FXCM gets a bailout; Leucadia gives $300M to FXCM

FXStreet (San Francisco) - Leucadia $LUK will provide FXCM $FXCM with $300 milion in financing that will allow the Forex giant to continue with normal operations.

Leucadia will receive $250 million in senior notes yielding 10%, and 75% of sales proceeds in case of FXCM sale.

Former Jefferies' Managing Director Sage Kelly will assume FXCM leadership. He sees "an orgy of opportunities or the market leader in retail forex." Leucadia is the parent company of Jefferies.

$FXCM stocks trading was halted for news pending when the share was 88.2% down in the day.