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Broker FXCM shares sink pre-market following loan details
Shares in retail currency broker FXCM tumbled on Tuesday after it laid out details of a loan aimed at saving the company after $200 million in losses from last week's shock removal of the cap on the Swiss franc. The U.S. company is one of the biggest of the online and retail brokers who have prospered over the past decade from a rise in small-time currency speculation, often by individuals working with their own money. It agreed an emergency loan with Leucadia National Corp on Friday, laying out more details, including maximum funding charges of 17 percent per annum, in a statement while European and U.S. markets ... (full story)
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