ODL Group Limited
05 May 2010
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| Press Release | 5 May 2010 |
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ODL Group Limited
("ODL" or "the Company")
ODL Group Limited to be acquired by FXCM Holdings, LLC
ODL Group Limited ("ODL"), a leading, independent forex, derivatives, equities
and commodities broker, announces today that it has agreed on terms to be
acquired by US-based FXCM Holdings LLC ("FXCM"), a leading global forex broker
that caters to both retail and institutional markets. ODL's strong UK and
European businesses will provide an excellent complement to FXCM's sizeable
operations in both the United States and Asia. The combined companies will
operate as one of the largest non-bank forex brokers globally servicing over
200,000 live trading accounts with combined client assets in excess of US$800
million. The deal is still pending final due diligence review and regulatory
approval.
Founded in 1999, FXCM is one of the largest forex brokers, regulated by several
financial regulators including the Financial Services Authority in the UK and
the Commodity Futures Trading Commission in the U.S. FXCM is one of very few
forex and CFD brokers to regularly publish its balance sheet. With over US$135
million in firm capital (assets minus liabilities), FXCM exceeds regulatory
requirements.
Post acquisition, ODL will continue to trade under its current name. A major
benefit to ODL clients will be that they gain access to FXCM's No Dealing Desk
execution on forex trades. Under No Dealing Desk execution, forex trades are
fully-automated and executed back-to-back with one of the world's premier banks
or financial institutions. Over ten banks compete to provide FXCM with bid and
ask prices, resulting in low spreads and fast execution, with no intervention
from a dealing desk on forex trades. Another major benefit of No Dealing Desk
execution is the ability to place orders within one pip of the market with no
restrictions.
Commenting on the acquisition, Drew Niv, CEO of FXCM, said: "For several years,
FXCM has been working towards becoming a major player in Europe. The deal with
ODL will provide us with a great opportunity to achieve this. We believe FXCM
will be the only retail forex firm with a truly global footprint. In an
industry in which size and scale are important, this is a major advantage."
No financial information regarding the structure of the deal is being released.
London based specialist advisory firm FT Advisors Limited acted as exclusive
advisor to ODL. San Francisco based FT Partners www.ftpartners.com served as
sole strategic advisor to FXCM.
Trading foreign exchange and CFDs on margin carries a high level of risk, and
may not be suitable for all investors
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For further information please contact:
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| ODL Group Limited | |
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| Graham Wellesley, Vice Chairman | Tel: +44 (0) 20 7903 |
| | 6100 |
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| FXCM Holdings LLC | |
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| Jaclyn Sales, Public Relations | Tel: +1 646 432 2463 |
| Manager | |
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| | |
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Media Enquiries:
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| Abchurch Communications | |
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| Henry Harrison-Topham / Nick | Tel: +44 (0) 20 7398 |
| Probert | 7702 |
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| henry.ht@abchurch-group.com | www.abchurch-group.com |
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Notes to Editors
ODL Securities is a leading, independent forex, derivatives, equity and
commodity trading house. Headquartered in London, with affiliates in Australia
and Turkey, ODL has over 200 staff globally and clients from over 100 countries.
ODL Securities offers Retail, IB and White Label clients an integrated approach
to trading diverse financial products. The Group companies now trade under the
names ODL Markets in the UK (for retail business).
Originally founded in 1994 as an Options House with just 28 staff, ODL
Securities Limited received a capital injection from new shareholders in 2004
and a new senior management team was appointed. Since then, a wide range of
enhancements have been implemented across all areas of the business, and new
products introduced.
ODL Securities Limited is authorised and regulated by the Financial Services
Authority and is a member firm of the London Stock Exchange and NYSE Euronext,
LIFFE. For further information please visit www.odlmarkets.com
About FXCM Holdings LLC:
Forex Capital Markets (FXCM) is a leading global forex broker that caters to
both retail and institutional markets. Founded in 1999, FXCM is one of the
largest brokers, regulated by several of the world's most respected financial
authorities. For further information please visit www.fxcm.co.uk
Regulated by:
Financial Services Authority (United Kingdom)
Commodity Futures Trading Commission (United States);
A member of the National Futures Association (United States)
Securities and Futures Commission (Hong Kong)
Commissione Nazionale per le Società e la Borsa (Italy)
Australian Securities and Investments Commission (Australia)
Bundesanstalt für die Finanzdienstleistungsaufsicht (Germany)
Comité des Établissements de Crédit et des Entreprises d'Investissement (France)
Licensed by Dubai Multi Commodities Centre (Dubai)
A Broker Member on the Dubai Gold & Commodities Exchange (Dubai)
FXCM Holdings, LLC consists of FXCM Australia LTD., Forex Trading LLC, Forex
Capital Markets LLC, Forex Capital Markets LTD, FXCM Asia LTD and FXCM DMCC.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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