On Thursday, the Swiss National Bank ended a three-year-old cap of 1.20 franc (CHF) per euro, which was introduced as a temporary measure to protect the Swiss economy from serious harm during a period of exceptional overvaluation of the Swiss franc and an extremely high level of uncertainty on the financial markets.
The move sent currency markets into turmoil and resulted in heavy losses for numerous currency brokers.
FXCM Inc. (FXCM) said that due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement, clients experienced significant losses and generated negative equity balances owed to FXCM of approximately $225 million.
Near closing bell on Friday, Leucadia National Corp. (LUK) and FXCM announced a critical financing deal designed to maintain FXCM’s financial strength and allow it to prosper going forward.
Under the terms of the agreements, LUK is investing $300 million in cash into FXCM in the form of a $300 million senior secured term loan with a two-year maturity and an initial coupon of 10%. The term loan obligations are guaranteed, on a secured basis, by certain of FXCM's domestic subsidiaries. In addition, LUK will receive, in the event of a sale of FXCM or its subsidiaries, a certain percentage of the sale proceeds and, in the event FXCM makes other distributions on account of its equity, a corresponding payment for its own account.
FXCM is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide.
More about FXCM Inc. (FXCM) at www.fxcm.com
LUK is a diversified holding company engaged through its consolidated subsidiaries in a variety of businesses, including investment banking and capital markets, beef processing, manufacturing, energy projects, asset management and real estate.
More about Leucadia National Corp. (LUK) at www.leucadia.com
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Crown Equity Holdings Inc. (CRWE) provides marketing solutions that boost customer awareness and merchant visibility on the Internet. The company is currently developing its CRWE Network ( www.CRWE-PR.com ), a growing network of community targeted sites.
It has recently included the City of Lancaster, CA ( www.lancaster.crwe-pr.com ) into the CRWE Network.
Lancaster is a charter city in northern Los Angeles County, in the Antelope Valley of the western Mojave Desert in Southern California. Lancaster's business-friendly atmosphere has contributed to dramatic economic growth in recent years. New businesses often choose to relocate or open another location in Lancaster, which translates to increases in local job opportunities.
In March 2013, Lancaster became the first city in the U.S. to require solar panels on all new homes in an effort to make the community more carbon neutral. The rule took effect in January, 2014
The City of Lancaster had an estimated population in 2013 (U.S. Census Bureau) of 159,523, and represents an important marketplace for the CRWE Network, which business model is based on selling advertising to businesses targeting both locally and nationally
The CRWE Network has reached the 1487th community website in the U.S., associated with 3456 ZIP Codes, and includes coverage in the states of California, Mississippi, Michigan, Florida, Nevada and New York, as well as across 10 provinces in Canada.
The CRWE-PR Business Directory portal ( www.BusinessDirectory.crwe-pr.com ) is the company’s business directory service that is available to all United States and Canada business in the public and private sector. It allows business owners and executives the ability to claim their business listings and provide more detailed information for their potential customers who visit the CRWE Network everyday.
More about Crown Equity Holdings Inc. (CRWE) at www.crownequityholdings.com
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Disclaimer: CRWE-PR Finance ( www.finance.crwe-pr.com ) is not a registered investment adviser. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Investors should always conduct their own due diligence with any potential investment, with independent research and other professional advice. Read Full Disclaimer at CRWE-PR Finance www.finance.crwe-pr.com/disclaimer
The move sent currency markets into turmoil and resulted in heavy losses for numerous currency brokers.
FXCM Inc. (FXCM) said that due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement, clients experienced significant losses and generated negative equity balances owed to FXCM of approximately $225 million.
Near closing bell on Friday, Leucadia National Corp. (LUK) and FXCM announced a critical financing deal designed to maintain FXCM’s financial strength and allow it to prosper going forward.
Under the terms of the agreements, LUK is investing $300 million in cash into FXCM in the form of a $300 million senior secured term loan with a two-year maturity and an initial coupon of 10%. The term loan obligations are guaranteed, on a secured basis, by certain of FXCM's domestic subsidiaries. In addition, LUK will receive, in the event of a sale of FXCM or its subsidiaries, a certain percentage of the sale proceeds and, in the event FXCM makes other distributions on account of its equity, a corresponding payment for its own account.
FXCM is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide.
More about FXCM Inc. (FXCM) at www.fxcm.com
LUK is a diversified holding company engaged through its consolidated subsidiaries in a variety of businesses, including investment banking and capital markets, beef processing, manufacturing, energy projects, asset management and real estate.
More about Leucadia National Corp. (LUK) at www.leucadia.com
**
Crown Equity Holdings Inc. (CRWE) provides marketing solutions that boost customer awareness and merchant visibility on the Internet. The company is currently developing its CRWE Network ( www.CRWE-PR.com ), a growing network of community targeted sites.
It has recently included the City of Lancaster, CA ( www.lancaster.crwe-pr.com ) into the CRWE Network.
Lancaster is a charter city in northern Los Angeles County, in the Antelope Valley of the western Mojave Desert in Southern California. Lancaster's business-friendly atmosphere has contributed to dramatic economic growth in recent years. New businesses often choose to relocate or open another location in Lancaster, which translates to increases in local job opportunities.
In March 2013, Lancaster became the first city in the U.S. to require solar panels on all new homes in an effort to make the community more carbon neutral. The rule took effect in January, 2014
The City of Lancaster had an estimated population in 2013 (U.S. Census Bureau) of 159,523, and represents an important marketplace for the CRWE Network, which business model is based on selling advertising to businesses targeting both locally and nationally
The CRWE Network has reached the 1487th community website in the U.S., associated with 3456 ZIP Codes, and includes coverage in the states of California, Mississippi, Michigan, Florida, Nevada and New York, as well as across 10 provinces in Canada.
The CRWE-PR Business Directory portal ( www.BusinessDirectory.crwe-pr.com ) is the company’s business directory service that is available to all United States and Canada business in the public and private sector. It allows business owners and executives the ability to claim their business listings and provide more detailed information for their potential customers who visit the CRWE Network everyday.
More about Crown Equity Holdings Inc. (CRWE) at www.crownequityholdings.com
**
Disclaimer: CRWE-PR Finance ( www.finance.crwe-pr.com ) is not a registered investment adviser. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Investors should always conduct their own due diligence with any potential investment, with independent research and other professional advice. Read Full Disclaimer at CRWE-PR Finance www.finance.crwe-pr.com/disclaimer
