FXall chief to net $35m in sale
Tim Cave at Dow Jones
The highest-ranking officer at foreign exchange platform FXall is set to reap more than $30m from the company's sale to information giant Thomson Reuters, according to analysis by Financial News.
Phil Weisberg, FXall's chairman and chief executive, stands to gain around $35.4m in the all-cash deal announced by Thomson Reuters yesterday. The data provider said it had entered into a definitive agreement to buy FXall for $22 a share, which values the company at $625m.
Interactive Brokers sees UK revenues hike
Tom Osborn at Dow Jones
The London arm of Interactive Brokers, the largest online securities brokerage in the US, saw an 18% rise in revenues for 2011, as the firm reacted to falling trading volumes by diversifying away from its core business of equity and derivatives trading.
Revenues at Interactive Brokers UK topped £7m for the year ended December 31, according to accounts filed at Companies House. However, the firm reported a fall in pre-tax profits of 14.7% to £1.03m, on the back of higher administrative expenses, as it invested in new retail-focused brokerage services for gold, silver and contract-for-difference trading. CFDs are equity securities which offer a buyer exposure to a stock’s future value for a pre-agreed price. They are popular with UK investors because they are exempt from the stamp duty levied on stock and futures trades.