Continuing in its ongoing expansion efforts, US based Forex broker FXCM, a leading online provider of foreign exchange, announced the purchase of 50.1% of foreign exchange intelligence company Faros Trading LLC. No further details of the transaction were made available.
Faros Trading is a global leader in foreign exchange intelligence, market coverage, and execution services to the institutional foreign exchange market. Faros, based in Connecticut, provides research and execution services to clients in the foreign exchange industry.
Faros CEO Ray Kamrath said the deal will help FXCM add a more personal touch to its institutional services, while allowing Faros to grow faster.
"We focus on helping clients make money through research, while FXCM focuses on helping clients save money through electronic trading and low cost," he said.
The acquisition comes after FXCM launched an unsuccessful, $210 million all-stock takeover bid for Gain Capital in April but comes on the heels of FXCM's recent acquisition of Alpari US.
According to Drew Niv, chief executive of FXCM "The combination (with Faros) should expand our market reach and deliver a compelling suite of services to institutional FX traders."