FXCM Inc. (FXCM), a leading online provider of foreign exchange, or FX, trading and related services worldwide, today announced that it has acquired a 50.1% controlling interest in Faros Trading LLC ("Faros"). Financial terms were not disclosed.
Faros Trading is a global leader in foreign exchange intelligence, market coverage, and execution services to the institutional foreign exchange market. Faros helps clients make money by providing provocative, thoughtful, and value added research.
"The acquisition of Faros expands FXCM's institutional business, adding industry leading market intelligence and client services to the execution platforms we offer now," said Drew Niv CEO of FXCM. "The combination should expand our market reach and deliver a compelling suite of services to institutional FX traders."
No further details of the transaction are being released at this time.