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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Leucadia National Corp. | NYSE:LUK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.47 | 0 | 01:00:00 |
FXCM Inc. on Friday updated its negative-balance policy, offering clients protection for the first $50,000 of losses over a 24-hour period.
Clients will be responsible for negative balances--aggregated across all FXCM accounts--above that amount, regardless of market conditions.
A representative from the company wasn't immediately available for comment about the changes.
The foreign-exchange trader's update comes as it has been chasing $276 million from retail clients who were caught on the wrong side of bets on the Swiss franc in January. The Swiss franc surged nearly 30% against the euro in the minutes following the Swiss National Bank's surprise decision to stop reining in the currency's value. Collateral put down to guarantee those bets wasn't sufficient to cover the currency move on that day, which was unprecedented. It has said that it will forgive the majority of the negative balances.
To continue operations, FXCM secured a $300 million loan from Jefferies Group LLC parent Leucadia National Corp., and as of early March has repaid $12 million.
FXCM also plans to stop trading a number of currencies, including the Hong Kong dollar and Danish krone, to avoid volatility caused by possible future intervention by governments in currency markets, The Wall Street Journal earlier reported.
Shares of FXCM, inactive premarket, have declined 88% this year through Thursday's close.
Write to Angela Chen at angela.chen@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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