High-speed trader Infinium Capital Management has stopped trading and is working to wind down the company after struggling with financial problems, President Mark Palchak told Reuters on Thursday.The closure of Infinium, which was founded in 2003, reflects pressures on high-speed trading firms stemming from increased competition and regulatory oversight, low interest rates that have hurt volume and volatility, and the uncertain global economic recovery.Currency broker FXCM Inc and a subsidiary have acquired five trading desks, physical assets and 48 employees from Infinium to start a new joint venture, V3 Markets, Palchak and FXCM said. Palchak is chief executive of the new company.V3 Markets will operate with a "streamlined cost structure" compared to Infinium, FXCM's chief executive, Drew Niv, said on a conference call after the company reported quarterly earnings.
FXCM Inc. (FXCM) is an online provider of foreign exchange (FX) trading and related services to approximately 170,930 active retail customers globally. Shares of FXCM fell by 1.52% or $-0.25/share to $16.18. In the past year, the shares have traded as low as $12.75 and as high as $19.97. On average, 457580 shares of FXCM exchange hands on a given day and today's volume is recorded at 352151.
Source
