Retail forex broker FXCM Inc (NYSE:FXCM) has announced that it is transferring its stock exchange listing to The NASDAQ Global Market.
Since going public in 2010, FXCM shares have traded on the ‘big board’ New York Stock Exchange (NYSE). FXCM rival Gain Capital Holdings Inc (NYSE:GCAP) also trades on the NYSE.
The last day of trading on the NYSE for FXCM shares will be Friday September 23, 2016. FXCM shares will begin trading as a NASDAQ-listed security on the following trading day, Monday, September 26, 2016.
FXCM will keep its eponymous trading symbol on NASDAQ, namely FXCM.
FXCM CEO Drew Niv
In explaining the move, FXCM CEO Drew Niv said:
At this time we feel moving our shares to NASDAQ is the right decision for our business. We recognize all that the New York Stock Exchange has done for us over the last few years, and we look forward to our shares trading on NASDAQ.
Listings on the NASDAQ are generally cheaper and have less stringent requirements than on the NYSE (e.g. minimum share price, capital levels), one of the key reasons that NASDAQ has over time become the favorite exchange for up and coming growth and technology companies. FXCM was once a ‘big cap’ stock, but after its losses related to the Swiss Franc spike of January 2015, and the rescue loan it took from Leucadia National Corp (NYSE:LUK), its market cap has been cut to less than 10% of what it once was. FXCM today has a market capitalization of about $50 million.