Stating he believed the acquisition would extend the trading services provider's market reach, FXCM CEO Drew Niv said in a statement, "The acquisition of Faros expands FXCM's institutional business, adding industry leading market intelligence and client services to the execution platforms we offer now."
In a statement to The Wall Street Journal, Faros CEO Ray Kamrath said the deal would allow the market intelligence firm to grow faster as it helped FXCM add a more personal touch to its institutional services.
Faros provides foreign exchange intelligence, market coverage, and execution services to institutional foreign exchange markets. FXCM is headquartered in New York city while Faros Trading is located in Stamford, Conn.
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