FXCM, the bailed-out currency broker, is willing to forgive and forget.
The company is going to write off losses for 90 percent of its customers — most of them smaller day-trader-type accounts — that amount to about 40 percent of the total company losses, according to a company announcement.
FXCM had to get bailed out earlier this month by Leucadia National, the parent company of investment bank Jefferies, after the Swiss central bank changed its policy, and its currency made unprecedented gains against the euro.
FXCM’s forgiveness is targeted mostly toward its smallest customers, according to the release.
The other 10 percent of clients, which makes up the majority of balances owed to the broker, are made up of “institutional, high net worth, and experienced traders who generally maintain higher account balances,” according to the announcement.