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The Director of Global Brokerage, Inc., Ryan Silverman, has sold 27,890 shares of stock in the business. The transaction went through at an average price of $1.25, yielding a total of $34,862.50. The disclosure of the sale came from an SEC legal filing. On Tuesday, November 20, Global Brokerage Inc. opened at $1.10 – its one-year low currently stands at $1.05, with a one-year high of $9.80.
A new stake in Global Brokerage stock was recently acquired by a hedge fund named Renaissance Technologies LLC. This new position in Global Brokerage shares was purchased in the first quarter, as per the company’s recent disclosure with the SEC. The fund purchased a total of 266,730 shares of stock in the financial services provider, carrying an approximate value of $720,000. As of Global Brokerage’s most recent SEC filing, Renaissance Technologies LLC around 23.04% of the company’s total stock.
Who are Global Brokerage, Inc.?
Global Brokerage, Inc, was formerly known as FXCM Inc. Its focus is on providing an online foreign exchange trading service and CFD trading, as well as being spread betting brokers and offering other related services. The Company has ownership of 50% of FXCM Group, LLC. FXCM Group exists as a holding company for Forex Capital Markets LLC, as well as Forex Capital Markets Ltd, including all the branches in the European Union, and also FXCM Australia Pty.
Global Brokerage made headlines in recent weeks after filing for bankruptcy; a move which made very little difference to its value for shareholders. The company’s stake in FXCM still holds, and it still owes $172 million to convertible noteholders; a debt that has now been extended over another five years.
The sale of shares by Director Ryan Silverman is symptomatic of the company’s announcement that it plans to delist its shares altogether from the stock market. Any other small shareholders will want to sell their stock too before that delisting takes place, most probably at the beginning of 2018 once plans for reorganisation have been approved formally. The future is very intriguing for this transitioning financial services broker.
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