Exclusive FNG… FNG has learned that long-serving FXCM non-executive director Lorenzo Naldini has resigned from the board of Stratos Markets Limited, the FCA-regulated company that now operates the FXCM Retail FX and CFDs brokerage brand.
Lorenzo Naldini served as a non-executive director of Stratos Markets (formerly Forex Capital Markets Limited) for nine years, which is effectively the maximum tenure for a non-executive director of a UK company. Under the UK Corporate Governance Code there is no maximum term for a company director, but after nine years directors are no longer considered independent, which in many cases acts as a in fact term limit.
Lorenzo Naldini co-founded online retail broker ODL Securities, which he and co-founder Graham Wellesley sold to FXCM in 2010 for $55 million. FXCM is ultimately owned by US-based financial services provider Jefferies Financial Group Inc (NYSE:JEF).