FXCM has agreed to sell DailyFX, its news and research website to IG Group for $40 million.
Subject to IG final approval and customary closing conditions, the transaction is expected to close by the end of October.
Upon completion, IG will receive the entire DailyFX business including all international and domestic web domains, source code and content.
The 34 employees currently working on DailyFX domains will also transfer to IG in the transaction. FXCM will continue to be an advertiser to US and Canadian residents on the DailyFX English version of the website.
After Cable’s apparent flash crash Friday, analysts are trying to determine what caused the move and the broader impact that it could have.
In a special note put out Friday Australian-based hedge fund Hunter Burton Capital says the sterling moves are being attributed to comments made by French president, Francois Hollande, about Brexit.
“There must be a threat, there must be a risk, there must be a price, otherwise we will be in negotiations that will not end well and, inevitably, will have economic and human consequences,” commented Hollande.