Four dealers to bid for FXCM
FRONT PAGE NEWS
The move demonstrates the continued push being made by banks to capture a slice of the lucrative retail foreign exchange market. According to London-based client strategy firm, ClientKnowledge, the retail FX market is worth $50 billion a day.
The banks will begin bidding for the passive investment stake acquired by now-defunct futures broker Refco in 2002 this week. Since the October 2005 bankruptcy of Refco, the FXCM shares have been held by the Refco estate.
FXCM and the Refco creditors
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