FXCM to sell Japanese business for $62m
Broker progresses with paying down $300 million loan
Foreign exchange retail broker FXCM has agreed to sell FXCM Japan for $62 million to Rakuten Securities, a rival FX broker based in the country, to help pay down the $300 million loan it received from Leucadia National Corporation in January.
The sale is the first of its kind for FXCM since facing financial turmoil after the Swiss National Bank removed the EUR/CHF floor on January 15. The transaction is expected to close on April 1.
"We are pleased to announce this transaction with Rakuten Sec
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