US forex leader Forex Capital Markets (FXCM Inc.) (NYSE:FXCM) announced it is transferring its stock exchange listing from the New York Stock Exchange to The NASDAQ Global Market.
The last day of trading of FXCM shares on NYSE will be September 23 and will start on NASDAQ on the following trading day – Monday, September 26. The trading symbol remains unchanged: FXCM.
“At this time we feel moving our shares to NASDAQ is the right decision for our business,” said Drew Niv, CEO of FXCM. “We recognize all that the New York Stock Exchange has done for us over the last few years, and we look forward to our shares trading on NASDAQ.”
FXCM was established in 1999 in New York and in the recent times has remained the undisputed leader on the US forex market. In December 2010 the broker went public and began trading on the NYSE and became the first US forex broker to IPO. The initial public offering price was $14.00 per share. Currently the shares trade in the range 9.11 – 9.30 and the broker has a market capitalization of $50.1 million.
FXCM is a registered futures commission merchant (FCM) and a retail foreign exchange dealer (RFED) with the US CFTC. FXCM Group has units registered and regulated with the relevant authorities in the US (FXCM US), the EU (FXCM UK) and Australia (FXCM AU) and affiliates.
The broker offers forex, contracts for difference (CFDs), and spread betting services. It offers 40 currency pairs on the Trading Station and MetaTrader 4 (MT4) trading platforms.
FXCM also offers educational courses on forex trading and provides free news and market research through DailyFX.com. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.
FXCM Group is owned by FXCM Inc. (50.1%) and Leucadia National Corporation (NYSE:LUK).
NASDAQ stands for National Association of Securities Dealers Automated Quotations and was established in 1971. It is the second-largest stock exchange in the world, by market cap, after NYSE. It has three different tiers: NASDAQ Global Select Market (NASDAQ-GS large cap), NASDAQ Global Market (mid cap) and NASDAQ Capital Market (small cap).