Starting this morning, trades and funds of clients of FXCM Japan Securities, the former subsidiary of US-based retail FX giant FXCM Inc (NYSE:FXCM), were transferred to Rakuten Securities, the brokerage arm of Japanese Internet and e-commerce group Rakuten Inc (TYO:4755).
Following the change, all trades are conducted under the name of Rakuten.
The integration was agreed on May 8, 2015, soon after Rakuten Securities, a top 5 retail Forex broker in Japan, acquired FXCM Japan for $62 million, as FXCM Inc sought to raise cash to repay the $300 million loan extended by Leucadia National Corp. (NYSE:LUK) in the wake of “Black Thursday” events.
As FXCM Japan has been integrated into Rakuten Securities, its clients witnessed some changes regarding the service and product offering. On July 24, 2015, FXCM Japan officially discontinued support of social trading platform Mirror Trader. Changes to the trading instruments lineup have also been made.
To view the official announcement by FXCM Japan on the service integration, click here.