on retail FX

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