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Grace Cheng

FXCM Acquires U.S. Business From ODL Securities

By Grace Cheng on January 16, 2009 | More Posts By Grace Cheng | Author's Website

New York―January 16, 2009― FXCM has acquired the U.S. business of ODL Securities. The sale of these accounts will not impact the business of ODL Securities outside of the United States. ODL Securities is a well recognized brokerage firm based out of London, England. The sale of the U.S. business was part of a strategic decision by ODL to use its financial capital to fuel its growth in other parts of the world. The company has recently opened JV offices in Turkey and Australia, and has regulated offices in Japan and Canada.

ODL’s US clients will continue to be able to use the MetaTrader4 (MT4) trading platform.  FXCM’s version of the MT4 platform offers No Dealing Desk execution and fractional pip pricing. FXCM also has a dedicated MT4 support team to help clients transition their accounts.

“ODL’s decision to focus on their core geographic strength has provided FXCM a wonderful opportunity for expansion. We are pleased that ODL selected FXCM. We believe that this is the first of many similar deals in which forex brokers will be forced to make difficult resource allocation decisions, due to the increased U.S. capital requirements,” said Marc Prosser, Chief Marketing Officer of FXCM.

The minimum amount of firm capital that a Forex Dealer Member (FDM) must maintain has increased by three times over the past year and will be rising again in the next three months. FXCM has one of the largest amounts of firm capital with over $100 Million.* FXCM was founded in the United States with offices, partners, and affiliates in the world’s major financial centers, uniquely positioning FXCM to provide exceptional service to traders around the world. FXCM’s domestic offices are located in New York, NY; Plano, TX; and San Francisco, CA and international offices include Hong Kong, London, Tokyo, and Sydney.

*Source: http://cftc.gov

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