Leucadia's Jefferies To Acquire FXCM Unit Faros Trading
Jefferies Group LLC said it has agreed to buy Faros Trading, the institutional foreign exchange brokerage owned by FXCM Inc. . Jefferies, a unit of Leucadia National Corp. , did not disclose the financial details of the deal. FXCM, a New York-based foreign-exchange broker, made headlines in January when it was caught on the wrong side of bets on the Swiss franc, which had surged nearly 30% against the euro in minutes following the Swiss National Bank's surprise decision to drop its euro peg. Leucadia lent FXCM $300 million to keep it afloat. FXCM shares were up 0.9% in premarket trade, but are down 86.5% in the year so far, while the S&P 500 has gained 1.1%.
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