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Foreign Exchange

FXCM poised to announce stakeholder

Sources say that FXCM will announce this week who has bought the 35% stake previously held by disgraced broker and former bucket shop Refco. It is believed that a team of venture capitalists, led by Lehman, topped the auction. At the time of writing, it was not known how much they paid for the investment, which cost Refco a total of $42 million in two tranches in 2002 (20%) and 2003 (15%). FXCM itself tried to buy the stake back for $110 million after Refco imploded in late 2005, but the price was rejected as too low by creditors. Following the $100 million investment by private equity in Oanda announced earlier this month, the stake sale will provide further indications of the valuations in the retail trading sector. 

                                                                                                       More on FXCM

                                                                                                       More on Refco

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