FXCM Inc. (NYSE:FXCM), a leading online provider of foreign exchange trading and related services worldwide, today announced that its subsidiary FXCM Holdings LLC, has signed a definitive agreement with IBFX, Inc. and IBFX Australia Pty Ltd to acquire their U.S. and Australian MetaTrader 4 ("MT4") retail forex accounts ("IBFX MT4 Accounts").
"FXCM welcomes the IBFX clients and our team will work hard to ensure a smooth transition," said Drew Niv, CEO of FXCM. "We are dedicated to providing clients with a wealth of tools, resources and educational services along with our award winning customer service, superior technology, and transparent No Dealing Desk forex execution."
FXCM will be acquiring approximately $63 million in client equity and 13,000 accounts.
"A majority of the clients being acquired are located in Asia and have traded through IBFX's Australian regulated entity," added Niv. "This acquisition would have added 5% to FXCM's most recently disclosed client equity."
The IBFX MT4 Accounts will be transferred to Forex Capital Markets LLC ("FXCM US") or FXCM Australia Limited ("FXCM AU") by the end of September. IBFX clients using the MT4 platform will be transitioned to the FXCM MT4 platform and should see minimal changes in platform functionality. FXCM's upgraded MT4 platform integrates seamlessly with its No Dealing Desk forex execution.
Financial terms of the transaction were not disclosed at this time.