Corporate brand
UnclaimedFXCM is an international online broker offering foreign-exchange and contract-for-difference trading services.
Last updated October 14, 2026
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Overview
FXCM, formerly known as Forex Capital Markets, is an online financial-services brand focused on foreign-exchange trading and contracts for difference. It was established in New York in 1999 and became one of the early retail brokers to build an electronic trading infrastructure for individual customers. After opening a London office in 2003, the business developed an international presence and shifted its operational center toward the United Kingdom. The London operation became regulated by the UK Financial Services Authority, now the Financial Conduct Authority. The brand’s core proposition is access to leveraged markets through electronic execution, trading software, and broker-supported infrastructure. Its offering has included spot foreign exchange and CFDs referencing instruments such as equity indices and commodities, including gold and crude oil. FXCM has also marketed its own Trading Station platform and supported third-party platforms such as MetaTrader 4. Depending on jurisdiction, products, leverage, and customer eligibility have been subject to local regulation and may differ materially between markets. FXCM expanded through partnerships, acquisitions, and investments in electronic-trading businesses. A 2003 relationship with Refco gave Refco a minority stake and allowed the futures broker to use FXCM technology. Following Refco’s 2005 bankruptcy, the ownership of that stake became the subject of competing transactions. FXCM later acquired the US business of ODL in 2009 and the wider UK-based ODL Group in 2010. That transaction substantially increased its customer and asset base. The company also acquired a controlling interest in Lucid Markets, invested in Infinium Capital Management, and participated with Credit Suisse in developing the FastMatch electronic-communication network. FXCM became a public company in 2010, listing on the New York Stock Exchange under the symbol FXCM. Its public-company period was marked by regulatory scrutiny of execution practices, including the handling of positive and negative price slippage. The company reached settlements with US and UK regulators and paid customer restitution in connection with those matters. A much more serious crisis followed the Swiss-franc market shock of January 2015. FXCM reported a loss of approximately $225 million and required emergency financing from Leucadia National Corporation, now Jefferies Financial Group, to satisfy regulatory-capital requirements. The financing gave Leucadia substantial influence over the operating business. In 2017, the US Commodity Futures Trading Commission found that FXCM had misrepresented aspects of its no-dealing-desk execution model and imposed a monetary penalty. FXCM withdrew its US registration and agreed not to re-register, effectively ending its US retail brokerage operation. Its US customer accounts were transferred to Gain Capital. Following the US regulatory action, FXCM, Inc. changed its name to Global Brokerage, Inc., while the operating brokerage continued under the FXCM name. Global Brokerage entered Chapter 11 bankruptcy in 2017, emerged from reorganization in 2018, and was ultimately separated from the practical control of the operating brokerage. FXCM subsequently presented itself as an affiliate of Leucadia, whose successor is Jefferies Financial Group. The brand remains active in non-US markets, subject to the regulatory permissions and product restrictions applicable in each jurisdiction.
History
FXCM began in New York in 1999 under the name Shalish Capital Markets and adopted the FXCM name roughly a year later. Its early business was built around electronic access to the foreign-exchange market, at a time when online retail currency trading was becoming more accessible. In 2003, the company opened a London office and entered a partnership with Refco. Refco acquired a 35% interest in FXCM and licensed the company’s trading software for its own customers. Refco collapsed in 2005 after the discovery of a major accounting fraud. Its stake in FXCM became entangled in the bankruptcy process. A proposed repurchase by FXCM was not approved by creditors, and the interest was eventually sold to a buyer consortium that included Lehman Brothers. The episode left FXCM operating independently while demonstrating the risks associated with the ownership and distribution structures common in the leveraged-trading industry. FXCM expanded its UK and US footprint through ODL. It acquired ODL’s US business in 2009 and purchased the UK-based ODL Group in 2010. The acquisition made FXCM one of the largest retail foreign-exchange brokers by customer count and helped establish London as a central location for its international operations. In December 2010, FXCM completed an initial public offering on the New York Stock Exchange. Its prospectus emphasized a no-dealing-desk model in which the broker described itself as an intermediary connecting customers with external market makers and earning transaction-based markups. The company subsequently faced regulatory and legal scrutiny over execution quality and slippage. In 2011, the National Futures Association fined FXCM and the CFTC ordered customer restitution regarding the treatment of price improvements. Private lawsuits also alleged deceptive trading practices and misleading disclosures. In 2014, the UK Financial Conduct Authority fined FXCM and its UK subsidiary and required additional payments to customers. These matters placed the broker’s execution model and disclosures under sustained regulatory examination. FXCM also pursued an institutional and technology strategy. In 2012 it acquired control of Lucid Markets, an automated foreign-exchange trading firm, and entered an arrangement with Credit Suisse relating to FastMatch, an electronic communication network. FXCM bought a note issued by Infinium Capital Management in 2013 and acquired several Infinium trading desks and physical assets in 2014. These transactions broadened the group beyond retail brokerage into automated execution and market infrastructure. The Swiss-franc shock on 15 January 2015 was the company’s defining financial crisis. After the Swiss National Bank abandoned its exchange-rate floor, extreme currency movements produced losses of approximately $225 million for FXCM and pushed it below applicable capital requirements. Leucadia provided a $300 million emergency loan, initially carrying a 10% interest rate and terms that could increase the effective cost. FXCM later announced that it would forgive most negative balances generated by the event for eligible accounts. Leucadia’s financing gave it increasing economic and governance influence over the broker. In 2017, the CFTC alleged that FXCM had misrepresented its no-dealing-desk model by routing customer trades through Effex Capital, which regulators characterized as closely connected to FXCM. FXCM paid a $7 million settlement, withdrew its US registration, and agreed not to re-register. Three senior founding partners were also barred or otherwise removed from the US regulated market. The US accounts, numbering approximately 40,000, were transferred to Gain Capital. The listed corporate parent changed its name from FXCM, Inc. to Global Brokerage, Inc., while the operating business retained the FXCM brand. Global Brokerage sold its interest in FastMatch, terminated a management agreement with the operating group, and filed for Chapter 11 in November 2017. It emerged from bankruptcy reorganization in February 2018, but its stated equity position did not correspond directly to the same level of economic control. Jefferies Financial Group, the successor to Leucadia National Corporation, became the de facto parent of the operating FXCM Group. FXCM continued operating outside the United States, with its products and services governed by local regulatory frameworks.
- 2018
Operating group continues under Jefferies influence
[1]Following Global Brokerage’s reorganization, Jefferies Financial Group remains the de facto parent of FXCM Group.
- 2017
US registration withdrawn
[2]FXCM settles CFTC allegations, exits the US retail market, and transfers US customer accounts to Gain Capital.
- 2015
Swiss-franc crisis and Leucadia financing
[1]A sharp Swiss-franc move causes major losses and leads to emergency financing from Leucadia.
- 2012
Lucid Markets investment
[1]FXCM acquires a controlling interest in automated-trading firm Lucid Markets.
- 2010
ODL Group acquisition and public listing
[1]FXCM acquires the wider ODL Group and completes an IPO on the New York Stock Exchange.
- 2009
ODL US business acquired
[1]FXCM acquires ODL’s US operation as part of its international expansion.
- 2003
London expansion and Refco partnership
[1]FXCM opens a London office and Refco acquires a minority stake while licensing FXCM technology.
- 2000
The FXCM name is adopted
[1]The company changes its name from Shalish Capital Markets to FXCM.
- 1999
FXCM is founded in New York
[1]The business is established as Shalish Capital Markets to develop electronic foreign-exchange trading services.
Products and positioning
An internationally oriented, technology-led retail and institutional trading broker, positioned around electronic foreign-exchange execution, platform access, and multi-asset leveraged trading.
Retail brokerage
Foreign-exchange trading
FXCM’s principal offering is electronic access to the foreign-exchange market. Customers can speculate on currency pairs through leveraged trading accounts, subject to the rules, capital requirements, and product restrictions of the relevant jurisdiction. The business historically emphasized execution through external liquidity providers and transaction-based revenue rather than taking the opposite side of every customer trade.
Leveraged derivatives
Contracts for difference
FXCM offers CFDs in markets where local regulation permits them. Referenced instruments have included major equity indices and commodities such as gold and crude oil. CFDs allow customers to take leveraged long or short positions without owning the underlying asset, making risk disclosures, margin rules, and retail-client protections central to the product.
Trading platform
Trading Station
Trading Station is FXCM’s proprietary trading environment for accessing supported markets. It has been offered through desktop and other digital interfaces and is designed to combine charting, order management, account monitoring, and trade execution. Available functionality and instruments vary by country and account type.
Third-party trading platform
MetaTrader 4
MetaTrader 4 has been supported by FXCM as an alternative electronic-trading interface. The platform is widely used for foreign exchange and provides charting, automated-strategy support, order management, and technical-analysis tools, although the exact instruments and features available through FXCM depend on the customer’s jurisdiction.
Controversies
2017
CFTC fraud and misrepresentation settlement
The CFTC concluded that FXCM had misrepresented the operation of its no-dealing-desk model and imposed a $7 million penalty. FXCM withdrew its US registration and was barred from returning to the US market through that registration.
2014
FCA enforcement over execution practices
The FCA fined FXCM and FXCM Securities and required customer payments in connection with slippage controls and notification of the related CFTC investigation.
2011
US slippage and price-improvement enforcement
The NFA fined FXCM over slippage practices, and the CFTC later required restitution for customers who had not received qualifying positive-slippage gains.
Brand decisions
2017
Withdrawal from the US retail marketStrategyBackground
A CFTC enforcement action found that FXCM had misrepresented aspects of its execution model.
Action taken
FXCM paid a penalty, withdrew its CFTC registration, agreed not to re-register, and transferred its US customer accounts to Gain Capital.
Aftermath
The operating brand continued outside the United States while the former listed parent changed its name to Global Brokerage and later entered bankruptcy reorganization.
2017
Sale of FastMatch interestM&ABackground
After the US regulatory crisis, the group sought liquidity and reduced exposure to non-core trading infrastructure.
Action taken
FXCM sold its stake in the FastMatch electronic communication network.
Aftermath
The proceeds were used in part to repay Leucadia financing.
Sale proceeds. $46.7 million (August 2017)
2015
Emergency financing after the Swiss-franc shockStrategyBackground
The removal of the Swiss-franc exchange-rate floor produced extraordinary market volatility and losses that placed FXCM below regulatory-capital requirements.
Action taken
FXCM accepted emergency financing from Leucadia National Corporation and announced relief for most eligible customers with negative balances caused by the event.
Aftermath
Leucadia gained substantial economic and governance influence over the operating group, which later became associated with Jefferies Financial Group.
Emergency loan. $300 million (January 2015)
2010
Initial public offeringOtherBackground
FXCM sought public capital and greater visibility for its online brokerage business.
Action taken
The company completed an IPO and began trading on the New York Stock Exchange under the symbol FXCM.
Aftermath
FXCM operated as a public company until the corporate restructuring that followed the 2017 regulatory crisis.
IPO proceeds. $211 million of stated share capital at the offering (December 2010)
Recent events
Reported
FXCM wins three Ultimate Fintech Awards[5]
FXCM announced that it won Best Customer Service, Best Trading Platform and Broker of the Year at the Ultimate Fintech Awards 2021.
Reported
FXCM launches Australian “Save Money, Sleep Better” campaign[6]
FXCM launched its “Save Money, Sleep Better” campaign in Australia, offering zero rollover fees to customers holding overnight trades in selected indices, gold, and silver.
Reported
FXCM adds social and copy trading[7]
FXCM expanded its foreign-exchange and CFD trading offering by providing customers with social and copy trading capabilities through a platform powered by ZuluTrade.
Reported
FXCM and TradingView launch trading platform integration[8]
FXCM launched an API-powered integration with TradingView that lets FXCM users execute orders directly from the TradingView platform.
Reported
FXCM and FlexTrade announce technology partnership[9]
FXCM, through FXCM Pro, and FlexTrade announced a technology partnership involving FXCM's institutional business and FlexTrade's MaxxTrader solution.
Sources9 sources
- 1FXCMen.wikipedia.org
- 2CFTC fines and bars FXCMcftc.gov
- 3FCA enforcement against FXCMfca.org.uk
- 4FXCM official websitefxcm.com
- 5FXCM赢得三项Ultimate Fintech大奖finanznachrichten.de
- 6FXCM在澳大利亚推出“省钱，睡得更好”活动finance.yahoo.com
- 7FXCM推出社交及跟单交易功能finanznachrichten.de
- 8FXCM与TradingView推出交易平台集成finanznachrichten.de
- 9FXCM与FlexTrade宣布技术合作finanznachrichten.de
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