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FX broker FXCM gets rescue from Jefferies parent Leucadia
Retail foreign exchange broker FXCM Inc (FXCM.N), reeling after customers lost more than $200 million from the surging Swiss franc, will get a $300 million loan from Leucadia National Corp to keep operating, the companies said in a statement Friday. Large global banks and retail brokerages were hit hard by the Swiss National Bank's sudden move Thursday to scrap its three-year-old cap on the value of the Swiss franc against the euro EURCHF=EBS. FXCM said Thursday that client losses may have left the brokerage with too little capital. Leucadia (LUK.N), the parent of investment bank Jefferies, which advised on the deal, ... (full story)
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