Involuntary Petition Filed Against Global Brokerage, Inc.
March 23, 2023 at 12:00 am EDT
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Wolverine Asset Management, LLC along with a group of creditors filed an involuntary petition for liquidation under Chapter 7 against Global Brokerage Inc. in the US Bankruptcy Court for the Southern District of New York on March 23, 2023. The total claim amount of the petitioning creditors was $0.06 million. The petitioning creditors are represented by Robert J. Stark of Brown Rudnick LLP as their legal counsel.
Global brokerage, Inc., formerly FXCM Inc. (FXCM), is engaged in providing online foreign exchange (FX) trading, contract for difference (CFD) trading, spread betting and related services. The Company owns over 50% of FXCM Group, LLC (FXCM Group). FXCM Group is a holding company of Forex Capital Markets LLC, (FXCM US), Forex Capital Markets Limited, inclusive of all EU branches (FXCM UK), FXCM Australia Pty. Limited, (FXCM AU). The Company focuses on providing global traders with access to market by offering trading tools, hiring trading educators. In addition, FXCM offers educational courses on FX trading and provides trading tools data and resources. FXCM Pro provides retail brokers, small hedge funds and market banks access to wholesale execution and liquidity, as well as providing high and medium frequency funds access to prime brokerage services through FXCM Prime.