Forex Broker FXCM plans 1-for-10 reverse stock split


Foreign-exchange broker FXCM Inc. plans to cut by a factor of 10 the number of its shares outstanding, a move the company said is key to its effort to remain listed on the New York Stock Exchange.

Shareholders would have to approve the 1-for-10 reverse stock split announced Tuesday. A special meeting of shareholders has been scheduled for Sept. 21.

FXCM, one of the largest retail currency brokers in the world, provides online foreign-exchange trading, CFD trading, spread betting and related services. The New York-based broker lost millions of dollars this year after the Swiss National Bank removed its cap on the value of the Swiss franc. Leucadia National Corp.
US:LUK
 rescued FXCM with an emergency $300 million lifeline.


View more information: https://www.marketwatch.com/story/forex-broker-fxcm-plans-1-for-10-reverse-stock-split-2015-07-21

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