Brokers News 

Bankruptcy Judge grants Global Brokerage’s Motion to pay Trade Claims

“In the ordinary course of business, Global Brokerage incurred various fixed, liquidated, and undisputed payment obligations (Trade Claims) to various third-party providers of services (Trade Creditors)” reports financefeeds.com. For the 12 months prior to filing the bankruptcy petition, Global Brokerage’s average aggregate monthly payment to Trade Creditors was about $250,000.At this hearing, the Bankruptcy Court will consider, among other things, the adequacy of the Disclosure Statement and confirmation of the Prepackaged Plan for Chapter 11 bankruptcy. Source: financefeeds.com Share This:

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Korea Investment & Securities Buys Indonesian Brokerage for ‎‎$36.6 Million

“Korea Investment & Securities Co., Ltd. provides financial services and offers securities dealing, brokerage, underwriting, online trading, and asset management services” reports financemagnates.com. Ltd. has acquired a 75 percent stake in a mid-sized Indonesian securities firm for USD 36.6 million ‎(40 billion won)‎ in early December, according to a company statement. Source: financemagnates.com Share This:

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Brokers News Stocks 

Global Brokerage seeks to protect $288 million of NOLs

“Global Brokerage estimates that, as of September 30, 2017, it had approximately $288 million of consolidated NOLs for U.S. federal income tax purposes in addition to certain other Tax Attributes” reports financefeeds.com. The “Tax Attributes” include valuable assets of Global Brokerage’s estate because the Tax Code generally permits corporations to carry over their Tax Attributes to reduce future taxable income.The Tax Attributes could thus translate into future tax savings over time and any such savings could enhance the Debtor’s cash position for the benefit of all parties in interest.The company,…

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Brokers News Stocks 

Global Brokerage announces Dec 28, 2017, as last day of trading of its shares on NASDAQ

“There was no update from Global Brokerage on how its plans to file for Chapter 11 bankruptcy progress” reports financefeeds.com. Global Brokerage says it has not arranged for listing or registration of its Common Stock on another national securities exchange.In a move in line with previously announced plans, Global Brokerage Inc (NASDAQ:GLBR), formerly FXCM Inc, today announces that it has informed Nasdaq of its intention to delist its Class A common stock from the NASDAQ Capital Market.This happens about a month after Nasdaq approved Global Brokerage’s application to transfer its…

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Brokers News 

What’s in store for Global Brokerage under Chapter 11?

“Bankruptcy under Chapter 11 is also called reorganization bankruptcy and companies often manage to emerge from Chapter 11 after a given period of time” reports financefeeds.com. The peculiarities of Chapter 11 of the United States Bankruptcy Code became widely known in 2008 along with the filing for Chapter 11 bankruptcy protection by Lehman Brothers.A Chapter 11 case typically commences with the filing of a petition with the bankruptcy court serving the area where the company has a domicile or residence.One thing is apparent: the future of Global Brokerage now hinges…

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Brokers News 

Exclusive: Want to take your brokerage into China? This is the ready-made solution for exactly that purpose

“LEANWORK, which provides China-focused broker solutions, has over 150 FX brokers in China using its products, Broker Work and Trader Work, on a daily basis” reports financefeeds.com. In contrast, a CRM customized for the foreign exchange industry can meet the specific needs of FX brokers.Among the firm’s distinguished client list, there are not only local brands but also many western brokers who have established local presence in Asian Markets.For these reasons, CRM data, marketing information and trading platform interaction must all be done via interlinked, China-specific systems.Taking the LEANWORK’s Broker…

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Brokers News Stocks 

Global Brokerage to respond to stockholders accusations in “Black Swan” case on Nov 17, 2017

“Rather than contest the allegations made in these proceedings, defendants chose to settle them, the plaintiffs stress” reports financefeeds.com. Global Brokerage Inc (NASDAQ:GLBR), formerly known as FXCM Inc, is showing firmness in its legal fight against stockholders’ allegations that it abused the “Black Swan” label for the events from January 15, 2015 to cover up its own misconduct. Source: financefeeds.com Share This:

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Global Brokerage steps up efforts to have “mega lawsuit” dismissed

“Global Brokerage Inc (NASDAQ:GLBR) has stepped its efforts to have a consolidated securities class action brought against it by former investors dismissed” reports financefeeds.com. The “mega lawsuit” names Global Brokerage, formerly known as FXCM Inc, and 17 individuals, including directors and senior employees at the brokerage accounting department, as defendants.Underlining their efforts to vigorously defend themselves in this action, the defendants are now requesting an oral argument on the motion to strike and dismiss the consolidated securities class action complaint.According to the defendants, the Services Agreement was a pay-for-flow agreement based…

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Brokers Markets News 

Redfin extends 1 percent seller commissions to more markets

“Redfin says that it gained a higher share of customers in those test markets compared to other markets where Redfin has brokerage offices” reports washingtonpost.com. Redfin charges a 1.5 percent sellers commission to buyers in other markets.The brokerage firm will reduce the amount of the refund it offers buyers to fund the reduced listing fee. Source: washingtonpost.com Share This:

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FXCM keeps pushing to distance itself from Global Brokerage

“The decision to terminate the agreement was made by the Lead Member Holders of Group, which means: FXCM Holdings, LLC, or Global Brokerage Holdings, and Leucadia” reports financefeeds.com. The termination of the agreement by the Lead Member Holders happens just a couple of days after a Memorandum Opinion issued by Vice Chancellor Glasscock of the Delaware Chancery Court said an entire fairness review of the Leucadia deal with FXCM is appropriate. Source: financefeeds.com Share This:

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