Full text
Exhibit 7
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In re Global Brokerage, Inc. f/k/a FXCM Inc. Securities Litigation, Docket No. 1:17-cv-00916 (S.D.N.Y. Feb 07,
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Description
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4 pages
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Exhibit 1
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Exhibit 2
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Exhibit 3
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Exhibit 4
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Exhibit 5
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Exhibit 6
Multiple Documents
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EXHIBIT 1
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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
In re Global Brokerage, Inc. f/k/a FXCM Inc.
Securities Litigation
Master File No. 1: 17-cv-00916
(RA)(BCM)
This Document Relates To: All Actions
CORRECTED OPENING REPORT ON MARKET EFFICIENCY
BY DR. ADAM WERNER
January 10, 2020
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TABLE OF CONTENTS
I.
INTRODUCTION ...............................................................................................................1
II.
PROFESSIONAL BACKGROUND AND EXPERIENCE ................................................1
III.
SUMMARY OF OPINION AND FINDINGS ....................................................................3
IV.
BACKGROUND .................................................................................................................5
A.
About the Company .................................................................................................5
B.
About the FXCM Common Stock ...........................................................................9
C.
About the FXCM Notes ...........................................................................................9
i.
About Rule 144A Notes .............................................................................10
V.
EFFICIENCY OF THE MARKET FOR FXCM COMMON STOCK .............................11
A.
The Cammer Factors and their Application in This Case ......................................11
i.
Cammer Factor 1: Average Weekly Trading Volume ...............................11
ii.
Cammer Factor 2: Analyst Coverage .........................................................12
iii.
Cammer Factor 3: Market Makers and Listing on the NYSE ...................14
iv.
Cammer Factor 4: SEC Form S-3 Eligibility .............................................16
v.
Cammer Factor 5: Price Reaction to New Information .............................17
B.
Unger/Krogman Factors Considered .....................................................................42
i.
Market Capitalization .................................................................................42
ii.
Float ...........................................................................................................43
iii.
Bid-Ask Spread ..........................................................................................43
VI.
EFFICIENCY OF THE MARKET FOR THE FXCM NOTES ........................................45
A.
The Cammer Factors and their Application for the FXCM notes .........................46
i.
Cammer Factor 1: Average Weekly Trading Volume ...............................47
ii.
Cammer Factor 2: Analyst Coverage and Other Avenues of
Information Dissemination ........................................................................47
iii.
Cammer Factor 3: Prominent Underwriters and Market Makers ..............49
iv.
Cammer Factor 4: S-3 Registration Eligibility ..........................................50
v.
Cammer Factor 5: Price Reaction to New Information .............................50
B.
Unger/Krogman Factors: Outstanding Par Value and Float ..................................54
i.
Outstanding Par Value (Market Capitalization) ........................................55
ii.
Float ...........................................................................................................55
VII.
COMMON DAMAGE METHODOLOGY ......................................................................56
A.
Section 10(b) Per Share Damage Methodology .....................................................57
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VIII.
CONCLUSION ..................................................................................................................59
IX.
LIMITING FACTORS AND OTHER ASSUMPTIONS..................................................59
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I, Adam Werner, declare and state, under penalty of perjury, that the following is true and
correct to the best of my knowledge, information, and belief. If called to testify, I could and would
testify competently to the following facts.
I.
INTRODUCTION
1.
Lead Counsel for Plaintiffs, The Rosen Law Firm, P.A. (“The Rosen Firm”),
retained me to provide an opinion that will assist the Court in determining whether the common
stock of Global Brokerage, Inc., f/k/a FXCM Inc. (“FXCM” or the “Company”) and the FXCM
2.25% Convertible Senior Notes due 2018 traded in efficient markets during the periods from
March 15, 2012 through February 6, 2017 (the “Class Period”), and June 24, 2014 through
February 6, 2017 (the “Notes Period”), respectively.
2.
In addition, The Rosen Firm asked me to provide an opinion that will assist the
Court in understanding and determining whether the trier of fact will be able to measure damages
in this matter by means of a common methodology and calculate them on a class-wide basis for
all Class members in connection with their claims under Section 10(b) of the Exchange Act of
1934 (the “Exchange Act”) and U.S. Securities & Exchange Commission (“SEC”) Rule 10b-5
adopted thereunder (collectively, “Section 10(b)”).
3.
I understand that as an expert witness in this proceeding my duty in providing my
report is to the Court and that this duty overrides any obligation to the parties who have engaged
me, from whom I have received instructions, or from whom I have been paid. I confirm that I have
complied with this duty.
II.
PROFESSIONAL BACKGROUND AND EXPERIENCE
4.
I am currently a Lecturer in economics at the Orfalea College of Business at Cal
Poly San Luis Obispo, where I have taught managerial economics to graduate students, and
international finance and macroeconomics to undergraduates. I am also an affiliated expert at
1
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Crowninshield Financial Research, Inc. (“Crowninshield”). Prior to accepting my lecturer position
at Cal Poly San Luis Obispo and being affiliated with Crowninshield, I spent 16 years working for
consulting firms including Cornerstone Research, CRA International, and NERA. I have been
retained by both plaintiffs and defendants to consult on matters pertaining to market efficiency,
materiality and loss causation, damages, investment banking, financial valuation, security
issuance, bankruptcy, and option backdating. Federal, State, and Bankruptcy courts within the
United States as well as the Superior Court of Justice for Ontario, Canada and the Supreme Court
of Victoria at Melbourne, Australia have accepted and relied upon my opinions to understand the
issues about which I opine and to ultimately determine issues of facts on the basis of that
understanding. I have lectured to attorneys on the topic of damage estimation and settlements in
securities class actions. I have also spoken on the estimation of capital rates in emerging economies
at a conference organized by the University of Texas School of Law.
5.
I hold a Ph.D. in Finance (1999) from Northwestern University’s Kellogg Graduate
School of Management. While at Kellogg, I taught M.B.A. classes in both corporate finance, and
futures and options. I was also awarded a University Scholarship during my time at Kellogg. Prior
to graduate school, I served as a Research Assistant at the Federal Reserve Bank of Cleveland. My
full Vitae including prior testimony is attached as Exhibit-1 to this report.
6.
Exhibit-2 to this report is a list of documents I reviewed in forming my opinion in
this matter.
7.
The Rosen Firm is currently paying Crowninshield $675 per hour for my ongoing
work on this matter. Additional Crowninshield consultants have assisted me with my work at rates
ranging from $250 per hour to $500 per hour. This compensation is not contingent on the outcome
of this matter.
2
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III.
SUMMARY OF OPINION AND FINDINGS
FXCM common stock traded in an efficient market throughout the Class
Period.
8.
My opinion is based on the following observations, analyses and findings during
the Class Period:
The average weekly trading volume of FXCM’s stock was 14.9%,1 significantly
higher than the 2% required to meet the strong-presumption-of-efficiency
benchmark set forth by the court in Cammer v. Bloom.2
At least 15 securities analysts followed FXCM. In addition, 1,608 news stories, as
well as press releases, and SEC filings related to FXCM were published, indicating
wide dissemination of information to the market.
FXCM’s stock initially traded on the New York Stock Exchange and later on the
NASDAQ Global Market and had at least 205 market makers.3
382 institutional investors indicated in public filings that they owned FXCM’s
stock.
FXCM met the requirements for, and filed two Form S-3 Registration Statements
with the SEC.
Event study analysis indicates that a cause and effect relationship existed between
the release of new Company-specific information and movements in FXCM’s stock
price.
1 As a percentage of all stock outstanding. Unless otherwise stated, prices in this declaration refer to split-adjusted
figures.
2 711 F.Supp. 1264 (D.N.J. 1989).
3 Market makers are intermediary broker-dealer firms that assume the risk of holding a certain number of shares in a
particular security in order to facilitate the trading of that security. Market makers facilitate trading by offering to buy
and sell a particular stock at publicly quoted prices.
3
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FXCM’s stock price movements on “news days” were significantly different from
the price movements on “non-news days”.
FXCM’s average market capitalization4 of $341.6 million was larger than the
average market capitalization of at least 50% of all publicly-traded companies in
the Center for Research in Security Prices (“CRSP”) database.5
FXCM’s float6 averaged $336.0 million and was larger than the average market
capitalization of at least 50% of all other stocks in the CRSP database.
FXCM’s stock had a narrow average bid-ask spread7 of 0.28% compared to the
average bid-ask spread of 0.63% for all stocks in the CRSP database.
FXCM Notes traded in an efficient market during the portion of the Class
Period for which they traded, June 24, 2014 through February 7, 2017.
9.
My opinion is based on the following observations, analyses and findings during
the Notes Period:
The average weekly trading volume of the FXCM notes was 2.92%, higher than
the 2% common stock threshold required to meet the strong-presumption-of-
efficiency benchmark.
4 Market capitalization (or “market cap”) is calculated by multiplying a company’s shares outstanding by the current
market price per share.
5 http://www.crsp.com/main-menu/why-crsp.
6 “Float” refers to the number of shares of a given security that are actually available for trading. Float is calculated
by subtracting the number of closely-held shares (i.e., shares owned by insiders, employees, Employee Stock
Ownership Plans, or other non-publicly available shares) from the total number of shares outstanding.
7 A bid-ask spread is the price at which a market maker (intermediary) is willing to buy and sell a stock. For example,
if one is making a market in Company Y’s stock, one might be willing to buy (bid) stock of Company Y at $10 per
share and sell (ask) the same stock at $10.15 per share. In this instance, the bid-ask spread would be $0.15, or
approximately 1.5%.
4
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12 securities analysts covered FXCM and at least 938 news stories, press releases,
and SEC filings related to FXCM were published, indicating wide dissemination of
information to the market.
$172.5 million (face value) of 144A notes were issued to, owned by, and traded
amongst institutional investors.
The FXCM notes were placed by prominent underwriters, including Credit Suisse
and Merrill Lynch, Pierce, Fenner & Smith firms, indicating they were market
makers for FXCM’s notes. Approximately 35% to 40% of the trades reported were
dealer transactions.
FXCM met the requirements for and filed two Form S-3 Registration Statements
with the SEC.
The substantial outstanding par value and float are indicative of the efficiency of
the market for the FXCM’s notes.
Event study analysis indicates that a cause and effect relationship existed between
the release of new Company-specific information and movements in FXCM’s notes
price.
With expert assistance, the finder of fact in this matter will be able to
compute damages using a common class-wide methodology that applies to the
calculation of damages for each and every Class member.
IV.
BACKGROUND
A.
About the Company
10.
During the Class Period, FXCM described itself as “an online provider of foreign
exchange (“FX”) trading and related services” headquartered in New York, NY.8 The Company
8 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, pp. 1 and 34.
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provided “access to over-the-counter (‘OTC’) FX markets through [its] proprietary technology
platform.”9 During the Class Period, the Company’s platform sought to provide its customers “the
best price quotations” on currency pairs from various market makers, global banks, and financial
institutions.10
11.
Plaintiffs allege that FXCM primarily operated a conflict free “agency model” to
execute its customers’ trades through a “no dealing desk” platform (“NDD”). In an agency model,
a “customer executes a trade on the best price quotation offered by [FXCM’s] FX market makers,”
with FXCM acting as a credit intermediary while “simultaneously entering into offsetting trades
with both the customer and the FX market maker.”11 The Company added a markup to the price
provided by the market makers and earned revenue in the form of trading fees and commissions.12
Therefore, FXCM’s customers’ profits or losses would have no effect on FXCM’s interest, because
FXCM’s role was merely as an agent or credit intermediary.13 Plaintiffs allege that FXCM misled
investors because FXCM’s agency model and NDD were not free from conflicts as FXCM had an
“undisclosed financial interest in the market maker that consistently ‘won’ the largest share of
FXCM’s NDD trading volume.”14
12.
For the fiscal years ended 2012 through 2016, the Company reported total net
revenues of $417.3 million, $489.6 million, $463.8 million, $402.3 million and $284.1 million,
9 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 1.
10 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 1.
11 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 1.
12 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 1.
13 Second Amended Consolidated Securities Class Action Complaint, filed on April 6, 2018, ¶3.
14 Second Amended Consolidated Securities Class Action Complaint, filed on April 6, 2018, ¶5.
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respectively.15 At the start of the Class period, the Company operated along two business
segments: retail trading and institutional trading.16 In 2012, 2013, and 2014, retail trading
accounted for 85.1%, 77.4% and 76.6% of total net revenues, respectively.17
13.
On January 15, 2015, the Swiss National Bank announced that it would be
“discontinuing the minimum exchange rate of CHF 1.20 per euro.”18 According to the Company,
this resulted in “unprecedented volatility in the EUR/CHF currency pair.”19 As a result, FXCM
clients experienced significant losses and generated negative equity balances. These clients
subsequently owed FXCM approximately $276 million resulting in FXCM breaching its
regulatory capital requirements.20 The regulatory capital requirement was the minimum net capital
that FXCM needed to maintain across its subsidiaries in a relatively liquid form such as cash or
cash equivalents. A firm in breach of its minimum net capital requirements may have its
registration revoked possibly resulting in liquidation.21 To continue normal operations and
maintain compliance with the regulatory capital requirements, FXCM took a $300 million term
loan from Leucadia National Corporation on January 16, 2015.22 Consequently, FXCM decided to
15 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2012, filed on March 18, 2013, p. 50; FXCM Inc.,
Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 45; FXCM Inc., Form 10-K, for
the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 49; FXCM Inc., Form 10-K, for the fiscal year
ended December 31, 2015, filed on March 11, 2016, p. 50; and Global Brokerage, Inc., Form 10-K, for the fiscal year
ended December 31, 2016, filed on March 20, 2017, p. 51.
16 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 1.
17 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2012, filed on March 18, 2013, p. 1; FXCM Inc.,
Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 1; and FXCM Inc., Form 10-K,
for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 1.
18 “Swiss National Bank discontinues minimum exchange rate and lowers interest rate to -0.75%,” Swiss National
Bank, press release, January 15, 2015.
19 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 1.
20 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 1.
21 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 9.
22 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 1.
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sell its non-core assets.23 Meanwhile, the institutional trading segment that FXCM used to operate,
no longer met “the quantitative criteria” required for separate reporting.24 The remaining
institutional business was combined with the retail business, and reported its operations under a
single business segment of retail trading.
14.
On February 6, 2017, the U.S. Commodity Futures Trading Commission (“CFTC”)
found that FXCM “engaged in false and misleading solicitations of FXCM’s retail foreign
exchange (‘forex’) customers.”25 While FXCM told its retail customers that it had no conflict of
interest, and that it acted only as a credit intermediary on its “No Dealing Desk” platform, FXCM
“had an undisclosed interest in the market maker that consistently ‘won’ the largest share of
FXCM's trading volume.”26 This market maker “shared most of its trading profits with FXCM.”27
From 2010 through 2014, FXCM received approximately $77 million from this market maker
which FXCM did not disclose to its customers.28 The CFTC Order required FXCM to pay a civil
monetary penalty of $7 million and “to cease and desist from further violations of the Commodity
Exchange Act and CFTC Regulations, as charged.”29
15.
As a result of this news, the value of FXCM common stock dropped over 68% (on
a logarithmic basis) from $6.85 to $3.45 on February 7, 2017, on heavy trading volume (1.98
23 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 2.
24 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2015, filed on March 11, 2016, p. 49.
25 “Order Instituting Proceedings Pursuant to Sections 6(c) And 6(d) of The Commodity Exchange Act, Making
Findings, and Imposing Remedial Sanctions,” CFTC Docket No. 17-09, February 6, 2017.
26 “Order Instituting Proceedings Pursuant to Sections 6(c) And 6(d) of The Commodity Exchange Act, Making
Findings, and Imposing Remedial Sanctions,” CFTC Docket No. 17-09, February 6, 2017.
27 “Order Instituting Proceedings Pursuant to Sections 6(c) And 6(d) of The Commodity Exchange Act, Making
Findings, and Imposing Remedial Sanctions,” CFTC Docket No. 17-09, February 6, 2017.
28 “Order Instituting Proceedings Pursuant to Sections 6(c) And 6(d) of The Commodity Exchange Act, Making
Findings, and Imposing Remedial Sanctions,” CFTC Docket No. 17-09, February 6, 2017.
29 “CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s
Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail
Forex Customers,” U.S. Commodity Futures Trading Commission, press release, February 6, 2017.
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million shares of common stock, compared to a Class Period daily average of 0.15 million shares
of common stock).30
B.
About the FXCM Common Stock
16.
Following its initial public offering on December 2, 2010, FXCM’s shares traded
on the New York Stock Exchange under the trading symbol FXCM.31 On October 1, 2015,
FXCM’s shares underwent a one-for-ten reverse stock split.32 On September 23, 2016, the
Company voluntarily delisted its shares from the NYSE and listed its shares on the NASDAQ
Global Market, effective September 26, 2016.33 On February 24, 2017 the Company changed its
name to Global Brokerage, Inc. and the common shares traded under the symbol GLBR effective
February 27, 2017.34
17.
At its Class Period peak, on December 18, 2014 FXCM’s market capitalization
stood at $806.0 million. By the close of trading on February 7, 2017, the day after the last day of
the Class Period, the Company’s market capitalization had fallen to $19.3 million.35
C.
About the FXCM Notes
18.
On June 3, 2013, under Rule 144A, FXCM issued $172.5 million in senior
unsecured convertible fixed coupon notes due June 15, 2018. The FXCM notes paid coupon
interest semi-annually on the 15th of June and December at a rate of 2.25% per annum.
19.
The initial purchasers of securities issued under Rule 144A are restricted from
reselling those securities for a certain period after the date of issuance. The restrictions are
30 Volume data obtained from the CRSP.
31 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 41.
32 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2015, filed on March 11, 2016, p. 39.
33 Global Brokerage, Inc., Form 10-K, for the fiscal year ended December 31, 2016, filed on March 20, 2017, p. 40.
34 Global Brokerage, Inc., Form 10-K, for the fiscal year ended December 31, 2016, filed on March 20, 2017, p. 40.
35 Data obtained from CRSP.
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determined by the issuer’s reporting history and other characteristics such as volume and manner
of sale requirements. The offering circular for the FXCM notes set the end of the resale restriction
to one year after the closing of the issuance of the FXCM note.36 According to data obtained from
the Financial Industry Regulatory Authority’s (FINRA) Trade Reporting and Compliance Engine
(TRACE), the FXCM notes began trading on June 24, 2014.
20.
These notes were a senior unsecured security, i.e. senior to FXCM’s stock in the
corporate capital structure. Interest on the notes was paid before common stock dividends were
distributed and, in the event of a bankruptcy, principal would have to be repaid to note holders
before common stock holders received any asset liquidation proceeds.
i.
About Rule 144A Notes
21.
The SEC explains that, “under Section 5 of the Securities Act of 1933, all offers
and sales of securities must be registered with the SEC or qualify for some exemption from the
registration requirements.”37 Notes that are not registered with the SEC and are exempt from the
typical registration requirements are commonly referred to as Rule 144A issues. Notes issued
under Rule 144A can only be traded by qualified institutional buyers (“QIBs”), which are entities
“acting for [their] own account or the accounts of other qualified institutional buyers, that in the
aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers
that are not affiliated with the entity.”38
22.
Rule 144A is typically used by companies to obtain financing quickly. Without the
need for a registration statement, issuers can attempt to secure more attractive financing terms
36 FXCM Inc., Form 8-K, Filed June 3, 2013, p. 16.
37 https://www.sec.gov/answers/rule144.htm.
38 “Rule 144A–Private Resales of Securities to Institutions,” Securities Lawyer’s Deskbook, The University of
Cincinnati College of Law.
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when market conditions are favorable. In a 144A issue, the price of the notes is set by the
underwriters after polling QIBs for their level of interest and pricing expectations.39 In the pricing
process, the underwriter and investors will perform the same analyses as analysts do in the
secondary market (e.g. comparative companies analysis, earnings potential, expected growth, and
macro-economic analyses etc.).40 Thus, the pricing of a 144A issue is driven by the same valuation
considerations as the pricing of a registered issue in the secondary market.
V.
EFFICIENCY OF THE MARKET FOR FXCM COMMON STOCK
A.
The Cammer Factors and their Application in This Case
23.
The Cammer court applied five factors to determine market efficiency.41 As
explained in Appendix A, widely-accepted academic finance literature provides the economic
basis for these factors as indicia of market efficiency. The five factors considered are: (1) a
security’s/firm’s average weekly trading volume; (2) analyst coverage; (3) number of market
makers; (4) eligibility to file an SEC Form S-3; and (5) price reaction to new information.
i.
Cammer Factor 1: Average Weekly Trading Volume
24.
The first Cammer factor examines whether a stock’s “average weekly trading
volume … [would be] in excess of a certain number of shares.”42 More specifically, the court
credited Bromberg who recognized that, “turnover measured by average weekly trading volume
39 “Corporate Bond Operational Underwriting Process: Business Practices in ‘Plain English,’” The Bond Market
Association, 9 December 2004, p. 4 & p. 12.
40 “How Corporations Issue Securities,” Principles of Corporate Finance, by Franklin Allen, Stewart Myers, and
Richard Bradley, McGraw Hill Irwin, 8th edition, Chapter 15.2, pp. 387-394.
41 Cammer, 711 F.Supp. at 1286-87.
42 Cammer, 711 F.Supp. at 1286 (“the reason the existence of an actively traded market, as evidenced by a large weekly
volume of stock trades, suggests there is an efficient market is because it implies significant investor interest… Such
interest, in turn, implies a likelihood that many investors are executing trades on the basis of newly available or
disseminated corporate information”).
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of [2%] or more of the outstanding shares would justify a strong presumption that the market for
the security is an efficient one; [1%] would justify a substantial presumption.”43
25.
During the Class Period, average weekly trading volume ranged from 21,510 shares
to 43.6 million shares.44,45 As shown in Exhibit-3, the average weekly trading volume of FXCM’s
common stock during the Class Period as a percentage of common stock outstanding was
14.86%.46 This level of average weekly trading volume exceeded the Cammer benchmark of 2%
necessary for a “strong presumption” of market efficiency by a factor of over seven. Thus,
FXCM’s average weekly trading volume supports a finding of market efficiency for FXCM
common stock during the Class Period.
ii.
Cammer Factor 2: Analyst Coverage
26.
The Cammer Court found that “a significant number of securities analysts[’]
follow[ing] and report[ing] on a company’s stock” further supports a finding of market
efficiency.47 When investment professionals closely monitor a firm’s information, subsequently
making buy/sell recommendations to their clients based on that information, investors bid up or
down “the market price of the stock . . . to reflect the [company’s] financial information…as
interpreted by the securities analysts.”48 This suggests that the more analysts who followed a stock,
the greater the likelihood that a stock traded in an efficient market. Barber, et al., [1994] found that
43 Cammer, 711 F.Supp. at 1292.
44 Trading volume data obtained from CRSP.
45 The week with the average weekly trading volume of 21,510 share consisted of only one day (February 6, 2017), as
this was the last day of the Class Period.
46 This corresponds to 660,212 shares traded per week during the Class Period on average.
47 Cammer, 711 F.Supp. at 1286.
48 Cammer, 711 F.Supp. at 1286.
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coverage by one or two analysts strengthened the presumption of efficiency for a publicly traded
stock.49
27.
During the Class Period, at least 11 firms/analysts following FXCM issued
recommendations and/or research reports. The firms were Barclays, BGB Securities, CJS
Securities, Cowen and Company, Credit Suisse, CRT Capital, Deutsche Bank, JPMorgan, Keefe,
Bruyette & Woods, Sandler O’Neill & Partners, and UBS.50 These firms/analysts released at least
263 reports and recommendations during the Class Period. See Exhibit-4 attached hereto.
28.
Transcripts of FXCM’s conference calls conducted during the Class Period reveal
that at least four additional firms also followed FXCM. The firms were Citigroup, Lazard Capital
Markets, Raymond James, and Sidoti & Company.51
29.
Consequently, analysts from at least 15 firms followed the Company during the
Class Period, further indicating market efficiency.
30.
The various avenues of news media coverage also facilitate the flow of material
information to the marketplace, which promotes efficiency. Such avenues of information
dissemination include company press releases.52
31.
During the Class Period, 1,608 news stories, as well as press releases and SEC
filings featuring FXCM appeared in financial publications and newswires, including Business
49 “The Fraud-on-the-Market Theory and the Indicators of Common Stocks’ Efficiency,” by Brad M. Barber et al.,
Journal of Corporation Law, 1994.
50 Analyst reports obtained from Thomson Eikon.
51 Conference calls transcripts obtained from Thomson Eikon.
52 See Cammer, 711 F.Supp at 1283, n. 30 (the company “issued numerous press releases concerning its business
operations. . .”); Cheney v. CyberGuard Corp., 213 F.R.D. 484, 499 (S.D. Fla. 2003) (“Plaintiffs have shown that
CyberGuard was featured in a significant number of news items indicating that information regarding CyberGuard
may have been widely distributed, which would support a finding of efficiency”).
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Wire, Dow Jones Newswire, Reuters, and SNL Financial. Exhibit-2 provides a collection of news
stories, press releases and SEC filings.
32.
In sum, the number of analysts covering FXCM and the wide dissemination of
information about FXCM from Company press releases and from well-regarded and widely read
sources in the news media support a finding of market efficiency for FXCM common stock during
the Class Period.
iii.
Cammer Factor 3: Market Makers and Listing on the NYSE
33.
The third factor considered by the Cammer court to indicate market efficiency is
whether a stock had numerous market makers.53 The Cammer court stated, “the existence of
market makers and arbitrageurs would ensure completion of the market mechanism; these
individuals would react swiftly to company news and reported financial results by buying or selling
stock and driving it to a changed price level.”54
34.
A stock with a large number of market makers would indicate that many market
participants are trading in that stock, thereby increasing liquidity and decreasing trading costs. It
follows that a large number of market makers indicates efficiency of the market for a particular
stock. During the Class Period, there were at least 205 market makers for FXCM common stock,
including well known firms, such as: Barclays Capital, BNY Mellon Capital Markets, JPMorgan,
Morgan Stanley, and Wedbush Morgan Securities.55 See Exhibit-5 for a list of market makers
during the Class Period.
53 See, e.g., “The Fraud-On-The-Market Theory and The Indicators of Common Stocks’ Efficiency,” by Brad M.
Barber, et al., The Journal of Corporation Law Winter 1994, p. 291.
54 Cammer, 711 F.Supp. at 1286-87.
55 Market Maker data obtained from Bloomberg.
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35.
Again, citing Bromberg and Lowenfels, the Cammer court noted that “[t]en market
makers for a security would justify a substantial presumption that the market for the security is an
efficient one; five market makers would justify a more modest presumption.”56
36.
Another indication of market efficiency is the presence of institutional investors,
arbitrageurs and other professional full-time investors in the market, as economists presume them
“to be better informed about the securities they hold and better able to interpret new information
than individual investors.”57
37.
During the Class Period, at least 382 unique institutional investors owned FXCM
common stock.58 The presence of at least 382 sophisticated professional investors provides
additional support for finding that the market for FXCM common stock was efficient during the
Class Period.
38.
The large number of market makers and unique institutional investors further
supports that FXCM common stock traded in an efficient market.
56 Cammer, 711 F. Supp at 1293 (quoting Bromberg & Lowenfels, Securities Fraud and Commodities Fraud §8.6
(1988))
57 “The Fraud-On-The-Market Theory and The Indicators of Common Stocks’ Efficiency,” by Brad Barber, et al., The
Journal of Corporation Law Winter 1994, p. 292. For discussion of the role of institutional investors in incorporating
information into equity prices, see, e.g., “The Influence of Analysts, Institutional Investors, and Insiders on the
Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices,” Joseph Piotroski and Darren
Roulstone, The Accounting Review, Vol. 79, No. 4, 2004, pp. 1119-1151l; “The Fraud-On-The-Market Theory and
The Indicators of Common Stocks’ Efficiency,” by Brad Barber, Paul Griffin and Baruch Lev, The Journal of
Corporation Law Winter 1994, p. 302 (“In general, institutional investors have significant experience appraising
investments and evaluating the impact of new information on a company’s future prospects. Academic studies have
found that institutional holdings can be a proxy for market efficiency”). This finding holds for the authors’ univariate
analysis.
58 According to the SEC filings compiled and reported by Thomson Eikon, there were 382 unique institutions that
held shares of FXCM common stock as of at least one of the following reporting periods: March 31, 2012, June 30,
2012, September 30, 2012, December 31, 2012, March 31, 2013, June 30, 2013, September 30, 2013, December 31,
2013, March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014, March 31, 2015, June 30, 2015,
September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 31,
2016. There may have been additional institutions that held FXCM common stock during the Class Period, though
not on the quarterly reporting dates.
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iv.
Cammer Factor 4: SEC Form S-3 Eligibility
39.
The fourth Cammer factor is a firm’s ability to file a Form S-3 Registration
Statement. For a company to be eligible to file a Form S-3, the Securities and Exchange
Commission (“SEC”) requires 12 months of filings and at least $75 million of float. A company
with less than $75 million of float and 12 months of filings is eligible to file a form S-3 registration
so long as the company has “a class of common equity securities listed and registered on a national
securities exchange, and the issuers do not sell more than the equivalent of one third of their public
float in primary offerings over any period of 12 calendar months.”59 Despite the fact that the SEC
has loosened the $75 million float requirement, courts continue to focus on the $75 million float
benchmark when analyzing this Cammer factor.60
40.
The Cammer court noted that S-3 registration eligibility is indicative of market
efficiency because the filing requirement ensured that financial data were available to market
participants, and the “public float” requirement indicated that many market participants would
have examined the information.61
41.
The financial information in the SEC filings, supplemented by information
provided by analysts and news coverage, provided investors with access to financial information
about the Company on a continuous basis.
42.
Not only was FXCM eligible to undertake a S-3 registration, but FXCM in fact
filed two Form S-3 Registration Statements on October 4, 2012 and July 12, 2016.62
59 “Revisions to The Eligibility Requirements for Primary Securities Offerings on Forms S-3 And S-3,” SEC Release
No. 33-8878, December 19, 2007.
60 See, e.g., Nguyen v. Radient Pharm. Corp., 287 F.R.D. 563, 573 (C.D. Cal. 2012).
61 Cammer, 711 F.Supp. at 1284-85.
62 FXCM Inc., Form S-3, filed on October 4, 2012; and FXCM Inc., Form S-3, filed on July 12, 2016.
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43.
Consistent with the Cammer opinion, FXCM’s eligibility to file a S-3 registration
is evidence of the efficiency of the market for FXCM common stock during the Class Period.
v.
Cammer Factor 5: Price Reaction to New Information
44.
The fifth Cammer factor is that “it would be helpful to . . . [have] empirical facts
showing a cause and effect relationship between unexpected corporate events or financial releases
and an immediate response in the stock price.”63 The empirical factor was cited by the Cammer
court as “one of the most convincing ways to demonstrate efficiency[.]”64
45.
To determine whether that requisite cause and effect relationship existed, I
conducted two sets of empirical tests of the efficiency of the market for FXCM common stock
during the Class Period.
46.
The first empirical test was an event study that investigates whether the market for
FXCM common stock was efficient specifically with respect to the disclosure of information that
is the subject of this litigation. Statistically significant price reactions to disclosures of new
information related to the alleged misrepresentations and omissions indicate market efficiency.
Consequently, the empirical behavior of FXCM’s stock following the disclosure of case-related
information best determines whether the market for FXCM’s stock was efficient for purposes of
the fraud-on-the-market principle.
47.
I also performed an event study on significant acquisition announcements by
FXCM during the Class Period. Consistent with financial principles and academic literature,
announcements of large acquisitions could be expected to impact the value of the Company. It
follows that on certain dates when the Company announced an acquisition, the value of FXCM
63 Cammer, 711 F.Supp. at 1287.
64 Cammer, 711 F.Supp. at 1291.
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common stock would be expected to move. Significant stock price reactions to such an event
indicates market efficiency.
48.
In addition, I performed an event study on announcements of FXCM’s breach of
regulatory capital requirements during the Class Period. The regulatory capital requirement is the
minimum net capital that FXCM needs to maintain across its subsidiaries in a relatively liquid
form. A firm in breach of its minimum net capital requirements may have its registration revoked
which could result in liquidation.65 Announcements of a breach of regulatory capital requirements
could be expected to impact the value of the Company. It follows that on dates when the Company
announced such a breach, the value of FXCM common stock would be expected to move. A
significant stock price reaction to such an event indicates market efficiency.
49.
To determine whether the requisite cause and effect relationship existed, I
performed a collective test of the efficiency of the market for FXCM’s stock on a broad set of
FXCM news events that occurred over the course of the Class Period. For the second empirical
test, I examined whether the proportion of statistically significant abnormal returns exhibited by
FXCM common stock on news dates was significantly different than the proportion of statistically
significant abnormal returns on all other dates.66 This test is often referred to as a “news no-news
test”. Finding a statistically significant difference would indicate a cause and effect relationship
between the release of information and movements in the price of FXCM common stock, providing
further empirical evidence of market efficiency.
65 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 9.
66 See ¶91 for a discussion of this test.
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a)
Event Study Tests of Market Efficiency
50.
The event study is the paramount tool for testing market efficiency as it can be used
to measure the response of stock prices to typical corporate news events such as earnings releases,
merger announcements, guidance revisions, etc. after controlling for, among other things, market-
wide factors.67 As Professor Eugene Fama, a financial economist and Nobel Laureate, stated:
The cleanest evidence on market-efficiency comes from event studies, especially
event studies on daily returns. When an information event can be dated precisely
and the event has a large effect on prices, the way one abstracts from expected
returns to measure abnormal daily returns is a second-order consideration. As a
result, event studies give a clear picture of the speed of adjustment of prices to
information.68
51.
Since the seminal papers by Ball and Brown [1968]69 and Fama et al., [1969]70 first
introduced event study analysis to a broader audience of accounting and finance researchers, event
studies have “become ubiquitous in capital markets research.”71 Campbell, et al., [1997] provide a
detailed background and description of how event studies are used in econometric analysis.72
Crew, et al., [2012] write about how the methodology is generally accepted and widely used in
forensic applications.73
52.
An event study measures how much a firm’s stock price rises or falls in response
to new information. An event study first calculates the difference between the actual return on an
67 For example, event studies will often control for other factors such as industry specific factors.
68 “Efficient Capital Markets: II,” by Eugene Fama, Journal of Finance, 1991, p. 1607.
69 “An Empirical Evaluation of Accounting Income Numbers,” by Ray Ball and Stephen J. Brown, Journal of
Accounting Research, 1968.
70 “The Adjustment of Stock Prices to New Information,” by Eugene Fama, et al., International Economic Review Vol.
10, No. 1, February 1969.
71 “Event Studies: A Methodology Review,” by Charles J. Corrado, Accounting and Finance, 51, 2011, p. 207.
72 The Econometrics of Financial Markets, by John Y. Campbell, et al., Princeton University Press, 1997, Chapter 4.
73 “Federal Securities Acts and Areas of Expert Analysis,” by Nicholas I. Crew, et al., in Chapter 24 of the Litigation
Services Handbook; The Role of the Financial Expert, 5th ed., edited by Roman L. Weil, et al., John Wiley & Sons,
Inc., 2012.
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individual stock and the return predicted by the market model. This difference is called an
“abnormal return” (or residual return) which measures the impact of new, firm-specific
information on a firm’s stock price. If the abnormal return over an event period is deemed to be
statistically significant, it indicates that the stock price movement was likely caused by
firm-specific information and therefore cannot be attributed to market and/or industry factors, or
to random volatility alone. Indeed, a cause and effect relationship between new material
information and the reaction in the stock price establishes market efficiency.
53.
Not every piece of new information will result in a statistically significant abnormal
stock return. To the extent that the new information may have been expected, or the valuation
impact of the new information is appropriately modest, the appropriate abnormal price return
would not be statistically significant. As such, a finding of non-significance does not necessarily
establish inefficiency, as a modest non-significant stock price reaction may be the appropriate and
efficient stock price reaction to a particular information event.74
54.
For example, if a company announces earnings that are in-line with analysts’ and
investors’ expectations, even though the announcement contains important information, it may not
change the total mix of information sufficiently enough to elicit a statistically significant stock
price reaction on that date. Appropriate candidate events for inclusion in a market efficiency event
study, therefore, are events on which company-specific information was released that is new,
unexpected, not confounded by major countervailing news, and is of such import as to reasonably
be expected to elicit a stock price reaction over the threshold for statistical significance.
74 “Event Studies in Securities Litigation: Low Power, Confounding Effects, And Bias,” by Alon Brav and J.B. Heaton,
Washington University Law Review, 30 March 2015, p. 602; see also Rooney v. EZCorp., Inc., 2019 WL 691205, at
*7 (W.D. Tex. 2019).
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55.
This principle was recently intimated by Judge Rakoff of the United States District
Court for the Southern District of New York:
The Supreme Court has rejected [the defendants’ expert’s] absolutist view of
market efficiency by making clear that “market efficiency is a matter of degree”
and that “Basic’s presumption of reliance ... does not rest on a ‘binary’ view of
market efficiency.” Halliburton Co. v. Erica P. John Fund, Inc., ––– U.S. ––––,
134 S.Ct. 2398, 2410, 189 L.Ed.2d 339 (2014). In assessing market efficiency,
courts should not let the perfect become the enemy of the good. In this case, where
the indirect Cammer factors lay a strong foundation for a finding of efficiency,
a statistically significant showing that statistically significant price returns are
more likely to occur on event dates is sufficient as direct evidence of market
efficiency and thereby to invoke Basic’s presumption of reliance at the class
certification stage. Accordingly, plaintiffs have ade[q]uately demonstrated that
common issues of law and fact will predominate over individual issues with respect
to the reliance element of their Exchange Act claims.75
b)
Selection of Event Study Events
56.
To identify appropriate event dates for the market efficiency event study I reviewed
the history of the Company over the course of the Class Period, as presented in news articles,
analyst reports, and Company announcements and filings. The events during and immediately
following the Class Period that I determined are appropriate for inclusion in the market efficiency
event study are June 14, 2012, January 20, 2015, and February 7, 2017. The events were selected
on the following basis:
1. Selection of Acquisition Announcement Event
57.
In 2012, 2013 and 2014, FXCM’s business strategy included making acquisitions
to expand its customer base in those markets where it had low penetration. The Company acquired
other companies “to expand [its] presence and capabilities in the institutional marketplace.”76
75 In re Petrobras Sec. Litig., 312 F.R.D. 354, 371 (S.D.N.Y. 2016). This portion of Petrobras was affirmed by the
Second Circuit Court of Appeals. In re Petrobras Sec. Litig., 862 F.3d 250, 275-79 (2d Cir. 2017).
76 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2012, filed on March 18, 2013, p. 49; and FXCM
Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed on March 17, 2014, p. 43.
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Given FXCM’s business strategy, announcements of large acquisitions could be expected to
impact the value of the Company. It follows that on certain dates when the Company announced a
large acquisition, the value of FXCM common stock would be expected to move.
58.
However, not all acquisition announcements would be expected to elicit a
statistically significance price reaction, as certain acquisition announcements may have been
anticipated and/or the incremental valuation impact might not have been large enough to exceed
the threshold for statistical significance. Considering that FXCM’s market capitalization averaged
$341.6 million during the Class Period, the valuation impact of any particular acquisition would
have to be substantial in order to be expected to elicit a statistically significant stock price reaction.
That is, although an acquisition might be economically significant to the Company, the valuation
impact of the acquisition may not be over the threshold for statistical significance, unless the deal
were very large and unexpected, and the terms were profoundly favorable or unfavorable.
59.
I reviewed the Company’s press releases during the Class Period to identify all
formal acquisition proposals announced by FXCM and screened for acquisitions that were large
and would be expected to have a significant impact on the Company’s stock valuation. I reviewed
analyst reports to verify that these particular events were major events that reasonably would have
significant impact on the Company’s stock valuation.
60.
Using the criteria described above, I identified one acquisition announcement
during the Class Period that was of such import that it would reasonably be expected to elicit a
statistically significant price reaction, and so would be a good candidate event for a market
efficiency event study. On June 14, 2012, before the start of trading, FXCM issued a press release
that it had entered into a definitive agreement to acquire 50% controlling interest in Lucid Markets,
“a leading non-bank electronic market making and trading firm in the institutional foreign
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exchange market,” for approximately $176 million, net of Lucid cash.77 This acquisition
represented approximately 67% of FXCM’s market cap on June 14, 2012.
2. Selection of Regulatory Capital Requirement
Breach Events
61.
As a provider of foreign exchange trading and related services, FXCM was required
to maintain minimum net capital requirements, “to maintain the general financial integrity and
liquidity of a regulated entity.”78 Most importantly, if a firm breached its minimum required net
capital, “its regulator and the self-regulatory organization may suspend or revoke its registration
and ultimately could require its liquidation.”79 Given the consequences of not maintaining
regulatory capital requirements, announcements of any breach of this requirement could be
expected to observably impact the value of the Company. It follows that when the Company
announced any breach of regulatory capital requirements, the value of FXCM common stock
would be expected to move.
62.
However, not all regulatory capital requirement breach announcements would be
expected to elicit a statistically significance price reaction, as certain breach announcements may
have incremental valuation impact that might not have been large enough to exceed the threshold
for statistical significance. That is, although a breach might be economically significant to the
Company, the valuation impact of the breach may not be over the threshold for statistical
significance, unless the breach was very large and unexpected, and the terms to be complaint again
were profoundly favorable or unfavorable.
77 “FXCM to Acquire Lucid Markets,” Business Wire, Company press release, June 14, 2012, 6:30 AM.
78 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 10.
79 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 10.
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63.
I reviewed the Company’s press releases during the Class Period to identify any
regulatory capital requirement breach announcements. I reviewed analyst reports to verify that
these particular events were major events that reasonably would have significant impact on the
Company’s stock valuation.
64.
There was one announcement of a regulatory capital breach during the Class Period.
This announcement would reasonably be expected to elicit a statistically significant price reaction,
and so would be a good candidate event for a market efficiency event study.
65.
On January 15, 2015, Thursday, after the close of trading, the Swiss National Bank
announced that it would be “discontinuing the minimum exchange rate of CHF 1.20 per euro.”80
FXCM issued a press release announcing that the EUR/CHF currency pair had experienced
unprecedented volatility and FXCM “clients experienced significant losses” and “generated
negative equity balances,” owing FXCM approximately $225 million.81 As a result, FXCM was
in breach of its regulatory capital requirements.82 To continue normal operations and be in
compliance with the regulatory capital requirements, on January 16, 2015, Friday, FXCM took a
$300 million term loan from Leucadia National Corporation.83 The New York Stock Exchange
issued a trading halt on FXCM common stock for pending news at 9:22 AM.84 Trading was halted
for the entire day. On the same day, Leucadia National Corporation (“Leucadia”) issued a press
release announcing that it would be providing FXCM with a $300 million senior secured term two-
80 “Swiss National Bank discontinues minimum exchange rate and lowers interest rate to –0.75%,” Swiss National
Bank, press release, January 15, 2015.
81 “FXCM Comments on Swiss Franc Movement,” Globe Newswire, Company press release, January 15, 2015, 8:04
PM.
82 “FXCM Comments on Swiss Franc Movement,” Globe Newswire, Company press release, January 15, 2015, 8:04
PM.
83 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 1.
84 “Battered FXCM Halted for 'News Pending',” Dow Jones Institutional News, Company press release, January 16,
2015, 9:53 AM.
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year term loan with a 10% coupon.85 On January 19, 2015, markets were closed as it was a holiday.
On the same day, FXCM issued a press release announcing that it had closed the $300 million
financing deal with Leucadia in order to supplement its net capital.86
3. Selection of Allegation-Related Disclosure
Events
66.
Not only did the Cammer Court single out the empirical factor as “one of the most
convincing ways to demonstrate efficiency,” but it also recognized the special importance of the
information allegedly misrepresented that is the subject of the litigation:
The central question under the fraud on the market theory is whether the stock price,
at the time a plaintiff effected a trade, reflected the ‘misinformation’ alleged to have
been disseminated.87
67.
By focusing an event study on disclosures of information related to the allegations
in the Complaint, one is able to ascertain whether the market for FXCM common stock was
efficient, not only generally, but also with respect to the particular information at issue in this case.
Consequently, the empirical behavior of FXCM common stock following the disclosures of
allegation-related information best determines whether the market for FXCM common stock was
efficient for purposes of the fraud-on-the-market principle.
68.
An event study testing market efficiency does not require a comprehensive
identification of all events during the Class Period, including all of those cited in the Complaint.88
An objective screen for a market efficiency event study may capture only some of those events.
85 “Leucadia National Corporation and FXCM Announce $300 Million Financing to Permit FXCM to Continue
Normal Operations,” Business Wire, press release, January 16, 2015, 3:55 PM.
86 FXCM Inc., Form 8-K, filed on January 20, 2015, Exhibit 99.1.
87 Cammer, 711 F.Supp. at 1282 (emphasis in original).
88 For example, a comprehensive identification of all disclosures of information related to the alleged fraud is beyond
the scope of this report, and is properly addressed in an analysis of loss causation and damages.
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As explained above, because of the high threshold for statistical significance, it is also important
to note that new information may be economically significant without being statistically
significant.
69.
Based on my review of the contemporaneous news media and analyst reports
published during the Class Period, I determined that one date fit my event selection criteria. The
event date was: February 7, 2017.89 On February 6, 2017, the U.S. Commodity Futures Trading
Commission (“CFTC”) found that “FXCM engaged in false and misleading solicitations of
FXCM’s retail foreign exchange (forex) customers by concealing its relationship with its most
important market maker and by misrepresenting that its ‘No Dealing Desk’ platform had no
conflicts of interest with its customers.”90 The CFTC Order required FXCM to pay a civil monetary
penalty of $7 million and “to cease and desist from further violations of the Commodity Exchange
Act and CFTC Regulations, as charged.”91 The CFTC Order found that “FXCM had an
undisclosed interest in a market maker that consistently “won” the largest share of FXCM’s trading
volume,” and that “the market maker would rebate to FXCM approximately 70 percent of its
revenue from trading on FXCM’s retail forex platform.”92 From 2010 through 2014, FXCM
received approximately $77 million from this market maker, which FXCM did not disclose to its
customers.
89 The announcements on June 9, 2016 was after the close of trading. Consequently, the appropriate event test date is
June 10, 2016.
90 “CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s
Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail
Forex Customers,” U.S. Commodity Futures Trading Commission, press release, February 6, 2017.
91 “CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s
Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail
Forex Customers,” U.S. Commodity Futures Trading Commission, press release, February 6, 2017.
92 “CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s
Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail
Forex Customers,” U.S. Commodity Futures Trading Commission, press release, February 6, 2017.
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4. Market Model
70.
I used a market model to determine how much of a company’s stock return on each
event date was driven by company-specific information as opposed to market or peer group factors.
The market model involved running a regression to determine how FXCM common stock typically
behaved in relation to the overall stock market and industry-specific factors. I then used the
regression model to determine how much of each event day’s observed stock price return can be
explained by the market and industry-specific factors (the “expected return” or “explained return”).
That is, a market model measures the expected return of the Company’s common stock over an
event period while controlling for the overall market and industry-specific related factors.
71.
Next, I computed the abnormal return (or residual return) for each day during the
class period by subtracting the expected return from the observed stock price return. The abnormal
return is the return of FXCM common stock after controlling for market effects and industry-
specific factors, and reflects the effects of Company-specific information on its stock price.
72.
I ran a regression modeling the return of FXCM common stock as a function of: 1)
a constant term,93 2) the returns of the overall stock market, and 3) an industry index return. The
regression model is formulaically expressed as follows:
𝑅𝑠௧ൌ 𝛼 𝛽ଵ𝑅𝑚௧𝛽ଶ𝑅𝑖௧𝜖௧
Where:
𝑅𝑠௧= the return of the stock;
𝑅𝑚௧= the return of the market index;
𝑅𝑖௧= the return of the industry index.
93 A constant term is typically included in these models so the model does not explicitly assume that a stock’s average
return excluding all other factors is zero.
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73.
The regression model produced a “constant” term (“α”) also referred to as an
“intercept” term, and one or more slope coefficients, or “beta” (“β”). The betas quantify the
sensitivity of a stock’s return to the return on the market index (“𝛽ଵ”) and industry index (“𝛽ଶ”).
A stock with a market index beta of 1.0 is expected to increase (decrease) by one percent for each
one percent increase (decrease) in the market index. Similarly, a stock with a market beta of 2.0 is
expected to increase (decrease) by two percent for each one percent increase (decrease) in the
market index.
74.
To control for movements in the overall stock market, I used the CRSP
NYSE/AMEX/NASDAQ/ARCA Market Index (“Market Index”), which is a generally accepted
measure of the performance of the overall stock market.94 Further, the Market Index incorporates
payment of dividends by the constituent companies. To control for industry-related factors, I used
a custom index comprised of 10 companies: TD Ameritrade Corporation, The Charles Schwab
Corporation, E*Trade Financial Corporation, Gain Capital Holdings, Inc., BGC Partners, Inc.,
Investment Technology Group, Factset Research Systems, Inc., INTL FCStone, Inc., Interactive
Brokers Group, Inc., and MSCI, Inc., as the peer group index (“Industry Index”) as FXCM
compares its performance to this index in its financial statements.95
75.
Exhibit-6 presents the Market Index and Industry Index data. FXCM’s stock prices,
trading volume, and returns are shown in Exhibit-7.96
94 Indeed, at least one court has affirmatively recognized that the Market Index “is a broad index that comprises all
stocks traded in most Stock Exchanges[.]” Wilkof v. Caraco Pharm. Labs., Ltd., 280 F.R.D. 332, 346 (E.D. Mi. 2012).
95 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2015, filed on March 11, 2016, p. 41.
96 In my regression analysis, I use log returns R1 = ln (P1/P0) rather than normal returns R1 = ((P1-P0)/P0) where P1 =
ending stock price and P0 = beginning stock price, as stock returns are considered to be log normally distributed.
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76.
Prior to running a regression, one often decides on an event window over which to
measure the relationship between the security at issue and the corresponding market and/or
industry factors. Given that the Class Period in the current case for FXCM is approximately five
years in length, and so that the regression estimates would be relatively contemporaneous for
events being tested, I ran regressions on daily returns covering the entire Class Period broken down
into 252 day periods.97 A full year of data is a typical estimation period length for event study
regressions. The five regression estimation periods were: March 15, 2012 to February 1, 2013;
February 4, 2013 to February 3, 2014; February 4, 2014 to February 5, 2015; February 6, 2015 to
February 5, 2016; and February 8, 2016 to February 6, 2017. In event study analysis, the choice
of using the Class Period for the overall regression estimation period is a widely used and generally
accepted methodology.98
77.
I included indicator (dummy) variables to control for potentially abnormal returns
on news events for which the Company filed a Form 8-K with the SEC.99 In addition, I included
indicator variables to control for potentially abnormal returns from January 16, 2015 through
January 23, 2015. Based on analyst commentary and the observed stock price movements,
following the Swiss Bank announcement on January 15, 2015 (after the close of trading), the five
trading days during this period were highly unusual days for FXCM common stock. In reports
97 The regressions used to estimate FXCM's residual returns were run over multiple estimation working backwards
from the end of the class period. Each estimation period was comprised of 252 trading days except for the estimation
period starting on the first day of the Class Period. Due to the class period not being divisible by 252, the estimation
period at the start of the class ran for 222 trading days.
98 “Three general choices for the placement of an estimation window are before the event window, surrounding the
event window, and after the event window” (“Materiality and Magnitude: Event Studies in the Courtroom,” by David
I. Tabak and Frederick C. Dunbar in the Litigation Services Handbook, The Role of the Financial Expert, 3rd ed.,
edited by Roman L. Weil, et al., John Wiley & Sons, Inc., 2001, p. 19.5.)
99 An indicator variable is a variable that takes on the values of 0 or 1 to indicate the absence or presence of some
non-model explained event that may be expected to shift the model’s outcome. I used 108 indicator variables in my
regression for FXCM common stock. The results of my event study as well as “news no-news test” are robust to
excluding all indicator variables from the regression parameters.
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published on the 15th, 16th and 20th of January, analysts explained that the surprising result of the
Swiss Bank announcement was received by the market as bad news for the Company.100 The stock
moved significantly on each of the four days after the Swiss Bank announcement (January 20-23,
2015). As the purpose of the event study regression is to measure the normal stock price dynamics
over typical days, it is appropriate to control for the unusual behavior of the FXCM common stock
price with dummy variables. As noted in the academic and finance literature, using indicator
variables to control for potentially atypical observations in the estimation period so that the model
parameters properly reflect typical stock price dynamics, is a generally accepted methodology.101
78.
The regression results are presented and summarized in Exhibit-8a, Exhibit-8b,
Exhibit-8c, Exhibit-8d and Exhibit-8e.
5. t-Test
79.
For each event tested, I conducted a statistical test called a t-test to determine
whether FXCM’s abnormal returns were statistically significant. If the absolute value of the
“t-statistic,” which is equal to the abnormal return on an event date divided by the standard
deviation of all abnormal returns in the regression estimation, is greater than the critical t-statistic
100 See, for example: “Downgrade to Underperform; Capital Raise Critical for Solvency,” by Ashley Serrao and
Christian Bolu, Credit Suisse, analyst report, January 16, 2015; “FXCM Announces Loss Tied to Swiss Franc -
ALERT,” by Kenneth Worthington, JPMorgan, analyst report, January 15, 2015; “Black-Swan Event Challenges
FXCM's Viability,” by Alex Kramm and John Forman, UBS, analyst report, January 16, 2015; “Staving Off
Bankruptcy; Details of Leucadia's Costly Funding,” by Richard Repetto and Mike Adams, Sandler O’Neill, analyst
report, January 20, 2015; “Leucadia Extracts Vast Majority of Value of FXCM in Exchange for Rescue Package,” by
Kenneth Worthington, JPMorgan, analyst report, January 20, 2015; and “Discontinuing Coverage of FXCM,” by Alex
Kramm and John Forman, UBS, analyst report, January 20, 2015.
101 See, e.g.: “Event Studies with a Contaminated Estimation Period,” by Nihat Aktas, et al., Journal of Corporate
Finance, 2007; “Measuring the Effects of Regulation with Stock Price Data,” by John J. Binder, The RAND Journal
of Economics, 1985; “Intervention Analysis with Applications to Economic and Environmental Problems,” by G. E.
P. Box and G. C. Tiao, Journal of the American Statistical Association, 1975; “Testing for Market Efficiency: A
Comparison of the Cumulative Average Residual Methodology and Intervention Analysis,” by David F. Larcker, et
al., Journal of Financial & Quantitative Analysis, 1980; “Measuring Abnormal Performance: The Event Parameter
Approach Using Joint Generalized Least Squares,” by Paul H. Malatesta, The Journal of Financial and Quantitative
Analysis, 1986; “Conditioning the Return-Generating Process on Firm-Specific Events: A Discussion of Event Study
Methods,” by Rex Thompson, The Journal of Financial and Quantitative Analysis, 1985.
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value of ±1.96, then the stock price return is deemed statistically significant. That is, there is less
than a 5% chance that the abnormal return was caused by random volatility alone, which is
generally accepted to be so unlikely that I can reject the random volatility explanation. If an event
date’s abnormal return is deemed to be statistically significant, one can conclude that the stock
price return was caused by company-specific information, rather than random volatility.
80.
The results of the event study are presented below and summarized in Exhibit-9.
c)
Event Study Results
1. June 14, 2012
81.
On June 14, 2012, before the start of trading, FXCM issued a press release and held
a conference call to announce that it had entered into a definitive agreement to acquire a 50%
controlling interest in Lucid Markets, “a leading non-bank electronic market making and trading
firm in the institutional foreign exchange market,” for approximately $176 million, net of Lucid
cash.102 FXCM announced that it would be financing the transaction with a 6-month note of $71.4
million, cash acquired from Lucid bearing interest at 3.5% and 9 million shares of FXCM common
stock.103
82.
Analysts viewed this deal as positive news for the Company. Credit Suisse analysts
called this deal “a ‘Clearly’ attractive deal,”104 and Barclays analysts believed the deal to be a
“clear positive.”105 Analysts commented as follows:
102 “FXCM to Acquire Lucid Markets,” Business Wire, Company press release, June 14, 2012, 6:30 AM; and “FXCM
to Acquire Lucid Markets,” Thomson Reuters, Conference call transcript, June 14, 2012, 8:15 AM.
103 “FXCM to Acquire Lucid Markets,” Business Wire, Company press release, June 14, 2012, 6:30 AM.
104 “Lucid, A ‘Clearly’ Attractive Deal,” by Howard Chen, et al., Credit Suisse, analyst report, June 14, 2012, p. 1.
105 “Growing Institutional Offering Through Acquisition,” by Roger Freeman, et al., Barclays, analyst report, June 14,
2012, p. 1.
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We view the deal as a clear positive for FXCM, building on the company’s solid
track record of M&A in the retail space to grow the institutional business in this
case. The transaction further enhances the company’s efforts on the institutional
side, helping to bring a more balanced retail / institutional mix. …Although we are
not updating our model until the completion of the transaction, we believe the 50%
interest FXCM intends to acquire is highly accretive for the company. We estimate
the transaction has the potential to add roughly $0.12 to our 2012EPS estimate on
an annualized basis (see Figure 1 below), but with the potential for further accretion
as the volatility and activity levels increase in the FX markets.106
The deal, which we believe will significantly diversify FXCM’s business on the
more stable institutional side, should be highly accretive to earnings immediately.
Our initial pro forma model suggests Lucid will add $0.21 in 2013 EPS or ~20%
accretion. We are not surprised to see a positive reaction in the shares this morning,
but believe there is more upside potential once investors fully appreciate the
financial and non-financial benefits.107
Strategically, the transaction makes a lot of sense to us—we believe the deal
represents a meaningful step forward for FXCM in terms of bolstering their
institutional presence. Financially, we find the deal terms attractive and believe the
deal should be fairly quickly and nicely accretive to our earnings estimates (we see
18-20% EPS accretion in year one).108
Given the lack of current financials, the accretion is an estimate, but based on the
disclosure, it's expected to be attractively accretive at ~12% based on current
estimated trends, and we expect the stock to do well today.109
83.
On June 14, 2012, FXCM common stock rose 6.84% (on a logarithmic basis), on
volume of 61,970 shares traded. The Market Index return on that date was 0.94% and the Industry
Index return was 1.33%. Based on the regression model, the expected portion of the return on the
106 “Growing Institutional Offering Through Acquisition,” by Roger Freeman, et al., Barclays, analyst report, June 14,
2012, p. 1.
107 “Strengthening Institutional Business in Highly Accretive Fashion,” by Alex Kramm and Brent Dilts, UBS, analyst
report, June 14, 2012, p. 1.
108 “Lucid, A ‘Clearly’ Attractive Deal,” by Howard Chen, et al., Credit Suisse, analyst report, June 14, 2012, p. 1.
109 “FXCM to acquire 50% interest in Lucid Markets,” by Michael Carrier and Matthew Klein, Deutsche Bank, analyst
report, June 14, 2012, p. 1.
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FXCM common stock was 1.16%. The difference between the actual return of 6.84% and the
expected return of 1.16% is an abnormal return of 5.68%.
84.
An abnormal return of 5.68%, is associated with a t-statistic value of 2.76, which
indicates that the residual return is statistically significant at the 95% confidence interval, and is
statistically significant in the direction that would be expected based on the tenor of the news. A
t-statistic value of 2.76 indicates that the abnormal return was too large to have been a random
fluctuation. Consequently, the abnormal stock return is deemed statistically significant and is
indicative of market efficiency.
2. January 20, 2015
85.
On Thursday, January 15, 2015, after the close of trading, the Swiss National Bank
announced that it would be “discontinuing the minimum exchange rate of CHF 1.20 per euro.”110
FXCM issued a press release announcing that the EUR/CHF currency pair had experienced
unprecedented volatility and FXCM “clients experienced significant losses” and “generated
negative equity balances,” owing FXCM approximately $225 million.111 As a result FXCM was
in breach of its regulatory capital requirements.112 To continue normal operations and be in
compliance with the regulatory capital requirements, on January 16, 2015, Friday, FXCM took a
$300 million term loan from Leucadia National Corporation.113 The New York Stock Exchange
issued a trading halt on FXCM common stock for pending news at 9:22 AM.114 Trading was halted
110 “Swiss National Bank discontinues minimum exchange rate and lowers interest rate to –0.75%,” Swiss National
Bank, press release, January 15, 2015.
111 “FXCM Comments on Swiss Franc Movement,” Globe Newswire, Company press release, January 15, 2015, 8:04
PM.
112 “FXCM Comments on Swiss Franc Movement,” Globe Newswire, Company press release, January 15, 2015, 8:04
PM.
113 FXCM Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed on March 16, 2015, p. 1.
114 “Battered FXCM Halted for 'News Pending',” Dow Jones Institutional News, Company press release, January 16,
2015, 9:53 AM.
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for the entire day. On the same day, Leucadia National Corporation (“Leucadia”) issued a press
release announcing that it would be providing FXCM with a $300 million senior secured term two-
year term loan with a 10% coupon.115
86.
On January 19, 2015, markets were closed as it was a holiday. Therefore, January
20, 2015 is the effective date of the news released after the close of trading on January 15, 2015.
FXCM issued a press release announcing that it had closed the $300 million financing deal with
Leucadia in order to supplement its net capital.116 FXCM provided additional terms of the Leucadia
deal.
87.
Analysts deemed the above news as negative and believed that the Leucadia deal
terms were unfavorable towards FXCM. Credit Suisse analysts did not “anticipate the magnitude
of the loss,”117 whereas JPMorgan analyst commented that FXCM “valuation is permanently
impaired.”118 Analysts commented as follows:
Bottom line: Our ratings change is late–we did not anticipate the magnitude of the
loss. We expect the stock to approach tangible book value of ~$3.15 absent a capital
raise–we believe regulators will not allow FXCM to open for business without one.
For now our estimates are of little use, but we believe there will be distressed
investors interested in the company's brand and large client footprint.119
While we believe that the company has the financial resources to withstand this
unprecedented event, we believe investors have too little information to make a
confident investment decision at this juncture. As such, we are putting our rating
115 “Leucadia National Corporation and FXCM Announce $300 Million Financing to Permit FXCM to Continue
Normal Operations,” Business Wire, press release, January 16, 2015, 3:55 PM.
116 “FXCM Provides Further Details on Financing With Leucadia National Corporation,” NASDAQ OMX Nordic
Exchanges - Company Notices, Company press release, January 19, 2015, 9:25 PM; FXCM Inc., Form 8-K, filed on
January 20, 2015, Exhibit 99.1.
117 “Downgrade to Underperform; Capital Raise Critical for Solvency,” by Ashley Serrao and Christian Bolu, Credit
Suisse, analyst report, January 16, 2015, p. 1.
118 “FXCM Announces Loss Tied to Swiss Franc - ALERT,” by Kenneth Worthington, JPMorgan, analyst report,
January 15, 2015, p. 1.
119 “Downgrade to Underperform; Capital Raise Critical for Solvency,” by Ashley Serrao and Christian Bolu, Credit
Suisse, analyst report, January 16, 2015, p. 2.
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and price target under review. We expect significant volatility in the shares as the
market reopens for trading.120
Disclosures reveal LUK's financing comes at an enormous cost. Details of the
financing were released late last night, January 19th. The cash flow "waterfall"
provides LUK with ~73%-82% of the proceeds generated either through operations,
recoveries, sales of assets, etc. In the body of this note we show the allocation of
cash flows to LUK & FXCM based on the terms of the agreement. Bottomline, we
view LUK's financing as accomplishing one primary goal -- avoiding bankruptcy
on Friday of last week, otherwise it is highly punitive to FXCM shareholders.121
FXCM reported details of the rescue financing from Leucadia. Leucadia will
provide $300mn in a two year loan. The cost to FXCM is significant. The rate on
the loan starts at 10% and increases 1.5% per quarter. In addition, Leucadia is
keeping the majority of dividends or asset sales based on a set schedule. We see
little value of the existing organization left for shareholders, but rather see value
creation split 60%/40% with Leucadia if FXCM with such onerous term is able to
invest to create value.122
Given the multitude of variables (time of a sale, potential sales price, layering of
the proceeds, underlying business fundamentals) that will determine the ultimate
cash flows for existing equity holders, we believe it is impracticable for us to assign
a fair value to the stock. As such, we are discontinuing coverage of FXCM,
effective immediately, and going forward our rating (was Buy – Under Review),
price target (was US$18 – Under Review; 20x prior FY15E EPS), and estimates
should no longer be relied upon.123
88.
Because closing prices for FXCM common stock were unavailable on January 16,
2015 due to the trading halt and on January 19, 2015 due to the market holiday, I measured the
return over the event period from January 15, 2015 to January 20, 2015. From January 15, 2015 to
120 “Black-Swan Event Challenges FXCM's Viability,” by Alex Kramm and John Forman, UBS, analyst report,
January 16, 2015, p. 1.
121 “Staving Off Bankruptcy; Details of Leucadia's Costly Funding,” by Richard Repetto and Mike Adams, Sandler
O’Neill, analyst report, January 20, 2015, p. 1.
122 “Leucadia Extracts Vast Majority of Value of FXCM in Exchange for Rescue Package,” by Kenneth Worthington,
JPMorgan, analyst report, January 20, 2015, p. 1.
123 “Discontinuing Coverage of FXCM,” by Alex Kramm and John Forman, UBS, analyst report, January 20, 2015,
p. 1.
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January 20, 2015, FXCM common stock fell 206.61% (on a logarithmic basis), on volume of 9.40
million shares traded. The Market Index return over the two days was 1.40% and the Industry
Index return over the two days was 1.47%. Based on the regression model, the expected portion
of the return on the FXCM common stock was 0.67%. The difference between the actual return of
-206.61% and the expected return of 0.67% is an abnormal return of -207.28%.
89.
An abnormal return of -207.28%, is associated with a t-statistic of -98.93 which
indicates that the residual return is statistically significant at the 95% confidence interval, and is
statistically significant in the direction that would be expected based on the tenor of the news. A
t-statistic value of -98.93 indicates that the abnormal return was too large to have been a random
fluctuation. Consequently, the abnormal stock return is deemed statistically significant and is
indicative of market efficiency.
3. February 7, 2017
90.
On February 6, 2017, after the close of trading, the U.S. Commodity Futures
Trading Commission (“CFTC”) announced that “FXCM engaged in false and misleading
solicitations of FXCM’s retail foreign exchange (forex) customers by concealing its relationship
with its most important market maker and by misrepresenting that its ‘No Dealing Desk’ platform
had no conflicts of interest with its customers.”124 The CFTC Order required FXCM to pay a civil
monetary penalty of $7 million and “to cease and desist from further violations of the Commodity
Exchange Act and CFTC Regulations, as charged.”125 The CFTC Order found that “FXCM had
an undisclosed interest in a market maker that consistently ‘won’ the largest share of FXCM’s
124 “CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s
Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail
Forex Customers,” U.S. Commodity Futures Trading Commission, press release, February 6, 2017.
125 “CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s
Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail
Forex Customers,” U.S. Commodity Futures Trading Commission, press release, February 6, 2017.
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trading volume,” and that “the market maker would rebate to FXCM approximately 70 percent of
its revenue from trading on FXCM’s retail forex platform.”126 From 2010 through 2014, FXCM
received approximately $77 million, from this market maker, which FXCM did not disclose to its
customers.
91.
FXCM issued a press release announcing regulatory settlements with both the
CFTC and the National Futures Association. The Company also announced that, “pursuant to the
settlement agreements, the Company will be withdrawing from business in the United States.”127
92.
Analysts deemed the above news as negative. Oppenheimer analysts commented
as follows:
Yesterday FXCM made an announcement (see below) that led to a 50% decline in
FXCM's share price. One component, but in our view by no means the most
valuable component, of LUK's investment in FXCM is a 49.9% ownership stake in
FXCM and this has of course raised concerns about the valuation of the asset. . . .
On Feb 6 FXCM announced a $7M settlement with the CFTC which essentially
forced them to sell their US business. The CFTC complaint said FXCM and two of
its founding principals made ‘false and misleading solicitations by concealing from
customers that a chief market maker was rebating roughly 70% of its revenues to
FXCM.’ It obviously sounds like a terrible fact pattern.128
93.
On February 7, 2017, FXCM common stock fell 68.59% (on a logarithmic basis),
on volume of 1.98 million shares traded. The Market Index return on that date was -0.05% and the
Industry Index return was -0.14%. Based on the regression model, the expected portion of the
return on the FXCM common stock was -0.37%. The difference between the actual return
of -68.59% and the expected return of -0.37% is an abnormal return of -68.21%.
126 “CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s
Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail
Forex Customers,” U.S. Commodity Futures Trading Commission, press release, February 6, 2017.
127 FXCM Inc., Form 8-K, filed on February 7, 2017.
128 “FXCM Negative Developments But Likely a Relatively Small Financial Impact on LUK,” by Chris Kotowski, et
al., Oppenheimer, analyst report, February 7, 2017, p. 1.
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94.
An abnormal return of -68.22%, is associated with a t-statistic value of -20.73,
which indicates that the residual return is statistically significant at the 95% confidence interval,
and is statistically significant in the direction that would be expected based on the tenor of the
news. A t-statistic value of -20.73 indicates that the abnormal return was too large to have been a
random fluctuation. Consequently, the abnormal stock return is deemed statistically significant
and is indicative of market efficiency.
d)
Cause and Effect Analysis: News and Non-News Days
95.
While Cammer does not provide specific tests, indicia or factors upon which the
court relied in determining the existence of a cause and effect relationship for a stock and its
incorporation of information, economists have been performing various tests utilizing statistical
methodologies that can provide probative academic evidence concerning the existence of a cause
and effect relationship consistent with an efficient market. What follows is an empirical test for
FXCM common stock that provides additional evidence concerning the cause and effect
relationship relevant to determining market efficiency. The following test is based on the two-
factor market model described above.
96.
I conducted an empirical test to compare the stock price reactions on a sample of
“news days” to all other “non-news days”.
97.
First, one must define what constitutes a “news” day. It is important to use a specific
and objective criterion to identify news events that contain a higher flow of information. For
purposes of these tests, I identify news days as unique days on which the Company filed an 8-K;
there were 107 such unique days during the Class Period. I discuss my selection criteria in greater
detail below.
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1. Selection of 8-K Events
98.
According to the SEC, publicly traded U.S. companies “must report certain material
corporate events on a more current basis. Form 8-K is the ‘current report’ companies must file
with the SEC to announce major events that shareholders should know about.” As such, one would
expect that there would generally be a greater flow of information on event dates referred to in
8-Ks as compared to more ordinary days. Therefore, a pattern of more frequently statistically
significant price movements on 8-K dates as compared to all other days would indicate that the
security reacts to new information, and would thus indicate market efficiency.
99.
There are several instances where the effective testing date for the 8-K event is
different from the 8-K filing date. For example, when a Company announces the same information
contained in the 8-K during trading hours of a particular day, but files the 8-K on the next day or
on a different day, the effective day would be the trading day when the Company first made the
announcement. During the Class Period, FXCM issued 8-Ks on 107 days (see Exhibit-10).
100.
After the news and non-news dates have been identified, statistical analysis is used
to compare the stock price reaction on “news days” to stock price reaction on “non-news days.”
As explained by Ferrillo, Dunbar and Tabak in their article published in 2004 in the St. John’s Law
Review, if the proportion of significant price movements on news days is statistically significantly
different than on non-news days, “then the evidence would show that, on average, the stock price
reacts to news announcements.”129
129 “The ‘Less Than’ Efficient Capital Markets Hypothesis: Requiring More Proof from Plaintiffs in Fraud-On-The-
Market Cases,” Paul Ferrillo, et al., St. John’s Law Review 78 (81), Winter 2004, p. 120.
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101.
The use of tests comparing security price reaction on news dates to non-news dates
for assessing market efficiency is supported and explained by a group of eight testifying finance
experts who wrote an Amici Curiae brief for Halliburton II:
Another way to perform an event study is to divide the days of the class period ex
ante into expected news days and non-news days before examining price
movements, and then compare the stock’s price movements in the two categories
to see if there is a statistically significant difference in price movement between the
two categories. If the study finds a difference in price movement between the two
sample sets (e.g., earnings-release dates versus non-earnings-release dates), that is
statistical evidence that the market incorporates new public information into the
price of the stock.130
2. Fisher’s
Exact
Test
for
Difference
in
Statistical Significance Incidence Rates
102.
After selecting the events, I performed a Fisher’s Exact Test comparing the
incidence of statistically significant abnormal stock price reactions on “news days” to “non-news
days.” The test compares the frequency of statistically significant abnormal stock price reactions
on news days to the frequency of statistically significant reactions on non-news days.131
103.
I conducted Fisher’s Exact Test using the event study results from the 8-K event
days compared against all other days in the Class Period.
104.
There were a total of 1,231 days during the Class Period on which FXCM common
stock traded. Of the 1,231 days, 80 days had statistically significant residual returns. There were
130 Brief of Testifying Economists as Amici Curiae in Support of Respondent, Halliburton Co. and David Lesar v.,
Erica P. John Fund, Inc., FKA Archdiocese of Milwaukee Supporting Fund, Inc., February 5, 2014, p. 10.
131 See, e.g., “The ‘Less Than’ Efficient Capital Market Hypothesis: Requiring More Proof From Plaintiffs in Fraud-
On-The Market Cases,” Paul Ferrillo, et al., St. John’s Law Review 78(81), Winter 2004, pp. 119-122; “Use and
Misuse of Event Studies to Examine Market Efficiency,” by David Tabak, NERA White Paper, April 30, 2010; and
“The Curious Incident of the Dog That Didn’t Bark and Establishing Cause-and-Effect in Class Action Securities
Litigation,” by Michael L. Hartzmark, and H. Nejat Seyhun, Va. L. & Bus. Rev. 6 (2011): 415.
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27 statistically significant 8-K news event days out of the total 106 8-K news event days tested.132
53 of the remaining 1,125 non-news days were statistically significant. Accordingly, the proportion
of statistically significant days among the 8-K news event days is 25.5% and the proportion of
statistically significant days among non-news days is 4.7%. The incidence of statistically
significant days within the news group was therefore significantly greater than within the non-
news group.
105.
This difference in incidence frequency is associated with a p-value of
0.000000003%. This finding rejects the hypothesis that the price of FXCM common stock behaves
no differently on news event days with a greater flow of information than all other days. This
finding demonstrates that FXCM common stock reacted to information and is therefore indictive
of market efficiency.
e)
Cause and Effect Summary
106.
These test results demonstrate a cause and effect relationship between the release
of new information and reactions in FXCM’s common stock price, which is the essence of market
efficiency.
132 Although FXCM filed a total of 107 8-Ks, one of these 8-K filings took place on January 16, 2015. Because the
trading in FXCM common stock was halted on January 16, 2015, a one-day return could not be calculated for January
16, 2015. This 8-K filing was therefore excluded from my “news no-news test.” The results of my “news no-news
test” is also robust to the treatment of this 8-K filing as non-statistically significant. That is, even if the input of 26 out
of 107 8-K news event days was used in the Fisher’s Exact Test, there would still be empirical evidence of a cause-
and-effect relationship between information flow and price reaction.
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B.
Unger/Krogman Factors Considered
107.
In addition to evaluating market efficiency using the Cammer factors, I also
analyzed three additional factors the Fifth Circuit Court of Appeals approved in Unger v. Amedisys
Inc., 401 F.3d 316 (5th Cir. 2005), and the district court established in Krogman v. Sterritt, 202
F.R.D. 467 (N.D.Tex. 2001) (collectively “Unger/Krogman”), as indicative of market efficiency.
i.
Market Capitalization
108.
Economists have often considered the market value of a firm and its relationship
with market efficiency when attempting to determine market efficiency. Larger companies tend to
attract more analyst and news media coverage, and gain the attention of greater numbers of
investors, including very large institutional investors. All of these characteristics, which
accompany a large market capitalization, promote market efficiency.
109.
The court in Krogman held that “[m]arket capitalization, calculated as the number
of shares multiplied by the prevailing share price, may be an indicator of market efficiency because
there is a greater incentive for stock purchasers to invest in more highly capitalized
corporations.”133 In addition, some investors such as pension funds are often restricted to owning
stocks whose market capitalization is sufficiently high.
110.
During the Class Period, FXCM’s average market capitalization was $341.6 million
(see Exhibit-7, putting FXCM in the 5th decile of U.S. companies by size – meaning that FXCM
was larger than at least 50% of all other publicly-traded companies in the United States.134
133 Krogman, 202 F.R.D. at 478.
134 Using averaged month-end data from CRSP for March 2012 through January 2017, I grouped public companies
into deciles, so that the 1st decile contains the largest 10% of all public companies listed on the NYSE, American Stock
Exchange, NASDAQ, and ARCA while the 10th decile contains the smallest 10%.
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111.
Consistent with the Unger/Krogman opinions, the magnitude of FXCM’s market
capitalizations throughout the Class Period are indicative of market efficiency.
ii.
Float
112.
FXCM’s common stock float averaged $336.0 million during the Class Period.
While float excludes shares held by insiders and affiliated corporate entities, the FXCM common
stock float was still larger than the total market capitalization of at least 50% of all other publicly-
traded companies in the U.S. The size of FXCM’s common stock float is indicative of market
efficiency.135
113.
Float can also be analyzed as a percentage of total shares outstanding, as well as in
absolute share and value terms. On average during the Class Period, there were 4.37 million shares
in FXCM’s float and 4.44 million shares outstanding, resulting in an average float of 98.4% of
shares outstanding.
114.
The magnitude of FXCM’s float is indicative of the efficiency of the market for
FXCM’s common stock during the Class Period.
iii.
Bid-Ask Spread
115.
A narrow bid-ask spread of a particular security is also often associated with market
efficiency. A narrow bid-ask spread implies that there is a large number of investors willing to buy
or sell a security, thus the cost of executing a trade is lower, all else equal. In CyberGuard, the
court found that a bid-ask spread of 2.44% “. . . weighs in favor of market efficiency.”136
135 This calculation is based upon averaged month-end data from CRSP for March 2012 through January 2017. Shares
held by FXCM insiders were obtained from SEC filings.
136 CyberGuard, 213 F.R.D. at 501.
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116.
I obtained from CRSP the daily closing bid and ask quotes for FXCM’s common
stock during the Class Period. I measured the percentage bid-ask spread as the difference between
the bid and ask quotes, divided by the average of the bid and ask quotes.137 Exhibit-7 presents
FXCM’s bid-ask spread data.
117.
The average bid-ask spread for FXCM’s common stock during the Class Period
was 0.28% (see Exhibit-7). FXCM’s average bid-ask spread during the Class Period was
approximately eight times narrower than the threshold bid-ask spread of 2.44% found in
CyberGuard to weigh in favor of market efficiency. By comparison, the average month-end bid-
ask spread over the course of the Class Period for all common stocks in the CRSP database was
0.63%.138
118.
FXCM’s average bid-ask spreads was far narrower than the mean level among all
other CRSP stocks – which comprises stocks traded on the NYSE, Amex, NASDAQ, and NYSE
ARCA – and substantially narrower than the threshold in CyberGuard. These findings support the
conclusion that FXCM’s common stock traded in an efficient market during the Class Period.
137 “Price Reversals, Bid-Ask Spreads, and Market Efficiency,” by Allen B. Atkins and Edward A. Dyl, Journal of
Financial and Quantitative Analysis, Vol. 25, No. 4, 1990, pp. 535-547.
138 This calculation is based upon averaged month-end data from CRSP for March 2012 through January 2017.
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VI. EFFICIENCY OF THE MARKET FOR THE FXCM NOTES
119.
In assessing bond market efficiency, courts recognize that bond characteristics are
distinct from common stock characteristics.139 The indicia typically relied upon in assessing
market efficiency for equity securities need to therefore be adjusted, when appropriate, for the
bond market.
120.
Trading behavior in the bond market can differ drastically from the stock market.
Because the bond market is comprised of large institutional investors, pensions funds, and hedge
funds that trade in much larger volumes per transaction than typical trades in the stock market,140
bonds also trade less frequently than typical stocks. Though the trading frequency in the bond
market is typically lower, participants in the bond market – being institutions, pensions funds, and
hedge funds - are nonetheless very well-informed traders. Thus, even if the FXCM notes do not
trade every day during the Class Period, this pattern is typical in the bond market, is not unique to
FXCM notes, and does not indicate an inefficient market.
121.
While bonds are typically less liquid than stocks, they are also less risky and
therefore less volatile due to their seniority over common stock in the capital structure.
Accordingly, a company’s bonds will not always react to company information in the same manner
as its common stock and, generally, bonds will react less severely.141 When company-specific
information causes the common stock price of a company to react, the appropriate price reaction
139 See, e.g., in In re Healthsouth Corporation Securities Litigation, 261 F.R.D. 633 (N.D. Ala. 2009), the court found
that the Cammer and Krogman factors were appropriate for evaluating the efficiency of the market for bonds, “while
taking into account the differences in the trading of bonds from stocks.”
140 For example, a typical bond transaction is 50 times larger than a typical stock transaction. See, “An Empirical
Study of Bond Market Transactions,” by G. Hong and A. Warga, Financial Analysts Journal, Vol. 56, No. 2,
March/April 2000.
141 See, e.g., “What Does Nasdaq’s High-Yield Bond Market Reveal about Bondholder-Shareholder Conflict?” by
Gordon J. Alexander, et al., Financial Management, Vol. 29(1), Spring 2000, pp. 23–39; “Wealth Redistributions or
Changes in Firm Value: An Analysis of Returns to Bondholders and Stockholders Around Dividend Announcements,”
by George Handjinicolaou, and Avner Kalay, Journal of Financial Economics (March 1984) pp. 35–63.
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in that same company’s bonds may be no price reaction, or even a price reaction in the opposite
direction of the common stock.
122.
For my analysis of the Cammer and Krogman factors for the FXCM notes, I took
into account the characteristics that differentiate the bond markets from the stock markets and, as
discussed herein, modified my analysis accordingly. My analysis used historical trading data for
the FXCM notes obtained from TRACE. The tests described herein for the FXCM notes were
performed over the period during the Class Period when trading data was available, June 24, 2014
through February 6, 2017.
A.
The Cammer Factors and their Application for the FXCM notes
123.
In applying the five Cammer factors to determine market efficiency for the FXCM
notes, the differences between the bond market and the stock market need to be considered and
incorporated into the analysis. In order of appearance: 1) average weekly trading volume may be
much lower for the FXCM notes than the common stock due to the inherently different nature of
how bonds are transacted and therefore the typical threshold of 2% average weekly volume needed
for a strong presumption of market efficiency should be relaxed in assessing bond efficiency; 2)
analyst coverage is not necessarily a separate measure for bonds, the same analysts that analyze,
disseminate, and disclose information relevant to common stock investors offer the same value for
bond investors in promoting an efficient market; (3) the market makers factor should also consider
the bond underwriters, whom not only value the initial offering but will also act as market makers
after the offering; (4) the characteristics that enable a company to be eligible to file an SEC Form
S-3, i.e. size, visibility, and availability of information, can equally be applied to that company’s
bond securities in assessing market efficacy; and (5) bond price reaction(s) to new information
should take into account the seniority of debt securities in a company’s capital structure, making
the price of such securities less sensitive to all but the most severe news.
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i.
Cammer Factor 1: Average Weekly Trading Volume
124.
Because the bond market is comprised of large institutional investors, pensions
funds, and hedge funds that trade in much larger volumes per transaction than typical trades in the
stock market,142 bonds also trade less frequently than typical stocks. Nonetheless the FXCM notes
traded actively during the Class Period. I examined the trading volume for the FXCM notes using
data obtained from TRACE.143 Appendix B describes my organization and treatment of the
TRACE data.
125.
As shown in Exhibit-3b, the weekly average trading volume as a percentage of the
par value of outstanding notes for the FXCM notes was 2.92%. This level of average weekly
trading volume exceeded the Cammer benchmark of 2% necessary for a “strong presumption” of
market efficiency for common stock securities.144 Thus, the FXCM Note’s average weekly trading
volume supports a finding of market efficiency.
ii.
Cammer Factor 2: Analyst Coverage and Other Avenues of
Information Dissemination
126.
The analysts covering FXCM published reports that were informative not only to
common stock investors but bond investors as well. During the Notes Period, at least nine
firms/analysts following FXCM issued recommendations and/or research reports. The firms were
Barclays, CJS Securities, Cowen and Company, Credit Suisse, CRT Capital, JPMorgan, Keefe,
142 For example, a typical bond transaction is 50 times larger than a typical stock transaction. See, “An Empirical
Study of Bond Market Transactions,” by G. Hong and A. Warga, Financial Analysts Journal, Vol. 56, No. 2,
March/April 2000.
143 I obtained TRACE Enhanced Historical Data for the FXCM Notes from CSRP. Weekly trading volume for FXCM
Notes as a percentage of the outstanding issue is computed by summing the face amount traded, dividing by the
number of weeks in the Class Period, and then dividing by the size of the outstanding issue.
144 This corresponds to $5.04 million in face value traded per week during the FXCM notes’ trading period on average.
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Bruyette & Woods, Sandler O’Neill & Partners, and UBS.145 These firms/analysts released at least
89 reports and recommendations during the Notes Period. See Exhibit-4 attached hereto.
127.
Transcripts of FXCM’s conference calls conducted during the Notes Period reveal
that at least three additional firms also followed FXCM. The firms were Citigroup, Lazard Capital
Markets, and Raymond James.146
128.
Consequently, analysts from at least 12 firms followed the Company during the
Class Period, further indicating market efficiency. The information and analysis provided by these
analysts promoted market efficiency for the FXCM notes just as it did for the Company’s common
stock.
129.
Further, the 938 news articles about FXCM that were published during the Notes
Period facilitated the flow of information about the Company to the marketplace, which includes
bond investors. This access to information for bond investors promoted the efficiency of the market
for the FXCM note.
a)
Institutional Ownership
130.
Because Rule 144A notes are held and traded solely by QIBs, the entire issue of the
FXCM notes was owned by institutional investors. Institutional investors employ financial
analysts and portfolio managers who conduct their own research on securities and make investment
decisions based on that research. In the prospectus filed for the exchange of the 144A notes, the
Company stated that the FXCM notes were initially sold to Credit Suisse Securities, Merrill Lynch,
Pierce, Fenner & Smith, Morgan Stanley & Co., Barclays Capital, and CJS Securities147 That these
145 Analyst reports obtained from Thomson Eikon.
146 Conference calls transcripts obtained from Thomson Eikon.
147 FXCM Inc., Form 8-K, Filed June 3, 2013, Sch. A- 1.
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Notes were issued to, owned by, and traded solely among institutional investors, is compelling
support that they traded in an efficient market.
iii.
Cammer Factor 3: Prominent Underwriters and Market
Makers
131.
The FXCM notes were placed into the financial marketplace by prominent
underwriters. The FXCM notes were purchased by Credit Suisse and Merrill Lynch, Pierce, Fenner
& Smith as representatives of the additional purchasers.148 According to the Company’s offering
circular for the FXCM notes, The Bank of New York Mellon acted as the trustee, paying agent,
note registrar, custodian and conversion agent.149
132.
Investment banks that underwrite notes typically then serve as market makers for
the notes.
It would be a mistake to think that once the bonds are all sold, the investment
banking firm’s ties with the deal are ended. Those who bought the bonds will look
to the investment banking firm to make a market in the issue. This means that the
investment banking firm must be willing to take a principal position in secondary
market transactions.150
133.
Additionally, Barclays, Sandler O’Neill, and UBS published reports stating that
they made a market in FXCM securities during the Class Period.
134.
During the Class Period, according to the trades reported to TRACE, between 35%
and 40% of the trades reported were dealer transactions which results from a large number or
148 FXCM Inc., Form 8-K, Filed June 3, 2013, p. 2.
149 FXCM Inc., Form 8-K, Filed June 3, 2013, p. 23.
150 “The Primary and Secondary Bond Markets,” by Frank J. Fabozzi and Frank J. Jones, Chapter 3, in The Handbook
of Fixed Income Securities, 7th edition, edited by Frank J. Fabozzi and Steven V. Mann, McGraw-Hill, 2005, p. 33.
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dealers facilitating transactions similarly to how Market Makers increase the efficiency of the
equity market.151
135.
The prominence of the firms that initially purchased the FXCM notes, the fact that
dealers were actively facilitating trades throughout the Class Period, and that analyst firms actively
made markets in FXCM securities, demonstrates there were numerous market participants that
provided liquidity for the FXCM notes and is compelling evidence in favor of market efficiency.
iv.
Cammer Factor 4: S-3 Registration Eligibility
136.
S-3 registration eligibility indicates characteristics associated with market
efficiency. FXCM was eligible to file an S-3 registration statement during the Class Period and
thus clearly possessed those particular characteristics associated with market efficiency. These
characteristics fostered the efficiency of the market for the FXCM notes, just as they did for the
common stock.
v.
Cammer Factor 5: Price Reaction to New Information
137.
Because of bonds’ seniority in the capital structure of a company, bonds’ values
and therefore prices are insulated from all but the most extreme news by a common stock valuation
cushion. As a result, bonds are typically the least sensitive of all securities to company-specific
news while being the most sensitive to a change in a firm’s probability of default. It follows that
not all of the event study events selected for FXCM common stock would make suitable candidates
for a bond market efficiency event study.
151 TRACE Enhanced field (cntra_mp_id) designates a trade as being a dealer trade, agent trade, or customer trade.
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138.
Of the three events I selected for testing FXCM common stock market efficiency,
only two events, January 15, 2015 (after the close of trading) and February 7, 2017, occurred
following the issuance of the FXCM notes.
139.
For the January 15, 2015 event, unlike the common stock, the FXCM notes did
trade on January 16, 2015, which would be the effective date of the news that was disclosed after
the close of trading on January 15, 2015. However, there was no trading price on January 15, 2015,
the earliest trading price prior to January 16, 2015 was on January 14, 2015. Consequently, I
performed the event study for January 16, 2015 using the FXCM notes’ return from January 14,
2015 to January 16, 2015.
140.
For the February 7, 2017 event, there was no trading price for the FXCM notes in
the eight days preceding February 7, 2017. The earliest available price for the FXCM notes prior
to the February 7, 2017 was on January 26, 2017. Consequently, I performed the event study for
February 7, 2017 using the FXCM notes’ return from January 26, 2017 to February 7, 2017.
b)
Market Model
141.
Similar to the common stock, I use a market model to determine how much of
FXCM note’s return on each event date was driven by company-specific information as opposed
to market or peer group factors. Therefore, my market model for the FXCM notes measures the
expected return of the Notes over an event period after controlling for the overall market, industry,
and market interest rate factors. The regression model is formulaically expressed as follows:
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𝑅𝑠௧ൌ 𝛼 𝛽ଵ𝑅𝑚௧𝛽ଶ𝑅𝑖௧𝜖௧
Where:
𝑅𝑠௧= the return of the stock;
𝑅𝑚௧= the return of the market index;
𝑅𝑖௧= the return of the industry index.
142.
I performed the regression analysis for the Notes on daily returns covering the
portion of the Class Period for which data was available, from the end of the resale restriction on
June 24, 2014 to February 7, 2017. As is common in the bond market, for the FXCM notes there
were days on which no trading took place. For the Notes, the regression data series included only
days on which there was a trading price for two consecutive trading days, so that a one-day return
could be computed. All returns for the FXCM notes were one-day logarithmic returns.
143.
Next, I included the same indicator (dummy) variables as I did for the common
stock to control for potentially abnormal returns in the price of the FXCM notes. I then compute
the abnormal return (or residual return) by subtracting the expected return from the observed stock
price return. The abnormal return is the return of FXCM notes after controlling for market,
industry, and market interest rate factors and reflects the effects of Company-specific information
on the price of FXCM note.
144.
The regression results are presented and summarized in Exhibit-11.
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c)
t-Test
145.
As with the common stock, for each event tested, I conducted a statistical test called
a t-test to determine whether the FXCM note’s abnormal returns were statistically significant. If
the absolute value of the “t-statistic,” which is equal to the abnormal return on an event date divided
by the standard deviation of all abnormal returns in the regression estimation, is greater than the
critical t-statistic value of ±1.96, then the stock price return is deemed statistically significant. That
is, there is less than a 5% chance that the abnormal return was caused by random volatility alone,
which is generally accepted to be so unlikely that I can reject the random volatility explanation. If
an event date’s abnormal return is deemed to be statistically significant, one can conclude that the
stock price return was caused by company-specific information, rather than random volatility.
146.
The results of the event study are presented below and summarized in Exhibit-12.
d)
Event Study Results
1. January 16, 2015
147.
On January 16, 2015, the FXCM notes fell 58.58% (on a logarithmic basis), on
volume of $59.18 million in face value traded. The Market Index return on that date was 0.45%,
and the Industry Index return was -1.21%. Based on the regression model, the expected portion of
the return on the FXCM notes was -0.12%. The difference between the actual return of -58.58%
and the expected return of -0.12% is an abnormal return of -58.47%.
148.
An abnormal return of -58.47%, is associated with a t-statistic value of -36.01,
which indicates that the residual return is statistically significant at the 95% confidence interval,
and is statistically significant in the direction that would be expected based on the tenor of the
news. A t-statistic value of -36.01 indicates that the abnormal return was too large to have been a
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random fluctuation. Consequently, the abnormal stock return is deemed statistically significant
and is indicative of market efficiency.
2. February 7, 2017
149.
On February 7, 2017, the FXCM notes fell 42.18% (on a logarithmic basis) from
January 26, 2017, on volume of $36.08 million in face value traded. The Market Index across this
period was -0.24%, and the Industry Index return was -5.31%. Based on the regression model, the
expected portion of the return on the FXCM notes was 0.17%. The difference between the actual
return of -42.18% and the expected return of 0.17% is an abnormal return of -42.35%.
150.
An abnormal return of -42.35%, is associated with a t-statistic value of -26.08,
which indicates that the residual return is statistically significant at the 95% confidence interval,
and is statistically significant in the direction that would be expected based on the tenor of the
news. A t-statistic value of -26.08 indicates that the abnormal return was too large to have been a
random fluctuation. Consequently, the abnormal stock return is deemed statistically significant
and is indicative of market efficiency.
e)
Cause and Effect Summary
151.
These test results demonstrate a cause and effect relationship between the release
of new information, and reactions in the price of the FXCM note, which is the essence of market
efficiency.
B.
Unger/Krogman Factors: Outstanding Par Value and Float
152.
In addition to evaluating the efficiency of the market for FXCM notes using the
Cammer factors, I also analyzed the Unger/Krogman factors that are relevant to the bond market,
market capitalization (or total par value) and float. Because bid-ask data are not reported by
TRACE for bond transactions, this Unger/Krogman factor was not assessed for the FXCM note.
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i.
Outstanding Par Value (Market Capitalization)
153.
As stated above, the court in Krogman held that “[m]arket capitalization, calculated
as the number of shares multiplied by the prevailing share price, may be an indicator of market
efficiency because there is a greater incentive for stock purchasers to invest in more highly
capitalized corporations.”152 This factor, which fosters market efficiency for the common stock,
would similarly foster efficiency in the market for the FXCM note, as size attracts attention and
visibility.
154.
Beyond FXCM’s large common stock market capitalization, the total par value of
the FXCM notes was larger than the market capitalizations of some publicly-traded companies.
The aggregate par value of the FXCM notes totaled $173 million and was larger than the market
capitalizations of at least 40% of all public companies listed on the NYSE, AMEX, NASDAQ,
and ARCA during the Class Period.153
ii.
Float
155.
The Company’s public filings did not indicate that any substantial portion of its
outstanding Notes were held by insiders. Consequently, the float of the FXCM notes equaled the
amount outstanding. Just as the outstanding par value was large, so too was the float. The
substantial outstanding par value and float are indicative of the efficiency of the market for the
FXCM notes during the Class Period.
152 Krogman, 202 F.R.D. at 478.
153 This calculation is based on averaged month-end data from CRSP between October 2011 and May 2015. I
performed my calculation by grouping public companies into deciles, so that the 1st decile contains the largest 10% of
all public companies listed on the NYSE, AMEX, NASDAQ, and ARCA while the 10th decile contains the smallest
10%. The aggregate par value of the AF3 Notes totaled $1.0 billion and was larger than the market capitalizations of
at least 70% of all public companies listed in U.S. during the period August 2010 through September 2011.
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VII. COMMON DAMAGE METHODOLOGY
156.
Plaintiffs’ counsel has asked me to opine on whether per share out-of-pocket
damages could be measured for each Class member under Section 10(b) of the Exchange Act using
a common methodology for all Class members.
157.
It should be noted that I have not conducted a loss causation analysis at this time
and reserve the right to address such issues at the appropriate stage. The loss causation analysis
that will be necessary to actually calculate damages in the current case requires the full
development of the record.
158.
Nonetheless, the methodology a financial economist can employ to calculate
individual and Class-wide damages stemming from various alleged misrepresentations and
omissions will accommodate alternative potential determinations of liability. Economic analysis
can be used to estimate the relationship between specific statements or sets of statements and the
subsequent effect on prices, in the case of affirmative statements, omissions, and/or corrective
disclosures. As such, class-wide damages in response to the specific misrepresentations and
omissions ultimately established by the Plaintiffs can be calculated in a straightforward manner
common to all Class members. Out-of-pocket damages can be measured as the difference between
the amount of security price inflation at purchase and the amount of inflation in the security price
at sale taking into account formulaic prescriptions in relevant case law and statutes, including, for
example, the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) (15 U.S.C. § 78u-
4(e)) and the holding in Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005).
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A.
Section 10(b) Per Share Damage Methodology
159.
Assuming a Plaintiffs’ verdict on the allegations of fraud, Section 10(b) per share
damages can be measured as follows:
i.
First, valuation tools, which would include event study analysis such as that
described herein, and potentially other empirical analyses if necessary, would
be used to establish that the disclosure(s) correcting the alleged
misrepresentations and omissions, caused the price of FXCM securities to fall.
This analysis, after controlling for potentially confounding non-fraud-related
information, would determine if the alleged misrepresentations and omissions
had caused the stock prices to be artificially inflated, and that the corrective
disclosure(s) caused the inflation to dissipate, in turn causing investor losses.
This analysis would be used to measure the effect of a disclosure(s) on FXCM
security prices and would apply on a class-wide basis.
ii.
Second, an inflation ribbon would be constructed, indicating how much
artificial inflation caused by the alleged misrepresentations and omissions was
in the price of FXCM securities on each day during the Class Period. An
inflation ribbon is a time series of the difference between the actual security
price observed in the marketplace, and the estimated price that the security
would have traded at each day had there been full disclosure from the outset of
the Class Period. Construction of the inflation ribbon generally employs event
study analysis, combined with widely used and generally accepted valuation
tools and models. The inflation ribbon is often constructed by working
chronologically backwards from the final corrective disclosure to the start of
the Class Period, accounting for the alleged fraud-related residual price declines
as they occurred. Inflation prior to a corrective disclosure that dissipated
inflation is greater than the inflation afterward by the amount of inflation that
dissipated. Should it be determined that a disclosure(s) is not corrective, the
methodology described herein can accommodate such a change and adjust per
security damages accordingly. This analysis would also apply on a class-wide
basis.
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iii.
Third, the measure of per security damages generally applied in 10b-5 cases is
the reduction in the inflation ribbon over an investor’s holding period (the
economic/inflation loss). That is, for each Class member, per security damages
would be calculated as the difference between the inflation on the date shares
were purchased and the inflation on the date those same securities were
subsequently sold. Per security damages are limited, however, to be no greater
than the decline in security price over the holding period, which is the
investment loss actually sustained. Pursuant to the Private Securities Litigation
Reform Act of 1995 (the “PSLRA”) (15 U.S.C. § 78u-4(e)), for any securities
sold during the 90-day period after the end of the Class Period, per security
damages would be calculated as the lesser of the reduction in the dollar inflation
over the investor’s holding period (the economic/inflation loss), or the decline
in the security price (the investment loss), where the terminal security price is
deemed to be the average price from the final corrective disclosure date to the
sale date. Also pursuant to the PSLRA, for any securities held 90 days or more
beyond the final corrective disclosure, damages would equal the lesser of the
reduction in the dollar inflation over the investor’s holding period (the
economic/inflation loss) or the decline in the security price (the investment
loss), where the terminal security price is deemed to be the average price over
the 90 days following the final corrective disclosure. The calculation of each
Class member’s damages would be a mechanical arithmetical exercise,
conducted the same way for all Class members, applying the results of the
Class-wide analyses described above to each Class member’s trading data.
160.
Consequently, each Class member’s per security damages under Section 10(b) can
be computed in the same way, common to all Class members, using readily available daily pricing
information, in accordance with widely used and generally accepted methodologies and the
PSLRA.
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161.
I have not yet been asked to calculate damages for any of the claims alleged on
behalf of the class, and such calculations will likely depend, in part, on the completion of
discovery. However, the methodology described above is generally accepted and widely used for
calculating damages under Section 10(b) consistently on a Class-wide basis in securities class
actions.
VIII. CONCLUSION
162.
Based on my analyses explained in detail above, I conclude that FXCM common
stock and Notes traded in an efficient market with regard to publicly disclosed information during
the Class Period.
163.
I also conclude that with expert assistance, the finder of fact in this matter will be
able to compute damages using a common class-wide methodology that applies to the calculation
of damages for each and every Class member.
IX.
LIMITING FACTORS AND OTHER ASSUMPTIONS
164.
My analysis and opinions are based on the information available as of the date of
this report. Should any additional data or information become available subsequent to the
submission of this report, I reserve the right to supplement or amend this report based on this new
information.
Dated:
January 6, 2020
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APPENDIX A – Primer on Market Efficiency
A.
Market Efficiency in Finance Academia and Economic Theory
1.
The efficient market hypothesis is the foundation of modern finance theory. In
essence, a stock trades in an efficient market when all publicly available information is
incorporated in the stock price and any new information that impacts the economic outlook of the
firm gets quickly reflected in its stock price. In over 40 years’ worth of academic articles, financial
economists have used event study analysis to evaluate market efficiency, by examining how new
information affects securities prices.1 Event Studies are a set of analytical methods used to measure
the response of stock prices to typical corporate news events such as earnings releases, merger
announcements, guidance revisions, etc. after controlling for, among other things, market-wide
factors. Campbell, Lo, and MacKinlay [1997] provide a detailed description of the methodology
and document its wide use in academic research.2
2.
Furthermore, event study analysis has formed the basis for assessing loss causation
and artificial inflation in securities class actions.3 Crew, et al., [2012] write that financial
economists generally accept and widely use the methodology in forensic applications.4
1 See, e.g., “The Event Study Methodology Since 1969,” by John Binder, Review of Quantitative Finance and
Accounting Vol. 11, 1998, pp. 111-137.
2 The Econometrics of Financial Markets, by John Y. Campbell, et al., Princeton University Press, 1997, chapter 4.
3 See, e.g., “Materiality and Magnitude: Event Studies in the Courtroom,” by David Tabak and Frederick Dunbar, in
Litigation Services Handbook: The Role of the Financial Expert, 3rd ed., edited by Roman L. Weil, et al., Wiley, 2001,
Chapter 19.
4 “Federal Securities Acts and Areas of Expert Analysis,” by Nicholas I. Crew, et al., in Chapter 24 of the Litigation
Services Handbook; The Role of the Financial Expert, 5th ed., edited by Roman L. Weil, et al., John Wiley & Sons,
Inc., 2012.
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3.
While financial economists rely on event study analysis as direct evidence
demonstrating stock price response to new information, they accept other factors as tending to
support the existence of an efficient market for a security. For example, financial economists have
argued that trading volume is correlated with a market’s efficiency such that the higher the trading
volume, the more likely it is to be efficient.5
4.
Financial economists also believe that the number of analysts that follow a firm is
related to a stock’s market efficiency. This is based on the theory that:
[a]nalysts gather and independently generate information about companies and
disseminate such information to their clients (e.g., in the form of earnings forecasts
and recommendations). Accordingly, it can be expected that the larger the number
of analysts following a security, the more efficiently it will be traded.6
5.
Put another way, the more analysts covering a security, the more likely it is that the
market for that security will timely incorporate new information in that security’s price.
6.
Similarly, financial economists have considered the market value of a firm and its
relationship with market efficiency.7 Larger companies tend to attract more analyst and news media
coverage and gain the attention of a greater number of investors. All of these characteristics, which
accompany a large market capitalization, promote, and, therefore, tend to support, market
efficiency.
5 See, e.g., “The Fraud-On-The-Market Theory and The Indicators of Common Stocks’ Efficiency,” by Brad Barber,
et al., The Journal of Corporation Law Winter 1994, p. 291.
6 “The Fraud-on-the-Market Theory and the Indicators of Common Stocks’ Efficiency,” by Brad M. Barber et al.,
Journal of Corporation Law, 1994, p. 292.
7 See, e.g., “The Cross-Section of Expected Stock Returns,” by Eugene Fama and Kenneth French, Journal of Finance,
Vol XLVII, No 2, June 1992, pp. 427-465 (discussing how the role of size explains returns).
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7.
A narrow bid-ask spread8 of a particular security is also often associated with
efficiency. In academia, a stock’s bid-ask spread is frequently used as a measure of liquidity9 or
cost of trading.10 All things equal, a narrower bid-ask spread implies that there is a sufficient
demand for and supply of an asset—the number of investors willing to buy or sell a security. Thus,
the cost of executing a trade is low. A lower cost of trading implies that there are fewer
impediments for investors to trade on new information.
B.
The Legal Foundation and Application of Market Efficiency
8.
In Cammer v. Bloom,11 the seminal decision on demonstrating market efficiency,
the court’s definition of efficiency was generally consistent with how financial economists and the
academic community define efficiency.12 The Cammer court then related efficiency to the reliance
element of securities fraud claims and the applicability of the fraud-on-the-market doctrine,
stating:
as relevant here, courts have permitted a rebuttable presumption of reliance in the
case of securities traded in ‘efficient markets’ (i.e., markets which are so active and
8 The bid-ask spread is the amount by which the ask price (the lowest price that a seller is willing to accept) for a share
of stock exceeds the bid price (the highest price that a buyer is willing to pay).
9 Liquidity refers to the degree to which investors can buy and sell a security in the market without affecting the price.
10 See, “Trading & Exchanges: Market Microstructure for Practitioners,” by Larry Harris, Oxford University Press,
2003, pp. 69-71.
11 Cammer, 711 F. Supp. 1264 (D.N.J. 1989).
12 Cammer, 711 F. Supp. at 1276, n. 17 (quoting Securities Fraud and Commodities Fraud, Alan Bromberg & Lewis
Lowenfels §8.6 (Aug. 1988)) (“an efficient market is one which rapidly reflects new information in price”)); id. at
1280, n. 25 (quoting Efficient Capital Markets: A Review of Theory and Empirical Work, Eugene Fama, Journal of
Finance, 1970) (“A market in which prices always ‘fully reflect’ available information is called ‘efficient’”).
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followed that material information disclosed by a company is expected to be
reflected in the stock price).13
9.
Just one year earlier, the United States Supreme Court confirmed its understanding
of the efficient market theory focusing on the same fundamental characteristic of market efficiency
in the context of the availability of the fraud-on-the-market doctrine for establishing the reliance
element of a securities fraud claim, and stating:
The fraud on the market theory is based on the hypothesis that, in an open and
developed securities market, the price of a company’s stock is determined by the
available material information regarding the company and its business …14
10.
In advance of laying out a number of criteria that courts should examine in
determining market efficiency, the Cammer court credited financial experts such as Bromberg and
Lowenfels. The Cammer court explicitly acknowledged the importance of a listing on a developed
exchange and the implications of such a listing for market efficiency:
We think that, at a minimum, there should be a presumption – probably conditional
for class determination – that certain markets are developed and efficient for
virtually all the securities traded there: the New York and American Stock
Exchanges, the Chicago Board Options Exchange and the NASDAQ National
Market System.15
13 Cammer, 711 F. Supp. at 1273, n. 11.
14 Basic, Inc. v. Levinson, 485 U.S. 224, 241 (1988); Amgen Inc. v. Conn. Ret. Plans & Trust Funds, 568 U.S. 455,
458 (2013) (“[t]he fraud-on-the market premise is that the price of a security traded in an efficient market will reflect
all publicly available information about a company . . .”).
15 Cammer, 711 F.Supp. at 1292.
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APPENDIX B – Processing the Note Data
A.
Cleaning the TRACE Data
11.
I obtained TRACE trading data for the FXCM Notes from WRDS.
12.
The presentation of TRACE trading data in the dataset includes messages for each
data entry that identify whether the trade is a: “Regular Trade”; “Reversal (Historical Trade
Cancels)”; “Cancelled” Trade; “Correction (cancelled portion)”; or “Correction (new trade
portion)”. In order to represent market activity as accurately as possible I processed the TRACE
data using the following procedures.
13.
TRACE messages representing “Cancelled,” “Reversal,” and “Correction
(cancelled portion)” are identified in the data by values in the “TRC_ST” field of X, R, and C,
respectively. These messages are matched to previously reported trades by matching the
combination of the values of “MSG_SEQ_NB” fields on the Cancel message with the values of
“FIRST_TRADE_CTRL_NUM” on the previously reported trade. Both the Cancel message and
the matching reported trade are eliminated from the processed data.
B.
Analyzing TRACE Data
14.
For the purposes of running the regression analysis, I computed value weighted
average prices from the trades executed within the twenty-four-hour period between the closes of
the U.S. stock market at 4:00 PM.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
EDUCATION
1998
Northwestern University, Kellogg Graduate School of Management
Ph.D. in Finance
1992
Oberlin College
B.A. in Economics
TEACHING EXPERIENCE
2014 – Present
Cal Poly San Luis Obispo
Orfalea College of Business
San Luis Obispo, CA
Lecturer in Finance and Economics
BUSINESS EXPERIENCE
2015 – Present
Crowninshield Financial Research
2009 – 2015
Gnarus Advisors/Berkeley Economic Consulting
2008 – 2009
LitiNomics
2004 – 2008
CRA International
2000 – 2003
National Economic Research Associates, Inc.
1998 – 2000
Cornerstone Research
1992 – 1993
Federal Reserve Bank
PAPERS AND PUBLICATIONS
“The Impact of Underwriter Reputation on Equity Offering: An Empirical Study.”
Thesis, 1999.
“The Long-Run Performance of Underwriters and its Impact on Seasoned Equity
Offerings.” 1999.
“Dynamic Measures of Underwriter Reputation: A Study of IPO’s.” 1999.
“CAFE Economics: A Note on the Limits and Effectiveness of Fuel Economy
Regulation.” With Stephen Sheppard, 1992.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
“More ‘Dark Pools” Deepen Litigation Issues.” Law360, 2013.
“Recent Trends in Securities Class Action Litigation: Will Enron and Sarbanes-Oxley
Change the Tides.” With Elaine Buckberg, Todd Foster and Ronald Miller, 2003.
“The Effects of the PSLRA and Subsequent Events on Securities Litigation.” With Fred
Dunbar and Todd Foster, prepared for the New York City Bar Association, 2003.
“The Energy Tax: Who Pays?” joint with Mark Schweitzer, in Federal Reserve Bank of
Cleveland’s Economic Commentary, 1993.
PRESENTATIONS
“Cause or Effect: Are Settlement Statistics Driving Down Settlements?” Presentation to
Robbins Geller Rudman & Dowd, LLP in San Diego, CA on October 10, 2013, Wolf
Popper, LLP in New York, NY on September 18, 2013, Abraham, Fruchter & Twersky,
LLP in New York, NY on September 17, 2013, Robbins Geller Rudman & Dowd, LLP in
Melville, NY on September 11, 2013, Entwistle & Cappucci, LLP in New York, NY on
September 10, 2013, and Faruqi & Faruqi, LLP in New York, NY on September 10,
2013.
“The Economics of Securities Litigation.” Sidley & Austin in Los Angeles, CA on March
14, 2007.
“The Global Cost of Capital.” Panel discussion on valuing assets in foreign countries at
the University of Texas School of Law VALCON conference in Las Vegas on February
8, 2007.
“Economic Damages in Securities Fraud Matters.” NERA Luncheon Seminars with Alan
Cox given at the Fifth Avenue Suites Hotel in Portland, OR on November 19, 2002 and
at the W Hotel in Seattle, WA on November 20, 2002.
“Shareholder Class Actions: Calculation of Damages.” Presentation to Skadden, Arps,
Slate, Meagher & Flom, LLP in San Francisco, CA on October 30, 2002, Marsh FINPRO
in San Francisco, CA on September 18, 2002, Marsh Risk & Insurance Services in San
Diego, CA on September 17, 2002 and Marsh FINPRO in Los Angeles, CA on
September 13, 2002.
“Capital Formation: Class Action Litigation and Prevention.” Speech and panel
discussion focusing on securities class action litigation, which sometimes arise from
initial public offerings and/or market volatility in the aftermarket. Presented at the 2002
CALBIO Summit in San Diego, CA on April 23, 2002.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
“Shareholder Class Actions after the NASDAQ Bubble.” Speech given to the Securities
Litigation Sub-Committee of the Colorado Bar Association at Holland & Hart, LLP in
Denver, CO on April 17, 2002.
“Trends in Litigation: How Claims and Losses Are Valued.” Speech at the American
Bankers Association Insurance Risk Management Annual Conference in San Diego, CA
on February 4, 2002.
“Recent Trends in Securities Litigation.” “Basic Economic Analysis in Securities Class
Action” and “Challenging the Efficient Market Assumption in Securities Class Action
Matters.” presented to Cooley Godward in San Diego, CA on November 28, 2001.
“Recent Trends in Securities Litigation.” presentation with Marcia Mayer given at
Howard, Rice, Nemerovski, Canady, Falk & Rabkin in San Francisco, CA on November
27, 2001.
“Recent Trends in Securities Litigation.” presentation given to Marsh USA in Denver,
CO on November 8, 2001, and Thelen, Reid & Priest in Los Angeles, CA on November
6, 2001.
“Financial Economics in Litigation.” speech presented to Simpson, Thacher & Bartlett in
Palo Alto, CA on July 31, 2001, Baker & McKenzie in San Diego, CA on July 18, 2001,
Brobeck, Phleger & Harrison in San Francisco, CA on June 25, 2001 and to Latham &
Watkins in San Francisco, CA on June 26, 2001.
“Economic Analysis in Securities Fraud Cases.” Speech with Alan Cox delivered to
Morrison & Forester, San Francisco, CA on July 25, 2001.
“Recent Trends: Shareholder Class Actions Five Years After the PSLRA.” speech
presented to Shearman & Sterling in San Francisco, CA on May 23, 2001, O’Melveny &
Myers in Los Angeles, CA on May 30, 2001 and Gray, Cary, Ware & Freidenrich in San
Diego, CA on June 6, 2001.
EXPERT REPORTS AND TESTIMONY
In re Patriot National Inc. Securities Litigation. Issued a declaration (2019) and a
supplemental declaration (2019) on damages in a securities class action (U.S.D.C.
Southern District of New York).
Bing Li, et al. v. Aeterna Zentaris, Inc., et al. Issued a declaration (2016), a report (2017),
and provided deposition testimony (2017) on market efficiency in a securities class
action. Issued a declaration (2019) and a reply report (2019) on loss causation and
damages (U.S.D.C. District of New Jersey).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
Hamza Ramzan, et al. v. GDS Holdings Limited, et al. Issued a declaration on NASDAQ
microstructure in a securities class action (U.S.D.C. Eastern District of Texas, Marshall
Division, 2019).
Ivan Nibur, et al. v. SandRidge Mississippian Trust I, et al. Issued a declaration (2018), a
reply declaration (2018), a supplemental reply declaration (2018), and provided
deposition testimony (2018) on market efficiency in a securities class action. Issued a
declaration (2019) a rebuttal declaration (2019), and provided deposition testimony
(2019) on loss causation and damages (U.S.D.C. Western District of Oklahoma).
In Re Insys Therapeutics, Inc. Securities Litigation, Issued a declaration (2019) regarding
market efficiency in a securities class action (United States District Court Southern
District of New York).
Amanda Beezley, et al., v. Fenix Parts, Inc., et al., Issued a declaration (2019) regarding
market efficiency in a securities class action (United States District Court Northern
District of Illinois Eastern Division).
In Re Spectrum Pharmaceuticals, Inc. Securities Litigation, Issued a declaration (2019)
and provided deposition testimony (2019) regarding market efficiency in a securities
class action (United States District Court District of Nevada).
Wayne Mucha, et al. v. Volkswagen Aktiengesellschaft, et al. Issued a declaration on the
benefits of issuing ADRs in a securities class action (U.S.D.C. Eastern District of New
York, 2018).
Michel Desta, et al. v. Wins Finance Holdings, et al. Issued a declaration (2018) and
provided deposition testimony (2018) on market efficiency in a securities class action
(U.S.D.C. Central District of California).
In re: K12 Inc. Securities Litigation. Issued a declaration (2018) and provided deposition
testimony (2018) on market efficiency in a securities class action (U.S.D.C. Northern
District of California).
Robert Colman, et al. v. Theranos, Inc., et al. Issued a declaration on damage
methodology and price impact in a securities class action (U.S.D.C. Northern District of
California, San Jose Division, 2018).
Andrew Meyer, et al. v. Concordia International Corp., et al. Issued a declaration (2018),
a reply declaration (2018), and provided deposition testimony (2018) on market
efficiency in a securities class action. Issued a declaration (2018), a reply declaration
(2018), and provided deposition testimony (2018) on loss causation and damages (United
States District Court Southern District of New York).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
In re: CytRx Corporation Securities Litigation. Issued a declaration (2017) and provided
deposition testimony (2018) on market efficiency in a securities class action (U.S.D.C.
Central District of California).
Lord Abbett Affiliated Fund, Inc., et al. v. American International Group, Inc. Issued a
report on market efficiency, loss causation, and damages in a securities class action
(U.S.D.C. Southern District of New York, 2017).
Xiaolin Chi, et al. v. Qiao Xing Universal Resources, Inc., et al. Issued a report on
damages in a securities class action (District Court of the Virgin Islands, St. Croix
Division, 2017).
John Hosey v. Twitter, Inc., et al. Issued a declaration (2017) and provided deposition
testimony (2017) for rebuttal to Defendants’ Motion for Summary Judgement in a
securities class action (Superior Court of the State of California, County of San Mateo).
Bing Li, et al. v. Aeterna Zentaris, Inc., et al. Issued a declaration (2016), a report (2017),
and provided deposition testimony (2017) on market efficiency in a securities class action
(U.S.D.C. District of New Jersey).
Gwyn R. Hartman Revocable Living Trust v. Southern Michigan Bancorp, Inc. et al.
Issued a report on damages arising from alleged exclusions in a proxy solicitation
(U.S.D.C. Western District of Michigan, 2017).
Fred Kelsey, et al. v. Textura Corporation, et al. Issued a declaration (2017) and
provided deposition testimony (2017) on market efficiency in a securities class action
(U.S.D.C. Northern District of Illinois).
Dave Carlton, et al. v. Fred Cannon. Issued a declaration on market efficiency in a
securities class action (U.S.D.C. Southern District of Texas, Houston Division, 2016).
James Middlemiss v. Penn West Petroleum LTD., et al. Issued a report on damages in a
securities class action (Superior Court of Justice Ontario, Canada, 2016).
David Loritz, et al. v. Exide Technologies, et al. Issued a report on damages and loss
causation in a securities class action (U.S.D.C. Central District of California, 2015)
Xiaolin Chi, et al. v. Qiao Xing Universal Resources, Inc., et al. Issued a report on
damages in a securities class action (District Court of the Virgin Islands, St. Croix
Division, 2015).
Manishkumar Khunt, et al. v. Alibaba Group Holding Limited, et al. Issued a declaration
on potential investor damages in a securities class action (U.S.D.C. Southern District of
New York, 2015).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
Biotechnology Value Fund, L.P. et al. v. Celera Corporation et al. Issued a report
(2014), a reply report (2014), a supplemental report (2014), and provided deposition
testimony (2014) on damages arising from a merger (U.S.D.C. Northern District of
California).
In re: Hi-Crush Partners L.P. Securities Litigation. Issued a declaration (2014), a
supplemental declaration (2014), and provided deposition testimony (2014) on market
efficiency in a securities class action (U.S.D.C. Southern District of New York).
Ian Mausner v. MarketByte LLC, et al. Issued a declaration about investment advisor
incentives and liquidity needs in a securities class action (U.S.D.C. Southern District of
California, 2014).
Artes Medical, Inc. v. Lemperle et al. Provided deposition testimony on behalf of
defendants about alleged damages caused by a proxy contest (Superior Court of the State
of California, County of San Diego, Central District, 2013).
In re: Ebix Inc. Securities Litigation. Issued a declaration (2012) and provided deposition
testimony (2013) on market efficiency in a securities class action (U.S.D.C. Northern
District of Georgia, Atlanta Division).
Erik Poole and William Rhody v. Alange Energy Corp., et al. Issued a report (2012) and a
reply report (2013) on market efficiency and damages in a securities class action
(Superior Court of Justice Ontario, Canada).
In re: Hecla Mining Securities Litigation. Issued a declaration on investor losses in a
securities class action (U.S.D.C. District of Idaho, 2012).
Mark Henning, Roman Zaretski and Chrisitan Stillmark v. Orient Paper, Inc. et al. Issued
a declaration (2011), a supplemental declaration (2012) and provided deposition
testimony (2012) on market efficiency in a securities class action (U.S.D.C. Central
District of California).
Carlos Munoz et al. v. China Expert Technology, Inc., et al. Issued a declaration (2012), a
supplemental declaration (2012) and provided deposition testimony (2012) in a securities
class action on market efficiency (U.S.D.C. Southern District of New York).
Theodore Dean, et al. v. China Agritech, Inc., et al. Issued a declaration (2012), a
supplemental declaration (2012) and provided deposition testimony (2012) in a case on
market efficiency in a securities class action (U.S.D.C. Central District of California).
Robert Michael Shenk, Derivatively on Behalf of Sirius XM Radio Inc. v. Melvin Alan
Karmazin, et al. Issued an expert report (2011), a supplemental expert report (2012) and
provided deposition testimony (2012) in a case involving damages in a shareholder
derivative matter (U.S.D.C. Southern District of New York).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
Pathway Investments Pty Ltd and Doystoy Pty Ltd v. National Australia Bank Ltd.
Submitted a report on survey techniques, the efficient market hypothesis and liquidity in
a securities class action (Supreme Court of Victoria at Melbourne, Australia, Commercial
and Equity Division, Commercial Court, 2012).
Bruce Simmonds, Robert Grant and Gordon Moore v. Armtec Infrastructure Inc. et al.
Issued a report on market efficiency and damages in a securities class action (Superior
Court of Justice Ontario, Canada, 2011).
In re: BP plc. Securities Litigation. Issued a declaration on damages and materiality in a
securities class action (U.S.D.C. Southern District of Texas, Houston Division, 2010).
In re: Tripath Technology Inc., Debtor. Issued a report (2009) and provided deposition
testimony (2010) on damages arising from Directors’ and Officers’ breach of fiduciary
duty in bankruptcy court (U.S.B.C. Northern District of California, San Jose Division).
David Ainslie and Muriel Marentette v. CV Technologies et al. Issued a report estimating
damages in a securities class action (Superior Court of Justice, Ontario, Canada, 2010).
Harry Stackhouse, on Behalf of Himself and All Others Similarly Situated v. Toyota
Motor Corporation, et al. Issued a declaration on the relationship between Toyota’s U.S.
stock price and Japanese stock price in a securities class action (U.S.D.C. Central District
of California, 2010).
Phillip Elliot and William Kormos v. NovaGold Resources Inc., et al. Issued a declaration
in a securities class action on trading volume in the U.S. versus Canada. (Superior Court
of Justice, Ontario, Canada, 2010).
International Arbitration between a private equity firm and Chinese biotech company.
Issued a report (2008) and testified (2009) before an International Arbitration Committee
regarding the value of a private equity investment.
Arbitration between Albert Richards and Old Republic Title Insurance. Deposed
regarding estimated damages incurred by plaintiff as a result of a forced sale of Russian
securities due to Old Republic’s breach of contract (2008).
Californians United for a Responsible Budget, et al., v. California State Public Works
Board, et al. Issued a report on the cost of issuing revenue bonds to fund California
prison expansion (The Superior Court for the State of California, County of Sacramento,
2008).
Arbitration between Daniel Lyons and Morgan Lyons, and Chinese Hospital Association
and Sam English. Deposed regarding plaintiffs’ calculated damages arising from asbestos
exposure for plaintiff (2003).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
ENGAGEMENTS
Securities and Finance
In re: China Medicine Corporation Securities Litigation. Retained by class counsel to
estimate damages and determine market efficiency in a securities class action.
In re: Citigroup Inc. Securities Litigation. Testified as to damages and inflation in a
securities class action.
In re: Bank of America Corp. Securities, Derivative, and Employee Retirement Income
Security Act (ERISA) Litigation. Retained by class counsel as damages expert in a
derivative securities class action.
Government of Guam Retirement Fund et al. v Countrywide Financial Corp, et al.
Retained by class counsel to estimate damages in a securities class action.
Keith Cohn v. Sanford C. Bernstein & Co., LLC and Alliance Bernstein LP. Retained by
client to testify on portfolio risk in a FINRA arbitration.
In re: Semgroup Energy Partners, L.P., Securities Litigation. Retained by Plaintiffs to
estimate damages in a securities class action.
Asbestos Workers Philadelphia Pension Fund v. Merix Corporation, et al. Retained by
Plaintiffs to evaluate fairness of merger between Merix and Viasystems.
Retained by Goldman Sachs to provide consulting on the IPO process, the valuation of
securities at IPO and the possible impact of “tie-in” agreements on the pricing of IPOs for
the purpose of analyzing class certification and damages.
Joseph Phelps Vineyards, Inc., et al., v Craig Williams, et al. Retained by Joseph Phelps
Vineyards to estimate the value of the winery as part of arbitration.
UnitedHealth Group Option Backdating Investigation. Retained by a Special Litigation
Committee formed by UnitedHealth Group’s board of directors to estimate harm caused
by company’s decision to backdate options.
SEC v. Henry Nicholas, et al. Retained by founder of Broadcom to estimated harm
caused by company’s decision to backdate options.
Enrico Bondi on behalf of Parmalat S.p.A. v. Bank of America et al. Hired by Bank of
America to rebut damage arguments regarding Bank of America’s role in Parmalat’s
eventual bankruptcy.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
Capital Trading Co. v. Conor Medsystems. Retained to analyze a fairness opinion issued
by Citigroup regarding the price offered by Johnson & Johnson to acquire Conor.
Enron Solvency. Retained by the surviving Enron Corporation to estimate the value of its
assets for litigation purposes.
SEC v. Spear Leeds Kellogg (Goldman Sachs.) et al. Estimated damages associated with
trading ahead allegations made by the SEC on behalf of Goldman market makers on the
New York Stock Exchange, American Stock Exchange, Philadelphia Stock Exchange and
the Chicago Board of Options Exchange.
General Fire and Casualty co. et al. v. Guy Carpenter and Co., Inc. Hired by defendant to
rebut allegations that it had given incorrect advice to the plaintiff regarding reinsurance
contracts.
R.D. Hubbard v. Pinnacle Entertainment, Inc. Analyzed the value of options granted and
later rescinded on behalf of our client, the defendant.
Thomas Slemmer, et al. v. Cucamonga Valley Water District, et al. Estimated the value
of restricted stock in a mutual water company.
Department of Labor v. Genuity (investigation). Assisted Genuity in an investigation by
the Department of Labor as to whether or not Genuity stock was a safe investment for
Genuity’s pension fund. Investigation was dismissed.
Jason Stanley, et al. v. Safeskin Corporation, et al. Estimated damages and consulted on
materiality for defendant in a securities class action.
Nanogen, Inc. v. Donald D. Montgomery and CombiMatrix Corporation. Estimated
damages for defendant in cross complaint over a failed IPO resulting from plaintiff’s
claims of patent infringement in genomic industry.
Conseco, Inc. Securities Litigation. Retained by defendants to calculate damages in a
securities class action matter.
Madison/OHI Liquidity Investors, LLC v. Omega Healthcare Investors. Estimated
damages to Madison’s investment funds as a result of the early termination of a debt
facility.
Barbara Rosen, et al. v. Macromedia, Inc., et al. Prepared rebuttal analyses in securities
class action suit on behalf of Macromedia.
Karen Yarborough v. PeopleSoft, Inc. and Does 1-20. Calculated value of stock option
package in wrongful termination suit on behalf of PeopleSoft.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
Michael Carabetta v. Novadigm, Inc., et al. Did analysis of damages to a former company
insider on behalf of Novadigm. Estimated value of lost options and salary.
Allen T. Gilliland Trust, et al. v. H&F MobileMedia Partners, LLC, et al. Engaged by
auditors to analyze plaintiffs’ decision to affirm a prior transaction.
California Federal Bank v. United States. Estimated damages caused by government in
breach of contract case on behalf of Cal Fed.
LaSalle Talman v. United States. Estimated damages caused by government in breach of
contract case on behalf of LaSalle Talman.
Intellectual Property
Transocean v. Maersk. Retained by Maersk to defend claims of patent infringement in
case involving oil drilling technology.
Abbott Laboratories, et al. v. Sandoz, Inc. Retained on behalf of Abbott to estimate patent
infringement damages as a result of Sandoz’s decision to introduce a generic drug prior to
the expiration of a patent.
LG Phillips LCD Co., LTD v. Tatung, Chunghwa Picture Tubes, et al. Provided rebuttal
analysis for defendants in a patent infringement case dealing with LCD technology.
PostX Corporation v. Secure Data in Motion, Inc. d/b/a/ Sigaba Corporation. Calculated
damages arising from tortuous interference and patent infringement in the secure
document delivery market. Client was victorious on both complaint and cross-complaint.
Larkspur Data Resources, Inc. v. Trust Administrators, et al. Assisted plaintiff in
calculating damages in trademark and copyright infringement case involving proprietary
databases.
Dioptics Medical Products, Inc. v. The Cooper Companies, Inc.; CooperVision, Inc.; A.
Thomas Bender; and Does 1-15. Retained by plaintiff to calculate damages in a copyright
infringement case over naming of eyewear.
Intel Corporation v. Broadcom Corporation. Retained by Broadcom to estimate damages
alleged by Intel based on charges of patent infringement.
Australia Vision Services Pty. Ltd. v. Dioptics Medical Products, Inc., Henry Lane, and
individual, and Does 1-10. Estimated profits lost by Dioptics as a result of a competitor’s
allegations of patent infringement.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
American Booksellers Association, Inc. v. Barnes & Noble, et al. Worked on analysis of
publisher discounts and analysis of openings and closings of bookstores on behalf of
Borders.
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Exhibit-2
Documents Considered
CASE DOCUMENTS
Second Amended Consolidated Securities Class Action Complaint, filed on April 6,
2018.
NEWS ARTICLES/PRESS RELEASES
Factiva news articles (1,608) from March 15, 2012 to February 6, 2017, downloaded
using the following search parameters: Source Field: All Sources; Company: Global
Brokerage Inc.; All Industries; All Regions.
“Swiss National Bank discontinues minimum exchange rate and lowers interest rate
to -0.75%,” Swiss National Bank, press release, January 15, 2015.
“CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM
Holdings, LLC and FXCM’s Founding Partners, Dror Niv and William Ahdout, to Pay a
$7 Million Penalty for FXCM’s Defrauding of Retail Forex Customers,” U.S. Commodity
Futures Trading Commission, press release, February 6, 2017.
“Swiss National Bank discontinues minimum exchange rate and lowers interest rate to –
0.75%,” Swiss National Bank, press release, January 15, 2015.
ANALYST REPORTS
Sandler O'Neill & Partners, March 15, 2012.
Barclays, March 22, 2012.
Credit Suisse, April 16, 2012.
UBS Equities, April 16, 2012.
JPMorgan, April 17, 2012.
Sandler O'Neill & Partners, April 17, 2012.
Credit Suisse, May 9, 2012.
Deutsche Bank, May 9, 2012.
Deutsche Bank, May 9, 2012.
Sandler O'Neill & Partners, May 9, 2012.
Sandler O'Neill & Partners, May 9, 2012.
UBS Equities, May 9, 2012.
UBS Equities, May 9, 2012.
Barclays, May 10, 2012.
JPMorgan, May 10, 2012.
Credit Suisse, June 7, 2012.
JPMorgan, June 7, 2012.
UBS Equities, June 7, 2012.
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Exhibit-2
Documents Considered
Barclays, June 8, 2012.
Sandler O'Neill & Partners, June 12, 2012.
Barclays, June 14, 2012.
Credit Suisse, June 14, 2012.
Deutsche Bank, June 14, 2012.
Sandler O'Neill & Partners, June 14, 2012.
UBS Equities, June 14, 2012.
JPMorgan, June 19, 2012.
Credit Suisse, July 16, 2012.
UBS Equities, July 16, 2012.
JPMorgan, July 17, 2012.
Sandler O'Neill & Partners, July 17, 2012.
Barclays, August 8, 2012.
Credit Suisse, August 9, 2012.
Sandler O'Neill & Partners, August 9, 2012.
UBS Equities, August 9, 2012.
UBS Equities, August 9, 2012.
Barclays, August 10, 2012.
JPMorgan, August 10, 2012.
Sandler O'Neill & Partners, August 10, 2012.
UBS Equities, September 18, 2012.
Credit Suisse, September 19, 2012.
JPMorgan, September 19, 2012.
Sandler O'Neill & Partners, September 19, 2012.
Barclays, September 20, 2012.
JPMorgan, September 27, 2012.
JPMorgan, October 1, 2012.
Barclays, October 2, 2012.
Credit Suisse, October 3, 2012.
Sandler O'Neill & Partners, October 3, 2012.
UBS Equities, October 3, 2012.
Barclays, October 15, 2012.
Credit Suisse, October 15, 2012.
UBS Equities, October 15, 2012.
Sandler O'Neill & Partners, October 16, 2012.
BGB Securities, October 17, 2012.
Barclays, November 8, 2012.
BGB Securities, November 8, 2012.
Credit Suisse, November 8, 2012.
Sandler O'Neill & Partners, November 8, 2012.
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Exhibit-2
Documents Considered
Sandler O'Neill & Partners, November 8, 2012.
UBS Equities, November 8, 2012.
JPMorgan, November 9, 2012.
Credit Suisse, December 17, 2012.
Barclays, December 18, 2012.
Sandler O'Neill & Partners, December 18, 2012.
Credit Suisse, January 16, 2013.
JPMorgan, January 16, 2013.
Sandler O'Neill & Partners, January 16, 2013.
UBS Equities, January 16, 2013.
Barclays, January 18, 2013.
JPMorgan, January 29, 2013.
BGB Securities, February 1, 2013.
Barclays, February 12, 2013.
JPMorgan, February 12, 2013.
Sandler O'Neill & Partners, February 12, 2013.
Credit Suisse, February 13, 2013.
Barclays, March 7, 2013.
Credit Suisse, March 7, 2013.
Sandler O'Neill & Partners, March 7, 2013.
Sandler O'Neill & Partners, March 8, 2013.
JPMorgan, March 12, 2013.
Barclays, April 9, 2013.
Credit Suisse, April 9, 2013.
Sandler O'Neill & Partners, April 9, 2013.
Sandler O'Neill & Partners, April 9, 2013.
UBS Equities, April 9, 2013.
JPMorgan, April 10, 2013.
JPMorgan, April 26, 2013.
Credit Suisse, May 7, 2013.
Sandler O'Neill & Partners, May 7, 2013.
Sandler O'Neill & Partners, May 7, 2013.
UBS Equities, May 7, 2013.
JPMorgan, May 8, 2013.
UBS Equities, May 22, 2013.
Barclays, May 29, 2013.
Sandler O'Neill & Partners, May 30, 2013.
Barclays, June 5, 2013.
Credit Suisse, June 5, 2013.
JPMorgan, June 6, 2013.
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Exhibit-2
Documents Considered
Sandler O'Neill & Partners, June 17, 2013.
Credit Suisse, July 15, 2013.
UBS Equities, July 15, 2013.
JPMorgan, July 16, 2013.
Sandler O'Neill & Partners, July 16, 2013.
Barclays, August 7, 2013.
Barclays, August 7, 2013.
Credit Suisse, August 7, 2013.
Sandler O'Neill & Partners, August 7, 2013.
UBS Equities, August 7, 2013.
UBS Equities, August 7, 2013.
JPMorgan, August 8, 2013.
JPMorgan, August 27, 2013.
Credit Suisse, September 10, 2013.
UBS Equities, September 10, 2013.
JPMorgan, September 11, 2013.
Sandler O'Neill & Partners, September 11, 2013.
Sandler O'Neill & Partners, October 10, 2013.
Barclays, October 16, 2013.
Credit Suisse, October 16, 2013.
Sandler O'Neill & Partners, October 17, 2013.
Credit Suisse, November 7, 2013.
Sandler O'Neill & Partners, November 7, 2013.
Sandler O'Neill & Partners, November 7, 2013.
Barclays, November 8, 2013.
JPMorgan, November 8, 2013.
UBS Equities, December 16, 2013.
Credit Suisse, December 17, 2013.
Sandler O'Neill & Partners, December 17, 2013.
Barclays, December 18, 2013.
Barclays, January 13, 2014.
Sandler O'Neill & Partners, January 14, 2014.
Barclays, February 10, 2014.
JPMorgan, February 11, 2014.
Sandler O'Neill & Partners, February 11, 2014.
UBS Equities, March 4, 2014.
Barclays, March 6, 2014.
Barclays, March 6, 2014.
Credit Suisse, March 6, 2014.
Sandler O'Neill & Partners, March 6, 2014.
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Exhibit-2
Documents Considered
Sandler O'Neill & Partners, March 6, 2014.
UBS Equities, March 6, 2014.
JPMorgan, March 7, 2014.
Credit Suisse, April 14, 2014.
Barclays, April 15, 2014.
Sandler O'Neill & Partners, April 15, 2014.
JPMorgan, May 7, 2014.
Barclays, May 8, 2014.
Barclays, May 8, 2014.
Credit Suisse, May 8, 2014.
Sandler O'Neill & Partners, May 8, 2014.
Sandler O'Neill & Partners, May 9, 2014.
UBS Equities, May 13, 2014.
Sandler O'Neill & Partners, June 10, 2014.
UBS Equities, June 10, 2014.
Credit Suisse, July 15, 2014.
Barclays, July 16, 2014.
Sandler O'Neill & Partners, July 16, 2014.
UBS Equities, July 16, 2014.
JPMorgan, August 6, 2014.
Barclays, August 8, 2014.
Credit Suisse, August 8, 2014.
JPMorgan, August 8, 2014.
Sandler O'Neill & Partners, August 8, 2014.
UBS Equities, August 8, 2014.
Credit Suisse, September 9, 2014.
UBS Equities, September 9, 2014.
Barclays, September 10, 2014.
Sandler O'Neill & Partners, September 10, 2014.
UBS Equities, September 18, 2014.
Sandler O'Neill & Partners, September 30, 2014.
Credit Suisse, October 2, 2014.
JPMorgan, October 9, 2014.
Barclays, October 16, 2014.
Credit Suisse, October 16, 2014.
UBS Equities, October 16, 2014.
Sandler O'Neill & Partners, October 17, 2014.
Barclays, November 7, 2014.
Credit Suisse, November 7, 2014.
Sandler O'Neill & Partners, November 7, 2014.
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Exhibit-2
Documents Considered
UBS Equities, November 7, 2014.
Credit Suisse, December 3, 2014.
Barclays, December 9, 2014.
UBS Equities, December 9, 2014.
Sandler O'Neill & Partners, December 10, 2014.
Credit Suisse, January 5, 2015.
Barclays, January 13, 2015.
Credit Suisse, January 14, 2015.
Sandler O'Neill & Partners, January 14, 2015.
Barclays, January 16, 2015.
Barclays, January 16, 2015.
Credit Suisse, January 16, 2015.
JPMorgan, January 15, 2015.
Sandler O'Neill & Partners, January 16, 2015.
UBS Equities, January 16, 2015.
Barclays, January 20, 2015.
Credit Suisse, January 20, 2015.
JPMorgan, January 20, 2015.
Sandler O'Neill & Partners, January 20, 2015.
UBS Equities, January 20, 2015.
Barclays, January 26, 2015.
Barclays, January 28, 2015.
Barclays, February 11, 2015.
Barclays, March 13, 2015.
Credit Suisse, March 13, 2015.
CRT Capital, March 13, 2015.
JPMorgan, March 13, 2015.
Sandler O'Neill & Partners, March 27, 2015.
Credit Suisse, May 1, 2015.
Barclays, May 11, 2015.
Credit Suisse, May 27, 2015.
Barclays, August 6, 2015.
Credit Suisse, December 8, 2015.
CRT Capital, March 11, 2016.
Cowen and Company, May 10, 2016.
Cowen and Company, August 4, 2016.
Cowen and Company, September 30, 2016.
Cowen and Company, November 10, 2016.
Oppenheimer, February 7, 2017.
Cowen and Company, February 7, 2017.
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Exhibit-2
Documents Considered
SEC FILINGS
Global Brokerage Inc., Form 8-K, filed January 7, 2011.
Global Brokerage Inc., Form 8-K, filed February 15, 2011.
Global Brokerage Inc., Form 8-K, filed March 2, 2011.
Global Brokerage Inc., Form 8-K, filed March 14, 2011.
Global Brokerage Inc., Form 8-K, filed April 14, 2011.
Global Brokerage Inc., Form DEF 14A, filed April 29, 2011.
Global Brokerage Inc., Form DEFA14A, filed May 2, 2011.
Global Brokerage Inc., Form 8-K, filed May 16, 2011.
Global Brokerage Inc., Form 8-K, filed May 17, 2011.
Global Brokerage Inc., Form 8-K, filed June 9, 2011.
Ernst & Young LLP., Form 8-K, filed June 16, 2011.
Global Brokerage Inc., Form 8-K, filed July 8, 2011.
Global Brokerage Inc., Form 8-K, filed July 14, 2011.
Global Brokerage Inc., Form 8-K, filed August 11, 2011.
Global Brokerage Inc., Form 8-K, filed September 15, 2011.
Global Brokerage Inc., Form 8-K, filed October 13, 2011.
Global Brokerage Inc., Form 8-K, filed October 17, 2011.
Global Brokerage Inc., Form 8-K, filed November 10, 2011.
Global Brokerage Inc., Form S-1, filed December 12, 2011.
Global Brokerage Inc., Form 8-K, filed December 14, 2011.
Global Brokerage Inc., Form 8-K, filed December 20, 2011.
Global Brokerage Inc., Form 8-K, filed January 17, 2012.
Global Brokerage Inc., Form S-3A, filed January 24, 2012.
Global Brokerage Inc., Form 424B3, filed January 31, 2012.
Global Brokerage Inc., Form 8-K, filed February 14, 2012.
Global Brokerage Inc., Form 8-K, filed February 15, 2012.
Global Brokerage Inc., Form 8-K, filed February 29, 2012.
Global Brokerage Inc., Form 8-K, filed March 14, 2012.
Global Brokerage Inc., Form 10-K, for the fiscal year ended December 31, 2011, filed
March 15, 2012.
Global Brokerage Inc., Form 8-K, filed April 16, 2012.
Global Brokerage Inc., Form DEFA14A, filed April 30, 2012.
Global Brokerage Inc., Form DEF 14A, filed April 30, 2012.
Global Brokerage Inc., Form 8-K, filed May 9, 2012.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended March 31, 2012, filed
May 10, 2012.
Global Brokerage Inc., Form 8-K, filed June 7, 2012.
Global Brokerage Inc., Form 8-K, filed June 14, 2012.
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Exhibit-2
Documents Considered
Ernst & Young LLP., Form 8-K, filed June 18, 2012.
Global Brokerage Inc., Form 8-K, filed June 20, 2012.
Global Brokerage Inc., Form 8-K, filed June 25, 2012.
Global Brokerage Inc., Form 8-K, filed July 16, 2012.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended June 30, 2012, filed
August 9, 2012.
Global Brokerage Inc., Form 8-K, filed August 9, 2012.
Global Brokerage Inc., Form 8-K, filed August 13, 2012.
Global Brokerage Inc., Form 8-KA, filed August 30, 2012.
Global Brokerage Inc., Form 10-QA, for the quarterly period ended June 30, 2012, filed
September 10, 2012.
Global Brokerage Inc., Form 8-K, filed September 18, 2012.
Global Brokerage Inc., Form S-3, filed October 4, 2012.
Global Brokerage Inc., Form S-3, filed October 4, 2012.
Global Brokerage Inc., Form 8-K, filed October 15, 2012.
Global Brokerage Inc., Form 424B3, filed October 25, 2012.
Global Brokerage Inc., Form 8-K, filed November 8, 2012.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended September 30, 2012,
filed November 9, 2012.
Global Brokerage Inc., Form 10-QA, for the quarterly period ended September 30, 2012,
filed November 13, 2012.
Global Brokerage Inc., Form 8-K, filed December 17, 2012.
Global Brokerage Inc., Form 8-K, filed January 15, 2013.
Global Brokerage Inc., Form 8-K, filed February 11, 2013.
Global Brokerage Inc., Form 8-K, filed March 7, 2013.
Global Brokerage Inc., Form 8-K, filed March 8, 2013.
Global Brokerage Inc., Form 10-K, for the fiscal year December 31, 2012, filed March
18, 2013.
Global Brokerage Inc., Form 8-K, filed April 8, 2013.
GAIN Capital Holdings, Form 425, filed April 9, 2013.
GAIN Capital Holdings, Form 425, filed April 9, 2013.
GAIN Capital Holdings, Form 425, filed April 9, 2013.
GAIN Capital Holdings, Form 425, filed April 9, 2013.
GAIN Capital Holdings, Form 425, filed April 9, 2013.
Global Brokerage Inc., Form 8-K, filed April 9, 2013.
Global Brokerage Inc., Form 8-K, filed April 12, 2013.
Global Brokerage Inc., Form 8-K, filed April 26, 2013.
Global Brokerage Inc., Form DEF 14A, filed April 30, 2013.
Global Brokerage Inc., Form DEFA14A, filed May 1, 2013.
Global Brokerage Inc., Form 8-K, filed May 7, 2013.
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Exhibit-2
Documents Considered
Global Brokerage Inc., Form 10-Q, for the quarterly period ended March 31, 2013, filed
May 10, 2013.
Global Brokerage Inc., Form 8-K, filed May 29, 2013.
Global Brokerage Inc., Form 8-K, filed June 3, 2013.
Global Brokerage Inc., Form 8-K, filed June 5, 2013.
Global Brokerage Inc., Form 8-K, filed June 14, 2013.
Global Brokerage Inc., Form 8-K, filed July 15, 2013.
Global Brokerage Inc., Form 8-K, filed August 7, 2013.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended June 30, 2013, filed
August 8, 2013.
Global Brokerage Inc., Form 8-K, filed September 10, 2013.
Global Brokerage Inc., Form 8-K, filed October 16, 2013.
Global Brokerage Inc., Form 8-K, filed November 7, 2013.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended September 30, 2013,
filed November 12, 2013.
Global Brokerage Inc., Form 8-K, filed November 18, 2013.
Global Brokerage Inc., Form 8-K, filed December 16, 2013.
Global Brokerage Inc., Form 8-K, filed January 13, 2014.
Global Brokerage Inc., Form 8-K, filed February 10, 2014.
Global Brokerage Inc., Form 8-K, filed March 6, 2014.
Global Brokerage Inc., Form 10-K, for the fiscal year ended December 31, 2013, filed
March 17, 2014.
Global Brokerage Inc., Form 8-K, filed April 14, 2014.
Global Brokerage Inc., Form DEFA14A, filed April 30, 2014.
Global Brokerage Inc., Form DEF 14A, filed April 30, 2014.
Global Brokerage Inc., Form 8-K, filed May 8, 2014.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended March 31, 2014, filed
May 12, 2014.
Global Brokerage Inc., Form 8-K, filed June 9, 2014.
Ernst & Young LLP., Form 8-K, filed June 16, 2014.
Global Brokerage Inc., Form 8-K, filed July 15, 2014.
Global Brokerage Inc., Form 8-K, filed August 7, 2014.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended June 30, 2014, filed
August 8, 2014.
Global Brokerage Inc., Form 8-K, filed September 9, 2014.
Global Brokerage Inc., Form 8-K, filed September 22, 2014.
Global Brokerage Inc., Form 8-K, filed October 16, 2014.
Global Brokerage Inc., Form 8-K, filed November 6, 2014.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended September 30, 2014,
filed November 7, 2014.
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Exhibit-2
Documents Considered
Global Brokerage Inc., Form 8-K, filed December 9, 2014.
Global Brokerage Inc., Form 8-K, filed January 13, 2015.
Global Brokerage Inc., Form 8-K, filed January 16, 2015.
Global Brokerage Inc., Form 8-K, filed January 20, 2015.
Global Brokerage Inc., Form 8-K, filed January 23, 2015.
Global Brokerage Inc., Form 8-KA, filed January 26, 2015.
Global Brokerage Inc., Form 8-A12B, filed January 30, 2015.
Global Brokerage Inc., Form 8-K, filed January 30, 2015.
Global Brokerage Inc., Form 8-KA, filed January 30, 2015.
Global Brokerage Inc., Form 8-K, filed February 11, 2015.
Global Brokerage Inc., Form 8-K, filed March 12, 2015.
Global Brokerage Inc., Form 10-K, for the fiscal year ended December 31, 2014, filed
March 16, 2015.
Global Brokerage Inc., Form 8-K, filed March 17, 2015.
Global Brokerage Inc., Form 8-K, filed March 25, 2015.
Global Brokerage Inc., Form 8-K, filed April 7, 2015.
Global Brokerage Inc., Form 8-K, filed April 14, 2015.
Global Brokerage Inc., Form 8-K, filed April 21, 2015.
Global Brokerage Inc., Form DEFA14A, filed May 1, 2015.
Global Brokerage Inc., Form DEF 14A, filed May 1, 2015.
Global Brokerage Inc., Form 8-K, filed May 8, 2015.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended March 31, 2015, filed
May 11, 2015.
Global Brokerage Inc., Form 8-K, filed May 22, 2015.
Global Brokerage Inc., Form 8-K, filed May 28, 2015.
Global Brokerage Inc., Form 8-K, filed June 9, 2015.
Ernst & Young LLP., Form 8-K, filed June 15, 2015.
Global Brokerage Inc., Form 8-K, filed July 15, 2015.
Global Brokerage Inc., Form PRE 14A, filed July 21, 2015.
Global Brokerage Inc., Form DEFA14A, filed August 4, 2015.
Global Brokerage Inc., Form DEF 14A, filed August 4, 2015.
Global Brokerage Inc., Form 8-K, filed August 6, 2015.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended June 30, 2015, filed
August 7, 2015.
Global Brokerage Inc., Form 8-K, filed September 9, 2015.
Global Brokerage Inc., Form 8-K, filed September 14, 2015.
Global Brokerage Inc., Form 8-K, filed September 16, 2015.
Global Brokerage Inc., Form 8-K, filed September 18, 2015.
Global Brokerage Inc., Form 8-K, filed September 22, 2015.
Global Brokerage Inc., Form 8-K, filed September 29, 2015.
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Exhibit-2
Documents Considered
Global Brokerage Inc., Form 8-K, filed October 1, 2015.
Global Brokerage Inc., Form 8-K, filed October 8, 2015.
Global Brokerage Inc., Form 8-K, filed October 13, 2015.
Global Brokerage Inc., Form 8-K, filed November 5, 2015.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended September 30, 2015,
filed November 6, 2015.
Global Brokerage Inc., Form 8-K, filed December 14, 2015.
Global Brokerage Inc., Form 8-K, filed January 12, 2016.
Global Brokerage Inc., Form 8-A12BA, filed January 26, 2016.
Global Brokerage Inc., Form 8-K, filed January 26, 2016.
Global Brokerage Inc., Form 8-K, filed February 1, 2016.
Global Brokerage Inc., Form 8-K, filed February 9, 2016.
Global Brokerage Inc., Form 8-K, filed March 10, 2016.
Global Brokerage Inc., Form 8-K, filed March 10, 2016.
Global Brokerage Inc., Form 10-K, for the year ended December 31, 2015, filed March
11, 2016.
Global Brokerage Inc., Form 8-K, filed April 11, 2016.
Global Brokerage Inc., Form 8-K, filed April 15, 2016.
Global Brokerage Inc., Form DEFA14A, filed April 26, 2016.
Global Brokerage Inc., Form DEF 14A, filed April 26, 2016.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended March 31, 2016, filed
May 6, 2016.
Global Brokerage Inc., Form 8-K, filed May 6, 2016.
Global Brokerage Inc., Form 8-K, filed June 9, 2016.
Ernst & Young LLP., Form 8-K, filed June 13, 2016.
Global Brokerage Inc., Form 8-K, filed July 11, 2016.
Global Brokerage Inc., Form S-3, filed July 12, 2016.
Global Brokerage Inc., Form S-3A, filed July 27, 2016.
Global Brokerage Inc., Form 8-K, filed August 4, 2016.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended June 30, 2016, filed
August 5, 2016.
Global Brokerage Inc., Form 8-K, filed September 8, 2016.
Global Brokerage Inc., Form 8-K, filed September 12, 2016.
Global Brokerage Inc., Form 8-K, filed September 13, 2016.
Global Brokerage Inc., Form 25, filed September 23, 2016.
Global Brokerage Inc., Form 8-A12B, filed September 23, 2016.
Global Brokerage Inc., Form 8-K, filed September 30, 2016.
Global Brokerage Inc., Form 424B5, filed October 3, 2016.
Global Brokerage Inc., Form 8-K, filed October 3, 2016.
Global Brokerage Inc., Form 8-K, filed October 5, 2016.
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Exhibit-2
Documents Considered
Global Brokerage Inc., Form 8-K, filed October 11, 2016.
Global Brokerage Inc., Form 8-K, filed October 31, 2016.
Global Brokerage Inc., Form 10-Q, for the quarterly period ended September 30, 2016,
filed November 8, 2016.
Global Brokerage Inc., Form 8-K, filed November 8, 2016.
Global Brokerage Inc., Form 8-K, filed November 9, 2016.
Global Brokerage Inc., Form 10-QA, for the quarterly period ended September 30, 2016,
filed November 18, 2016.
Global Brokerage Inc., Form 8-K, filed November 18, 2016.
Global Brokerage Inc., Form 8-K, filed December 13, 2016.
Global Brokerage Inc., Form 8-K, filed January 12, 2017.
Global Brokerage Inc., Form 8-K, filed February 7, 2017.
Global Brokerage Inc., Form 8-K, filed February 9, 2017.
Global Brokerage Inc., Form 8-K, filed February 13, 2017.
Global Brokerage Inc., Form 8-K, filed February 13, 2017.
Global Brokerage Inc., Form 8-K, filed February 15, 2017.
Global Brokerage Inc., Form 8-K, filed February 21, 2017.
Global Brokerage Inc., Form 8-K, filed February 27, 2017.
Global Brokerage Inc., Form 8-K, filed February 28, 2017.
Global Brokerage Inc., Form 10-K, for the fiscal year ended December 31, 2016, filed
March 20, 2017.
Global Brokerage Inc., Form 8-K, filed March 20, 2017.
Global Brokerage Inc., Form 8-K, filed March 21, 2017.
Global Brokerage Inc., Form 8-K, filed May 8, 2017.
Global Brokerage Inc., Form 8-K, filed May 15, 2017.
Global Brokerage Inc., Form 8-K, filed May 15, 2017.
Global Brokerage Inc., Form 8-K, filed May 18, 2017.
Global Brokerage Inc., Form 8-K, filed May 23, 2017.
Global Brokerage Inc., Form DEFA14A, filed May 24, 2017.
Global Brokerage Inc., Form DEF 14A, filed May 24, 2017.
Global Brokerage Inc., Form 8-K, filed May 25, 2017.
Ernst & Young LLP., Form 8-K, filed July 6, 2017.
Global Brokerage Inc., Form 8-K, filed August 9, 2017.
Global Brokerage Inc., Form 8-K, filed August 14, 2017.
Global Brokerage Inc., Form 8-K, filed September 8, 2017.
Global Brokerage Inc., Form 8-K, filed October 2, 2017.
Global Brokerage Inc., Form 8-K, filed November 13, 2017.
Global Brokerage Inc., Form 8-K, filed December 8, 2017.
Global Brokerage Inc., Form POS AM, filed December 8, 2017.
Global Brokerage Inc., Form RW, filed December 8, 2017.
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Exhibit-2
Documents Considered
Global Brokerage Inc., Form 25, filed December 19, 2017.
ACADEMIC AND PROFESSIONAL LITERATURE
Alexander, Gordon J., “What Does Nasdaq’s High-Yield Bond Market Reveal about
Bondholder-Shareholder Conflict?” Financial Management, Vol. 29(1), Spring 2000.
Allen, Franklin, Stewart Myers, and Richard Bradley, “How Corporations Issue
Securities,” Principles of Corporate Finance, McGraw Hill Irwin, 8th edition.
Aktas, Nihat, Eric De Bodt, and Jean-Gabriel Cousin, “Event Studies with a
Contaminated Estimation Period,” Journal of Corporate Finance, 2007.
Atkins, Allen B. and Edward A. Dyl, “Price Reversals, Bid-Ask Spreads, and Market
Efficiency,” Journal of Financial and Quantitative Analysis, 1990.
Barber, Brad M., Paul A. Griffin, and Baruch Lev, “The Fraud-on-the-Market Theory and
the Indicators of Common Stock Efficiency,” Journal of Corporation Law, 1994.
Ball, Ray, and Stephen J. Brown, “An Empirical Evaluation of Accounting Income
Numbers,” Journal of Accounting Research, 1968.
Binder, John J., “Measuring the Effects of Regulation with Stock Price Data,” The RAND
Journal of Economics, 1985.
Box, G. E. P., and G. C. Tiao “Intervention Analysis with Applications to Economic and
Environmental Problems,” Journal of the American Statistical Association, 1975.
Brav, Alon and J.B. Heaton, “Event Studies In Securities Litigation: Low Power,
Confounding Effects, And Bias,” Washington University Law Review, March 30, 2015.
Bromberg, Alan R. and Lewis D. Lowenfels, Securities Fraud and Commodities,
December, 2003.
Campbell, John Y., Andrew W. Lo and A. Craig MacKinlay, The Econometrics of
Financial Markets, Princeton University Press, 1997.
Corrado, Charles J., “Event Studies: A Methodology Review,” Accounting and Finance
51, 2011.
“Corporate Bond Operational Underwriting Process: Business Practices in ‘Plain
English,’” The Bond Market Association, 9 December 2004.
Crew, Nicholas I., et al., “Federal Securities Acts and Areas of Expert Analysis,”
Litigation Services Handbook; Chapter 24, The Role of the Financial Expert, 5th ed.,
edited by Roman L. Weil, Daniel G. Lentz, and David P. Hoffman, John Wiley & Sons,
Inc., 2012.
Fabozzi, Frank, and Jones, Frank, “The Primary and Secondary Bond Markets,” Chapter
3, in The Handbook of Fixed Income Securities, 7th edition, edited by Frank J. Fabozzi
and Steven V. Mann, McGraw-Hill, 2005.
Fama, Eugene F., “The Adjustment Of Stock Prices To New Information,” International
Economic Review Vol. 10, No. 1, February 1969.
Fama, Eugene F., “Efficient Capital Markets: II,” Journal of Finance, 1991.
88
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Exhibit-2
Documents Considered
Fama, Eugene and Kenneth French, “The Cross-Section of Expected Stock Returns,”
Journal of Finance, Vol XLVII, No 2, June 1992.
Ferrillo, Paul, Frederick Dunbar, and David Tabak, “The ‘less than’ Efficient Capital
Markets Hypothesis: Requiring More Proof From Plaintiffs in Fraud-On-The-Market
Cases,” St. John’s Law Review 78 (81), Winter 2004.
Handjinicolaou, George, and Kalay, Avner, “Wealth Redistributions or Changes in Firm
Value: An Analysis of Returns to Bondholders and Stockholders Around Dividend
Announcements”, Journal of Financial Economics, March 1984.
Harris, Larry “Trading & Exchanges: Market Microstructure for Practitioners,” Oxford
University Press, 2003.
Hartzmark, Michael L., and J. Nejat Seyhun, “The Curious Incident of the Dog That
Didn’t bark and Establishing Cause-and-Effect in Class Action Securities Litigation,” Va.
L & Bus. Rev. 6, 2011.
Hong, G, and Warga, A., “An Empirical Study of Bond Market Transactions,”, Financial
Analysts Journal, Vol. 56, No. 2, Spring 2000.
Larcker, David F., et al., “Testing for Market Efficiency: A Comparison of the
Cumulative Average Residual Methodology and Intervention Analysis,” Journal of
Financial & Quantitative Analysis, 1980.
Malatesta, Paul H., “Measuring Abnormal Performance: The Event Parameter Approach
Using Joint Generalized Least Squares,” The Journal of Financial and Quantitative
Analysis, 1986.
Piotroski, Joseph, and Darren Roulstone, “The Influence of Analysts, Institutional
Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific
Information into Stock Prices,” The Accounting Review, Vol. 79, No. 4, 2004.
Tabak, David I., and Frederick C. Dunbar, “Materiality and Magnitude: Event Studies in
the Courtroom,” in Litigation Services Handbook, The Role of the Financial Expert, 3rd
ed., edited by Roman L. Weil, Michael J. Wagner, and Peter B. Frank, John Wiley &
Sons, Inc., 2001.
Tabak, David, “Use and Misuse of Event Studies to Examine Market Efficiency,” NERA
White Paper, April 30, 2010.
Thompson, Rex, “Conditioning the Return-Generating Process on Firm-Specific Events:
A Discussion of Event Study Methods,” The Journal of Financial and Quantitative
Analysis, 1985.
CONFERENCE CALLS
“Q4 2011 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call,
March 14, 2012.
“Q1 2012 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call, May
9, 2012.
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Exhibit-2
Documents Considered
“FXCM Inc to Acquire Lucid Markets,” Thomas Reuters, conference call, June 14, 2012.
“Q2 2012 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call,
August 9, 2012.
“FXCM - FXCM Inc. at Barclays Capital Global Financial Services Conference,”
Thomas Reuters, conference call, September 10, 2012.
“FXCM 2012 Analyst Day Conference,” Thomas Reuters, conference call, October 2,
2012.
“FXCM - FXCM Inc. at J.P. Morgan SMid Cap Conference,” Thomas Reuters,
conference call, November 29, 2012.
“Q4 2012 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call,
March 7, 2013.
“FXCM Inc. Conference Call to Discuss the Proposed Business Combination of Gain
Capital,” Thomas Reuters, conference call, April 9, 2013.
“Q1 2013 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call, May
7, 2013.
“FXCM - FXCM Inc. at Morgan Stanley Financials Conference,” Thomas Reuters,
conference call, June 11, 2013.
“Q2 2013 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call,
August 7, 2013.
“FXCM - FXCM Inc. at Barclays Capital Global Financials Conference,” Thomas
Reuters, conference call, September 11, 2013.
“Q3 2013 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call,
November 7, 2013.
“FXCM - FXCM Inc. at KBW Securities Brokerage & Market Structure Conference,”
Thomas Reuters, conference call, November 19, 2013.
“FXCM - FXCM Inc. at Credit Suisse Financial Services Forum,” Thomas Reuters,
conference call, February 11, 2014.
“Q4 2013 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call,
March 6, 2014.
“FXCM - FXCM Inc. at Citi Asset Manager, Broker Dealer & Exchanges Conference,”
Thomas Reuters, conference call, March 12, 2014.
“Q1 2014 FXCM Inc. Earnings Conference Call,” Thomas Reuters, conference call, May
8, 2014.
“FXCM - FXCM Inc. at Sandler O'Neill Global Exchange and Brokerage Conference,”
Thomas Reuters, conference call, June 4, 2014.
“Q2 2014 FXCM Inc Earnings Call,” Thomas Reuters, conference call, August 7, 2014.
“FXCM - FXCM Inc at Barclays Global Financial Services Conference,” Thomas
Reuters, conference call, September 10, 2014.
“Q3 2014 FXCM Inc Earnings Call,” Thomas Reuters, conference call, November 6,
2014.
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Exhibit-2
Documents Considered
“FXCM - FXCM Inc at KBW Securities Brokerage & Market Structure Conference,”
Thomas Reuters, conference call, November 19, 2014.
“Q4 2014 FXCM Inc Earnings Call,” Thomas Reuters, conference call, March 12, 2015.
“Q1 2015 FXCM Inc Earnings Call,” Thomas Reuters, conference call, May 11, 2015.
“Q2 2015 FXCM Inc Earnings Call,” Thomas Reuters, conference call, August 6, 2015.
“Q3 2015 FXCM Inc Earnings Call,” Thomas Reuters, conference call, November 5,
2015.
“Q4 2015 FXCM Inc Earnings Call,” Thomas Reuters, conference call, March 10, 2016.
DATA AND DATABASES
Bloomberg.
Capital IQ.
CRSP (Center for Research in Security Prices).
EDGAR.
Factiva.
FINRA.
Thomson Eikon.
LEGAL CASES
Amgen Inc. v. Conn. Ret. Plans & Trust Funds, 568 U.S. 455, 458 (2013).
Basic, Inc. v. Levinson, 485 U.S. 224, 241 (1988).
Cammer v. Bloom, 711 F. Supp. 1264 (D.N.J., 1989).
Cheney v. Cyberguard Corp., 213 F.R.D. 484 (S.D. Fla. 2003).
Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005).
Halliburton Co. Et Al. v. Erica P. John Fund, Inc., 573 U. S. 258 (2014).
Krogman v. Sterritt, 202 F.R.D. 467 (N.D.Tex. 2001).
Nguyen v. Radient Pharm. Corp., 287 F.R.D. at 573 (C.D. Cal. 2012).
In re Healthsouth Corporation Securities Litigation, 261 F.R.D. 633 (N.D. Ala. 2009)
In re Petrobras Sec. Litig., 312 F.R.D. 354 (S.D.N.Y. 2016).
In re Petrobras Sec. Litig., 862 F.3d 250 (2d Cir. 2017).
Rooney v. EZCorp., Inc., 2019 WL 691205 (W.D. Tex. 2019).
Unger v. Amedisys Inc., 401 F.3d 316 (5th Cir. 2005).
Wilkof v. Caraco Pharm. Labs., Ltd., 280 F.R.D. 332 (E.D. Mi. 2012).
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Exhibit-2
Documents Considered
OTHER
“Brief of Testifying Economists as Amici Curiae in Support of Respondents,”
Halliburton Co. and David Lesar v., Erica P. John Fund, Inc., FKA Archdiocese of
Milwaukee Supporting Fund, Inc., February 5, 2014.
http://www.crsp.com/main-menu/why-crsp.
“Fact Sheet; Designated Market Makers,” NYSE Euronext, 2012.
https://www.sec.gov/answers/rule144.htm.
“Order Instituting Proceedings Pursuant to Sections 6(c) And 6(d) of The Commodity
Exchange Act, Making Findings, and Imposing Remedial Sanctions,” CFTC Docket No.
17-09, February 6, 2017.
Private Securities Litigation Reform Act of 1995 (15 U.S.C. § 78u-4(e)).
Section 10(b) of the Exchange Act of 1934.
“Revisions to the Eligibility Requirements for Primary Securities Offerings on Forms S-3
and F-3,” SEC Release No. 33-8878, December 19, 2007.
“Rule 144A–Private Resales of Securities to Institutions,” Securities Lawyer’s Deskbook,
The University of Cincinnati College of Law.
Any other documents and data cited in the report.
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Exhibit-3a
Average Weekly Volume as a Percentage of FXCM Stock
Week Ending
Shares Traded as a
Percent of Outstanding Shares
March 16, 2012
7.92%
March 23, 2012
11.04%
March 30, 2012
7.17%
April 5, 2012
3.59%
April 13, 2012
5.39%
April 20, 2012
6.38%
April 27, 2012
8.19%
May 4, 2012
3.67%
May 11, 2012
7.19%
May 18, 2012
9.61%
May 25, 2012
3.97%
June 1, 2012
2.99%
June 8, 2012
5.43%
June 15, 2012
9.36%
June 22, 2012
10.24%
June 29, 2012
4.47%
July 6, 2012
1.72%
July 13, 2012
3.98%
July 20, 2012
3.08%
July 27, 2012
3.46%
August 3, 2012
4.12%
August 10, 2012
3.68%
August 17, 2012
3.41%
August 24, 2012
2.34%
August 31, 2012
4.40%
September 7, 2012
4.28%
September 14, 2012
5.04%
September 21, 2012
4.75%
September 28, 2012
3.86%
October 5, 2012
5.14%
October 12, 2012
2.57%
October 19, 2012
3.34%
October 26, 2012
1.74%
November 2, 2012
1.68%
November 9, 2012
4.11%
November 16, 2012
5.95%
November 23, 2012
2.06%
November 30, 2012
3.56%
December 7, 2012
2.20%
December 14, 2012
1.85%
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Exhibit-3a
Average Weekly Volume as a Percentage of FXCM Stock
Week Ending
Shares Traded as a
Percent of Outstanding Shares
December 21, 2012
2.87%
December 28, 2012
0.90%
January 4, 2013
2.02%
January 11, 2013
3.65%
January 18, 2013
2.01%
January 25, 2013
1.79%
February 1, 2013
3.13%
February 8, 2013
3.52%
February 15, 2013
3.23%
February 22, 2013
1.94%
March 1, 2013
4.11%
March 8, 2013
3.67%
March 15, 2013
4.74%
March 22, 2013
1.90%
March 28, 2013
1.42%
April 5, 2013
2.15%
April 12, 2013
2.30%
April 19, 2013
1.94%
April 26, 2013
1.07%
May 3, 2013
2.05%
May 10, 2013
3.52%
May 17, 2013
3.60%
May 24, 2013
2.00%
May 31, 2013
16.08%
June 7, 2013
7.98%
June 14, 2013
2.90%
June 21, 2013
9.31%
June 28, 2013
12.83%
July 5, 2013
5.13%
July 12, 2013
3.98%
July 19, 2013
5.72%
July 26, 2013
4.08%
August 2, 2013
4.74%
August 9, 2013
7.91%
August 16, 2013
10.89%
August 23, 2013
4.20%
August 30, 2013
9.98%
September 6, 2013
5.95%
September 13, 2013
7.04%
September 20, 2013
5.81%
94
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217
Exhibit-3a
Average Weekly Volume as a Percentage of FXCM Stock
Week Ending
Shares Traded as a
Percent of Outstanding Shares
September 27, 2013
3.76%
October 4, 2013
3.65%
October 11, 2013
9.32%
October 18, 2013
22.19%
October 25, 2013
6.74%
November 1, 2013
7.14%
November 8, 2013
10.04%
November 15, 2013
6.75%
November 22, 2013
9.77%
November 29, 2013
3.37%
December 6, 2013
4.05%
December 13, 2013
6.75%
December 20, 2013
9.77%
December 27, 2013
2.89%
January 3, 2014
3.54%
January 10, 2014
4.42%
January 17, 2014
5.79%
January 24, 2014
5.56%
January 31, 2014
5.16%
February 7, 2014
5.43%
February 14, 2014
4.71%
February 21, 2014
2.43%
February 28, 2014
3.47%
March 7, 2014
4.87%
March 14, 2014
7.36%
March 21, 2014
4.60%
March 28, 2014
5.88%
April 4, 2014
6.02%
April 11, 2014
7.90%
April 17, 2014
3.96%
April 25, 2014
4.87%
May 2, 2014
6.02%
May 9, 2014
8.17%
May 16, 2014
4.96%
May 23, 2014
3.19%
May 30, 2014
2.74%
June 6, 2014
3.22%
June 13, 2014
5.03%
June 20, 2014
6.15%
June 27, 2014
7.75%
95
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 99 of 215
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217
Exhibit-3a
Average Weekly Volume as a Percentage of FXCM Stock
Week Ending
Shares Traded as a
Percent of Outstanding Shares
July 3, 2014
4.17%
July 11, 2014
4.78%
July 18, 2014
2.99%
July 25, 2014
2.29%
August 1, 2014
2.79%
August 8, 2014
5.65%
August 15, 2014
2.79%
August 22, 2014
2.28%
August 29, 2014
2.38%
September 5, 2014
2.98%
September 12, 2014
10.15%
September 19, 2014
10.26%
September 26, 2014
5.03%
October 3, 2014
5.80%
October 10, 2014
6.21%
October 17, 2014
7.31%
October 24, 2014
7.71%
October 31, 2014
7.04%
November 7, 2014
5.55%
November 14, 2014
5.38%
November 21, 2014
3.40%
November 28, 2014
1.75%
December 5, 2014
3.74%
December 12, 2014
4.74%
December 19, 2014
7.46%
December 26, 2014
2.18%
January 2, 2015
2.33%
January 9, 2015
5.70%
January 15, 2015
11.29%
January 23, 2015
923.53%
January 30, 2015
170.32%
February 6, 2015
87.74%
February 13, 2015
39.72%
February 20, 2015
31.30%
February 27, 2015
24.56%
March 6, 2015
16.96%
March 13, 2015
97.95%
March 20, 2015
57.70%
March 27, 2015
25.44%
April 2, 2015
14.98%
96
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 100 of 215
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217
Exhibit-3a
Average Weekly Volume as a Percentage of FXCM Stock
Week Ending
Shares Traded as a
Percent of Outstanding Shares
April 10, 2015
19.48%
April 17, 2015
11.63%
April 24, 2015
11.17%
May 1, 2015
13.56%
May 8, 2015
26.58%
May 15, 2015
44.01%
May 22, 2015
22.53%
May 29, 2015
76.15%
June 5, 2015
14.88%
June 12, 2015
18.75%
June 19, 2015
17.06%
June 26, 2015
18.37%
July 2, 2015
20.94%
July 10, 2015
22.94%
July 17, 2015
6.79%
July 24, 2015
21.66%
July 31, 2015
5.91%
August 7, 2015
12.60%
August 14, 2015
6.23%
August 21, 2015
5.13%
August 28, 2015
8.10%
September 4, 2015
4.67%
September 11, 2015
2.42%
September 18, 2015
4.89%
September 25, 2015
3.48%
October 2, 2015
7.30%
October 9, 2015
7.38%
October 16, 2015
5.78%
October 23, 2015
3.59%
October 30, 2015
6.12%
November 6, 2015
6.95%
November 13, 2015
5.25%
November 20, 2015
8.93%
November 27, 2015
14.58%
December 4, 2015
12.67%
December 11, 2015
8.99%
December 18, 2015
146.17%
December 24, 2015
39.01%
December 31, 2015
365.10%
January 8, 2016
65.16%
97
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 101 of 215
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217
Exhibit-3a
Average Weekly Volume as a Percentage of FXCM Stock
Week Ending
Shares Traded as a
Percent of Outstanding Shares
January 15, 2016
58.24%
January 22, 2016
23.10%
January 29, 2016
22.56%
February 5, 2016
17.23%
February 12, 2016
8.25%
February 19, 2016
11.70%
February 26, 2016
12.08%
March 4, 2016
24.64%
March 11, 2016
46.95%
March 18, 2016
20.33%
March 24, 2016
8.58%
April 1, 2016
7.23%
April 8, 2016
3.62%
April 15, 2016
7.69%
April 22, 2016
8.62%
April 29, 2016
7.04%
May 6, 2016
6.24%
May 13, 2016
6.63%
May 20, 2016
5.77%
May 27, 2016
7.80%
June 3, 2016
5.69%
June 10, 2016
10.97%
June 17, 2016
11.53%
June 24, 2016
4.31%
July 1, 2016
9.63%
July 8, 2016
6.79%
July 15, 2016
9.01%
July 22, 2016
4.83%
July 29, 2016
4.57%
August 5, 2016
4.72%
August 12, 2016
3.28%
August 19, 2016
3.60%
August 26, 2016
3.18%
September 2, 2016
2.23%
September 9, 2016
2.51%
September 16, 2016
2.21%
September 23, 2016
2.21%
September 30, 2016
1.75%
October 7, 2016
3.71%
October 14, 2016
1.86%
98
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 102 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 104 of
217
Exhibit-3a
Average Weekly Volume as a Percentage of FXCM Stock
Week Ending
Shares Traded as a
Percent of Outstanding Shares
October 21, 2016
2.56%
October 28, 2016
2.51%
November 4, 2016
1.41%
November 11, 2016
1.40%
November 18, 2016
1.31%
November 25, 2016
1.72%
December 2, 2016
1.41%
December 9, 2016
6.39%
December 16, 2016
2.66%
December 23, 2016
2.85%
December 30, 2016
2.69%
January 6, 2017
1.97%
January 13, 2017
1.53%
January 20, 2017
1.70%
January 27, 2017
2.00%
February 3, 2017
1.10%
February 6, 2017
0.38%
14.86%
Source:
CRSP.
Average weekly volume as percentage of
outstanding shares:
99
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 103 of 215
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217
Exhibit-3b
Average Weekly Volume as a Percentage of FXCM Notes
Week Ending
Notional Traded as a
Percent of Face Value
June 27, 2014
2.32%
July 3, 2014
0.00%
July 11, 2014
2.13%
July 18, 2014
0.58%
July 25, 2014
0.01%
August 1, 2014
0.00%
August 8, 2014
0.91%
August 15, 2014
0.03%
August 22, 2014
0.01%
August 29, 2014
0.00%
September 5, 2014
7.54%
September 12, 2014
4.30%
September 19, 2014
0.99%
September 26, 2014
0.70%
October 3, 2014
3.28%
October 10, 2014
6.16%
October 17, 2014
5.58%
October 24, 2014
0.00%
October 31, 2014
0.87%
November 7, 2014
1.16%
November 14, 2014
0.00%
November 21, 2014
0.02%
November 28, 2014
0.00%
December 5, 2014
4.96%
December 12, 2014
0.70%
December 19, 2014
0.71%
December 26, 2014
0.00%
January 2, 2015
0.00%
January 9, 2015
1.30%
January 15, 2015
35.61%
January 23, 2015
82.91%
January 30, 2015
29.73%
February 6, 2015
13.37%
February 13, 2015
2.90%
February 20, 2015
7.66%
February 27, 2015
5.64%
March 6, 2015
1.98%
March 13, 2015
9.45%
March 20, 2015
11.46%
March 27, 2015
8.45%
100
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 104 of 215
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217
Exhibit-3b
Average Weekly Volume as a Percentage of FXCM Notes
Week Ending
Notional Traded as a
Percent of Face Value
April 2, 2015
5.80%
April 10, 2015
0.54%
April 17, 2015
0.95%
April 24, 2015
1.45%
May 1, 2015
0.29%
May 8, 2015
3.46%
May 15, 2015
25.21%
May 22, 2015
10.33%
May 29, 2015
1.01%
June 5, 2015
0.29%
June 12, 2015
2.63%
June 19, 2015
0.00%
June 26, 2015
0.62%
July 2, 2015
0.04%
July 10, 2015
0.00%
July 17, 2015
0.63%
July 24, 2015
0.38%
July 31, 2015
6.61%
August 7, 2015
0.35%
August 14, 2015
0.00%
August 21, 2015
2.32%
August 28, 2015
0.38%
September 4, 2015
0.00%
September 11, 2015
0.42%
September 18, 2015
0.44%
September 25, 2015
0.58%
October 2, 2015
0.00%
October 9, 2015
0.35%
October 16, 2015
17.07%
October 23, 2015
0.00%
October 30, 2015
1.40%
November 6, 2015
0.58%
November 13, 2015
7.60%
November 20, 2015
3.25%
November 27, 2015
3.97%
December 4, 2015
1.08%
December 11, 2015
0.00%
December 18, 2015
0.64%
December 24, 2015
1.18%
December 31, 2015
0.00%
101
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 105 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 107 of
217
Exhibit-3b
Average Weekly Volume as a Percentage of FXCM Notes
Week Ending
Notional Traded as a
Percent of Face Value
January 8, 2016
1.62%
January 15, 2016
0.00%
January 22, 2016
0.54%
January 29, 2016
0.00%
February 5, 2016
0.00%
February 12, 2016
0.00%
February 19, 2016
0.00%
February 26, 2016
0.00%
March 4, 2016
0.64%
March 11, 2016
0.00%
March 18, 2016
0.00%
March 24, 2016
0.00%
April 1, 2016
0.00%
April 8, 2016
0.41%
April 15, 2016
0.00%
April 22, 2016
0.06%
April 29, 2016
0.06%
May 6, 2016
0.00%
May 13, 2016
0.00%
May 20, 2016
3.39%
May 27, 2016
0.00%
June 3, 2016
0.23%
June 10, 2016
0.00%
June 17, 2016
0.00%
June 24, 2016
0.87%
July 1, 2016
0.00%
July 8, 2016
0.58%
July 15, 2016
0.00%
July 22, 2016
2.32%
July 29, 2016
4.65%
August 5, 2016
1.16%
August 12, 2016
0.01%
August 19, 2016
0.01%
August 26, 2016
0.01%
September 2, 2016
0.00%
September 9, 2016
1.01%
September 16, 2016
0.58%
September 23, 2016
0.00%
September 30, 2016
0.70%
October 7, 2016
0.00%
102
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 106 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 108 of
217
Exhibit-3b
Average Weekly Volume as a Percentage of FXCM Notes
Week Ending
Notional Traded as a
Percent of Face Value
October 14, 2016
0.01%
October 21, 2016
0.00%
October 28, 2016
0.00%
November 4, 2016
0.00%
November 11, 2016
0.37%
November 18, 2016
0.23%
November 25, 2016
0.58%
December 2, 2016
1.45%
December 9, 2016
1.23%
December 16, 2016
0.00%
December 23, 2016
3.71%
December 30, 2016
0.00%
January 6, 2017
0.00%
January 13, 2017
0.29%
January 20, 2017
3.48%
January 27, 2017
17.39%
February 3, 2017
0.00%
February 6, 2017
0.00%
2.92%
Source:
TRACE.
Average weekly volume as percentage of face
value of FXCM Notes:
103
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 107 of 215
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217
Exhibit-4
FXCM Inc. Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
263
Research & Recommendations - Class Period
March 15, 2012 through February 6, 2017
Date
Content Provider
Recommendation
1
March 15, 2012
Sandler O'Neill & Partners
Buy
2
March 22, 2012
Barclays
Overweight
3
April 16, 2012
Credit Suisse
Outperform
4
April 16, 2012
UBS Equities
Buy
5
April 17, 2012
JPMorgan
Overweight
6
April 17, 2012
Sandler O'Neill & Partners
Buy
7
May 9, 2012
Credit Suisse
Outperform
8
May 9, 2012
Deutsche Bank
Hold
9
May 9, 2012
Deutsche Bank
Hold
10
May 9, 2012
Sandler O'Neill & Partners
Buy
11
May 9, 2012
Sandler O'Neill & Partners
Buy
12
May 9, 2012
UBS Equities
Buy
13
May 9, 2012
UBS Equities
Buy
14
May 10, 2012
Barclays
Overweight
15
May 10, 2012
JPMorgan
Overweight
16
June 7, 2012
Credit Suisse
Outperform
17
June 7, 2012
JPMorgan
Overweight
18
June 7, 2012
UBS Equities
Buy
19
June 8, 2012
Barclays
Overweight
20
June 12, 2012
Sandler O'Neill & Partners
Buy
21
June 14, 2012
Barclays
Overweight
22
June 14, 2012
Credit Suisse
Outperform
23
June 14, 2012
Deutsche Bank
Hold
24
June 14, 2012
Sandler O'Neill & Partners
Buy
25
June 14, 2012
UBS Equities
Buy
26
June 19, 2012
JPMorgan
Overweight
27
July 16, 2012
Credit Suisse
Outperform
28
July 16, 2012
UBS Equities
Buy
29
July 17, 2012
JPMorgan
Overweight
30
July 17, 2012
Sandler O'Neill & Partners
Buy
31
August 8, 2012
Barclays
Overweight
32
August 9, 2012
Credit Suisse
Outperform
33
August 9, 2012
Sandler O'Neill & Partners
Buy
34
August 9, 2012
UBS Equities
Buy
35
August 9, 2012
UBS Equities
Buy
36
August 10, 2012
Barclays
Overweight
37
August 10, 2012
JPMorgan
Overweight
38
August 10, 2012
Sandler O'Neill & Partners
Buy
39
September 18, 2012
UBS Equities
Buy
40
September 19, 2012
Credit Suisse
Outperform
104
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 108 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 110 of
217
Exhibit-4
FXCM Inc. Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
263
Research & Recommendations - Class Period
March 15, 2012 through February 6, 2017
Date
Content Provider
Recommendation
41
September 19, 2012
JPMorgan
Overweight
42
September 19, 2012
Sandler O'Neill & Partners
Buy
43
September 20, 2012
Barclays
Overweight
44
September 27, 2012
JPMorgan
Overweight
45
October 1, 2012
JPMorgan
Overweight
46
October 2, 2012
Barclays
Overweight
47
October 3, 2012
Credit Suisse
Outperform
48
October 3, 2012
Sandler O'Neill & Partners
Buy
49
October 3, 2012
UBS Equities
Buy
50
October 15, 2012
Barclays
Overweight
51
October 15, 2012
Credit Suisse
Outperform
52
October 15, 2012
UBS Equities
Buy
53
October 16, 2012
Sandler O'Neill & Partners
Buy
54
October 17, 2012
BGB Securities
Buy
55
November 8, 2012
Barclays
Overweight
56
November 8, 2012
BGB Securities
Buy
57
November 8, 2012
Credit Suisse
Outperform
58
November 8, 2012
Sandler O'Neill & Partners
Buy
59
November 8, 2012
Sandler O'Neill & Partners
Buy
60
November 8, 2012
UBS Equities
Buy
61
November 9, 2012
JPMorgan
Overweight
62
December 11, 2012
CJS Securities
63
December 17, 2012
Credit Suisse
Outperform
64
December 18, 2012
Barclays
Overweight
65
December 18, 2012
CJS Securities
66
December 18, 2012
Sandler O'Neill & Partners
Buy
67
January 16, 2013
Credit Suisse
Outperform
68
January 16, 2013
JPMorgan
Overweight
69
January 16, 2013
Sandler O'Neill & Partners
Buy
70
January 16, 2013
UBS Equities
Buy
71
January 18, 2013
Barclays
Overweight
72
January 29, 2013
JPMorgan
Overweight
73
February 1, 2013
BGB Securities
Buy
74
February 5, 2013
CJS Securities
75
February 12, 2013
Barclays
Overweight
76
February 12, 2013
CJS Securities
77
February 12, 2013
JPMorgan
Overweight
78
February 12, 2013
Sandler O'Neill & Partners
Buy
79
February 13, 2013
Credit Suisse
Outperform
80
March 7, 2013
Barclays
Overweight
105
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 109 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 111 of
217
Exhibit-4
FXCM Inc. Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
263
Research & Recommendations - Class Period
March 15, 2012 through February 6, 2017
Date
Content Provider
Recommendation
81
March 7, 2013
Credit Suisse
Outperform
82
March 7, 2013
Sandler O'Neill & Partners
Buy
83
March 8, 2013
CJS Securities
84
March 8, 2013
Sandler O'Neill & Partners
Buy
85
March 12, 2013
JPMorgan
Overweight
86
April 9, 2013
Barclays
Rating Suspended
87
April 9, 2013
CJS Securities
88
April 9, 2013
Credit Suisse
Outperform
89
April 9, 2013
Sandler O'Neill & Partners
Buy
90
April 9, 2013
Sandler O'Neill & Partners
Buy
91
April 9, 2013
UBS Equities
Buy
92
April 10, 2013
CJS Securities
93
April 10, 2013
JPMorgan
Overweight
94
April 25, 2013
CJS Securities
95
April 26, 2013
JPMorgan
Overweight
96
May 7, 2013
Credit Suisse
Outperform
97
May 7, 2013
Sandler O'Neill & Partners
Buy
98
May 7, 2013
Sandler O'Neill & Partners
Buy
99
May 7, 2013
UBS Equities
Buy
100
May 8, 2013
CJS Securities
101
May 8, 2013
JPMorgan
Overweight
102
May 22, 2013
UBS Equities
Buy
103
May 29, 2013
Barclays
Overweight
104
May 30, 2013
Sandler O'Neill & Partners
Buy
105
June 5, 2013
Barclays
Overweight
106
June 5, 2013
Credit Suisse
Outperform
107
June 6, 2013
JPMorgan
Overweight
108
June 17, 2013
Sandler O'Neill & Partners
Buy
109
June 18, 2013
CJS Securities
110
July 15, 2013
Credit Suisse
Outperform
111
July 15, 2013
UBS Equities
Buy
112
July 16, 2013
CJS Securities
113
July 16, 2013
JPMorgan
Overweight
114
July 16, 2013
Sandler O'Neill & Partners
Buy
115
August 7, 2013
Barclays
Overweight
116
August 7, 2013
Barclays
Overweight
117
August 7, 2013
Credit Suisse
Outperform
118
August 7, 2013
Sandler O'Neill & Partners
Buy
119
August 7, 2013
UBS Equities
Buy
120
August 7, 2013
UBS Equities
Buy
106
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 110 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 112 of
217
Exhibit-4
FXCM Inc. Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
263
Research & Recommendations - Class Period
March 15, 2012 through February 6, 2017
Date
Content Provider
Recommendation
121
August 8, 2013
CJS Securities
122
August 8, 2013
JPMorgan
Overweight
123
August 27, 2013
JPMorgan
Overweight
124
September 10, 2013
Credit Suisse
Outperform
125
September 10, 2013
UBS Equities
Buy
126
September 11, 2013
CJS Securities
127
September 11, 2013
JPMorgan
Overweight
128
September 11, 2013
Sandler O'Neill & Partners
Buy
129
October 10, 2013
Keefe, Bruyette & Woods North America
130
October 10, 2013
Sandler O'Neill & Partners
Buy
131
October 16, 2013
Barclays
Overweight
132
October 16, 2013
Credit Suisse
Outperform
133
October 17, 2013
CJS Securities
134
October 17, 2013
Sandler O'Neill & Partners
Buy
135
November 7, 2013
Credit Suisse
Outperform
136
November 7, 2013
Sandler O'Neill & Partners
Buy
137
November 7, 2013
Sandler O'Neill & Partners
Buy
138
November 8, 2013
Barclays
Overweight
139
November 8, 2013
CJS Securities
140
November 8, 2013
JPMorgan
Overweight
141
December 16, 2013
UBS Equities
Buy
142
December 17, 2013
CJS Securities
143
December 17, 2013
Credit Suisse
Outperform
144
December 17, 2013
Sandler O'Neill & Partners
Buy
145
December 18, 2013
Barclays
Overweight
146
January 13, 2014
Barclays
Overweight
147
January 14, 2014
CJS Securities
148
January 14, 2014
Sandler O'Neill & Partners
Buy
149
February 10, 2014
Barclays
Overweight
150
February 11, 2014
JPMorgan
Overweight
151
February 11, 2014
Sandler O'Neill & Partners
Buy
152
March 4, 2014
UBS Equities
Buy
153
March 6, 2014
Barclays
Overweight
154
March 6, 2014
Barclays
Overweight
155
March 6, 2014
Credit Suisse
Outperform
156
March 6, 2014
Sandler O'Neill & Partners
Buy
157
March 6, 2014
Sandler O'Neill & Partners
Buy
158
March 6, 2014
UBS Equities
Buy
159
March 7, 2014
CJS Securities
160
March 7, 2014
JPMorgan
Overweight
107
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 111 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 113 of
217
Exhibit-4
FXCM Inc. Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
263
Research & Recommendations - Class Period
March 15, 2012 through February 6, 2017
Date
Content Provider
Recommendation
161
April 14, 2014
Credit Suisse
Outperform
162
April 15, 2014
Barclays
Overweight
163
April 15, 2014
CJS Securities
164
April 15, 2014
Sandler O'Neill & Partners
Buy
165
May 7, 2014
JPMorgan
Overweight
166
May 8, 2014
Barclays
Overweight
167
May 8, 2014
Barclays
Overweight
168
May 8, 2014
Credit Suisse
Outperform
169
May 8, 2014
Sandler O'Neill & Partners
Buy
170
May 9, 2014
CJS Securities
171
May 9, 2014
Sandler O'Neill & Partners
Hold
172
May 13, 2014
UBS Equities
Buy
173
June 10, 2014
Sandler O'Neill & Partners
Hold
174
June 10, 2014
UBS Equities
Buy
175
July 15, 2014
Credit Suisse
Outperform
176
July 16, 2014
Barclays
Overweight
177
July 16, 2014
CJS Securities
178
July 16, 2014
Sandler O'Neill & Partners
Hold
179
July 16, 2014
UBS Equities
Buy
180
August 6, 2014
JPMorgan
Overweight
181
August 8, 2014
Barclays
Overweight
182
August 8, 2014
CJS Securities
183
August 8, 2014
Credit Suisse
Outperform
184
August 8, 2014
JPMorgan
Overweight
185
August 8, 2014
Sandler O'Neill & Partners
Hold
186
August 8, 2014
UBS Equities
Buy
187
September 5, 2014
CJS Securities
188
September 9, 2014
Credit Suisse
Outperform
189
September 9, 2014
UBS Equities
Buy
190
September 10, 2014
Barclays
Overweight
191
September 10, 2014
Sandler O'Neill & Partners
Hold
192
September 18, 2014
UBS Equities
Buy
193
September 30, 2014
Sandler O'Neill & Partners
Hold
194
October 2, 2014
CJS Securities
195
October 2, 2014
Credit Suisse
Outperform
196
October 9, 2014
JPMorgan
Overweight
197
October 16, 2014
Barclays
Overweight
198
October 16, 2014
Credit Suisse
Outperform
199
October 16, 2014
UBS Equities
Buy
200
October 17, 2014
CJS Securities
108
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 112 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 114 of
217
Exhibit-4
FXCM Inc. Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
263
Research & Recommendations - Class Period
March 15, 2012 through February 6, 2017
Date
Content Provider
Recommendation
201
October 17, 2014
Sandler O'Neill & Partners
Hold
202
October 21, 2014
Keefe, Bruyette & Woods North America
203
November 6, 2014
Keefe, Bruyette & Woods North America
204
November 7, 2014
Barclays
Overweight
205
November 7, 2014
CJS Securities
206
November 7, 2014
Credit Suisse
Outperform
207
November 7, 2014
Sandler O'Neill & Partners
Hold
208
November 7, 2014
UBS Equities
Buy
209
November 13, 2014
CJS Securities
210
December 3, 2014
Credit Suisse
Outperform
211
December 9, 2014
Barclays
Overweight
212
December 9, 2014
UBS Equities
Buy
213
December 10, 2014
Sandler O'Neill & Partners
Hold
214
December 21, 2014
Keefe, Bruyette & Woods North America
215
January 5, 2015
Credit Suisse
Outperform
216
January 13, 2015
Barclays
Overweight
217
January 13, 2015
Keefe, Bruyette & Woods North America
218
January 14, 2015
Credit Suisse
Outperform
219
January 14, 2015
Sandler O'Neill & Partners
Hold
220
January 16, 2015
Barclays
Underweight
221
January 16, 2015
Barclays
Underweight
222
January 16, 2015
CJS Securities
223
January 16, 2015
Credit Suisse
Underperform
224
January 16, 2015
JPMorgan
Overweight
225
January 16, 2015
Keefe, Bruyette & Woods North America
226
January 16, 2015
Sandler O'Neill & Partners
Hold
227
January 16, 2015
UBS Equities
Buy
228
January 19, 2015
Keefe, Bruyette & Woods North America
229
January 20, 2015
Barclays
Underweight
230
January 20, 2015
CJS Securities
231
January 20, 2015
CJS Securities
232
January 20, 2015
Credit Suisse
Underperform
233
January 20, 2015
JPMorgan
Neutral
234
January 20, 2015
Keefe, Bruyette & Woods North America
235
January 20, 2015
Sandler O'Neill & Partners
Hold
236
January 20, 2015
UBS Equities
Not Rated
237
January 21, 2015
Keefe, Bruyette & Woods North America
238
January 26, 2015
Barclays
Underweight
239
January 26, 2015
CJS Securities
240
January 28, 2015
Barclays
Underweight
109
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 113 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 115 of
217
Exhibit-4
FXCM Inc. Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period
263
Research & Recommendations - Class Period
March 15, 2012 through February 6, 2017
Date
Content Provider
Recommendation
241
February 11, 2015
Barclays
Underweight
242
February 12, 2015
CJS Securities
243
March 12, 2015
Keefe, Bruyette & Woods North America
244
March 13, 2015
Barclays
Underweight
245
March 13, 2015
Credit Suisse
Underperform
246
March 13, 2015
CRT Capital
Not Rated
247
March 13, 2015
JPMorgan
Neutral
248
March 15, 2015
Keefe, Bruyette & Woods North America
249
March 27, 2015
Sandler O'Neill & Partners
Hold
250
May 1, 2015
Credit Suisse
Underperform
251
May 11, 2015
Barclays
Underweight
252
May 12, 2015
Keefe, Bruyette & Woods North America
253
May 27, 2015
Credit Suisse
Underperform
254
June 8, 2015
Keefe, Bruyette & Woods North America
255
June 23, 2015
Keefe, Bruyette & Woods North America
256
June 30, 2015
Keefe, Bruyette & Woods North America
257
August 6, 2015
Barclays
Underweight
258
December 8, 2015
Credit Suisse
Not Rated
259
March 11, 2016
CRT Capital
Not Rated
260
May 10, 2016
Cowen and Company
261
August 4, 2016
Cowen and Company
262
September 30, 2016
Cowen and Company
263
November 10, 2016
Cowen and Company
110
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 114 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 116 of
217
Exhibit-5
FXCM Inc. Common Stock Market Makers
April 2012 through January 2017
No.
Code
Market Maker
Gross Volume
1
MSCO
MORGAN STANLEY & CO., INCORPOR
23,154,498
2
INCA
INSTINET CORPORATION
10,525,797
3
NITE
VIRTU AMERICAS LLC
10,378,430
4
IBKR
INTERACTIVE BROKERS LLC
8,738,133
5
LEHM
BARCLAYS CAPITAL INC.
7,361,507
6
WEDB
WEDBUSH MORGAN SECURITIES INC.
6,746,911
7
BKMM
BNY MELLON CAPITAL MARKETS, LLC
6,172,114
8
JPMS
J.P. MORGAN SECURITIES INC.
6,127,780
9
GSCO
GOLDMAN SACHS
5,528,650
10
SSIC
SCOTTRADE, INC.
4,501,838
11
UBSS
UBS SECURITIES LLC.
4,153,236
12
TRBT
TRADEBOT SYSTEMS, INC.
2,913,921
13
DBAB
DEUTSCHE BANK SECURITIES INC.
2,682,471
14
LIWE
LIME BROKERAGE LLC
2,197,475
15
ITGI
ITG INC.
1,731,173
16
CPEX
CLEARPOOL EXECUTION SERVICES
1,730,832
17
EGXW
BATS TRADING, INC.
1,583,876
18
ETCC
ELECTRONIC TRANSACTION CLEARING, INC.
1,543,560
19
PUMA
PUMA CAPITAL, LLC
1,533,671
20
WEXX
WOLVERINE EXECUTION SERVICES,
1,146,039
21
NITP
VIRTU AMERICAS LLC
1,035,903
22
IMPC
IMPERIAL CAPITAL LLC
1,008,802
23
SPDR
SPEEDROUTE LLC
995,063
24
FCCP
FIRST CLEARING, LLC
957,369
25
ATDF
AUTOMATED TRADING DESK FINANCIAL SERVICES, LLC
905,477
26
FRET
FOX RIVER EXECUTION TEHNOLOGY, LLC
897,232
27
INJX
INSTINET, LLC
886,657
28
JMPT
JUMP TRADING, LLC
839,338
29
SBSH
CITIGROUP GLOBAL MARKETS INC.
757,559
30
NFSC
NATIONAL FINANCIAL SERVICES LL
703,031
31
BZWW
GOLDMAN SACHS EXECUTION & CLEARING, L.P.
583,336
32
MLCO
MERRILL LYNCH
553,704
33
ETRS
E*TRADE CLEARING LLC
543,097
34
DBUL
DEUTSCHE BANK SECURITIES INC.
536,765
35
VERT
THE VERTICAL GROUP, INC.
533,384
36
PDQM
PDQ ATS. INC.
531,856
37
INMB
INSTINET, LLC
522,899
38
JSCA
JANE STREET CAPITAL
454,960
39
LSCI
LEK SECURITIES CORPORATION
434,457
40
WMIT
WEDBUSH SECURITIES INC.
431,235
41
PERT
PERSHING TRADING COMPANY L.P.
414,175
42
HPPO
POTAMUS TRADING, LLC
394,380
43
FILL
TRADESTATION SECURITIES, INC.
282,548
44
WEXM
WOLVERINE EXECUTION SERVICES, LLC
262,601
45
BTIG
BTIG, LLC
256,612
111
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 115 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 117 of
217
Exhibit-5
FXCM Inc. Common Stock Market Makers
April 2012 through January 2017
No.
Code
Market Maker
Gross Volume
46
IEXG
INVESTORS EXCHANGE
238,759
47
DCHF
DART EXECUTIONS, LLC
238,052
48
MSMP
MORGAN STANLEY & CO. LLC
213,751
49
AGIS
AEGIS CAPITAL CORP.
196,900
50
RWPC
R.W. PRESSPRICH & CO., INC.
195,380
51
CHAS
CHARLES SCHWAB AND CO. INC.
194,729
52
JONE
JONES AND ASSOCIATES INC.
174,959
53
BNPB
BNP PARIBAS SECURITIES CORP.
174,200
54
INAT
INSTINET, LLC
152,932
55
BERN
SANFORD C. BERNSTEIN AND CO. I
151,883
56
STFL
STIFEL NICOLAUS
148,575
57
ETBA
ELECTRONIC TRANSACTION CLEARING, INC.
133,276
58
SPTD
STOCK USA INVESTMENTS
130,657
59
MBTS
MB TRADING
124,438
60
LIJP
LIME BROKERAGE LLC
122,699
61
NMRA
NOMURA SECURITIES INTERNATIONA
118,607
62
GMOR
LIGHTSPEED TRADING, LLC
118,405
63
CDRG
CITADEL SECURITIES LLC
116,762
64
DRTR
DART EXECUTIONS, LLC
114,693
65
JEFF
JEFFERIES & COMPANY, INC.
114,546
66
LSTE
LIGHTSPEED TRADING, LLC
113,625
67
NQRB
BRUT, LLC
108,581
68
BMIC
BILTMORE INTERNATIONAL CORPORA
103,200
69
CANT
CANTOR FITZGERALD & CO.
99,914
70
MICA
SPARTAN SECURITIES GROUP LTD
97,151
71
GLPS
ELECTRONIC BROKERAGE SYSTEMS, LLC.
95,383
72
FBRC
FRIEDMAN, BILLINGS, RAMSEY & C
94,893
73
MSPD
MORGAN STANLEY & CO. LLC
83,537
74
DOTC
DOUGHERTY & COMPANY LLC
83,142
75
CTLR
CUTLER GROUP, LP
78,710
76
WCHV
WELLS FARGO SECURITIES, LLC.
78,443
77
WMSF
WEDBUSH SECURITIES INC.
77,373
78
RGEL
67,904
79
VIEW
VIEWTRADE SECURITIES, INC.
66,689
80
ETBL
ELECTRONIC TRANSACTION CLEARING, INC.
63,938
81
WEMM
WELLS FARGO SECURITIES, LLC.
63,162
82
GTSZ
GTS SECURITIES LLC
61,759
83
NPNT
NORTHPOINT TRADING PARTNERS, LLC
60,627
84
XBLA
XAMBALA CAPITAL, LLC
58,880
85
TMBR
TIMBER HILL LLC
55,897
86
FMAT
FIMAT USA, INC.
54,354
87
MISM
MISMI, INC.
54,166
88
WMLW
WEDBUSH SECURITIES INC.
51,108
89
WMGP
WEDBUSH SECURITIES INC
50,716
90
KBWI
KEEFE BRUYETTE AND WOODS INC.
45,578
112
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 116 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 118 of
217
Exhibit-5
FXCM Inc. Common Stock Market Makers
April 2012 through January 2017
No.
Code
Market Maker
Gross Volume
91
WMLP
WEDBUSH SECURITIES INC.
43,906
92
CPET
CLEARPOOL EXECUTION SERVICES, LLC
42,558
93
GESX
GETCO EXECUTION SERVICES LLC.
41,499
94
WMFO
WEDBUSH SECURITIES INC.
40,674
95
WBPX
WHITE BAY PT LLC
38,204
96
LTCO
LADENBURG, THALMANN & CO. INC.
38,000
97
SEGB
<unnamed>
37,601
98
FNYS
FIRST NEW YORK SECURITIES CO
36,301
99
FBCO
CREDIT SUISSE FIRST BOSTON LLC
35,530
100
ATMC
COWEN CAPITAL LLC
32,681
101
LIME
LIME BROKERAGE LLC
32,199
102
MAXM
MAXIM GROUP, LLC
29,700
103
LBCE
WEDBUSH SECURITIES INC.
27,525
104
BZYD
GOLDMAN SACHS EXECUTION & CLEARING, L.P.
27,386
105
COWN
COWEN & CO., LLC
24,300
106
LIWW
LIME BROKERAGE LLC
23,216
107
WMHY
21,682
108
ETBP
ELECTRONIC TRANSACTION CLEARING, INC.
19,146
109
RAFF
RAFFENSPERGER, HUGHES & CO., INC.
18,500
110
WMLT
WEDBUSH SECURITIES INC.
17,825
111
BETC
BAYES CAPITAL LLC
16,706
112
TDSI
TD SECURITIES (USA) INC.
16,500
113
ARXS
ARXIS SECURITIES LLC
15,908
114
ETBG
ELECTRONIC TRANSACTION CLEARING, INC.
15,500
115
WMDR
WEDBUSH SECURITIES INC.
14,451
116
ETBT
ELECTRONIC TRANSACTION CLEARING, INC.
14,002
117
SALI
STERNE AGEE AND LEACH INC.
13,927
118
ECUT
BNY BROKERAGE INC.
11,313
119
DEGS
DART EXECUTIONS, LLC
10,420
120
PIPR
PIPER JAFFRAY & CO.
10,379
121
OPCO
OPPENHEIMER & CO. INC.
10,223
122
CRTC
CRT CAPITAL GROUP LLC
10,075
123
MACM
<unnamed>
10,000
124
WMAV
WEDBUSH SECURITIES INC.
9,860
125
LIWA
LIME BROKERAGE LLC
8,818
126
VNDM
VANDHAM SECURITIES CORP.
8,703
127
ETBE
ELECTRONIC TRANSACTION CLEARING, INC.
8,431
128
WMBU
WFG INVESTMENT INC.
7,500
129
ETAY
ELECTRONIC TRANSACTION CLEARING, INC.
7,432
130
CHLM
CRAIG-HALLUM CAPITAL GROUP LLC
7,089
131
PEEL
5,700
132
SIDC
SIDOTI & COMPANY, LLC
5,441
133
VPRB
5,117
134
BAYT
BAYPOINT TRADING LLC
5,050
135
PFDU
PENSON FINANCIAL SERVICES, INC.
5,000
113
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 117 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 119 of
217
Exhibit-5
FXCM Inc. Common Stock Market Makers
April 2012 through January 2017
No.
Code
Market Maker
Gross Volume
136
PLTA
4,955
137
HAPX
HAP TRADING, LLC
4,915
138
ETBD
ELECTRONIC TRANSACTION CLEARING, INC.
4,674
139
CIST
CAPITAL INSTITUTIONAL SERVICES
4,500
140
KRSH
KERSHNER SECURITIES, LLC
4,500
141
WMQS
WEDBUSH SECURITIES INC.
4,200
142
SJLS
SJ LEVINSON LLC
4,191
143
NATL
NATIONAL SECURITIES CORP.
4,000
144
WACL
WACHTEL AND CO. INC.
4,000
145
RGLD
REGAL DISCOUNT SECURITIES, INC
3,980
146
ETBV
3,918
147
RILY
B. RILEY AND CO. INC.
3,802
148
ROTH
ROTH CAPITAL PARTNERS, LLC
3,650
149
BMOC
BMO CAPITAL MARKETS
3,238
150
GAUS
THE GAUSSIAN GROUP, LLC
2,600
151
WSMS
2,296
152
FOXB
2,249
153
WSGG
2,200
154
WBLL
WEDBUSH SECURITIES INC.
2,146
155
CRAG
CREDIT AGRICOLE INDOSUEZ CHEUV
2,100
156
BMAK
BMA SECURITIES
2,000
157
HWLS
M.S. HOWELLS & CO.
2,000
158
GSCS
GOLDMAN, SACHS & CO.
1,817
159
ONEL
WILLIAM O'NEIL & COMPANY
1,700
160
OTAA
OTA LLC
1,700
161
SUNI
SUN TRADING, LLC
1,608
162
SHMR
O'CONNOR & COMPANY LLC
1,584
163
STSS
SUCCESS TRADE
1,578
164
BAYS
BAYES CAPITAL LLC
1,551
165
SIMA
1,500
166
OLDM
OLD MISSION CAPITAL, LLC
1,467
167
GUGS
GUGGENHEIM SECURITIES, LLC
1,400
168
DAWA
DAIWA SECURITIES AMERICA INC.
1,300
169
TDSC
TRACK DATA SECURITIES CORP.
1,300
170
SCTR
SCOUT TRADING LLC
1,138
171
LAZA
LAZARD CAPITAL MARKETS
1,111
172
INML
INSTINET, LLC
1,000
173
PRRX
RIVER CROSS SECURITES, LLLP
900
174
VFIN
VFINANCE INVESTMENTS INC.
900
175
BARD
ROBERT W. BAIRD & CO. INCORPOR
879
176
ETRD
E*TRADE CAPITAL MKTS LLC
772
177
GEBB
GLOBAL EXECUTION BROKERS, LP
700
178
CWCO
CROWELL WEEDON AND CO.
648
179
RBCM
RBC CAPITAL MARKETS
614
180
LSSU
600
114
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 118 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 120 of
217
Exhibit-5
FXCM Inc. Common Stock Market Makers
April 2012 through January 2017
No.
Code
Market Maker
Gross Volume
181
SDLR
SANDLER O'NEILL & PARTNERS, L.
534
182
WSEA
WOLVERINE SECURITIES
520
183
BNCH
THE BENCHMARK COMPANY, LLC
500
184
MNDX
TJM INVESTMENTS, LLC
388
185
ETBB
ELECTRONIC TRANSACTION CLEARING, INC
365
186
NEFO
NEWEDGE USA, LLC
338
187
KING
C. L. KING & ASSOCIATES, INC.
300
188
JOTA
JUMP TRADING
232
189
RHCO
SUNTRUST CAPITAL MARKETS, INC.
215
190
SPDL
SPEEDROUTE LLC
206
191
EGAW
BATS TRADING, INC.
200
192
PFOB
200
193
PFRC
APEX CLEARING CORPORATION
200
194
PFRK
200
195
QRCC
US CLEARING CORP DIV OF FLEET
200
196
SPOT
SPOT TRADING L.L.C.
200
197
YAMN
YAMNER AND CO. INC.
200
198
CLSA
CLSA AMERICAS, LLC
187
199
GAME
GLOBAL-AMERICAN INVESTMENTS, I
109
200
ETBZ
ELECTRONIC TRANSACTION CLEARING, INC
100
201
FOMA
AMERITRADE, INC.
100
202
WMFC
WEDBUSH SECURITIES INC.
100
203
LQNB
LIQUIDNET, INC.
26
204
SPHN
STEPHENS INC.
17
205
MLZC
ERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
4
Source: Bloomberg.
115
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 119 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 121 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
3/15/2012
0.65%
3.44%
3/16/2012
0.13%
-0.35%
3/19/2012
0.40%
0.06%
3/20/2012
-0.45%
0.39%
3/21/2012
-0.11%
0.03%
3/22/2012
-0.81%
-2.15%
3/23/2012
0.45%
0.48%
3/26/2012
1.39%
1.79%
3/27/2012
-0.37%
-1.60%
3/28/2012
-0.55%
-1.91%
3/29/2012
-0.19%
-1.28%
3/30/2012
0.33%
0.65%
4/2/2012
0.80%
1.17%
4/3/2012
-0.45%
0.69%
4/4/2012
-1.19%
-2.03%
4/5/2012
-0.08%
-0.72%
4/9/2012
-1.14%
-1.51%
4/10/2012
-1.82%
-2.46%
4/11/2012
0.85%
1.36%
4/12/2012
1.50%
2.19%
4/13/2012
-1.25%
-2.63%
4/16/2012
-0.06%
-0.56%
4/17/2012
1.48%
1.35%
4/18/2012
-0.40%
-0.73%
4/19/2012
-0.47%
-0.06%
4/20/2012
0.16%
0.50%
4/23/2012
-0.96%
-1.19%
4/24/2012
0.32%
0.44%
4/25/2012
1.37%
1.53%
4/26/2012
0.68%
1.14%
4/27/2012
0.39%
0.27%
4/30/2012
-0.43%
-0.23%
5/1/2012
0.49%
-0.50%
5/2/2012
-0.20%
-2.07%
5/3/2012
-1.00%
-0.25%
5/4/2012
-1.58%
-1.33%
5/7/2012
0.06%
-0.21%
5/8/2012
-0.54%
-1.00%
5/9/2012
-0.60%
-0.92%
116
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
5/10/2012
0.29%
-0.54%
5/11/2012
-0.28%
0.83%
5/14/2012
-1.22%
-2.06%
5/15/2012
-0.60%
-0.42%
5/16/2012
-0.49%
-0.70%
5/17/2012
-1.60%
-1.27%
5/18/2012
-0.82%
-1.23%
5/21/2012
1.76%
2.06%
5/22/2012
-0.05%
0.51%
5/23/2012
0.28%
-0.62%
5/24/2012
0.10%
0.01%
5/25/2012
-0.15%
1.03%
5/29/2012
1.12%
1.46%
5/30/2012
-1.56%
-3.10%
5/31/2012
-0.20%
-0.12%
6/1/2012
-2.48%
-3.28%
6/4/2012
-0.10%
-1.37%
6/5/2012
0.78%
2.05%
6/6/2012
2.24%
2.18%
6/7/2012
-0.14%
-1.10%
6/8/2012
0.71%
0.22%
6/11/2012
-1.40%
-1.28%
6/12/2012
1.16%
-0.91%
6/13/2012
-0.70%
-0.96%
6/14/2012
0.94%
1.33%
6/15/2012
1.01%
1.56%
6/18/2012
0.22%
-0.33%
6/19/2012
1.15%
1.08%
6/20/2012
-0.15%
0.20%
6/21/2012
-2.37%
-3.38%
6/22/2012
0.72%
0.81%
6/25/2012
-1.55%
-2.59%
6/26/2012
0.48%
0.73%
6/27/2012
0.90%
1.11%
6/28/2012
-0.21%
0.65%
6/29/2012
2.53%
2.93%
7/2/2012
0.39%
0.21%
7/3/2012
0.89%
0.57%
7/5/2012
-0.41%
-1.02%
117
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Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 123 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
7/6/2012
-1.00%
-1.14%
7/9/2012
-0.22%
-1.54%
7/10/2012
-0.88%
-0.81%
7/11/2012
-0.03%
0.80%
7/12/2012
-0.49%
-1.68%
7/13/2012
1.51%
2.44%
7/16/2012
-0.25%
-0.02%
7/17/2012
0.67%
1.02%
7/18/2012
0.62%
-0.00%
7/19/2012
0.28%
-0.31%
7/20/2012
-1.00%
-2.76%
7/23/2012
-1.02%
-1.85%
7/24/2012
-0.95%
-1.10%
7/25/2012
0.07%
1.08%
7/26/2012
1.54%
1.90%
7/27/2012
1.87%
1.97%
7/30/2012
-0.08%
-0.65%
7/31/2012
-0.50%
-0.68%
8/1/2012
-0.45%
-1.03%
8/2/2012
-0.73%
-2.23%
8/3/2012
1.90%
4.22%
8/6/2012
0.35%
0.43%
8/7/2012
0.63%
2.51%
8/8/2012
0.02%
-0.61%
8/9/2012
0.16%
0.92%
8/10/2012
0.19%
-0.99%
8/13/2012
-0.19%
0.50%
8/14/2012
-0.00%
-0.37%
8/15/2012
0.27%
1.10%
8/16/2012
0.79%
1.19%
8/17/2012
0.26%
-0.59%
8/20/2012
-0.06%
-0.21%
8/21/2012
-0.23%
0.33%
8/22/2012
-0.01%
-0.31%
8/23/2012
-0.74%
-1.14%
8/24/2012
0.55%
1.26%
8/27/2012
-0.06%
-1.20%
8/28/2012
0.02%
0.38%
8/29/2012
0.10%
1.28%
118
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Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 124 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
8/30/2012
-0.78%
-0.40%
8/31/2012
0.59%
0.89%
9/4/2012
0.07%
-0.39%
9/5/2012
-0.06%
-0.01%
9/6/2012
1.93%
3.37%
9/7/2012
0.56%
0.67%
9/10/2012
-0.57%
-1.06%
9/11/2012
0.34%
0.79%
9/12/2012
0.26%
0.99%
9/13/2012
1.52%
1.62%
9/14/2012
0.61%
0.53%
9/17/2012
-0.46%
-1.90%
9/18/2012
-0.18%
-1.28%
9/19/2012
0.13%
-1.65%
9/20/2012
-0.19%
-1.41%
9/21/2012
0.04%
0.66%
9/24/2012
-0.31%
-0.31%
9/25/2012
-1.09%
-3.42%
9/26/2012
-0.55%
-0.26%
9/27/2012
1.00%
0.09%
9/28/2012
-0.45%
-0.67%
10/1/2012
0.28%
0.61%
10/2/2012
0.12%
-3.05%
10/3/2012
0.25%
0.46%
10/4/2012
0.76%
1.31%
10/5/2012
-0.01%
0.27%
10/8/2012
-0.36%
-0.65%
10/9/2012
-0.98%
-1.07%
10/10/2012
-0.56%
0.13%
10/11/2012
0.17%
1.17%
10/12/2012
-0.35%
-1.85%
10/15/2012
0.72%
0.27%
10/16/2012
0.99%
2.35%
10/17/2012
0.51%
1.96%
10/18/2012
-0.27%
-0.62%
10/19/2012
-1.58%
-2.72%
10/22/2012
0.02%
0.17%
10/23/2012
-1.30%
-0.81%
10/24/2012
-0.26%
0.02%
119
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Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 125 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
10/25/2012
0.33%
1.16%
10/26/2012
-0.14%
0.03%
10/31/2012
0.25%
-0.01%
11/1/2012
1.11%
1.31%
11/2/2012
-0.98%
-0.36%
11/5/2012
0.22%
1.41%
11/6/2012
0.78%
-0.18%
11/7/2012
-2.13%
-3.21%
11/8/2012
-1.16%
-0.85%
11/9/2012
0.09%
-0.66%
11/12/2012
-0.02%
-0.44%
11/13/2012
-0.42%
-1.37%
11/14/2012
-1.48%
-1.46%
11/15/2012
-0.29%
1.51%
11/16/2012
0.62%
-0.02%
11/19/2012
1.90%
1.17%
11/20/2012
0.10%
0.30%
11/21/2012
0.31%
0.77%
11/23/2012
1.26%
1.08%
11/26/2012
-0.16%
0.23%
11/27/2012
-0.44%
-0.60%
11/28/2012
0.75%
1.41%
11/29/2012
0.54%
-0.01%
11/30/2012
0.03%
0.21%
12/3/2012
-0.42%
-0.48%
12/4/2012
-0.13%
-0.45%
12/5/2012
0.18%
0.75%
12/6/2012
0.28%
0.62%
12/7/2012
0.25%
1.45%
12/10/2012
0.15%
-0.66%
12/11/2012
0.61%
1.68%
12/12/2012
0.03%
-0.50%
12/13/2012
-0.59%
0.35%
12/14/2012
-0.31%
0.14%
12/17/2012
1.01%
1.74%
12/18/2012
1.10%
1.33%
12/19/2012
-0.47%
0.86%
12/20/2012
0.49%
0.16%
12/21/2012
-0.85%
-0.92%
120
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Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 126 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
12/24/2012
-0.22%
-0.17%
12/26/2012
-0.50%
-0.63%
12/27/2012
-0.07%
-0.15%
12/28/2012
-0.93%
-0.23%
12/31/2012
1.63%
1.22%
1/2/2013
2.47%
3.86%
1/3/2013
-0.19%
0.08%
1/4/2013
0.56%
2.06%
1/7/2013
-0.26%
-0.58%
1/8/2013
-0.22%
-0.39%
1/9/2013
0.34%
-0.15%
1/10/2013
0.68%
0.98%
1/11/2013
0.02%
0.29%
1/14/2013
-0.03%
-0.52%
1/15/2013
0.20%
0.57%
1/16/2013
-0.07%
-1.07%
1/17/2013
0.59%
0.89%
1/18/2013
0.29%
1.29%
1/22/2013
0.52%
1.90%
1/23/2013
0.03%
-0.72%
1/24/2013
0.06%
0.91%
1/25/2013
0.52%
1.37%
1/28/2013
-0.13%
0.53%
1/29/2013
0.36%
1.35%
1/30/2013
-0.39%
-0.13%
1/31/2013
-0.08%
0.20%
2/1/2013
0.92%
1.30%
2/4/2013
-1.11%
-1.53%
2/5/2013
0.92%
1.43%
2/6/2013
0.13%
0.67%
2/7/2013
-0.21%
0.75%
2/8/2013
0.54%
-0.41%
2/11/2013
-0.10%
-0.52%
2/12/2013
0.22%
1.05%
2/13/2013
0.14%
0.21%
2/14/2013
0.08%
0.19%
2/15/2013
-0.20%
-0.12%
2/19/2013
0.69%
0.89%
2/20/2013
-1.34%
-1.85%
121
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Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 127 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
2/21/2013
-0.71%
-1.96%
2/22/2013
0.86%
1.74%
2/25/2013
-1.73%
-2.08%
2/26/2013
0.56%
-0.54%
2/27/2013
1.22%
1.23%
2/28/2013
-0.06%
-0.80%
3/1/2013
0.18%
0.42%
3/4/2013
0.36%
1.67%
3/5/2013
0.92%
1.28%
3/6/2013
0.17%
1.49%
3/7/2013
0.23%
1.17%
3/8/2013
0.49%
0.78%
3/11/2013
0.27%
0.49%
3/12/2013
-0.19%
-0.03%
3/13/2013
0.08%
1.58%
3/14/2013
0.59%
-0.97%
3/15/2013
-0.15%
-0.69%
3/18/2013
-0.53%
-1.06%
3/19/2013
-0.29%
-0.93%
3/20/2013
0.72%
1.24%
3/21/2013
-0.76%
-1.55%
3/22/2013
0.58%
0.12%
3/25/2013
-0.31%
-0.37%
3/26/2013
0.73%
0.64%
3/27/2013
-0.01%
-0.38%
3/28/2013
0.40%
0.68%
4/1/2013
-0.54%
-1.83%
4/2/2013
0.27%
0.24%
4/3/2013
-1.19%
-2.74%
4/4/2013
0.38%
-0.08%
4/5/2013
-0.35%
-1.14%
4/8/2013
0.66%
1.31%
4/9/2013
0.37%
0.74%
4/10/2013
1.15%
2.17%
4/11/2013
0.32%
0.73%
4/12/2013
-0.38%
-1.36%
4/15/2013
-2.59%
-3.38%
4/16/2013
1.46%
1.30%
4/17/2013
-1.48%
-2.13%
122
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 126 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 128 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
4/18/2013
-0.57%
-0.52%
4/19/2013
0.93%
0.68%
4/22/2013
0.43%
-0.03%
4/23/2013
1.01%
1.12%
4/24/2013
0.22%
0.55%
4/25/2013
0.49%
0.52%
4/26/2013
-0.25%
-0.26%
4/29/2013
0.73%
1.02%
4/30/2013
0.41%
0.74%
5/1/2013
-1.07%
-3.52%
5/2/2013
0.94%
1.75%
5/3/2013
1.03%
4.49%
5/6/2013
0.26%
0.41%
5/7/2013
0.51%
-0.34%
5/8/2013
0.50%
0.45%
5/9/2013
-0.37%
0.31%
5/10/2013
0.47%
2.73%
5/13/2013
-0.06%
0.45%
5/14/2013
0.93%
2.77%
5/15/2013
0.39%
0.08%
5/16/2013
-0.46%
-0.24%
5/17/2013
0.94%
1.73%
5/20/2013
0.06%
-0.51%
5/21/2013
0.16%
-0.22%
5/22/2013
-0.97%
-0.63%
5/23/2013
-0.24%
0.14%
5/24/2013
-0.10%
0.43%
5/28/2013
0.63%
3.21%
5/29/2013
-0.70%
0.38%
5/30/2013
0.42%
1.03%
5/31/2013
-1.37%
-1.52%
6/3/2013
0.46%
-0.72%
6/4/2013
-0.56%
-0.46%
6/5/2013
-1.35%
-2.44%
6/6/2013
0.89%
2.48%
6/7/2013
1.13%
2.73%
6/10/2013
0.02%
0.27%
6/11/2013
-1.09%
-1.84%
6/12/2013
-0.82%
-0.62%
123
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Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 129 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
6/13/2013
1.49%
1.73%
6/14/2013
-0.54%
-1.44%
6/17/2013
0.72%
2.63%
6/18/2013
0.73%
0.25%
6/19/2013
-1.35%
-0.28%
6/20/2013
-2.61%
-0.49%
6/21/2013
0.14%
0.29%
6/24/2013
-1.24%
-0.36%
6/25/2013
1.03%
1.34%
6/26/2013
0.89%
0.28%
6/27/2013
0.81%
0.79%
6/28/2013
-0.28%
0.56%
7/1/2013
0.67%
1.11%
7/2/2013
-0.14%
-0.31%
7/3/2013
0.04%
0.55%
7/5/2013
0.90%
2.34%
7/8/2013
0.52%
1.19%
7/9/2013
0.77%
0.52%
7/10/2013
0.06%
-0.84%
7/11/2013
1.45%
-1.49%
7/12/2013
0.25%
0.93%
7/15/2013
0.23%
0.35%
7/16/2013
-0.38%
-2.27%
7/17/2013
0.30%
-0.27%
7/18/2013
0.54%
1.87%
7/19/2013
0.15%
0.81%
7/22/2013
0.28%
0.82%
7/23/2013
-0.12%
2.06%
7/24/2013
-0.49%
-1.33%
7/25/2013
0.40%
1.47%
7/26/2013
0.01%
-0.66%
7/29/2013
-0.38%
-0.71%
7/30/2013
0.04%
0.80%
7/31/2013
0.02%
-0.12%
8/1/2013
1.22%
2.50%
8/2/2013
0.13%
0.03%
8/5/2013
-0.07%
0.10%
8/6/2013
-0.66%
-0.97%
8/7/2013
-0.45%
0.17%
124
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
8/8/2013
0.54%
-0.28%
8/9/2013
-0.19%
0.18%
8/12/2013
-0.01%
-2.15%
8/13/2013
0.15%
2.23%
8/14/2013
-0.41%
-1.19%
8/15/2013
-1.30%
-2.31%
8/16/2013
-0.29%
0.80%
8/19/2013
-0.71%
-0.39%
8/20/2013
0.57%
1.15%
8/21/2013
-0.62%
-0.92%
8/22/2013
0.91%
0.34%
8/23/2013
0.44%
0.30%
8/26/2013
-0.28%
0.14%
8/27/2013
-1.64%
-4.04%
8/28/2013
0.26%
0.82%
8/29/2013
0.32%
1.18%
8/30/2013
-0.48%
-1.67%
9/3/2013
0.45%
1.10%
9/4/2013
0.76%
3.07%
9/5/2013
0.18%
0.49%
9/6/2013
0.11%
-0.39%
9/9/2013
1.08%
1.32%
9/10/2013
0.72%
2.54%
9/11/2013
0.27%
-0.44%
9/12/2013
-0.40%
-0.31%
9/13/2013
0.27%
-0.09%
9/16/2013
0.51%
0.24%
9/17/2013
0.50%
1.71%
9/18/2013
1.25%
-3.88%
9/19/2013
-0.11%
-1.20%
9/20/2013
-0.73%
0.44%
9/23/2013
-0.42%
-1.40%
9/24/2013
-0.12%
0.95%
9/25/2013
-0.17%
0.38%
9/26/2013
0.40%
0.33%
9/27/2013
-0.36%
-0.61%
9/30/2013
-0.49%
-0.42%
10/1/2013
0.87%
1.21%
10/2/2013
-0.07%
-0.64%
125
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 129 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 131 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
10/3/2013
-0.87%
-0.42%
10/4/2013
0.67%
1.62%
10/7/2013
-0.85%
-1.96%
10/8/2013
-1.32%
-2.30%
10/9/2013
-0.05%
0.42%
10/10/2013
2.08%
2.76%
10/11/2013
0.69%
1.30%
10/14/2013
0.41%
0.69%
10/15/2013
-0.69%
2.30%
10/16/2013
1.27%
1.55%
10/17/2013
0.77%
0.71%
10/18/2013
0.69%
1.05%
10/21/2013
0.01%
-0.77%
10/22/2013
0.55%
-0.37%
10/23/2013
-0.53%
-0.44%
10/24/2013
0.40%
-0.19%
10/25/2013
0.31%
0.76%
10/28/2013
0.03%
-1.19%
10/29/2013
0.44%
0.14%
10/30/2013
-0.57%
-1.11%
10/31/2013
-0.35%
-0.69%
11/1/2013
0.14%
1.53%
11/4/2013
0.43%
0.60%
11/5/2013
-0.30%
-0.01%
11/6/2013
0.30%
0.30%
11/7/2013
-1.40%
-1.73%
11/8/2013
1.23%
4.19%
11/11/2013
0.10%
0.75%
11/12/2013
-0.22%
-0.67%
11/13/2013
0.85%
1.06%
11/14/2013
0.46%
0.44%
11/15/2013
0.44%
0.45%
11/18/2013
-0.46%
-0.18%
11/19/2013
-0.34%
0.23%
11/20/2013
-0.33%
0.01%
11/21/2013
0.86%
1.66%
11/22/2013
0.46%
0.20%
11/25/2013
-0.14%
-0.56%
11/26/2013
0.11%
0.05%
126
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 130 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 132 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
11/27/2013
0.27%
0.18%
11/29/2013
0.02%
-0.85%
12/2/2013
-0.37%
0.94%
12/3/2013
-0.37%
-0.62%
12/4/2013
-0.10%
-0.12%
12/5/2013
-0.35%
-0.54%
12/6/2013
0.96%
1.26%
12/9/2013
0.19%
0.62%
12/10/2013
-0.28%
-0.30%
12/11/2013
-1.21%
-0.36%
12/12/2013
-0.26%
0.14%
12/13/2013
0.13%
0.23%
12/16/2013
0.64%
0.84%
12/17/2013
-0.23%
-1.57%
12/18/2013
1.44%
2.80%
12/19/2013
-0.10%
-0.11%
12/20/2013
0.69%
0.20%
12/23/2013
0.62%
0.39%
12/24/2013
0.35%
0.07%
12/26/2013
0.40%
-0.17%
12/27/2013
-0.01%
-0.14%
12/30/2013
0.03%
-0.14%
12/31/2013
0.42%
1.26%
1/2/2014
-0.88%
-0.51%
1/3/2014
0.05%
0.66%
1/6/2014
-0.34%
-0.49%
1/7/2014
0.61%
-0.13%
1/8/2014
0.02%
0.60%
1/9/2014
0.01%
0.28%
1/10/2014
0.36%
-0.41%
1/13/2014
-1.17%
-2.18%
1/14/2014
1.02%
2.36%
1/15/2014
0.51%
1.31%
1/16/2014
-0.03%
1.97%
1/17/2014
-0.35%
-0.24%
1/21/2014
0.33%
1.52%
1/22/2014
0.15%
0.18%
1/23/2014
-0.82%
-1.81%
1/24/2014
-2.13%
-3.24%
127
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 131 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 133 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
1/27/2014
-0.67%
-2.01%
1/28/2014
0.73%
1.07%
1/29/2014
-1.00%
-1.99%
1/30/2014
1.14%
2.14%
1/31/2014
-0.58%
-1.29%
2/3/2014
-2.34%
-4.32%
2/4/2014
0.76%
1.81%
2/5/2014
-0.19%
-0.53%
2/6/2014
1.18%
1.62%
2/7/2014
1.25%
0.89%
2/10/2014
0.16%
0.77%
2/11/2014
1.05%
2.25%
2/12/2014
0.12%
0.68%
2/13/2014
0.69%
1.19%
2/14/2014
0.41%
-1.12%
2/18/2014
0.32%
2.32%
2/19/2014
-0.69%
-1.51%
2/20/2014
0.64%
1.77%
2/21/2014
-0.08%
0.14%
2/24/2014
0.62%
0.94%
2/25/2014
-0.13%
-1.21%
2/26/2014
0.10%
-0.06%
2/27/2014
0.49%
0.28%
2/28/2014
0.17%
0.60%
3/3/2014
-0.66%
-1.90%
3/4/2014
1.53%
3.76%
3/5/2014
0.04%
0.02%
3/6/2014
0.17%
0.57%
3/7/2014
-0.08%
0.02%
3/10/2014
-0.13%
0.22%
3/11/2014
-0.55%
-0.75%
3/12/2014
0.13%
-0.22%
3/13/2014
-1.12%
-1.54%
3/14/2014
-0.14%
-0.53%
3/17/2014
0.82%
1.49%
3/18/2014
0.76%
1.29%
3/19/2014
-0.68%
1.65%
3/20/2014
0.47%
2.22%
3/21/2014
-0.29%
-0.05%
128
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 132 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 134 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
3/24/2014
-0.61%
-0.68%
3/25/2014
0.34%
-1.38%
3/26/2014
-0.82%
-0.97%
3/27/2014
-0.11%
-2.16%
3/28/2014
0.45%
-0.04%
3/31/2014
0.91%
1.18%
4/1/2014
0.82%
0.93%
4/2/2014
0.28%
0.58%
4/3/2014
-0.31%
-2.96%
4/4/2014
-1.27%
-4.55%
4/7/2014
-1.17%
-1.52%
4/8/2014
0.54%
0.39%
4/9/2014
1.12%
2.39%
4/10/2014
-2.10%
-3.77%
4/11/2014
-0.98%
-1.17%
4/14/2014
0.65%
1.35%
4/15/2014
0.52%
1.89%
4/16/2014
1.06%
2.65%
4/17/2014
0.23%
0.86%
4/21/2014
0.35%
0.37%
4/22/2014
0.55%
1.61%
4/23/2014
-0.28%
-1.04%
4/24/2014
0.07%
0.43%
4/25/2014
-0.95%
-0.73%
4/28/2014
0.11%
-1.68%
4/29/2014
0.56%
0.64%
4/30/2014
0.34%
0.13%
5/1/2014
0.08%
0.12%
5/2/2014
-0.03%
0.26%
5/5/2014
0.13%
-0.40%
5/6/2014
-0.88%
-2.40%
5/7/2014
0.44%
1.13%
5/8/2014
-0.27%
-1.17%
5/9/2014
0.16%
0.82%
5/12/2014
1.11%
2.51%
5/13/2014
-0.07%
-1.75%
5/14/2014
-0.47%
-1.44%
5/15/2014
-0.84%
-3.59%
5/16/2014
0.34%
0.18%
129
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 133 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 135 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
5/19/2014
0.43%
0.56%
5/20/2014
-0.70%
-1.15%
5/21/2014
0.74%
1.56%
5/22/2014
0.35%
1.07%
5/23/2014
0.48%
0.14%
5/27/2014
0.59%
-0.12%
5/28/2014
-0.13%
-0.80%
5/29/2014
0.49%
0.95%
5/30/2014
0.06%
-0.71%
6/2/2014
0.07%
0.46%
6/3/2014
-0.04%
-1.03%
6/4/2014
0.25%
0.48%
6/5/2014
0.72%
1.11%
6/6/2014
0.51%
1.34%
6/9/2014
0.19%
1.49%
6/10/2014
-0.04%
-1.09%
6/11/2014
-0.31%
-0.80%
6/12/2014
-0.57%
-0.98%
6/13/2014
0.31%
0.99%
6/16/2014
0.14%
-0.12%
6/17/2014
0.29%
4.76%
6/18/2014
0.69%
-0.76%
6/19/2014
0.17%
-0.47%
6/20/2014
0.21%
0.85%
6/23/2014
0.01%
-0.34%
6/24/2014
-0.70%
-1.54%
6/25/2014
0.51%
0.92%
6/26/2014
-0.06%
-0.38%
6/27/2014
0.29%
0.89%
6/30/2014
0.10%
-0.17%
7/1/2014
0.68%
1.29%
7/2/2014
-0.03%
0.08%
7/3/2014
0.49%
2.47%
7/7/2014
-0.61%
-0.74%
7/8/2014
-0.74%
-2.32%
7/9/2014
0.45%
-0.56%
7/10/2014
-0.49%
-0.65%
7/11/2014
0.08%
0.68%
7/14/2014
0.45%
0.88%
130
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 134 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 136 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
7/15/2014
-0.33%
-0.44%
7/16/2014
0.38%
0.07%
7/17/2014
-1.10%
-1.49%
7/18/2014
1.02%
2.37%
7/21/2014
-0.22%
-0.20%
7/22/2014
0.51%
-0.57%
7/23/2014
0.19%
0.27%
7/24/2014
0.02%
0.56%
7/25/2014
-0.50%
-0.89%
7/28/2014
-0.05%
0.93%
7/29/2014
-0.37%
0.51%
7/30/2014
0.05%
2.00%
7/31/2014
-1.95%
-2.27%
8/1/2014
-0.35%
-1.04%
8/4/2014
0.71%
0.89%
8/5/2014
-0.89%
-0.81%
8/6/2014
0.03%
0.53%
8/7/2014
-0.49%
-1.35%
8/8/2014
1.02%
1.74%
8/11/2014
0.48%
0.65%
8/12/2014
-0.22%
-0.50%
8/13/2014
0.66%
0.03%
8/14/2014
0.42%
0.13%
8/15/2014
0.03%
-0.71%
8/18/2014
0.85%
1.50%
8/19/2014
0.47%
-0.13%
8/20/2014
0.20%
1.27%
8/21/2014
0.25%
0.50%
8/22/2014
-0.14%
0.39%
8/25/2014
0.45%
1.17%
8/26/2014
0.22%
0.00%
8/27/2014
0.06%
-1.12%
8/28/2014
-0.18%
-0.50%
8/29/2014
0.38%
0.47%
9/2/2014
0.00%
0.46%
9/3/2014
-0.06%
-1.33%
9/4/2014
-0.24%
0.38%
9/5/2014
0.44%
0.33%
9/8/2014
-0.28%
0.52%
131
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 135 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 137 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
9/9/2014
-0.63%
-0.47%
9/10/2014
0.33%
1.70%
9/11/2014
0.13%
-0.13%
9/12/2014
-0.66%
1.10%
9/15/2014
-0.29%
-0.71%
9/16/2014
0.70%
0.45%
9/17/2014
0.08%
1.65%
9/18/2014
0.45%
1.86%
9/19/2014
-0.24%
-1.20%
9/22/2014
-1.01%
-0.72%
9/23/2014
-0.60%
-0.93%
9/24/2014
0.71%
0.31%
9/25/2014
-1.57%
-1.52%
9/26/2014
0.84%
1.07%
9/29/2014
-0.24%
-0.60%
9/30/2014
-0.41%
-0.63%
10/1/2014
-1.30%
-1.64%
10/2/2014
0.08%
0.94%
10/3/2014
0.91%
1.57%
10/6/2014
-0.16%
-0.06%
10/7/2014
-1.51%
-3.31%
10/8/2014
1.58%
0.46%
10/9/2014
-2.14%
-4.27%
10/10/2014
-1.34%
-3.04%
10/13/2014
-1.56%
-2.95%
10/14/2014
0.23%
0.21%
10/15/2014
-0.45%
-0.30%
10/16/2014
0.38%
0.98%
10/17/2014
1.07%
1.22%
10/20/2014
0.92%
0.17%
10/21/2014
1.90%
2.57%
10/22/2014
-0.89%
-1.05%
10/23/2014
1.22%
1.69%
10/24/2014
0.60%
0.54%
10/27/2014
-0.22%
-0.44%
10/28/2014
1.36%
2.36%
10/29/2014
-0.22%
1.61%
10/30/2014
0.50%
0.23%
10/31/2014
1.15%
2.52%
132
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 136 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 138 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
11/3/2014
-0.07%
-0.13%
11/4/2014
-0.46%
0.46%
11/5/2014
0.49%
1.05%
11/6/2014
0.38%
0.87%
11/7/2014
0.20%
-1.16%
11/10/2014
0.27%
1.31%
11/11/2014
0.11%
0.21%
11/12/2014
0.06%
-0.41%
11/13/2014
-0.09%
-0.03%
11/14/2014
0.13%
0.10%
11/17/2014
-0.02%
-0.75%
11/18/2014
0.55%
0.28%
11/19/2014
-0.24%
-0.28%
11/20/2014
0.33%
-0.43%
11/21/2014
0.53%
-0.09%
11/24/2014
0.32%
0.58%
11/25/2014
-0.04%
-0.22%
11/26/2014
0.28%
-0.16%
11/28/2014
-0.61%
0.06%
12/1/2014
-0.90%
-1.94%
12/2/2014
0.59%
1.81%
12/3/2014
0.52%
2.02%
12/4/2014
-0.21%
0.02%
12/5/2014
0.15%
2.55%
12/8/2014
-0.95%
0.14%
12/9/2014
0.17%
0.37%
12/10/2014
-1.76%
-2.07%
12/11/2014
0.41%
0.55%
12/12/2014
-1.53%
-3.13%
12/15/2014
-0.77%
-0.29%
12/16/2014
-0.59%
-1.49%
12/17/2014
2.15%
3.28%
12/18/2014
2.13%
2.36%
12/19/2014
0.46%
0.01%
12/22/2014
0.33%
0.51%
12/23/2014
0.22%
1.40%
12/24/2014
0.06%
0.07%
12/26/2014
0.37%
-0.37%
12/29/2014
0.12%
-0.03%
133
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 137 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 139 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
12/30/2014
-0.43%
-0.50%
12/31/2014
-0.88%
-0.48%
1/2/2015
-0.02%
-0.19%
1/5/2015
-1.84%
-2.77%
1/6/2015
-0.97%
-2.58%
1/7/2015
1.11%
1.61%
1/8/2015
1.67%
2.35%
1/9/2015
-0.76%
-2.30%
1/12/2015
-0.78%
-0.80%
1/13/2015
-0.23%
0.70%
1/14/2015
-0.52%
-2.38%
1/15/2015
-0.92%
-2.04%
1/16/2015
1.37%
0.83%
1/20/2015
0.03%
0.64%
1/21/2015
0.45%
-0.14%
1/22/2015
1.46%
2.86%
1/23/2015
-0.42%
-0.26%
1/26/2015
0.44%
0.62%
1/27/2015
-1.01%
-1.64%
1/28/2015
-1.42%
-2.63%
1/29/2015
0.84%
1.36%
1/30/2015
-1.22%
-1.43%
2/2/2015
1.22%
1.86%
2/3/2015
1.49%
3.82%
2/4/2015
-0.44%
0.23%
2/5/2015
1.14%
1.03%
2/6/2015
-0.36%
2.72%
2/9/2015
-0.41%
-0.88%
2/10/2015
0.86%
1.33%
2/11/2015
-0.04%
-0.20%
2/12/2015
1.04%
2.02%
2/13/2015
0.47%
-1.42%
2/17/2015
0.17%
0.97%
2/18/2015
0.02%
-1.19%
2/19/2015
-0.10%
0.73%
2/20/2015
0.57%
0.99%
2/23/2015
-0.06%
-0.39%
2/24/2015
0.23%
1.13%
2/25/2015
0.07%
-0.31%
134
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
2/26/2015
-0.15%
0.08%
2/27/2015
-0.26%
-1.24%
3/2/2015
0.55%
2.27%
3/3/2015
-0.41%
-0.57%
3/4/2015
-0.38%
-0.37%
3/5/2015
0.16%
0.47%
3/6/2015
-1.39%
2.08%
3/9/2015
0.29%
-0.09%
3/10/2015
-1.56%
-1.72%
3/11/2015
-0.02%
1.20%
3/12/2015
1.19%
1.34%
3/13/2015
-0.55%
-1.17%
3/16/2015
1.17%
1.12%
3/17/2015
-0.17%
0.54%
3/18/2015
1.20%
-2.35%
3/19/2015
-0.46%
-1.06%
3/20/2015
0.93%
1.50%
3/23/2015
-0.10%
0.03%
3/24/2015
-0.46%
-0.29%
3/25/2015
-1.48%
-1.65%
3/26/2015
-0.22%
1.34%
3/27/2015
0.25%
0.84%
3/30/2015
1.15%
0.91%
3/31/2015
-0.71%
0.29%
4/1/2015
-0.27%
-1.03%
4/2/2015
0.40%
0.28%
4/6/2015
0.65%
-0.28%
4/7/2015
-0.21%
-0.64%
4/8/2015
0.36%
1.20%
4/9/2015
0.34%
0.83%
4/10/2015
0.46%
-0.04%
4/13/2015
-0.37%
0.23%
4/14/2015
0.19%
-1.07%
4/15/2015
0.62%
0.24%
4/16/2015
-0.04%
0.01%
4/17/2015
-1.14%
-1.07%
4/20/2015
0.80%
-0.06%
4/21/2015
-0.10%
-0.62%
4/22/2015
0.41%
1.26%
135
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
4/23/2015
0.35%
0.24%
4/24/2015
0.12%
-0.63%
4/27/2015
-0.48%
-0.17%
4/28/2015
0.25%
1.38%
4/29/2015
-0.39%
0.98%
4/30/2015
-1.08%
-1.39%
5/1/2015
0.92%
0.64%
5/4/2015
0.30%
1.44%
5/5/2015
-1.16%
-0.45%
5/6/2015
-0.34%
-0.71%
5/7/2015
0.34%
0.51%
5/8/2015
1.20%
0.33%
5/11/2015
-0.40%
1.81%
5/12/2015
-0.22%
-0.86%
5/13/2015
0.02%
0.11%
5/14/2015
0.97%
0.54%
5/15/2015
0.11%
-1.30%
5/18/2015
0.33%
2.01%
5/19/2015
-0.14%
-0.11%
5/20/2015
-0.03%
-0.50%
5/21/2015
0.25%
-0.37%
5/22/2015
-0.22%
-0.18%
5/26/2015
-1.05%
-0.32%
5/27/2015
0.86%
1.25%
5/28/2015
-0.12%
0.14%
5/29/2015
-0.58%
-0.93%
6/1/2015
0.15%
-0.37%
6/2/2015
0.04%
0.93%
6/3/2015
0.26%
1.56%
6/4/2015
-0.89%
-0.46%
6/5/2015
-0.00%
1.91%
6/8/2015
-0.66%
-0.65%
6/9/2015
-0.00%
0.09%
6/10/2015
1.15%
0.95%
6/11/2015
0.19%
0.04%
6/12/2015
-0.62%
-0.27%
6/15/2015
-0.41%
-0.64%
6/16/2015
0.49%
0.41%
6/17/2015
0.17%
-0.49%
136
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
6/18/2015
0.92%
-0.27%
6/19/2015
-0.49%
-0.96%
6/22/2015
0.58%
1.78%
6/23/2015
0.13%
0.64%
6/24/2015
-0.74%
-1.12%
6/25/2015
-0.27%
0.38%
6/26/2015
-0.08%
0.65%
6/29/2015
-2.17%
-3.72%
6/30/2015
0.30%
0.93%
7/1/2015
0.55%
1.42%
7/2/2015
-0.06%
-0.58%
7/6/2015
-0.45%
-0.78%
7/7/2015
0.50%
-0.54%
7/8/2015
-1.66%
-2.49%
7/9/2015
0.27%
1.58%
7/10/2015
1.26%
1.82%
7/13/2015
1.02%
1.33%
7/14/2015
0.47%
0.65%
7/15/2015
-0.25%
-0.01%
7/16/2015
0.69%
2.53%
7/17/2015
-0.06%
-0.02%
7/20/2015
-0.12%
0.25%
7/21/2015
-0.41%
-0.59%
7/22/2015
-0.24%
0.21%
7/23/2015
-0.55%
-0.80%
7/24/2015
-1.01%
-0.72%
7/27/2015
-0.71%
-2.17%
7/28/2015
1.22%
1.04%
7/29/2015
0.75%
1.29%
7/30/2015
0.08%
0.68%
7/31/2015
-0.08%
-0.70%
8/3/2015
-0.37%
-0.25%
8/4/2015
-0.17%
1.38%
8/5/2015
0.26%
0.56%
8/6/2015
-0.79%
-0.63%
8/7/2015
-0.33%
-0.39%
8/10/2015
1.30%
1.35%
8/11/2015
-0.93%
-2.07%
8/12/2015
0.07%
-2.12%
137
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
8/13/2015
-0.21%
0.28%
8/14/2015
0.38%
0.88%
8/17/2015
0.57%
-0.35%
8/18/2015
-0.35%
-0.64%
8/19/2015
-0.88%
-2.10%
8/20/2015
-2.19%
-2.89%
8/21/2015
-2.84%
-3.54%
8/24/2015
-3.93%
-4.89%
8/25/2015
-1.03%
-1.50%
8/26/2015
3.32%
3.70%
8/27/2015
2.41%
2.69%
8/28/2015
0.25%
0.71%
8/31/2015
-0.73%
-1.00%
9/1/2015
-2.86%
-4.01%
9/2/2015
1.62%
1.20%
9/3/2015
0.18%
0.81%
9/4/2015
-1.38%
-1.64%
9/8/2015
2.34%
5.43%
9/9/2015
-1.29%
-1.44%
9/10/2015
0.44%
0.47%
9/11/2015
0.34%
0.01%
9/14/2015
-0.42%
-0.89%
9/15/2015
1.14%
1.88%
9/16/2015
0.95%
0.83%
9/17/2015
-0.07%
-3.15%
9/18/2015
-1.54%
-3.44%
9/21/2015
0.33%
1.90%
9/22/2015
-1.37%
-2.01%
9/23/2015
-0.35%
0.44%
9/24/2015
-0.37%
-1.81%
9/25/2015
-0.21%
1.74%
9/28/2015
-2.74%
-4.29%
9/29/2015
-0.09%
0.63%
9/30/2015
1.92%
2.96%
10/1/2015
0.19%
-0.03%
10/2/2015
1.51%
-2.32%
10/5/2015
1.86%
2.49%
10/6/2015
-0.31%
-2.07%
10/7/2015
0.98%
1.57%
138
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
10/8/2015
0.85%
0.69%
10/9/2015
0.14%
-0.57%
10/12/2015
-0.02%
0.61%
10/13/2015
-0.78%
-1.02%
10/14/2015
-0.43%
-1.39%
10/15/2015
1.46%
2.50%
10/16/2015
0.34%
0.74%
10/19/2015
-0.07%
-0.13%
10/20/2015
-0.12%
1.84%
10/21/2015
-0.81%
-1.46%
10/22/2015
1.39%
2.08%
10/23/2015
0.95%
2.92%
10/26/2015
-0.28%
0.02%
10/27/2015
-0.45%
-1.76%
10/28/2015
1.36%
3.74%
10/29/2015
-0.22%
0.24%
10/30/2015
-0.40%
-0.93%
11/2/2015
1.24%
3.03%
11/3/2015
0.31%
-0.01%
11/4/2015
-0.34%
0.06%
11/5/2015
-0.14%
0.27%
11/6/2015
-0.04%
4.02%
11/9/2015
-0.97%
-0.47%
11/10/2015
0.13%
-0.33%
11/11/2015
-0.41%
0.28%
11/12/2015
-1.46%
-2.01%
11/13/2015
-0.98%
-1.40%
11/16/2015
1.37%
1.15%
11/17/2015
-0.14%
0.54%
11/18/2015
1.52%
1.69%
11/19/2015
-0.10%
-0.68%
11/20/2015
0.30%
0.76%
11/23/2015
-0.07%
-0.42%
11/24/2015
0.24%
0.33%
11/25/2015
0.12%
0.44%
11/27/2015
0.08%
0.39%
11/30/2015
-0.39%
-0.19%
12/1/2015
0.95%
0.97%
12/2/2015
-1.08%
-0.81%
139
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
12/3/2015
-1.44%
-1.74%
12/4/2015
1.63%
3.45%
12/7/2015
-0.98%
-1.31%
12/8/2015
-0.61%
-0.63%
12/9/2015
-0.66%
-2.20%
12/10/2015
0.20%
0.81%
12/11/2015
-2.00%
-3.72%
12/14/2015
0.16%
0.84%
12/15/2015
1.12%
2.40%
12/16/2015
1.48%
1.31%
12/17/2015
-1.47%
-1.73%
12/18/2015
-1.52%
-3.18%
12/21/2015
0.71%
0.59%
12/22/2015
0.88%
1.79%
12/23/2015
1.36%
0.69%
12/24/2015
-0.08%
0.06%
12/28/2015
-0.33%
0.18%
12/29/2015
1.00%
1.11%
12/30/2015
-0.74%
-0.59%
12/31/2015
-0.82%
-0.84%
1/4/2016
-1.50%
-3.02%
1/5/2016
0.14%
-0.24%
1/6/2016
-1.39%
-2.86%
1/7/2016
-2.42%
-4.37%
1/8/2016
-1.10%
-0.68%
1/11/2016
-0.17%
-0.73%
1/12/2016
0.61%
1.30%
1/13/2016
-2.62%
-4.44%
1/14/2016
1.53%
1.30%
1/15/2016
-2.19%
-3.28%
1/19/2016
-0.24%
-1.38%
1/20/2016
-1.07%
-3.09%
1/21/2016
0.57%
-2.01%
1/22/2016
2.22%
3.87%
1/25/2016
-1.68%
-2.20%
1/26/2016
1.58%
1.03%
1/27/2016
-1.06%
-0.81%
1/28/2016
0.51%
-1.46%
1/29/2016
2.43%
2.23%
140
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
2/1/2016
-0.04%
-0.54%
2/2/2016
-2.02%
-4.23%
2/3/2016
0.57%
0.44%
2/4/2016
0.36%
2.15%
2/5/2016
-1.98%
-1.79%
2/8/2016
-1.71%
-3.20%
2/9/2016
-0.31%
-0.53%
2/10/2016
0.03%
-0.95%
2/11/2016
-1.20%
-2.02%
2/12/2016
1.99%
2.72%
2/16/2016
1.75%
2.97%
2/17/2016
1.79%
3.01%
2/18/2016
-0.42%
-0.86%
2/19/2016
-0.02%
1.15%
2/22/2016
1.42%
0.77%
2/23/2016
-1.19%
-1.09%
2/24/2016
0.50%
-1.01%
2/25/2016
1.10%
1.77%
2/26/2016
0.03%
3.50%
2/29/2016
-0.59%
-1.86%
3/1/2016
2.21%
4.54%
3/2/2016
0.57%
0.90%
3/3/2016
0.56%
1.12%
3/4/2016
0.41%
0.20%
3/7/2016
0.32%
1.26%
3/8/2016
-1.36%
-2.90%
3/9/2016
0.56%
-0.06%
3/10/2016
-0.13%
-0.09%
3/11/2016
1.73%
4.23%
3/14/2016
-0.16%
-1.05%
3/15/2016
-0.45%
-0.98%
3/16/2016
0.75%
-1.85%
3/17/2016
0.82%
2.13%
3/18/2016
0.39%
1.86%
3/21/2016
0.05%
-0.37%
3/22/2016
-0.04%
0.34%
3/23/2016
-0.95%
-1.24%
3/24/2016
-0.02%
-0.09%
3/28/2016
0.08%
0.00%
141
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Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 147 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
3/29/2016
1.10%
0.28%
3/30/2016
0.45%
0.75%
3/31/2016
-0.09%
-0.27%
4/1/2016
0.46%
1.42%
4/4/2016
-0.44%
-1.24%
4/5/2016
-1.01%
-1.84%
4/6/2016
1.10%
1.27%
4/7/2016
-1.17%
-4.56%
4/8/2016
0.43%
0.38%
4/11/2016
-0.18%
1.21%
4/12/2016
1.03%
1.47%
4/13/2016
1.12%
3.68%
4/14/2016
-0.04%
0.18%
4/15/2016
-0.06%
-0.79%
4/18/2016
0.67%
0.76%
4/19/2016
0.45%
-0.57%
4/20/2016
0.12%
0.90%
4/21/2016
-0.53%
0.11%
4/22/2016
0.18%
1.62%
4/25/2016
-0.28%
-0.48%
4/26/2016
0.33%
0.80%
4/27/2016
0.26%
-0.16%
4/28/2016
-0.86%
-2.88%
4/29/2016
-0.45%
-1.39%
5/2/2016
0.67%
1.08%
5/3/2016
-1.12%
-2.39%
5/4/2016
-0.62%
-1.34%
5/5/2016
-0.05%
0.02%
5/6/2016
0.35%
-0.48%
5/9/2016
-0.02%
0.18%
5/10/2016
1.22%
2.25%
5/11/2016
-0.83%
-0.82%
5/12/2016
-0.08%
0.33%
5/13/2016
-0.80%
-1.41%
5/16/2016
1.02%
0.62%
5/17/2016
-0.86%
0.07%
5/18/2016
-0.08%
4.26%
5/19/2016
-0.38%
-0.85%
5/20/2016
0.76%
1.59%
142
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
5/23/2016
-0.18%
-0.25%
5/24/2016
1.30%
3.10%
5/25/2016
0.73%
1.01%
5/26/2016
-0.01%
-1.21%
5/27/2016
0.44%
1.58%
5/31/2016
-0.03%
0.13%
6/1/2016
0.24%
0.20%
6/2/2016
0.36%
0.31%
6/3/2016
-0.19%
-4.29%
6/6/2016
0.61%
1.65%
6/7/2016
0.21%
-0.85%
6/8/2016
0.36%
-0.17%
6/9/2016
-0.28%
-1.14%
6/10/2016
-1.13%
-2.08%
6/13/2016
-0.82%
-1.19%
6/14/2016
-0.28%
-1.00%
6/15/2016
-0.05%
1.00%
6/16/2016
0.19%
0.03%
6/17/2016
-0.18%
-0.52%
6/20/2016
0.72%
1.09%
6/21/2016
0.23%
-0.55%
6/22/2016
-0.19%
0.08%
6/23/2016
1.43%
3.96%
6/24/2016
-3.72%
-10.08%
6/27/2016
-2.05%
-6.17%
6/28/2016
1.79%
1.98%
6/29/2016
1.74%
2.66%
6/30/2016
1.31%
1.23%
7/1/2016
0.30%
-0.96%
7/5/2016
-0.82%
-2.62%
7/6/2016
0.54%
0.76%
7/7/2016
-0.07%
1.83%
7/8/2016
1.53%
1.61%
7/11/2016
0.42%
0.38%
7/12/2016
0.79%
3.13%
7/13/2016
-0.02%
-0.73%
7/14/2016
0.47%
1.49%
7/15/2016
-0.08%
0.35%
7/18/2016
0.26%
0.01%
143
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217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
7/19/2016
-0.24%
1.25%
7/20/2016
0.46%
0.93%
7/21/2016
-0.33%
-0.17%
7/22/2016
0.45%
1.12%
7/25/2016
-0.32%
-0.22%
7/26/2016
0.16%
1.01%
7/27/2016
-0.13%
0.15%
7/28/2016
0.17%
0.23%
7/29/2016
0.26%
-0.73%
8/1/2016
-0.23%
-0.30%
8/2/2016
-0.71%
-1.34%
8/3/2016
0.44%
1.43%
8/4/2016
0.08%
0.42%
8/5/2016
0.80%
3.67%
8/8/2016
0.01%
-0.03%
8/9/2016
0.11%
-0.14%
8/10/2016
-0.26%
-1.14%
8/11/2016
0.48%
0.80%
8/12/2016
-0.05%
-0.56%
8/15/2016
0.40%
1.37%
8/16/2016
-0.55%
-0.28%
8/17/2016
0.10%
-0.10%
8/18/2016
0.34%
0.17%
8/19/2016
-0.18%
0.61%
8/22/2016
-0.04%
-0.68%
8/23/2016
0.28%
0.76%
8/24/2016
-0.61%
-0.27%
8/25/2016
-0.06%
0.79%
8/26/2016
-0.18%
1.29%
8/29/2016
0.52%
0.40%
8/30/2016
-0.15%
1.36%
8/31/2016
-0.26%
-0.30%
9/1/2016
0.08%
-1.08%
9/2/2016
0.59%
0.84%
9/6/2016
0.34%
-1.51%
9/7/2016
0.08%
0.38%
9/8/2016
-0.21%
0.27%
9/9/2016
-2.53%
-1.16%
9/12/2016
1.33%
1.29%
144
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 148 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 150 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
9/13/2016
-1.60%
-1.44%
9/14/2016
-0.05%
-0.42%
9/15/2016
1.00%
2.56%
9/16/2016
-0.39%
-0.95%
9/19/2016
0.14%
0.92%
9/20/2016
-0.04%
-0.47%
9/21/2016
1.18%
1.07%
9/22/2016
0.78%
0.45%
9/23/2016
-0.60%
-1.32%
9/26/2016
-0.83%
-1.18%
9/27/2016
0.51%
-0.04%
9/28/2016
0.67%
0.60%
9/29/2016
-0.92%
0.11%
9/30/2016
0.78%
2.17%
10/3/2016
-0.31%
-0.47%
10/4/2016
-0.56%
0.57%
10/5/2016
0.49%
2.00%
10/6/2016
-0.07%
-0.33%
10/7/2016
-0.38%
-0.07%
10/10/2016
0.56%
0.00%
10/11/2016
-1.27%
-1.56%
10/12/2016
0.09%
-0.18%
10/13/2016
-0.33%
-0.78%
10/14/2016
-0.03%
1.32%
10/17/2016
-0.25%
-0.78%
10/18/2016
0.65%
1.15%
10/19/2016
0.30%
0.65%
10/20/2016
-0.17%
-0.81%
10/21/2016
-0.01%
0.94%
10/24/2016
0.44%
-1.26%
10/25/2016
-0.44%
-1.76%
10/26/2016
-0.28%
0.64%
10/27/2016
-0.40%
-0.28%
10/28/2016
-0.26%
-0.76%
10/31/2016
0.04%
-0.13%
11/1/2016
-0.68%
-0.47%
11/2/2016
-0.77%
-1.59%
11/3/2016
-0.40%
0.44%
11/4/2016
-0.12%
-0.42%
145
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 149 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 151 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
11/7/2016
2.07%
3.45%
11/8/2016
0.39%
0.33%
11/9/2016
1.20%
3.40%
11/10/2016
0.19%
3.30%
11/11/2016
0.02%
1.87%
11/14/2016
0.24%
1.55%
11/15/2016
0.79%
0.82%
11/16/2016
-0.15%
-0.57%
11/17/2016
0.46%
1.49%
11/18/2016
-0.14%
0.86%
11/21/2016
0.77%
0.96%
11/22/2016
0.30%
0.39%
11/23/2016
0.09%
1.66%
11/25/2016
0.36%
-0.14%
11/28/2016
-0.60%
-1.43%
11/29/2016
0.10%
0.37%
11/30/2016
-0.16%
0.35%
12/1/2016
-0.42%
1.77%
12/2/2016
0.07%
-1.25%
12/5/2016
0.73%
0.91%
12/6/2016
0.47%
0.52%
12/7/2016
1.23%
0.61%
12/8/2016
0.37%
0.49%
12/9/2016
0.39%
0.19%
12/12/2016
-0.24%
-1.06%
12/13/2016
0.58%
0.13%
12/14/2016
-0.97%
-0.04%
12/15/2016
0.36%
1.21%
12/16/2016
-0.11%
-1.26%
12/19/2016
0.21%
-0.04%
12/20/2016
0.43%
2.09%
12/21/2016
-0.25%
-0.30%
12/22/2016
-0.27%
-0.59%
12/23/2016
0.18%
1.03%
12/27/2016
0.25%
0.33%
12/28/2016
-0.80%
-1.47%
12/29/2016
0.06%
-0.64%
12/30/2016
-0.40%
-0.01%
1/3/2017
0.82%
1.52%
146
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 150 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 152 of
217
Exhibit-6
Market and Peer Index Returns
Date
Market Index
Return
Peer Index
Return
1/4/2017
0.86%
2.63%
1/5/2017
-0.09%
0.13%
1/6/2017
0.23%
0.83%
1/9/2017
-0.39%
-0.41%
1/10/2017
0.13%
0.30%
1/11/2017
0.32%
0.24%
1/12/2017
-0.26%
-0.29%
1/13/2017
0.28%
0.45%
1/17/2017
-0.37%
-2.32%
1/18/2017
0.14%
1.63%
1/19/2017
-0.39%
-0.00%
1/20/2017
0.36%
-0.06%
1/23/2017
-0.19%
-0.20%
1/24/2017
0.83%
1.03%
1/25/2017
0.80%
1.09%
1/26/2017
-0.11%
0.37%
1/27/2017
-0.16%
0.01%
1/30/2017
-0.71%
-0.84%
1/31/2017
0.08%
-0.97%
2/1/2017
0.03%
0.25%
2/2/2017
0.06%
-5.22%
2/3/2017
0.78%
2.04%
2/6/2017
-0.27%
-0.44%
2/7/2017
-0.05%
-0.14%
Source: CRSP.
147
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 151 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 153 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
3/15/2012 $12 38
$123 80
-
4 97%
104,430
$123 60
$123 70
$0 10
0 08%
483,308
19,918,834
1,991,883
$246,595,165
3/16/2012 $12 28
$122 80
-
-0 81%
53,360
$122 60
$122 70
$0 10
0 08%
483,308
19,918,834
1,991,883
$244,603,282
3/19/2012 $12 27
$122 70
-
-0 08%
43,590
$122 50
$122 50
$0 00
0 00%
483,308
19,918,834
1,991,883
$244,404,093
3/20/2012 $12 67
$126 70
-
3 21%
52,680
$126 60
$126 70
$0 10
0 08%
483,308
19,918,834
1,991,883
$252,371,627
3/21/2012 $12 55
$125 50
-
-0 95%
24,380
$125 30
$125 40
$0 10
0 08%
483,308
19,918,834
1,991,883
$249,981,367
3/22/2012 $13 01
$130 10
-
3 60%
57,690
$130 00
$130 10
$0 10
0 08%
483,308
19,918,834
1,991,883
$259,144,030
3/23/2012 $13 33
$133 30
-
2 43%
41,520
$133 10
$133 20
$0 10
0 08%
483,308
19,918,834
1,991,883
$265,518,057
3/26/2012 $13 50
$135 00
-
1 27%
36,770
$135 00
$135 20
$0 20
0 15%
483,308
19,918,834
1,991,883
$268,904,259
3/27/2012 $13 49
$134 90
-
-0 07%
22,820
$135 00
$135 10
$0 10
0 07%
483,308
19,918,834
1,991,883
$268,705,071
3/28/2012 $13 45
$134 50
-
-0 30%
40,570
$134 60
$134 70
$0 10
0 07%
483,308
19,918,834
1,991,883
$267,908,317
3/29/2012 $13 17
$131 70
-
-2 10%
22,870
$131 70
$131 90
$0 20
0 15%
483,308
19,918,834
1,991,883
$262,331,044
3/30/2012 $12 99
$129 90
-
-1 38%
19,850
$130 10
$130 20
$0 10
0 08%
417,155
19,918,834
1,991,883
$258,745,654
4/2/2012 $13 11
$131 10
-
0 92%
18,960
$130 90
$131 00
$0 10
0 08%
417,155
19,918,834
1,991,883
$261,135,914
4/3/2012 $13 42
$134 20
-
2 34%
16,110
$134 20
$134 30
$0 10
0 07%
417,155
19,918,834
1,991,883
$267,310,752
4/4/2012 $13 00
$130 00
-
-3 18%
25,220
$130 10
$130 20
$0 10
0 08%
417,155
19,918,834
1,991,883
$258,944,842
4/5/2012 $13 17
$131 70
-
1 30%
11,280
$131 40
$131 50
$0 10
0 08%
417,155
19,918,834
1,991,883
$262,331,044
4/9/2012 $12 65
$126 50
-
-4 03%
19,560
$126 50
$126 60
$0 10
0 08%
417,155
19,918,834
1,991,883
$251,973,250
4/10/2012 $11 92
$119 20
-
-5 94%
34,950
$119 30
$119 40
$0 10
0 08%
417,155
19,918,834
1,991,883
$237,432,501
4/11/2012 $12 09
$120 90
-
1 42%
24,100
$120 80
$120 90
$0 10
0 08%
417,155
19,918,834
1,991,883
$240,818,703
4/12/2012 $12 00
$120 00
-
-0 75%
16,770
$119 90
$120 00
$0 10
0 08%
417,155
19,918,834
1,991,883
$239,026,008
4/13/2012 $11 80
$118 00
-
-1 68%
11,970
$118 10
$118 20
$0 10
0 08%
408,538
19,918,834
1,991,883
$235,042,241
4/16/2012 $11 83
$118 30
-
0 25%
13,210
$118 20
$118 30
$0 10
0 08%
408,538
19,918,834
1,991,883
$235,639,806
4/17/2012 $11 93
$119 30
$0 60
1 34%
30,820
$119 00
$119 20
$0 20
0 17%
408,538
19,918,834
1,991,883
$237,631,690
4/18/2012 $11 69
$116 90
-
-2 03%
47,770
$116 90
$117 10
$0 20
0 17%
408,538
20,976,627
2,097,663
$245,216,770
4/19/2012 $11 66
$116 60
-
-0 26%
26,720
$116 30
$116 40
$0 10
0 09%
408,538
20,976,627
2,097,663
$244,587,471
4/20/2012 $11 70
$117 00
-
0 34%
15,410
$116 90
$117 00
$0 10
0 09%
408,538
20,976,627
2,097,663
$245,426,536
4/23/2012 $11 65
$116 50
-
-0 43%
24,640
$116 70
$116 80
$0 10
0 09%
408,538
20,976,627
2,097,663
$244,377,705
4/24/2012 $11 60
$116 00
-
-0 43%
80,070
$115 90
$116 00
$0 10
0 09%
408,538
20,976,627
2,097,663
$243,328,873
4/25/2012 $11 60
$116 00
-
0 00%
11,200
$115 90
$116 00
$0 10
0 09%
408,538
20,976,627
2,097,663
$243,328,873
4/26/2012 $11 53
$115 30
-
-0 61%
41,300
$115 10
$115 20
$0 10
0 09%
408,538
20,976,627
2,097,663
$241,860,509
4/27/2012 $11 53
$115 30
-
0 00%
14,600
$115 10
$115 20
$0 10
0 09%
408,538
20,976,627
2,097,663
$241,860,509
4/30/2012 $11 58
$115 80
-
0 43%
17,810
$115 90
$116 00
$0 10
0 09%
376,517
20,976,627
2,097,663
$242,909,341
5/1/2012 $11 40
$114 00
-
-1 57%
13,190
$114 00
$114 20
$0 20
0 18%
376,517
20,976,627
2,097,663
$239,133,548
5/2/2012 $11 26
$112 60
-
-1 24%
6,160
$112 40
$112 50
$0 10
0 09%
376,517
20,976,627
2,097,663
$236,196,820
5/3/2012 $11 15
$111 50
-
-0 98%
18,330
$111 60
$111 70
$0 10
0 09%
376,517
20,976,627
2,097,663
$233,889,391
5/4/2012 $10 91
$109 10
-
-2 18%
21,590
$109 20
$109 30
$0 10
0 09%
376,517
20,976,627
2,097,663
$228,855,001
5/7/2012 $10 80
$108 00
-
-1 01%
8,320
$108 00
$108 10
$0 10
0 09%
376,517
20,976,627
2,097,663
$226,547,572
5/8/2012 $10 64
$106 40
-
-1 49%
15,910
$106 30
$106 40
$0 10
0 09%
376,517
20,996,753
2,099,675
$223,405,452
5/9/2012 $10 40
$104 00
-
-2 28%
54,390
$103 90
$104 00
$0 10
0 10%
376,517
20,996,753
2,099,675
$218,366,231
5/10/2012 $10 02
$100 20
-
-3 72%
41,730
$99 90
$100 00
$0 10
0 10%
376,517
20,996,753
2,099,675
$210,387,465
5/11/2012 $10 02
$100 20
-
0 00%
30,680
$100 00
$100 10
$0 10
0 10%
376,517
20,996,753
2,099,675
$210,387,465
5/14/2012
$9 83
$98 30
-
-1 91%
36,970
$98 30
$98 50
$0 20
0 20%
376,517
20,996,753
2,099,675
$206,398,082
5/15/2012
$9 89
$98 90
-
0 61%
30,950
$98 90
$99 00
$0 10
0 10%
362,759
20,996,753
2,099,675
$207,657,887
5/16/2012
$9 99
$99 90
-
1 01%
31,760
$100 00
$100 10
$0 10
0 10%
362,759
20,996,753
2,099,675
$209,757,562
5/17/2012
$9 90
$99 00
-
-0 90%
60,320
$99 10
$99 20
$0 10
0 10%
362,759
20,996,753
2,099,675
$207,867,855
5/18/2012
$9 70
$97 00
-
-2 04%
41,870
$97 00
$97 10
$0 10
0 10%
362,759
20,996,753
2,099,675
$203,668,504
5/21/2012
$9 67
$96 70
-
-0 31%
23,070
$96 60
$96 70
$0 10
0 10%
362,759
20,996,753
2,099,675
$203,038,602
5/22/2012
$9 58
$95 80
-
-0 94%
20,020
$95 80
$95 90
$0 10
0 10%
362,759
20,996,753
2,099,675
$201,148,894
5/23/2012
$9 75
$97 50
-
1 76%
12,580
$97 50
$97 70
$0 20
0 20%
362,759
20,996,753
2,099,675
$204,718,342
5/24/2012
$9 77
$97 70
-
0 20%
15,770
$97 70
$97 80
$0 10
0 10%
362,759
20,996,753
2,099,675
$205,138,277
5/25/2012 $10 04
$100 40
-
2 73%
12,020
$100 40
$100 60
$0 20
0 20%
362,759
20,996,753
2,099,675
$210,807,400
5/29/2012 $10 20
$102 00
-
1 58%
16,080
$101 80
$101 90
$0 10
0 10%
362,759
20,996,753
2,099,675
$214,166,881
5/30/2012 $10 09
$100 90
-
-1 08%
10,230
$100 90
$101 00
$0 10
0 10%
362,759
20,996,753
2,099,675
$211,857,238
5/31/2012 $10 28
$102 80
-
1 87%
21,320
$102 90
$103 00
$0 10
0 10%
264,427
20,996,753
2,099,675
$215,846,621
6/1/2012 $10 13
$101 30
-
-1 47%
15,090
$101 40
$101 60
$0 20
0 20%
264,427
20,996,753
2,099,675
$212,697,108
6/4/2012 $10 18
$101 80
-
0 49%
18,040
$101 80
$101 90
$0 10
0 10%
264,427
20,996,753
2,099,675
$213,746,946
6/5/2012 $10 20
$102 00
-
0 20%
20,860
$102 00
$102 10
$0 10
0 10%
264,427
20,996,753
2,099,675
$214,166,881
6/6/2012 $10 53
$105 30
-
3 18%
33,110
$105 20
$105 30
$0 10
0 10%
264,427
20,996,753
2,099,675
$221,095,809
6/7/2012 $11 01
$110 10
-
4 46%
25,160
$109 80
$110 00
$0 20
0 18%
264,427
20,996,753
2,099,675
$231,174,251
6/8/2012 $11 21
$112 10
-
1 80%
16,860
$112 00
$112 10
$0 10
0 09%
264,427
20,996,753
2,099,675
$235,373,601
6/11/2012 $11 15
$111 50
-
-0 54%
16,920
$111 50
$111 60
$0 10
0 09%
264,427
20,996,753
2,099,675
$234,113,796
6/12/2012 $11 82
$118 20
-
5 84%
67,510
$118 20
$118 40
$0 20
0 17%
264,427
20,996,753
2,099,675
$248,181,620
6/13/2012 $11 59
$115 90
-
-1 97%
14,830
$115 90
$116 00
$0 10
0 09%
264,427
20,996,753
2,099,675
$243,352,367
6/14/2012 $12 41
$124 10
-
6 84%
61,970
$123 90
$124 00
$0 10
0 08%
264,427
20,996,753
2,099,675
$260,569,705
6/15/2012 $12 10
$121 00
$0 60
-2 04%
35,330
$120 90
$121 00
$0 10
0 08%
187,461
20,996,753
2,099,675
$254,060,711
6/18/2012 $11 94
$119 40
-
-1 33%
39,540
$119 20
$119 30
$0 10
0 08%
187,461
20,996,753
2,099,675
$250,701,231
6/19/2012 $11 70
$117 00
-
-2 03%
33,920
$117 00
$117 10
$0 10
0 09%
187,461
20,996,753
2,099,675
$245,662,010
6/20/2012 $10 96
$109 60
-
-6 53%
67,960
$109 70
$109 80
$0 10
0 09%
187,461
20,996,753
2,099,675
$230,124,413
6/21/2012 $10 64
$106 40
-
-2 96%
22,440
$106 50
$106 60
$0 10
0 09%
187,461
20,996,753
2,099,675
$223,405,452
6/22/2012 $10 96
$109 60
-
2 96%
51,050
$109 40
$109 50
$0 10
0 09%
187,461
20,996,753
2,099,675
$230,124,413
6/25/2012 $10 80
$108 00
-
-1 47%
11,210
$107 80
$108 00
$0 20
0 19%
187,461
20,996,753
2,099,675
$226,764,932
6/26/2012 $11 19
$111 90
-
3 55%
31,340
$112 00
$112 10
$0 10
0 09%
187,461
20,996,753
2,099,675
$234,953,666
6/27/2012 $11 68
$116 80
-
4 29%
17,110
$116 70
$116 80
$0 10
0 09%
187,461
20,996,753
2,099,675
$245,242,075
6/28/2012 $11 64
$116 40
-
-0 34%
9,940
$116 10
$116 20
$0 10
0 09%
187,461
20,996,753
2,099,675
$244,402,205
148
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 152 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 154 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
6/29/2012 $11 76
$117 60
-
1 03%
24,290
$117 40
$117 60
$0 20
0 17%
213,585
20,996,753
2,099,675
$246,921,815
7/2/2012 $11 95
$119 50
-
1 60%
16,240
$119 40
$119 50
$0 10
0 08%
213,585
20,996,753
2,099,675
$250,911,198
7/3/2012 $12 00
$120 00
-
0 42%
5,790
$119 90
$120 00
$0 10
0 08%
213,585
20,996,753
2,099,675
$251,961,036
7/5/2012 $11 97
$119 70
-
-0 25%
8,900
$119 50
$119 70
$0 20
0 17%
213,585
20,996,753
2,099,675
$251,331,133
7/6/2012 $11 83
$118 30
-
-1 18%
5,220
$118 40
$118 60
$0 20
0 17%
213,585
20,996,753
2,099,675
$248,391,588
7/9/2012 $11 55
$115 50
-
-2 40%
17,570
$115 60
$115 70
$0 10
0 09%
213,585
20,996,753
2,099,675
$242,512,497
7/10/2012 $11 62
$116 20
-
0 60%
12,500
$116 00
$116 20
$0 20
0 17%
213,585
20,996,753
2,099,675
$243,982,270
7/11/2012 $11 64
$116 40
-
0 17%
11,000
$116 40
$116 50
$0 10
0 09%
213,585
20,996,753
2,099,675
$244,402,205
7/12/2012 $10 99
$109 90
-
-5 75%
28,660
$109 70
$109 90
$0 20
0 18%
213,585
20,996,753
2,099,675
$230,754,315
7/13/2012 $11 12
$111 20
-
1 18%
13,760
$110 90
$111 00
$0 10
0 09%
207,914
20,996,753
2,099,675
$233,483,893
7/16/2012 $11 31
$113 10
-
1 69%
12,740
$113 10
$113 30
$0 20
0 18%
207,914
20,996,753
2,099,675
$237,473,276
7/17/2012 $11 07
$110 70
-
-2 14%
17,250
$110 40
$110 70
$0 30
0 27%
207,914
20,996,753
2,099,675
$232,434,056
7/18/2012 $10 98
$109 80
-
-0 82%
11,280
$109 60
$109 70
$0 10
0 09%
207,914
20,996,753
2,099,675
$230,544,348
7/19/2012 $10 92
$109 20
-
-0 55%
10,710
$109 20
$109 40
$0 20
0 18%
207,914
20,996,753
2,099,675
$229,284,543
7/20/2012 $10 42
$104 20
-
-4 69%
12,720
$104 30
$104 50
$0 20
0 19%
207,914
20,996,753
2,099,675
$218,786,166
7/23/2012 $10 20
$102 00
-
-2 13%
22,350
$102 00
$102 20
$0 20
0 20%
207,914
20,996,753
2,099,675
$214,166,881
7/24/2012 $10 61
$106 10
-
3 94%
17,280
$106 30
$106 40
$0 10
0 09%
207,914
20,996,753
2,099,675
$222,775,549
7/25/2012 $10 46
$104 60
-
-1 42%
8,160
$104 60
$104 70
$0 10
0 10%
207,914
20,996,753
2,099,675
$219,626,036
7/26/2012 $10 57
$105 70
-
1 05%
12,700
$105 60
$105 70
$0 10
0 09%
207,914
20,996,753
2,099,675
$221,935,679
7/27/2012 $10 59
$105 90
-
0 19%
12,160
$105 80
$105 90
$0 10
0 09%
207,914
20,996,753
2,099,675
$222,355,614
7/30/2012 $10 66
$106 60
-
0 66%
9,630
$106 50
$106 60
$0 10
0 09%
207,914
20,996,753
2,099,675
$223,825,387
7/31/2012 $10 50
$105 00
-
-1 51%
32,560
$105 10
$105 20
$0 10
0 10%
226,188
20,996,753
2,099,675
$220,465,907
8/1/2012 $10 48
$104 80
-
-0 19%
12,980
$104 80
$105 10
$0 30
0 29%
226,188
20,996,753
2,099,675
$220,045,971
8/2/2012 $10 45
$104 50
-
-0 29%
5,890
$104 60
$104 70
$0 10
0 10%
226,188
20,996,753
2,099,675
$219,416,069
8/3/2012 $10 80
$108 00
-
3 29%
25,440
$107 80
$107 90
$0 10
0 09%
226,188
20,996,753
2,099,675
$226,764,932
8/6/2012 $10 76
$107 60
-
-0 37%
8,640
$107 50
$107 60
$0 10
0 09%
226,188
20,996,753
2,099,675
$225,925,062
8/7/2012 $10 87
$108 70
-
1 02%
24,430
$108 50
$108 60
$0 10
0 09%
226,188
33,988,675
3,398,868
$369,456,897
8/8/2012 $10 70
$107 00
-
-1 58%
9,960
$106 80
$106 90
$0 10
0 09%
226,188
33,988,675
3,398,868
$363,678,823
8/9/2012 $10 16
$101 60
-
-5 18%
50,080
$101 50
$101 60
$0 10
0 10%
226,188
33,988,675
3,398,868
$345,324,938
8/10/2012
$9 81
$98 10
-
-3 51%
31,920
$98 00
$98 10
$0 10
0 10%
226,188
33,988,675
3,398,868
$333,428,902
8/13/2012
$9 65
$96 50
-
-1 64%
31,760
$96 30
$96 40
$0 10
0 10%
226,188
33,988,675
3,398,868
$327,990,714
8/14/2012
$9 81
$98 10
-
1 64%
25,990
$97 80
$98 00
$0 20
0 20%
226,188
33,988,675
3,398,868
$333,428,902
8/15/2012
$9 82
$98 20
-
0 10%
26,250
$98 10
$98 20
$0 10
0 10%
234,523
33,988,675
3,398,868
$333,768,789
8/16/2012
$9 91
$99 10
-
0 91%
22,330
$99 00
$99 10
$0 10
0 10%
234,523
33,988,675
3,398,868
$336,827,769
8/17/2012
$9 97
$99 70
-
0 60%
9,580
$99 50
$99 60
$0 10
0 10%
234,523
33,988,675
3,398,868
$338,867,090
8/20/2012
$9 73
$97 30
-
-2 44%
21,390
$97 30
$97 60
$0 30
0 31%
234,523
33,988,675
3,398,868
$330,709,808
8/21/2012
$9 69
$96 90
-
-0 41%
14,800
$96 90
$97 00
$0 10
0 10%
234,523
33,988,675
3,398,868
$329,350,261
8/22/2012
$9 64
$96 40
-
-0 52%
16,280
$96 20
$96 30
$0 10
0 10%
234,523
33,988,675
3,398,868
$327,650,827
8/23/2012
$9 50
$95 00
-
-1 46%
12,290
$95 00
$95 10
$0 10
0 11%
234,523
33,988,675
3,398,868
$322,892,413
8/24/2012
$9 48
$94 80
-
-0 21%
14,870
$94 60
$94 80
$0 20
0 21%
234,523
33,988,675
3,398,868
$322,212,639
8/27/2012
$9 32
$93 20
-
-1 70%
9,970
$93 00
$93 10
$0 10
0 11%
234,523
33,988,675
3,398,868
$316,774,451
8/28/2012
$8 60
$86 00
-
-8 04%
51,890
$85 90
$86 00
$0 10
0 12%
234,523
33,988,675
3,398,868
$292,302,605
8/29/2012
$9 01
$90 10
-
4 66%
39,120
$90 10
$90 20
$0 10
0 11%
234,523
33,988,675
3,398,868
$306,237,962
8/30/2012
$8 93
$89 30
-
-0 89%
18,610
$89 20
$89 30
$0 10
0 11%
234,523
33,988,675
3,398,868
$303,518,868
8/31/2012
$8 76
$87 60
-
-1 92%
30,060
$87 60
$87 70
$0 10
0 11%
249,592
33,988,675
3,398,868
$297,740,793
9/4/2012
$8 76
$87 60
-
0 00%
53,740
$87 40
$87 50
$0 10
0 11%
249,592
33,988,675
3,398,868
$297,740,793
9/5/2012
$8 80
$88 00
-
0 46%
14,160
$88 10
$88 20
$0 10
0 11%
249,592
33,988,675
3,398,868
$299,100,340
9/6/2012
$9 07
$90 70
-
3 02%
66,440
$90 40
$90 50
$0 10
0 11%
249,592
33,988,675
3,398,868
$308,277,282
9/7/2012
$9 27
$92 70
-
2 18%
11,240
$92 70
$92 80
$0 10
0 11%
249,592
33,988,675
3,398,868
$315,075,017
9/10/2012
$9 25
$92 50
-
-0 22%
42,290
$92 50
$92 60
$0 10
0 11%
249,592
33,988,675
3,398,868
$314,395,244
9/11/2012
$9 25
$92 50
-
0 00%
38,480
$92 40
$92 50
$0 10
0 11%
249,592
33,988,675
3,398,868
$314,395,244
9/12/2012
$9 34
$93 40
-
0 97%
19,010
$93 30
$93 40
$0 10
0 11%
249,592
33,988,675
3,398,868
$317,454,225
9/13/2012
$9 90
$99 00
-
5 82%
23,440
$98 80
$99 00
$0 20
0 20%
249,592
33,988,675
3,398,868
$336,487,883
9/14/2012
$9 83
$98 30
-
-0 71%
48,120
$98 20
$98 30
$0 10
0 10%
266,655
33,988,675
3,398,868
$334,108,675
9/17/2012
$9 72
$97 20
$0 60
-0 51%
48,270
$97 30
$97 40
$0 10
0 10%
266,655
33,988,675
3,398,868
$330,369,921
9/18/2012
$9 74
$97 40
-
0 21%
12,560
$97 40
$97 50
$0 10
0 10%
266,655
33,988,675
3,398,868
$331,049,695
9/19/2012
$9 51
$95 10
-
-2 39%
41,160
$94 90
$95 00
$0 10
0 11%
266,655
33,988,675
3,398,868
$323,232,299
9/20/2012
$9 56
$95 60
-
0 52%
18,100
$95 60
$95 70
$0 10
0 10%
266,655
33,988,675
3,398,868
$324,931,733
9/21/2012
$9 65
$96 50
-
0 94%
41,230
$96 60
$96 70
$0 10
0 10%
266,655
33,988,675
3,398,868
$327,990,714
9/24/2012
$9 68
$96 80
-
0 31%
15,210
$96 70
$96 80
$0 10
0 10%
266,655
33,988,675
3,398,868
$329,010,374
9/25/2012
$9 60
$96 00
-
-0 83%
55,860
$96 20
$96 30
$0 10
0 10%
266,655
33,988,675
3,398,868
$326,291,280
9/26/2012
$9 58
$95 80
-
-0 21%
9,570
$95 80
$95 90
$0 10
0 10%
266,655
33,988,675
3,398,868
$325,611,507
9/27/2012
$9 72
$97 20
-
1 45%
16,300
$97 10
$97 20
$0 10
0 10%
266,655
33,988,675
3,398,868
$330,369,921
9/28/2012
$9 55
$95 50
-
-1 76%
34,120
$95 50
$95 70
$0 20
0 21%
255,647
33,988,675
3,398,868
$324,591,846
10/1/2012
$9 63
$96 30
-
0 83%
24,430
$96 20
$96 30
$0 10
0 10%
255,647
33,988,675
3,398,868
$327,310,940
10/2/2012 $10 09
$100 90
-
4 67%
58,770
$100 80
$100 90
$0 10
0 10%
255,647
33,988,675
3,398,868
$342,945,731
10/3/2012
$9 78
$97 80
-
-3 12%
21,910
$97 90
$98 00
$0 10
0 10%
255,647
33,988,675
3,398,868
$332,409,242
10/4/2012 $10 20
$102 00
-
4 20%
33,540
$101 90
$102 00
$0 10
0 10%
255,647
33,988,675
3,398,868
$346,684,485
10/5/2012
$9 59
$95 90
-
-6 17%
36,180
$95 80
$95 90
$0 10
0 10%
255,647
33,988,675
3,398,868
$325,951,393
10/8/2012
$9 56
$95 60
-
-0 31%
13,110
$95 70
$95 80
$0 10
0 10%
255,647
33,988,675
3,398,868
$324,931,733
10/9/2012
$9 38
$93 80
-
-1 90%
15,930
$93 80
$93 90
$0 10
0 11%
255,647
33,988,675
3,398,868
$318,813,772
10/10/2012
$9 43
$94 30
-
0 53%
12,930
$94 30
$94 40
$0 10
0 11%
255,647
33,988,675
3,398,868
$320,513,205
10/11/2012
$9 47
$94 70
-
0 42%
16,790
$94 60
$94 70
$0 10
0 11%
255,647
33,988,675
3,398,868
$321,872,752
10/12/2012
$9 20
$92 00
-
-2 89%
28,540
$92 00
$92 10
$0 10
0 11%
255,647
33,988,675
3,398,868
$312,695,810
149
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 153 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 155 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
10/15/2012
$9 16
$91 60
-
-0 44%
24,800
$91 50
$91 60
$0 10
0 11%
295,027
33,988,675
3,398,868
$311,336,263
10/16/2012
$8 96
$89 60
-
-2 21%
47,290
$89 30
$89 40
$0 10
0 11%
295,027
33,988,675
3,398,868
$304,538,528
10/17/2012
$9 43
$94 30
-
5 11%
19,410
$94 30
$94 40
$0 10
0 11%
295,027
33,988,675
3,398,868
$320,513,205
10/18/2012
$9 13
$91 30
-
-3 23%
10,210
$91 30
$91 40
$0 10
0 11%
295,027
33,988,675
3,398,868
$310,316,603
10/19/2012
$8 98
$89 80
-
-1 66%
11,980
$89 80
$89 90
$0 10
0 11%
295,027
33,988,675
3,398,868
$305,218,302
10/22/2012
$9 23
$92 30
-
2 75%
12,230
$92 20
$92 30
$0 10
0 11%
295,027
33,988,675
3,398,868
$313,715,470
10/23/2012
$9 08
$90 80
-
-1 64%
13,670
$90 90
$91 00
$0 10
0 11%
295,027
33,988,675
3,398,868
$308,617,169
10/24/2012
$8 96
$89 60
-
-1 33%
16,520
$89 60
$89 80
$0 20
0 22%
295,027
33,988,675
3,398,868
$304,538,528
10/25/2012
$9 03
$90 30
-
0 78%
9,020
$90 30
$90 40
$0 10
0 11%
295,027
33,988,675
3,398,868
$306,917,735
10/26/2012
$9 03
$90 30
-
0 00%
7,690
$90 20
$90 30
$0 10
0 11%
295,027
33,988,675
3,398,868
$306,917,735
10/31/2012
$9 00
$90 00
-
-0 33%
26,410
$89 80
$89 90
$0 10
0 11%
278,879
33,988,675
3,398,868
$305,898,075
11/1/2012
$9 11
$91 10
-
1 21%
13,970
$90 90
$91 00
$0 10
0 11%
278,879
33,988,675
3,398,868
$309,636,829
11/2/2012
$9 01
$90 10
-
-1 10%
16,640
$90 00
$90 10
$0 10
0 11%
278,879
33,988,675
3,398,868
$306,237,962
11/5/2012
$9 01
$90 10
-
0 00%
8,020
$89 90
$90 00
$0 10
0 11%
278,879
33,988,675
3,398,868
$306,237,962
11/6/2012
$8 96
$89 60
-
-0 56%
10,080
$89 40
$89 60
$0 20
0 22%
278,879
33,988,675
3,398,868
$304,538,528
11/7/2012
$9 03
$90 30
-
0 78%
29,240
$89 90
$90 20
$0 30
0 33%
278,879
34,228,927
3,422,893
$309,087,211
11/8/2012
$9 49
$94 90
-
4 97%
54,690
$95 00
$95 10
$0 10
0 11%
278,879
34,228,927
3,422,893
$324,832,517
11/9/2012
$9 13
$91 30
-
-3 87%
38,510
$91 50
$91 60
$0 10
0 11%
278,879
34,228,927
3,422,893
$312,510,104
11/12/2012
$9 65
$96 50
-
5 54%
105,390
$96 50
$96 70
$0 20
0 21%
278,879
34,228,927
3,422,893
$330,309,146
11/13/2012
$9 46
$94 60
-
-1 99%
21,340
$94 40
$94 60
$0 20
0 21%
278,879
34,228,927
3,422,893
$323,805,649
11/14/2012
$9 27
$92 70
-
-2 03%
29,940
$92 70
$92 90
$0 20
0 22%
278,879
34,228,927
3,422,893
$317,302,153
11/15/2012
$9 67
$96 70
-
4 22%
28,630
$96 70
$96 90
$0 20
0 21%
330,544
34,228,927
3,422,893
$330,993,724
11/16/2012
$9 45
$94 50
-
-2 30%
18,390
$94 50
$94 60
$0 10
0 11%
330,544
34,228,927
3,422,893
$323,463,360
11/19/2012
$9 77
$97 70
-
3 33%
31,530
$97 60
$97 70
$0 10
0 10%
330,544
34,228,927
3,422,893
$334,416,617
11/20/2012
$9 59
$95 90
-
-1 86%
11,740
$95 90
$96 00
$0 10
0 10%
330,544
34,228,927
3,422,893
$328,255,410
11/21/2012
$9 39
$93 90
-
-2 11%
19,990
$93 70
$93 80
$0 10
0 11%
330,544
34,228,927
3,422,893
$321,409,625
11/23/2012
$9 65
$96 50
-
2 73%
7,160
$96 40
$96 50
$0 10
0 10%
330,544
34,228,927
3,422,893
$330,309,146
11/26/2012
$9 79
$97 90
-
1 44%
23,110
$97 80
$97 90
$0 10
0 10%
330,544
34,228,927
3,422,893
$335,101,195
11/27/2012 $10 09
$100 90
-
3 02%
17,750
$100 80
$100 90
$0 10
0 10%
330,544
34,228,927
3,422,893
$345,369,873
11/28/2012 $10 21
$102 10
-
1 18%
41,470
$101 90
$102 10
$0 20
0 20%
330,544
34,228,927
3,422,893
$349,477,345
11/29/2012 $10 39
$103 90
-
1 75%
12,820
$103 90
$104 10
$0 20
0 19%
330,544
34,228,927
3,422,893
$355,638,552
11/30/2012 $10 01
$100 10
-
-3 73%
26,580
$100 10
$100 20
$0 10
0 10%
331,621
34,228,927
3,422,893
$342,631,559
12/3/2012 $10 02
$100 20
-
0 10%
16,550
$100 10
$100 20
$0 10
0 10%
331,621
34,228,927
3,422,893
$342,973,849
12/4/2012 $10 02
$100 20
-
0 00%
14,260
$100 10
$100 20
$0 10
0 10%
331,621
34,228,927
3,422,893
$342,973,849
12/5/2012
$9 92
$99 20
-
-1 00%
10,970
$99 00
$99 20
$0 20
0 20%
331,621
34,228,927
3,422,893
$339,550,956
12/6/2012 $10 00
$100 00
-
0 80%
14,610
$99 90
$100 10
$0 20
0 20%
331,621
34,228,927
3,422,893
$342,289,270
12/7/2012 $10 15
$101 50
-
1 49%
18,960
$101 30
$101 40
$0 10
0 10%
331,621
34,228,927
3,422,893
$347,423,609
12/10/2012 $10 14
$101 40
-
-0 10%
18,200
$101 20
$101 40
$0 20
0 20%
331,621
34,228,927
3,422,893
$347,081,320
12/11/2012 $10 14
$101 40
-
0 00%
12,780
$101 30
$101 40
$0 10
0 10%
331,621
34,228,927
3,422,893
$347,081,320
12/12/2012 $10 12
$101 20
-
-0 20%
14,150
$101 20
$101 40
$0 20
0 20%
331,621
34,228,927
3,422,893
$346,396,741
12/13/2012
$9 93
$99 30
-
-1 90%
8,360
$99 20
$99 30
$0 10
0 10%
331,621
34,228,927
3,422,893
$339,893,245
12/14/2012 $10 00
$100 00
-
0 70%
9,810
$100 00
$100 10
$0 10
0 10%
327,414
34,228,927
3,422,893
$342,289,270
12/17/2012 $10 01
$100 10
$0 60
0 70%
18,090
$100 20
$100 40
$0 20
0 20%
327,414
34,228,927
3,422,893
$342,631,559
12/18/2012
$9 99
$99 90
-
-0 20%
22,710
$99 80
$99 90
$0 10
0 10%
327,414
34,228,927
3,422,893
$341,946,981
12/19/2012
$9 75
$97 50
-
-2 43%
13,200
$97 60
$97 70
$0 10
0 10%
327,414
34,228,927
3,422,893
$333,732,038
12/20/2012 $10 03
$100 30
-
2 83%
20,950
$100 20
$100 30
$0 10
0 10%
327,414
34,228,927
3,422,893
$343,316,138
12/21/2012
$9 83
$98 30
-
-2 01%
23,160
$98 20
$98 30
$0 10
0 10%
327,414
34,228,927
3,422,893
$336,470,352
12/24/2012
$9 81
$98 10
-
-0 20%
4,000
$97 90
$98 00
$0 10
0 10%
327,414
34,228,927
3,422,893
$335,785,774
12/26/2012
$9 76
$97 60
-
-0 51%
7,040
$97 60
$97 80
$0 20
0 20%
327,414
34,228,927
3,422,893
$334,074,328
12/27/2012
$9 64
$96 40
-
-1 24%
8,670
$96 40
$96 60
$0 20
0 21%
327,414
34,228,927
3,422,893
$329,966,856
12/28/2012
$9 70
$97 00
-
0 62%
11,030
$97 00
$97 20
$0 20
0 21%
327,414
34,228,927
3,422,893
$332,020,592
12/31/2012 $10 07
$100 70
-
3 74%
11,920
$100 60
$100 70
$0 10
0 10%
314,449
34,228,927
3,422,893
$344,685,295
1/2/2013 $10 67
$106 70
-
5 79%
30,330
$106 70
$106 80
$0 10
0 09%
314,449
34,228,927
3,422,893
$365,222,651
1/3/2013 $10 50
$105 00
-
-1 61%
18,970
$105 00
$105 10
$0 10
0 10%
314,449
34,228,927
3,422,893
$359,403,734
1/4/2013 $10 51
$105 10
-
0 10%
7,830
$104 90
$105 10
$0 20
0 19%
314,449
34,228,927
3,422,893
$359,746,023
1/7/2013 $10 63
$106 30
-
1 14%
9,410
$106 20
$106 30
$0 10
0 09%
314,449
34,228,927
3,422,893
$363,853,494
1/8/2013 $10 76
$107 60
-
1 22%
9,740
$107 40
$107 50
$0 10
0 09%
314,449
34,228,927
3,422,893
$368,303,255
1/9/2013 $10 53
$105 30
-
-2 16%
10,840
$105 30
$105 40
$0 10
0 09%
314,449
34,228,927
3,422,893
$360,430,601
1/10/2013 $10 75
$107 50
-
2 07%
68,180
$107 40
$107 50
$0 10
0 09%
314,449
34,228,927
3,422,893
$367,960,965
1/11/2013 $11 14
$111 40
-
3 56%
26,810
$111 30
$111 40
$0 10
0 09%
314,449
34,228,927
3,422,893
$381,310,247
1/14/2013 $11 28
$112 80
-
1 25%
20,250
$112 60
$112 70
$0 10
0 09%
314,449
34,228,927
3,422,893
$386,102,297
1/15/2013 $11 39
$113 90
-
0 97%
10,000
$113 70
$113 80
$0 10
0 09%
258,721
34,228,927
3,422,893
$389,867,479
1/16/2013 $11 13
$111 30
-
-2 31%
12,450
$111 30
$111 40
$0 10
0 09%
258,721
34,228,927
3,422,893
$380,967,958
1/17/2013 $11 10
$111 00
-
-0 27%
14,520
$110 80
$110 90
$0 10
0 09%
258,721
34,228,927
3,422,893
$379,941,090
1/18/2013 $11 04
$110 40
-
-0 54%
11,440
$110 30
$110 40
$0 10
0 09%
258,721
34,228,927
3,422,893
$377,887,354
1/22/2013 $11 22
$112 20
-
1 62%
13,510
$112 00
$112 10
$0 10
0 09%
258,721
34,228,927
3,422,893
$384,048,561
1/23/2013 $11 25
$112 50
-
0 27%
12,200
$112 40
$112 50
$0 10
0 09%
258,721
34,228,927
3,422,893
$385,075,429
1/24/2013 $11 46
$114 60
-
1 85%
17,080
$114 50
$114 60
$0 10
0 09%
258,721
34,228,927
3,422,893
$392,263,503
1/25/2013 $11 72
$117 20
-
2 24%
18,610
$117 10
$117 20
$0 10
0 09%
258,721
34,228,927
3,422,893
$401,163,024
1/28/2013 $11 99
$119 90
-
2 28%
24,910
$119 80
$119 90
$0 10
0 08%
258,721
34,228,927
3,422,893
$410,404,835
1/29/2013 $11 84
$118 40
-
-1 26%
17,830
$118 50
$118 60
$0 10
0 08%
258,721
34,228,927
3,422,893
$405,270,496
1/30/2013 $12 04
$120 40
-
1 68%
17,460
$120 30
$120 40
$0 10
0 08%
258,721
34,228,927
3,422,893
$412,116,281
1/31/2013 $11 99
$119 90
-
-0 42%
24,690
$119 80
$119 90
$0 10
0 08%
254,423
34,228,927
3,422,893
$410,404,835
2/1/2013 $12 40
$124 00
-
3 36%
22,300
$123 90
$124 00
$0 10
0 08%
254,423
34,228,927
3,422,893
$424,438,695
150
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 154 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 156 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
2/4/2013 $12 81
$128 10
-
3 25%
35,050
$127 90
$128 00
$0 10
0 08%
254,423
34,228,927
3,422,893
$438,472,555
2/5/2013 $13 00
$130 00
-
1 47%
30,230
$129 90
$130 00
$0 10
0 08%
254,423
34,228,927
3,422,893
$444,976,051
2/6/2013 $13 13
$131 30
-
1 00%
21,360
$131 30
$131 40
$0 10
0 08%
254,423
34,228,927
3,422,893
$449,425,812
2/7/2013 $13 09
$130 90
-
-0 31%
22,800
$130 70
$130 80
$0 10
0 08%
254,423
34,228,927
3,422,893
$448,056,654
2/8/2013 $13 23
$132 30
-
1 06%
10,910
$132 00
$132 20
$0 20
0 15%
254,423
34,228,927
3,422,893
$452,848,704
2/11/2013 $13 30
$133 00
-
0 53%
10,070
$133 00
$133 10
$0 10
0 08%
254,423
34,228,927
3,422,893
$455,244,729
2/12/2013 $13 73
$137 30
-
3 18%
41,810
$137 10
$137 20
$0 10
0 07%
254,423
34,228,927
3,422,893
$469,963,168
2/13/2013 $13 62
$136 20
-
-0 80%
27,960
$136 10
$136 20
$0 10
0 07%
254,423
34,228,927
3,422,893
$466,197,986
2/14/2013 $13 73
$137 30
-
0 80%
15,960
$137 20
$137 30
$0 10
0 07%
254,423
34,228,927
3,422,893
$469,963,168
2/15/2013 $13 51
$135 10
-
-1 62%
14,880
$134 90
$135 10
$0 20
0 15%
248,717
34,228,927
3,422,893
$462,432,804
2/19/2013 $13 53
$135 30
-
0 15%
24,690
$135 10
$135 20
$0 10
0 07%
248,717
34,228,927
3,422,893
$463,117,382
2/20/2013 $13 56
$135 60
-
0 22%
21,380
$135 70
$135 80
$0 10
0 07%
248,717
34,228,927
3,422,893
$464,144,250
2/21/2013 $13 32
$133 20
-
-1 79%
10,920
$133 00
$133 10
$0 10
0 08%
248,717
34,228,927
3,422,893
$455,929,308
2/22/2013 $13 32
$133 20
-
0 00%
9,290
$133 00
$133 20
$0 20
0 15%
248,717
34,228,927
3,422,893
$455,929,308
2/25/2013 $13 41
$134 10
-
0 67%
40,030
$134 20
$134 30
$0 10
0 07%
248,717
34,228,927
3,422,893
$459,009,911
2/26/2013 $13 35
$133 50
-
-0 45%
15,370
$133 50
$133 70
$0 20
0 15%
248,717
34,228,927
3,422,893
$456,956,175
2/27/2013 $13 18
$131 80
-
-1 28%
63,790
$131 70
$131 80
$0 10
0 08%
248,717
34,228,927
3,422,893
$451,137,258
2/28/2013 $13 15
$131 50
-
-0 23%
8,560
$131 30
$131 40
$0 10
0 08%
237,218
34,228,927
3,422,893
$450,110,390
3/1/2013 $13 40
$134 00
-
1 88%
13,010
$133 80
$134 00
$0 20
0 15%
237,218
34,228,927
3,422,893
$458,667,622
3/4/2013 $13 36
$133 60
-
-0 30%
14,040
$133 40
$133 50
$0 10
0 07%
237,218
34,228,927
3,422,893
$457,298,465
3/5/2013 $13 32
$133 20
-
-0 30%
20,240
$133 30
$133 40
$0 10
0 07%
237,218
34,228,927
3,422,893
$455,929,308
3/6/2013 $13 62
$136 20
-
2 23%
22,720
$136 00
$136 10
$0 10
0 07%
237,218
34,228,927
3,422,893
$466,197,986
3/7/2013 $13 50
$135 00
-
-0 88%
45,460
$134 90
$135 00
$0 10
0 07%
237,218
34,228,927
3,422,893
$462,090,515
3/8/2013 $13 55
$135 50
-
0 37%
23,090
$135 50
$135 60
$0 10
0 07%
237,218
34,228,927
3,422,893
$463,801,961
3/11/2013 $14 07
$140 70
-
3 77%
56,870
$140 80
$140 90
$0 10
0 07%
237,218
35,879,651
3,587,965
$504,826,690
3/12/2013 $14 07
$140 70
-
0 00%
25,590
$140 70
$140 80
$0 10
0 07%
237,218
35,879,651
3,587,965
$504,826,690
3/13/2013 $14 16
$141 60
-
0 64%
38,980
$141 50
$141 60
$0 10
0 07%
237,218
35,879,651
3,587,965
$508,055,858
3/14/2013 $14 25
$142 50
-
0 63%
16,160
$142 40
$142 50
$0 10
0 07%
237,218
35,879,651
3,587,965
$511,285,027
3/15/2013 $14 05
$140 50
$0 60
-0 99%
32,390
$140 50
$140 60
$0 10
0 07%
236,211
35,879,651
3,587,965
$504,109,097
3/18/2013 $14 10
$141 00
-
0 36%
12,000
$140 90
$141 00
$0 10
0 07%
236,211
35,879,651
3,587,965
$505,903,079
3/19/2013 $13 99
$139 90
-
-0 78%
19,860
$139 90
$140 00
$0 10
0 07%
236,211
35,879,651
3,587,965
$501,956,317
3/20/2013 $14 10
$141 00
-
0 78%
9,600
$140 80
$140 90
$0 10
0 07%
236,211
35,879,651
3,587,965
$505,903,079
3/21/2013 $13 65
$136 50
-
-3 24%
15,830
$136 50
$136 60
$0 10
0 07%
236,211
35,879,651
3,587,965
$489,757,236
3/22/2013 $13 78
$137 80
-
0 95%
10,750
$137 70
$137 80
$0 10
0 07%
236,211
35,879,651
3,587,965
$494,421,591
3/25/2013 $13 59
$135 90
-
-1 39%
8,920
$135 90
$136 00
$0 10
0 07%
236,211
35,879,651
3,587,965
$487,604,457
3/26/2013 $13 42
$134 20
-
-1 26%
14,650
$134 10
$134 20
$0 10
0 07%
236,211
35,879,651
3,587,965
$481,504,916
3/27/2013 $13 46
$134 60
-
0 30%
14,890
$134 60
$134 70
$0 10
0 07%
236,211
35,879,651
3,587,965
$482,940,102
3/28/2013 $13 68
$136 80
-
1 62%
12,430
$136 80
$136 90
$0 10
0 07%
233,543
35,879,651
3,587,965
$490,833,626
4/1/2013 $13 25
$132 50
-
-3 19%
14,520
$132 50
$132 70
$0 20
0 15%
233,543
35,879,651
3,587,965
$475,405,376
4/2/2013 $13 43
$134 30
-
1 35%
20,400
$134 30
$134 40
$0 10
0 07%
233,543
35,879,651
3,587,965
$481,863,713
4/3/2013 $13 03
$130 30
-
-3 02%
16,210
$130 30
$130 40
$0 10
0 08%
233,543
35,879,651
3,587,965
$467,511,853
4/4/2013 $13 44
$134 40
-
3 10%
11,830
$134 20
$134 40
$0 20
0 15%
233,543
35,879,651
3,587,965
$482,222,509
4/5/2013 $13 01
$130 10
-
-3 25%
14,340
$130 10
$130 30
$0 20
0 15%
233,543
35,879,651
3,587,965
$466,794,260
4/8/2013 $13 39
$133 90
-
2 88%
10,630
$133 90
$134 00
$0 10
0 07%
233,543
35,879,651
3,587,965
$480,428,527
4/9/2013 $13 62
$136 20
-
1 70%
21,410
$136 10
$136 20
$0 10
0 07%
233,543
35,879,651
3,587,965
$488,680,847
4/10/2013 $13 92
$139 20
-
2 18%
19,510
$139 20
$139 30
$0 10
0 07%
233,543
35,879,651
3,587,965
$499,444,742
4/11/2013 $13 95
$139 50
-
0 22%
14,740
$139 50
$139 60
$0 10
0 07%
233,543
35,879,651
3,587,965
$500,521,131
4/12/2013 $13 95
$139 50
-
0 00%
16,170
$139 60
$139 70
$0 10
0 07%
233,543
35,879,651
3,587,965
$500,521,131
4/15/2013 $13 09
$130 90
-
-6 36%
23,700
$131 00
$131 10
$0 10
0 08%
241,228
35,879,651
3,587,965
$469,664,632
4/16/2013 $13 51
$135 10
-
3 16%
11,540
$135 10
$135 20
$0 10
0 07%
241,228
37,067,596
3,706,760
$500,783,222
4/17/2013 $13 18
$131 80
-
-2 47%
13,940
$131 80
$131 90
$0 10
0 08%
241,228
37,067,596
3,706,760
$488,550,915
4/18/2013 $13 14
$131 40
-
-0 30%
17,820
$131 40
$131 50
$0 10
0 08%
241,228
37,067,596
3,706,760
$487,068,211
4/19/2013 $13 39
$133 90
-
1 88%
5,070
$133 90
$134 10
$0 20
0 15%
241,228
37,067,596
3,706,760
$496,335,110
4/22/2013 $13 43
$134 30
-
0 30%
8,420
$134 30
$134 40
$0 10
0 07%
241,228
37,067,596
3,706,760
$497,817,814
4/23/2013 $13 68
$136 80
-
1 84%
10,250
$136 70
$136 80
$0 10
0 07%
241,228
37,067,596
3,706,760
$507,084,713
4/24/2013 $13 71
$137 10
-
0 22%
3,840
$137 10
$137 20
$0 10
0 07%
241,228
37,067,596
3,706,760
$508,196,741
4/25/2013 $13 46
$134 60
-
-1 84%
9,260
$134 50
$134 60
$0 10
0 07%
241,228
37,067,596
3,706,760
$498,929,842
4/26/2013 $13 30
$133 00
-
-1 20%
7,970
$133 00
$133 10
$0 10
0 08%
241,228
37,067,596
3,706,760
$492,999,027
4/29/2013 $13 50
$135 00
-
1 49%
7,080
$134 90
$135 00
$0 10
0 07%
241,228
37,067,596
3,706,760
$500,412,546
4/30/2013 $13 55
$135 50
-
0 37%
9,110
$135 40
$135 50
$0 10
0 07%
237,850
37,067,596
3,706,760
$502,265,926
5/1/2013 $13 14
$131 40
-
-3 07%
15,650
$131 40
$131 50
$0 10
0 08%
237,850
37,067,596
3,706,760
$487,068,211
5/2/2013 $13 26
$132 60
-
0 91%
22,350
$132 50
$132 70
$0 20
0 15%
237,850
37,067,596
3,706,760
$491,516,323
5/3/2013 $13 59
$135 90
-
2 46%
21,820
$135 80
$135 90
$0 10
0 07%
237,850
37,067,596
3,706,760
$503,748,630
5/6/2013 $13 70
$137 00
-
0 81%
15,360
$136 90
$137 00
$0 10
0 07%
237,850
37,067,596
3,706,760
$507,826,065
5/7/2013 $14 15
$141 50
-
3 23%
34,880
$141 20
$141 40
$0 20
0 14%
237,850
37,067,596
3,706,760
$524,506,483
5/8/2013 $14 25
$142 50
-
0 70%
33,840
$142 40
$142 50
$0 10
0 07%
237,850
37,067,596
3,706,760
$528,213,243
5/9/2013 $14 28
$142 80
-
0 21%
32,950
$142 70
$142 80
$0 10
0 07%
237,850
37,067,596
3,706,760
$529,325,271
5/10/2013 $14 50
$145 00
-
1 53%
13,330
$144 90
$145 00
$0 10
0 07%
237,850
37,067,596
3,706,760
$537,480,142
5/13/2013 $14 80
$148 00
-
2 05%
20,680
$147 90
$148 00
$0 10
0 07%
237,850
37,067,596
3,706,760
$548,600,421
5/14/2013 $14 92
$149 20
-
0 81%
22,150
$149 00
$149 10
$0 10
0 07%
237,850
37,067,596
3,706,760
$553,048,532
5/15/2013 $14 95
$149 50
-
0 20%
20,500
$149 30
$149 40
$0 10
0 07%
210,565
37,067,596
3,706,760
$554,160,560
5/16/2013 $14 82
$148 20
-
-0 87%
18,250
$148 00
$148 20
$0 20
0 14%
210,565
37,067,596
3,706,760
$549,341,773
5/17/2013 $14 69
$146 90
-
-0 88%
51,990
$147 00
$147 10
$0 10
0 07%
210,565
37,067,596
3,706,760
$544,522,985
5/20/2013 $14 81
$148 10
-
0 81%
10,600
$148 00
$148 10
$0 10
0 07%
210,565
37,067,596
3,706,760
$548,971,097
151
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 155 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 157 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
5/21/2013 $14 67
$146 70
-
-0 95%
13,070
$146 60
$146 70
$0 10
0 07%
210,565
37,067,596
3,706,760
$543,781,633
5/22/2013 $14 59
$145 90
-
-0 55%
25,130
$146 00
$146 10
$0 10
0 07%
210,565
37,067,596
3,706,760
$540,816,226
5/23/2013 $14 60
$146 00
-
0 07%
15,850
$145 80
$145 90
$0 10
0 07%
210,565
37,067,596
3,706,760
$541,186,902
5/24/2013 $14 72
$147 20
-
0 82%
9,660
$147 10
$147 20
$0 10
0 07%
210,565
37,067,596
3,706,760
$545,635,013
5/28/2013 $14 16
$141 60
-
-3 88%
146,860
$141 50
$141 60
$0 10
0 07%
210,565
37,067,596
3,706,760
$524,877,159
5/29/2013 $14 06
$140 60
-
-0 71%
234,630
$140 50
$140 60
$0 10
0 07%
210,565
37,067,596
3,706,760
$521,170,400
5/30/2013 $14 00
$140 00
-
-0 43%
150,580
$139 90
$140 00
$0 10
0 07%
210,565
37,067,596
3,706,760
$518,946,344
5/31/2013 $13 87
$138 70
-
-0 93%
63,870
$138 70
$138 90
$0 20
0 14%
258,369
37,067,596
3,706,760
$514,127,557
6/3/2013 $14 09
$140 90
-
1 57%
126,690
$140 90
$141 00
$0 10
0 07%
258,369
37,067,596
3,706,760
$522,282,428
6/4/2013 $14 00
$140 00
$0 60
-0 21%
35,560
$140 10
$140 20
$0 10
0 07%
258,369
37,067,596
3,706,760
$518,946,344
6/5/2013 $13 89
$138 90
-
-0 79%
54,740
$138 90
$139 00
$0 10
0 07%
258,369
37,067,596
3,706,760
$514,868,908
6/6/2013 $14 29
$142 90
-
2 84%
48,340
$142 70
$142 80
$0 10
0 07%
258,369
37,067,596
3,706,760
$529,695,947
6/7/2013 $14 39
$143 90
-
0 70%
30,520
$143 90
$144 10
$0 20
0 14%
258,369
37,067,596
3,706,760
$533,402,706
6/10/2013 $14 39
$143 90
-
0 00%
47,440
$143 80
$143 90
$0 10
0 07%
258,369
37,067,596
3,706,760
$533,402,706
6/11/2013 $14 28
$142 80
-
-0 77%
22,730
$142 80
$142 90
$0 10
0 07%
258,369
37,067,596
3,706,760
$529,325,271
6/12/2013 $14 14
$141 40
-
-0 99%
12,960
$141 30
$141 40
$0 10
0 07%
258,369
37,067,596
3,706,760
$524,135,807
6/13/2013 $14 29
$142 90
-
1 06%
8,340
$142 90
$143 00
$0 10
0 07%
258,369
37,067,596
3,706,760
$529,695,947
6/14/2013 $14 27
$142 70
-
-0 14%
16,040
$142 70
$142 80
$0 10
0 07%
341,935
37,067,596
3,706,760
$528,954,595
6/17/2013 $15 04
$150 40
-
5 26%
101,390
$150 30
$150 40
$0 10
0 07%
341,935
37,067,596
3,706,760
$557,496,644
6/18/2013 $15 55
$155 50
-
3 33%
93,720
$155 40
$155 50
$0 10
0 06%
341,935
37,067,596
3,706,760
$576,401,118
6/19/2013 $15 36
$153 60
-
-1 23%
34,450
$153 60
$153 70
$0 10
0 07%
341,935
37,067,596
3,706,760
$569,358,275
6/20/2013 $15 62
$156 20
-
1 68%
45,550
$156 30
$156 50
$0 20
0 13%
341,935
37,067,596
3,706,760
$578,995,850
6/21/2013 $15 83
$158 30
-
1 34%
69,910
$158 40
$158 50
$0 10
0 06%
341,935
37,067,596
3,706,760
$586,780,045
6/24/2013 $15 98
$159 80
-
0 94%
75,670
$159 70
$159 80
$0 10
0 06%
341,935
37,067,596
3,706,760
$592,340,184
6/25/2013 $16 34
$163 40
-
2 23%
85,580
$163 20
$163 30
$0 10
0 06%
341,935
37,067,596
3,706,760
$605,684,519
6/26/2013 $16 34
$163 40
-
0 00%
41,310
$163 20
$163 30
$0 10
0 06%
341,935
37,067,596
3,706,760
$605,684,519
6/27/2013 $16 24
$162 40
-
-0 61%
54,910
$162 20
$162 30
$0 10
0 06%
341,935
37,067,596
3,706,760
$601,977,759
6/28/2013 $16 41
$164 10
-
1 04%
218,110
$163 90
$164 00
$0 10
0 06%
377,074
37,067,596
3,706,760
$608,279,250
7/1/2013 $16 25
$162 50
-
-0 98%
62,400
$162 40
$162 50
$0 10
0 06%
377,074
37,067,596
3,706,760
$602,348,435
7/2/2013 $16 11
$161 10
-
-0 87%
84,250
$161 00
$161 10
$0 10
0 06%
377,074
37,067,596
3,706,760
$597,158,972
7/3/2013 $16 07
$160 70
-
-0 25%
25,460
$160 50
$160 60
$0 10
0 06%
377,074
37,067,596
3,706,760
$595,676,268
7/5/2013 $16 08
$160 80
-
0 06%
17,960
$160 70
$160 80
$0 10
0 06%
377,074
37,067,596
3,706,760
$596,046,944
7/8/2013 $16 20
$162 00
-
0 74%
45,230
$161 90
$162 00
$0 10
0 06%
377,074
37,067,596
3,706,760
$600,495,055
7/9/2013 $16 19
$161 90
-
-0 06%
32,840
$161 70
$161 80
$0 10
0 06%
377,074
37,067,596
3,706,760
$600,124,379
7/10/2013 $16 16
$161 60
-
-0 19%
28,560
$161 70
$161 80
$0 10
0 06%
377,074
37,067,596
3,706,760
$599,012,351
7/11/2013 $16 08
$160 80
-
-0 50%
19,330
$160 80
$160 90
$0 10
0 06%
377,074
37,067,596
3,706,760
$596,046,944
7/12/2013 $15 93
$159 30
-
-0 94%
21,440
$159 30
$159 40
$0 10
0 06%
377,074
37,067,596
3,706,760
$590,486,804
7/15/2013 $16 03
$160 30
-
0 63%
42,710
$160 20
$160 30
$0 10
0 06%
444,590
37,067,596
3,706,760
$594,193,564
7/16/2013 $16 64
$166 40
-
3 73%
44,740
$166 40
$166 50
$0 10
0 06%
444,590
37,067,596
3,706,760
$616,804,797
7/17/2013 $16 73
$167 30
-
0 54%
31,580
$167 10
$167 30
$0 20
0 12%
444,590
37,067,596
3,706,760
$620,140,881
7/18/2013 $17 19
$171 90
-
2 71%
50,830
$171 80
$171 90
$0 10
0 06%
444,590
37,067,596
3,706,760
$637,191,975
7/19/2013 $17 05
$170 50
-
-0 82%
42,020
$170 50
$170 60
$0 10
0 06%
444,590
37,067,596
3,706,760
$632,002,512
7/22/2013 $16 89
$168 90
-
-0 94%
16,500
$168 90
$169 00
$0 10
0 06%
444,590
37,067,596
3,706,760
$626,071,696
7/23/2013 $16 82
$168 20
-
-0 42%
32,670
$168 20
$168 30
$0 10
0 06%
444,590
37,067,596
3,706,760
$623,476,965
7/24/2013 $16 91
$169 10
-
0 53%
48,770
$169 00
$169 10
$0 10
0 06%
444,590
37,067,596
3,706,760
$626,813,048
7/25/2013 $16 76
$167 60
-
-0 89%
26,020
$167 60
$167 70
$0 10
0 06%
444,590
37,067,596
3,706,760
$621,252,909
7/26/2013 $16 40
$164 00
-
-2 17%
27,370
$163 90
$164 00
$0 10
0 06%
444,590
37,067,596
3,706,760
$607,908,574
7/29/2013 $16 29
$162 90
-
-0 67%
18,470
$162 80
$162 90
$0 10
0 06%
444,590
37,067,596
3,706,760
$603,831,139
7/30/2013 $16 28
$162 80
-
-0 06%
28,780
$162 60
$162 80
$0 20
0 12%
444,590
37,067,596
3,706,760
$603,460,463
7/31/2013 $16 50
$165 00
-
1 34%
29,280
$164 90
$165 00
$0 10
0 06%
361,160
37,067,596
3,706,760
$611,615,334
8/1/2013 $16 91
$169 10
-
2 45%
70,630
$168 90
$169 00
$0 10
0 06%
361,160
37,067,596
3,706,760
$626,813,048
8/2/2013 $16 94
$169 40
-
0 18%
28,460
$169 30
$169 40
$0 10
0 06%
361,160
37,067,596
3,706,760
$627,925,076
8/5/2013 $16 81
$168 10
-
-0 77%
20,600
$167 90
$168 10
$0 20
0 12%
361,160
37,067,596
3,706,760
$623,106,289
8/6/2013 $16 71
$167 10
-
-0 60%
48,320
$167 00
$167 10
$0 10
0 06%
361,160
37,067,596
3,706,760
$619,399,529
8/7/2013 $17 99
$179 90
-
7 38%
73,930
$179 80
$179 90
$0 10
0 06%
361,160
38,046,266
3,804,627
$684,452,325
8/8/2013 $17 72
$177 20
-
-1 51%
67,040
$177 10
$177 20
$0 10
0 06%
361,160
38,046,266
3,804,627
$674,179,834
8/9/2013 $17 99
$179 90
-
1 51%
91,240
$179 80
$179 90
$0 10
0 06%
361,160
38,046,266
3,804,627
$684,452,325
8/12/2013 $18 21
$182 10
-
1 22%
61,970
$182 00
$182 20
$0 20
0 11%
361,160
38,046,266
3,804,627
$692,822,504
8/13/2013 $18 95
$189 50
-
3 98%
125,120
$189 40
$189 50
$0 10
0 05%
361,160
38,046,266
3,804,627
$720,976,741
8/14/2013 $19 16
$191 60
-
1 10%
105,250
$191 50
$191 60
$0 10
0 05%
361,160
38,046,266
3,804,627
$728,966,457
8/15/2013 $18 96
$189 60
-
-1 05%
85,050
$189 70
$189 80
$0 10
0 05%
383,627
38,046,266
3,804,627
$721,357,203
8/16/2013 $18 52
$185 20
-
-2 35%
36,990
$185 00
$185 20
$0 20
0 11%
383,627
38,046,266
3,804,627
$704,616,846
8/19/2013 $18 37
$183 70
-
-0 81%
61,150
$183 70
$183 80
$0 10
0 05%
383,627
38,046,266
3,804,627
$698,909,906
8/20/2013 $18 64
$186 40
-
1 46%
24,300
$186 30
$186 40
$0 10
0 05%
383,627
38,046,266
3,804,627
$709,182,398
8/21/2013 $18 68
$186 80
-
0 21%
22,360
$186 80
$186 90
$0 10
0 05%
383,627
38,046,266
3,804,627
$710,704,249
8/22/2013 $18 99
$189 90
-
1 65%
20,630
$189 80
$189 90
$0 10
0 05%
383,627
38,046,266
3,804,627
$722,498,591
8/23/2013 $19 08
$190 80
-
0 47%
31,180
$190 80
$190 90
$0 10
0 05%
383,627
38,046,266
3,804,627
$725,922,755
8/26/2013 $19 42
$194 20
-
1 77%
50,150
$194 20
$194 30
$0 10
0 05%
383,627
38,046,266
3,804,627
$738,858,486
8/27/2013 $19 19
$191 90
-
-1 19%
141,170
$191 80
$191 90
$0 10
0 05%
383,627
38,046,266
3,804,627
$730,107,845
8/28/2013 $19 15
$191 50
-
-0 21%
66,990
$191 60
$191 70
$0 10
0 05%
383,627
38,046,266
3,804,627
$728,585,994
8/29/2013 $19 76
$197 60
-
3 14%
65,370
$197 60
$197 70
$0 10
0 05%
383,627
38,046,266
3,804,627
$751,794,216
8/30/2013 $18 99
$189 90
-
-3 97%
55,880
$189 90
$190 00
$0 10
0 05%
413,741
38,046,266
3,804,627
$722,498,591
9/3/2013 $19 14
$191 40
-
0 79%
63,050
$191 20
$191 40
$0 20
0 10%
413,741
38,046,266
3,804,627
$728,205,531
9/4/2013 $19 10
$191 00
$0 60
0 10%
76,810
$190 90
$191 00
$0 10
0 05%
413,741
38,046,266
3,804,627
$726,683,681
152
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 156 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 158 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
9/5/2013 $19 21
$192 10
-
0 57%
37,730
$191 90
$192 00
$0 10
0 05%
413,741
38,046,266
3,804,627
$730,868,770
9/6/2013 $19 44
$194 40
-
1 19%
48,940
$194 40
$194 50
$0 10
0 05%
413,741
38,046,266
3,804,627
$739,619,411
9/9/2013 $19 70
$197 00
-
1 33%
39,350
$196 90
$197 00
$0 10
0 05%
413,741
38,046,266
3,804,627
$749,511,440
9/10/2013 $19 66
$196 60
-
-0 20%
55,090
$196 50
$196 60
$0 10
0 05%
413,741
38,046,266
3,804,627
$747,989,590
9/11/2013 $19 02
$190 20
-
-3 31%
70,700
$190 10
$190 20
$0 10
0 05%
413,741
38,046,266
3,804,627
$723,639,979
9/12/2013 $18 70
$187 00
-
-1 70%
63,710
$186 90
$187 00
$0 10
0 05%
413,741
38,046,266
3,804,627
$711,465,174
9/13/2013 $18 75
$187 50
-
0 27%
39,150
$187 60
$187 70
$0 10
0 05%
361,172
38,046,266
3,804,627
$713,367,488
9/16/2013 $19 07
$190 70
-
1 69%
32,800
$190 70
$190 80
$0 10
0 05%
361,172
38,046,266
3,804,627
$725,542,293
9/17/2013 $19 09
$190 90
-
0 10%
29,450
$190 90
$191 00
$0 10
0 05%
361,172
38,046,266
3,804,627
$726,303,218
9/18/2013 $18 97
$189 70
-
-0 63%
49,110
$189 80
$189 90
$0 10
0 05%
361,172
38,046,266
3,804,627
$721,737,666
9/19/2013 $18 97
$189 70
-
0 00%
34,260
$189 50
$189 60
$0 10
0 05%
361,172
38,046,266
3,804,627
$721,737,666
9/20/2013 $19 27
$192 70
-
1 57%
75,400
$192 50
$192 60
$0 10
0 05%
361,172
38,046,266
3,804,627
$733,151,546
9/23/2013 $19 62
$196 20
-
1 80%
34,140
$195 90
$196 00
$0 10
0 05%
361,172
38,046,266
3,804,627
$746,467,739
9/24/2013 $19 30
$193 00
-
-1 64%
39,870
$193 00
$193 10
$0 10
0 05%
361,172
38,046,266
3,804,627
$734,292,934
9/25/2013 $19 30
$193 00
-
0 00%
12,180
$192 90
$193 00
$0 10
0 05%
361,172
38,046,266
3,804,627
$734,292,934
9/26/2013 $19 07
$190 70
-
-1 20%
18,910
$190 70
$190 80
$0 10
0 05%
361,172
38,046,266
3,804,627
$725,542,293
9/27/2013 $19 76
$197 60
-
3 55%
37,900
$197 60
$197 70
$0 10
0 05%
361,172
38,046,266
3,804,627
$751,794,216
9/30/2013 $19 75
$197 50
-
-0 05%
36,020
$197 50
$197 60
$0 10
0 05%
361,749
38,046,266
3,804,627
$751,413,754
10/1/2013 $19 67
$196 70
-
-0 41%
16,160
$196 50
$196 60
$0 10
0 05%
361,749
38,046,266
3,804,627
$748,370,052
10/2/2013 $19 14
$191 40
-
-2 73%
46,700
$191 40
$191 50
$0 10
0 05%
361,749
38,046,266
3,804,627
$728,205,531
10/3/2013 $18 79
$187 90
-
-1 85%
26,130
$187 90
$188 00
$0 10
0 05%
361,749
38,046,266
3,804,627
$714,889,338
10/4/2013 $19 00
$190 00
-
1 11%
13,910
$190 00
$190 10
$0 10
0 05%
361,749
38,046,266
3,804,627
$722,879,054
10/7/2013 $18 73
$187 30
-
-1 43%
21,040
$187 10
$187 20
$0 10
0 05%
361,749
38,046,266
3,804,627
$712,606,562
10/8/2013 $17 89
$178 90
-
-4 59%
39,920
$179 00
$179 10
$0 10
0 06%
361,749
38,046,266
3,804,627
$680,647,699
10/9/2013 $17 68
$176 80
-
-1 18%
31,800
$176 70
$176 80
$0 10
0 06%
361,749
38,046,266
3,804,627
$672,657,983
10/10/2013 $17 75
$177 50
-
0 40%
44,700
$177 40
$177 50
$0 10
0 06%
361,749
38,046,266
3,804,627
$675,321,222
10/11/2013 $18 15
$181 50
-
2 23%
217,270
$181 40
$181 50
$0 10
0 06%
361,749
38,046,266
3,804,627
$690,539,728
10/14/2013 $18 26
$182 60
-
0 60%
63,030
$182 50
$182 60
$0 10
0 05%
361,749
38,046,266
3,804,627
$694,724,817
10/15/2013 $17 87
$178 70
-
-2 16%
515,570
$178 00
$178 10
$0 10
0 06%
329,507
38,046,266
3,804,627
$679,886,773
10/16/2013 $18 05
$180 50
-
1 00%
72,920
$180 30
$180 40
$0 10
0 06%
329,507
38,046,266
3,804,627
$686,735,101
10/17/2013 $17 42
$174 20
-
-3 55%
136,730
$174 10
$174 20
$0 10
0 06%
329,507
38,046,266
3,804,627
$662,765,954
10/18/2013 $17 10
$171 00
-
-1 85%
56,100
$170 90
$171 00
$0 10
0 06%
329,507
38,046,266
3,804,627
$650,591,149
10/21/2013 $16 98
$169 80
-
-0 70%
50,330
$169 70
$169 80
$0 10
0 06%
329,507
38,046,266
3,804,627
$646,025,597
10/22/2013 $16 79
$167 90
-
-1 13%
43,060
$167 80
$167 90
$0 10
0 06%
329,507
38,046,266
3,804,627
$638,796,806
10/23/2013 $16 30
$163 00
-
-2 96%
49,590
$162 90
$163 00
$0 10
0 06%
329,507
38,046,266
3,804,627
$620,154,136
10/24/2013 $16 27
$162 70
-
-0 18%
45,980
$162 50
$162 60
$0 10
0 06%
329,507
38,046,266
3,804,627
$619,012,748
10/25/2013 $16 63
$166 30
-
2 19%
67,620
$166 10
$166 20
$0 10
0 06%
329,507
38,046,266
3,804,627
$632,709,404
10/28/2013 $16 53
$165 30
-
-0 60%
58,400
$165 30
$165 40
$0 10
0 06%
329,507
38,046,266
3,804,627
$628,904,777
10/29/2013 $17 05
$170 50
-
3 10%
78,590
$170 40
$170 50
$0 10
0 06%
329,507
38,046,266
3,804,627
$648,688,835
10/30/2013 $16 60
$166 00
-
-2 67%
41,590
$165 90
$166 00
$0 10
0 06%
329,507
38,046,266
3,804,627
$631,568,016
10/31/2013 $16 39
$163 90
-
-1 27%
69,610
$164 00
$164 10
$0 10
0 06%
389,204
38,046,266
3,804,627
$623,578,300
11/1/2013 $16 33
$163 30
-
-0 37%
23,550
$163 10
$163 20
$0 10
0 06%
389,204
38,046,266
3,804,627
$621,295,524
11/4/2013 $16 46
$164 60
-
0 79%
65,870
$164 50
$164 60
$0 10
0 06%
389,204
38,046,266
3,804,627
$626,241,538
11/5/2013 $16 12
$161 20
-
-2 09%
47,040
$161 10
$161 20
$0 10
0 06%
389,204
38,046,266
3,804,627
$613,305,808
11/6/2013 $16 17
$161 70
-
0 31%
38,040
$161 60
$161 70
$0 10
0 06%
389,204
38,046,266
3,804,627
$615,208,121
11/7/2013 $14 84
$148 40
-
-8 58%
193,530
$148 30
$148 40
$0 10
0 07%
389,204
43,506,584
4,350,658
$645,637,707
11/8/2013 $15 48
$154 80
-
4 22%
92,160
$154 60
$154 70
$0 10
0 06%
389,204
43,506,584
4,350,658
$673,481,920
11/11/2013 $15 57
$155 70
-
0 58%
114,190
$155 60
$155 70
$0 10
0 06%
389,204
43,506,584
4,350,658
$677,397,513
11/12/2013 $15 75
$157 50
-
1 15%
42,940
$157 40
$157 50
$0 10
0 06%
389,204
43,506,584
4,350,658
$685,228,698
11/13/2013 $16 29
$162 90
-
3 37%
73,620
$162 80
$162 90
$0 10
0 06%
389,204
43,506,584
4,350,658
$708,722,253
11/14/2013 $15 69
$156 90
-
-3 75%
45,820
$156 90
$157 00
$0 10
0 06%
389,204
43,506,584
4,350,658
$682,618,303
11/15/2013 $15 69
$156 90
-
0 00%
16,970
$156 80
$156 90
$0 10
0 06%
469,583
43,506,584
4,350,658
$682,618,303
11/18/2013 $15 52
$155 20
-
-1 09%
30,370
$155 20
$155 30
$0 10
0 06%
469,583
43,506,584
4,350,658
$675,222,184
11/19/2013 $15 75
$157 50
-
1 47%
30,310
$157 50
$157 60
$0 10
0 06%
469,583
43,506,584
4,350,658
$685,228,698
11/20/2013 $15 85
$158 50
-
0 63%
46,320
$158 40
$158 50
$0 10
0 06%
469,583
43,506,584
4,350,658
$689,579,356
11/21/2013 $16 11
$161 10
-
1 63%
59,300
$160 90
$161 00
$0 10
0 06%
469,583
43,506,584
4,350,658
$700,891,068
11/22/2013 $16 15
$161 50
-
0 25%
258,590
$160 60
$160 70
$0 10
0 06%
469,583
43,506,584
4,350,658
$702,631,332
11/25/2013 $16 50
$165 00
-
2 14%
53,630
$165 00
$165 10
$0 10
0 06%
469,583
43,506,584
4,350,658
$717,858,636
11/26/2013 $16 85
$168 50
-
2 10%
51,370
$168 40
$168 50
$0 10
0 06%
469,583
43,506,584
4,350,658
$733,085,940
11/27/2013 $16 67
$166 70
-
-1 07%
31,900
$166 70
$166 80
$0 10
0 06%
469,583
43,506,584
4,350,658
$725,254,755
11/29/2013 $16 66
$166 60
-
-0 06%
9,720
$166 50
$166 60
$0 10
0 06%
486,113
43,506,584
4,350,658
$724,819,689
12/2/2013 $16 38
$163 80
-
-1 69%
37,680
$163 70
$163 80
$0 10
0 06%
486,113
43,506,584
4,350,658
$712,637,846
12/3/2013 $16 18
$161 80
-
-1 23%
38,290
$161 70
$161 80
$0 10
0 06%
486,113
43,506,584
4,350,658
$703,936,529
12/4/2013 $16 31
$163 10
-
0 80%
40,840
$163 00
$163 10
$0 10
0 06%
486,113
43,506,584
4,350,658
$709,592,385
12/5/2013 $16 29
$162 90
-
-0 12%
28,130
$162 90
$163 00
$0 10
0 06%
486,113
43,506,584
4,350,658
$708,722,253
12/6/2013 $16 58
$165 80
-
1 76%
31,220
$165 70
$165 80
$0 10
0 06%
486,113
43,506,584
4,350,658
$721,339,163
12/9/2013 $16 82
$168 20
-
1 44%
53,040
$168 20
$168 30
$0 10
0 06%
486,113
43,506,584
4,350,658
$731,780,743
12/10/2013 $16 76
$167 60
-
-0 36%
44,090
$167 60
$167 70
$0 10
0 06%
486,113
43,506,584
4,350,658
$729,170,348
12/11/2013 $16 52
$165 20
-
-1 44%
59,130
$165 20
$165 30
$0 10
0 06%
486,113
43,506,584
4,350,658
$718,728,768
12/12/2013 $16 28
$162 80
-
-1 46%
71,370
$162 60
$162 70
$0 10
0 06%
486,113
43,506,584
4,350,658
$708,287,188
12/13/2013 $15 80
$158 00
-
-2 99%
65,930
$158 00
$158 10
$0 10
0 06%
527,826
43,506,584
4,350,658
$687,404,027
12/16/2013 $15 99
$159 90
-
1 20%
33,260
$159 90
$160 00
$0 10
0 06%
527,826
43,506,584
4,350,658
$695,670,278
12/17/2013 $16 03
$160 30
$0 60
0 62%
70,150
$160 20
$160 30
$0 10
0 06%
527,826
43,506,584
4,350,658
$697,410,542
12/18/2013 $15 99
$159 90
-
-0 25%
62,150
$159 90
$160 00
$0 10
0 06%
527,826
43,506,584
4,350,658
$695,670,278
153
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 157 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 159 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
12/19/2013 $16 40
$164 00
-
2 53%
103,620
$164 00
$164 10
$0 10
0 06%
527,826
43,506,584
4,350,658
$713,507,978
12/20/2013 $17 03
$170 30
-
3 77%
155,980
$170 40
$170 50
$0 10
0 06%
527,826
43,506,584
4,350,658
$740,917,126
12/23/2013 $17 21
$172 10
-
1 05%
80,750
$172 00
$172 00
$0 00
0 00%
527,826
43,506,584
4,350,658
$748,748,311
12/24/2013 $17 31
$173 10
-
0 58%
9,330
$173 00
$173 10
$0 10
0 06%
527,826
43,506,584
4,350,658
$753,098,969
12/26/2013 $17 22
$172 20
-
-0 52%
20,830
$172 10
$172 20
$0 10
0 06%
527,826
43,506,584
4,350,658
$749,183,376
12/27/2013 $17 17
$171 70
-
-0 29%
14,920
$171 60
$171 70
$0 10
0 06%
527,826
43,506,584
4,350,658
$747,008,047
12/30/2013 $17 02
$170 20
-
-0 88%
17,600
$170 10
$170 20
$0 10
0 06%
527,826
43,506,584
4,350,658
$740,482,060
12/31/2013 $17 84
$178 40
-
4 71%
45,470
$178 40
$178 50
$0 10
0 06%
417,455
43,506,584
4,350,658
$776,157,459
1/2/2014 $18 29
$182 90
-
2 49%
55,480
$182 80
$182 90
$0 10
0 05%
417,455
43,506,584
4,350,658
$795,735,421
1/3/2014 $18 11
$181 10
-
-0 99%
35,420
$181 10
$181 20
$0 10
0 06%
417,455
43,506,584
4,350,658
$787,904,236
1/6/2014 $17 91
$179 10
-
-1 11%
34,740
$178 90
$179 00
$0 10
0 06%
417,455
43,506,584
4,350,658
$779,202,919
1/7/2014 $17 85
$178 50
-
-0 34%
57,120
$178 40
$178 50
$0 10
0 06%
417,455
43,506,584
4,350,658
$776,592,524
1/8/2014 $17 96
$179 60
-
0 61%
45,560
$179 60
$179 70
$0 10
0 06%
417,455
43,506,584
4,350,658
$781,378,249
1/9/2014 $17 90
$179 00
-
-0 33%
29,330
$178 90
$179 00
$0 10
0 06%
417,455
43,506,584
4,350,658
$778,767,854
1/10/2014 $17 69
$176 90
-
-1 18%
25,390
$176 80
$176 90
$0 10
0 06%
417,455
43,506,584
4,350,658
$769,631,471
1/13/2014 $17 43
$174 30
-
-1 48%
22,010
$174 20
$174 30
$0 10
0 06%
417,455
43,506,584
4,350,658
$758,319,759
1/14/2014 $17 01
$170 10
-
-2 44%
101,070
$169 90
$170 00
$0 10
0 06%
417,455
43,506,584
4,350,658
$740,046,994
1/15/2014 $16 98
$169 80
-
-0 18%
51,640
$169 80
$169 90
$0 10
0 06%
435,256
43,506,584
4,350,658
$738,741,796
1/16/2014 $16 93
$169 30
-
-0 29%
52,920
$169 30
$169 40
$0 10
0 06%
435,256
43,506,584
4,350,658
$736,566,467
1/17/2014 $16 76
$167 60
-
-1 01%
24,130
$167 50
$167 60
$0 10
0 06%
435,256
43,506,584
4,350,658
$729,170,348
1/21/2014 $16 80
$168 00
-
0 24%
64,960
$168 00
$168 10
$0 10
0 06%
435,256
43,506,584
4,350,658
$730,910,611
1/22/2014 $16 68
$166 80
-
-0 72%
24,730
$166 80
$166 90
$0 10
0 06%
435,256
43,506,584
4,350,658
$725,689,821
1/23/2014 $16 18
$161 80
-
-3 04%
85,580
$161 70
$161 80
$0 10
0 06%
435,256
43,506,584
4,350,658
$703,936,529
1/24/2014 $16 56
$165 60
-
2 32%
66,450
$165 60
$165 70
$0 10
0 06%
435,256
43,506,584
4,350,658
$720,469,031
1/27/2014 $16 35
$163 50
-
-1 28%
55,370
$163 50
$163 60
$0 10
0 06%
435,256
43,506,584
4,350,658
$711,332,648
1/28/2014 $16 35
$163 50
-
0 00%
37,630
$163 50
$163 60
$0 10
0 06%
435,256
43,506,584
4,350,658
$711,332,648
1/29/2014 $16 52
$165 20
-
1 03%
36,500
$165 20
$165 30
$0 10
0 06%
435,256
43,506,584
4,350,658
$718,728,768
1/30/2014 $16 56
$165 60
-
0 24%
34,850
$165 60
$165 70
$0 10
0 06%
435,256
43,506,584
4,350,658
$720,469,031
1/31/2014 $17 14
$171 40
-
3 44%
60,190
$171 50
$171 60
$0 10
0 06%
476,089
43,506,584
4,350,658
$745,702,850
2/3/2014 $16 86
$168 60
-
-1 65%
59,310
$168 60
$168 70
$0 10
0 06%
476,089
43,506,584
4,350,658
$733,521,006
2/4/2014 $17 01
$170 10
-
0 89%
74,000
$170 20
$170 30
$0 10
0 06%
476,089
43,506,584
4,350,658
$740,046,994
2/5/2014 $16 77
$167 70
-
-1 42%
42,890
$167 80
$167 90
$0 10
0 06%
476,089
43,506,584
4,350,658
$729,605,414
2/6/2014 $16 80
$168 00
-
0 18%
28,410
$168 00
$168 10
$0 10
0 06%
476,089
43,506,584
4,350,658
$730,910,611
2/7/2014 $17 44
$174 40
-
3 74%
31,460
$174 40
$174 50
$0 10
0 06%
476,089
43,506,584
4,350,658
$758,754,825
2/10/2014 $17 91
$179 10
-
2 66%
28,820
$179 30
$179 40
$0 10
0 06%
476,089
43,506,584
4,350,658
$779,202,919
2/11/2014 $17 41
$174 10
-
-2 83%
96,930
$174 10
$174 20
$0 10
0 06%
476,089
43,506,584
4,350,658
$757,449,627
2/12/2014 $16 94
$169 40
-
-2 74%
37,490
$169 40
$169 50
$0 10
0 06%
476,089
43,506,584
4,350,658
$737,001,533
2/13/2014 $16 80
$168 00
-
-0 83%
26,820
$167 90
$168 00
$0 10
0 06%
476,089
43,506,584
4,350,658
$730,910,611
2/14/2014 $16 58
$165 80
-
-1 32%
14,810
$165 90
$166 00
$0 10
0 06%
500,719
43,506,584
4,350,658
$721,339,163
2/18/2014 $16 50
$165 00
-
-0 48%
28,830
$164 90
$165 00
$0 10
0 06%
500,719
43,506,584
4,350,658
$717,858,636
2/19/2014 $16 26
$162 60
-
-1 47%
18,130
$162 60
$162 70
$0 10
0 06%
500,719
43,506,584
4,350,658
$707,417,056
2/20/2014 $16 72
$167 20
-
2 79%
35,160
$167 10
$167 30
$0 20
0 12%
500,719
43,506,584
4,350,658
$727,430,084
2/21/2014 $16 82
$168 20
-
0 60%
23,470
$168 10
$168 20
$0 10
0 06%
500,719
43,506,584
4,350,658
$731,780,743
2/24/2014 $16 82
$168 20
-
0 00%
24,780
$168 00
$168 10
$0 10
0 06%
500,719
43,506,584
4,350,658
$731,780,743
2/25/2014 $16 93
$169 30
-
0 65%
36,850
$169 20
$169 30
$0 10
0 06%
500,719
43,506,584
4,350,658
$736,566,467
2/26/2014 $16 71
$167 10
-
-1 31%
40,230
$167 00
$167 10
$0 10
0 06%
500,719
43,506,584
4,350,658
$726,995,019
2/27/2014 $16 75
$167 50
-
0 24%
36,710
$167 30
$167 50
$0 20
0 12%
500,719
43,506,584
4,350,658
$728,735,282
2/28/2014 $16 85
$168 50
-
0 60%
12,530
$168 40
$168 50
$0 10
0 06%
502,090
43,506,584
4,350,658
$733,085,940
3/3/2014 $16 54
$165 40
-
-1 86%
26,649
$165 40
$165 60
$0 20
0 12%
502,090
43,506,584
4,350,658
$719,598,899
3/4/2014 $16 70
$167 00
-
0 96%
53,372
$167 00
$167 10
$0 10
0 06%
502,090
43,506,584
4,350,658
$726,559,953
3/5/2014 $16 43
$164 30
-
-1 63%
38,671
$164 40
$164 50
$0 10
0 06%
502,090
43,506,584
4,350,658
$714,813,175
3/6/2014 $16 23
$162 30
-
-1 22%
57,813
$162 40
$162 50
$0 10
0 06%
502,090
43,506,584
4,350,658
$706,111,858
3/7/2014 $16 21
$162 10
-
-0 12%
35,506
$162 10
$162 20
$0 10
0 06%
502,090
43,506,584
4,350,658
$705,241,727
3/10/2014 $15 78
$157 80
-
-2 69%
47,436
$157 70
$157 80
$0 10
0 06%
502,090
43,506,584
4,350,658
$686,533,896
3/11/2014 $15 42
$154 20
-
-2 31%
50,814
$154 10
$154 20
$0 10
0 06%
502,090
43,506,584
4,350,658
$670,871,525
3/12/2014 $15 66
$156 60
-
1 54%
46,943
$156 40
$156 50
$0 10
0 06%
502,090
45,752,292
4,575,229
$716,480,893
3/13/2014 $15 99
$159 90
-
2 09%
72,800
$159 90
$160 00
$0 10
0 06%
502,090
45,752,292
4,575,229
$731,579,149
3/14/2014 $16 06
$160 60
-
0 44%
118,732
$160 60
$160 70
$0 10
0 06%
553,994
45,752,292
4,575,229
$734,781,810
3/17/2014 $16 26
$162 60
-
1 24%
34,688
$162 50
$162 60
$0 10
0 06%
553,994
45,752,292
4,575,229
$743,932,268
3/18/2014 $16 21
$162 10
-
-0 31%
38,945
$161 70
$161 90
$0 20
0 12%
553,994
45,752,292
4,575,229
$741,644,653
3/19/2014 $16 30
$163 00
$0 60
0 92%
47,793
$162 90
$163 00
$0 10
0 06%
553,994
45,752,292
4,575,229
$745,762,360
3/20/2014 $16 57
$165 70
-
1 64%
27,019
$165 70
$165 80
$0 10
0 06%
553,994
45,752,292
4,575,229
$758,115,478
3/21/2014 $16 17
$161 70
-
-2 44%
62,064
$161 50
$161 60
$0 10
0 06%
553,994
45,752,292
4,575,229
$739,814,562
3/24/2014 $15 95
$159 50
-
-1 37%
32,808
$159 50
$159 60
$0 10
0 06%
553,994
45,752,292
4,575,229
$729,749,057
3/25/2014 $15 31
$153 10
-
-4 10%
82,735
$153 10
$153 20
$0 10
0 07%
553,994
45,752,292
4,575,229
$700,467,591
3/26/2014 $14 91
$149 10
-
-2 65%
39,403
$149 00
$149 10
$0 10
0 07%
553,994
45,752,292
4,575,229
$682,166,674
3/27/2014 $14 87
$148 70
-
-0 27%
47,544
$148 70
$148 80
$0 10
0 07%
553,994
45,752,292
4,575,229
$680,336,582
3/28/2014 $14 79
$147 90
-
-0 54%
66,526
$147 80
$147 90
$0 10
0 07%
553,994
45,752,292
4,575,229
$676,676,399
3/31/2014 $14 77
$147 70
-
-0 14%
22,045
$147 60
$147 70
$0 10
0 07%
486,636
45,752,292
4,575,229
$675,761,353
4/1/2014 $15 17
$151 70
-
2 67%
66,068
$151 70
$151 80
$0 10
0 07%
486,636
45,752,292
4,575,229
$694,062,270
4/2/2014 $15 26
$152 60
-
0 59%
24,192
$152 50
$152 60
$0 10
0 07%
486,636
45,752,292
4,575,229
$698,179,976
4/3/2014 $15 28
$152 80
-
0 13%
29,146
$152 80
$152 90
$0 10
0 07%
486,636
45,752,292
4,575,229
$699,095,022
4/4/2014 $15 23
$152 30
-
-0 33%
133,873
$152 30
$152 50
$0 20
0 13%
486,636
45,752,292
4,575,229
$696,807,407
4/7/2014 $14 89
$148 90
-
-2 26%
101,836
$148 80
$148 90
$0 10
0 07%
486,636
45,752,292
4,575,229
$681,251,628
154
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 158 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 160 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
4/8/2014 $14 91
$149 10
-
0 13%
115,757
$149 10
$149 20
$0 10
0 07%
486,636
45,752,292
4,575,229
$682,166,674
4/9/2014 $15 01
$150 10
-
0 67%
46,332
$150 00
$150 10
$0 10
0 07%
486,636
45,752,292
4,575,229
$686,741,903
4/10/2014 $14 67
$146 70
-
-2 29%
54,951
$146 70
$146 80
$0 10
0 07%
486,636
45,752,292
4,575,229
$671,186,124
4/11/2014 $14 43
$144 30
-
-1 65%
42,664
$144 40
$144 50
$0 10
0 07%
486,636
45,752,292
4,575,229
$660,205,574
4/14/2014 $14 68
$146 80
-
1 72%
28,652
$146 80
$146 90
$0 10
0 07%
486,636
45,752,292
4,575,229
$671,643,647
4/15/2014 $14 53
$145 30
-
-1 03%
53,804
$145 30
$145 40
$0 10
0 07%
610,267
45,835,442
4,583,544
$665,988,972
4/16/2014 $14 76
$147 60
-
1 57%
25,873
$147 60
$147 70
$0 10
0 07%
610,267
45,835,442
4,583,544
$676,531,124
4/17/2014 $15 47
$154 70
-
4 70%
73,015
$154 60
$154 70
$0 10
0 06%
610,267
45,835,442
4,583,544
$709,074,288
4/21/2014 $15 48
$154 80
-
0 06%
43,177
$154 80
$154 90
$0 10
0 06%
610,267
45,835,442
4,583,544
$709,532,642
4/22/2014 $15 76
$157 60
-
1 79%
48,370
$157 60
$157 70
$0 10
0 06%
610,267
45,835,442
4,583,544
$722,366,566
4/23/2014 $15 89
$158 90
-
0 82%
58,851
$159 00
$159 10
$0 10
0 06%
610,267
45,835,442
4,583,544
$728,325,173
4/24/2014 $15 76
$157 60
-
-0 82%
33,912
$157 50
$157 60
$0 10
0 06%
610,267
45,835,442
4,583,544
$722,366,566
4/25/2014 $15 49
$154 90
-
-1 73%
38,976
$154 80
$154 90
$0 10
0 06%
610,267
45,835,442
4,583,544
$709,990,997
4/28/2014 $15 21
$152 10
-
-1 82%
32,928
$152 00
$152 10
$0 10
0 07%
610,267
45,835,442
4,583,544
$697,157,073
4/29/2014 $15 30
$153 00
-
0 59%
64,418
$153 00
$153 10
$0 10
0 07%
610,267
45,835,442
4,583,544
$701,282,263
4/30/2014 $15 48
$154 80
-
1 17%
74,123
$154 70
$154 90
$0 20
0 13%
576,423
45,835,442
4,583,544
$709,532,642
5/1/2014 $15 14
$151 40
-
-2 22%
67,038
$151 30
$151 40
$0 10
0 07%
576,423
45,835,442
4,583,544
$693,948,592
5/2/2014 $15 29
$152 90
-
0 99%
37,454
$152 90
$153 00
$0 10
0 07%
576,423
45,835,442
4,583,544
$700,823,908
5/5/2014 $15 00
$150 00
-
-1 91%
48,091
$150 00
$150 10
$0 10
0 07%
576,423
45,835,442
4,583,544
$687,531,630
5/6/2014 $14 30
$143 00
-
-4 78%
88,961
$143 00
$143 10
$0 10
0 07%
576,423
45,839,192
4,583,919
$655,500,446
5/7/2014 $14 02
$140 20
-
-1 98%
60,579
$140 20
$140 30
$0 10
0 07%
576,423
45,839,192
4,583,919
$642,665,472
5/8/2014 $13 16
$131 60
-
-6 33%
82,312
$131 60
$131 70
$0 10
0 08%
576,423
45,839,192
4,583,919
$603,243,767
5/9/2014 $12 85
$128 50
-
-2 38%
94,590
$128 40
$128 50
$0 10
0 08%
576,423
45,839,192
4,583,919
$589,033,617
5/12/2014 $13 41
$134 10
-
4 27%
56,672
$134 10
$134 20
$0 10
0 07%
576,423
45,839,192
4,583,919
$614,703,565
5/13/2014 $13 51
$135 10
-
0 74%
44,318
$135 10
$135 20
$0 10
0 07%
576,423
45,839,192
4,583,919
$619,287,484
5/14/2014 $13 30
$133 00
-
-1 57%
33,914
$133 00
$133 10
$0 10
0 08%
576,423
45,839,192
4,583,919
$609,661,254
5/15/2014 $13 29
$132 90
-
-0 08%
53,517
$132 90
$133 00
$0 10
0 08%
702,004
45,839,192
4,583,919
$609,202,862
5/16/2014 $12 91
$129 10
-
-2 90%
38,849
$129 00
$129 10
$0 10
0 08%
702,004
45,839,192
4,583,919
$591,783,969
5/19/2014 $13 20
$132 00
-
2 22%
39,926
$131 90
$132 00
$0 10
0 08%
702,004
45,839,192
4,583,919
$605,077,334
5/20/2014 $12 97
$129 70
-
-1 76%
36,209
$129 60
$129 70
$0 10
0 08%
702,004
45,839,192
4,583,919
$594,534,320
5/21/2014 $12 91
$129 10
-
-0 46%
15,195
$129 10
$129 20
$0 10
0 08%
702,004
45,839,192
4,583,919
$591,783,969
5/22/2014 $12 91
$129 10
-
0 00%
40,084
$129 10
$129 20
$0 10
0 08%
702,004
45,839,192
4,583,919
$591,783,969
5/23/2014 $13 12
$131 20
-
1 61%
14,769
$131 10
$131 20
$0 10
0 08%
702,004
45,839,192
4,583,919
$601,410,199
5/27/2014 $13 38
$133 80
-
1 96%
19,725
$133 70
$133 80
$0 10
0 07%
702,004
45,839,192
4,583,919
$613,328,389
5/28/2014 $13 44
$134 40
-
0 45%
43,398
$134 40
$134 50
$0 10
0 07%
702,004
45,839,192
4,583,919
$616,078,740
5/29/2014 $13 44
$134 40
-
0 00%
37,414
$134 30
$134 40
$0 10
0 07%
702,004
45,839,192
4,583,919
$616,078,740
5/30/2014 $13 38
$133 80
-
-0 45%
24,840
$133 90
$134 00
$0 10
0 07%
710,731
45,839,192
4,583,919
$613,328,389
6/2/2014 $13 12
$131 20
-
-1 96%
22,663
$131 20
$131 30
$0 10
0 08%
710,731
45,839,192
4,583,919
$601,410,199
6/3/2014 $13 06
$130 60
-
-0 46%
49,619
$130 60
$130 70
$0 10
0 08%
710,731
45,839,192
4,583,919
$598,659,848
6/4/2014 $13 06
$130 60
$0 60
0 46%
25,427
$130 60
$130 70
$0 10
0 08%
710,731
45,839,192
4,583,919
$598,659,848
6/5/2014 $13 35
$133 50
-
2 20%
20,942
$133 40
$133 50
$0 10
0 07%
710,731
45,839,192
4,583,919
$611,953,213
6/6/2014 $13 39
$133 90
-
0 30%
28,844
$133 90
$134 00
$0 10
0 07%
710,731
45,839,192
4,583,919
$613,786,781
6/9/2014 $13 77
$137 70
-
2 80%
37,158
$137 70
$137 80
$0 10
0 07%
710,731
45,839,192
4,583,919
$631,205,674
6/10/2014 $14 58
$145 80
-
5 72%
52,368
$145 90
$146 00
$0 10
0 07%
710,731
45,839,192
4,583,919
$668,335,419
6/11/2014 $14 41
$144 10
-
-1 17%
32,348
$144 20
$144 30
$0 10
0 07%
710,731
45,839,192
4,583,919
$660,542,757
6/12/2014 $14 81
$148 10
-
2 74%
59,317
$148 10
$148 20
$0 10
0 07%
710,731
45,839,192
4,583,919
$678,878,434
6/13/2014 $14 86
$148 60
-
0 34%
49,459
$148 60
$148 70
$0 10
0 07%
686,713
45,839,192
4,583,919
$681,170,393
6/16/2014 $15 35
$153 50
-
3 24%
52,722
$153 40
$153 50
$0 10
0 07%
686,713
45,839,192
4,583,919
$703,631,597
6/17/2014 $15 42
$154 20
-
0 45%
61,598
$154 10
$154 20
$0 10
0 06%
686,713
45,839,192
4,583,919
$706,840,341
6/18/2014 $15 24
$152 40
-
-1 17%
54,093
$152 40
$152 50
$0 10
0 07%
686,713
45,839,192
4,583,919
$698,589,286
6/19/2014 $14 85
$148 50
-
-2 59%
44,578
$148 50
$148 60
$0 10
0 07%
686,713
45,839,192
4,583,919
$680,712,001
6/20/2014 $14 65
$146 50
-
-1 36%
68,745
$146 50
$146 60
$0 10
0 07%
686,713
45,839,192
4,583,919
$671,544,163
6/23/2014 $14 33
$143 30
-
-2 21%
38,447
$143 30
$143 40
$0 10
0 07%
686,713
45,839,192
4,583,919
$656,875,621
6/24/2014 $14 07
$140 70
-
-1 83%
45,785
$140 70
$140 80
$0 10
0 07%
686,713
45,839,192
4,583,919
$644,957,431
6/25/2014 $14 49
$144 90
-
2 94%
36,927
$144 90
$145 00
$0 10
0 07%
686,713
45,839,192
4,583,919
$664,209,892
6/26/2014 $14 85
$148 50
-
2 45%
29,215
$148 40
$148 50
$0 10
0 07%
686,713
45,839,192
4,583,919
$680,712,001
6/27/2014 $14 85
$148 50
-
0 00%
204,727
$148 40
$148 50
$0 10
0 07%
686,713
45,839,192
4,583,919
$680,712,001
6/30/2014 $14 96
$149 60
-
0 74%
53,912
$149 40
$149 50
$0 10
0 07%
754,949
45,839,192
4,583,919
$685,754,312
7/1/2014 $14 52
$145 20
-
-2 99%
65,843
$145 20
$145 30
$0 10
0 07%
754,949
45,839,192
4,583,919
$665,585,068
7/2/2014 $13 99
$139 90
-
-3 72%
46,768
$139 90
$140 00
$0 10
0 07%
754,949
45,839,192
4,583,919
$641,290,296
7/3/2014 $14 18
$141 80
-
1 35%
24,690
$141 80
$141 90
$0 10
0 07%
754,949
45,839,192
4,583,919
$649,999,743
7/7/2014 $14 13
$141 30
-
-0 35%
58,830
$141 20
$141 30
$0 10
0 07%
754,949
45,839,192
4,583,919
$647,707,783
7/8/2014 $14 12
$141 20
-
-0 07%
57,741
$141 20
$141 30
$0 10
0 07%
754,949
45,839,192
4,583,919
$647,249,391
7/9/2014 $13 60
$136 00
-
-3 75%
37,013
$136 00
$136 10
$0 10
0 07%
754,949
45,839,192
4,583,919
$623,413,011
7/10/2014 $13 41
$134 10
-
-1 41%
48,253
$134 20
$134 30
$0 10
0 07%
754,949
45,839,192
4,583,919
$614,703,565
7/11/2014 $13 29
$132 90
-
-0 90%
17,135
$132 90
$133 00
$0 10
0 08%
754,949
45,839,192
4,583,919
$609,202,862
7/14/2014 $13 42
$134 20
-
0 97%
19,001
$134 20
$134 30
$0 10
0 07%
754,949
45,839,192
4,583,919
$615,161,957
7/15/2014 $13 34
$133 40
-
-0 60%
26,347
$133 40
$133 50
$0 10
0 07%
791,852
45,839,192
4,583,919
$611,494,821
7/16/2014 $13 28
$132 80
-
-0 45%
35,036
$132 80
$132 90
$0 10
0 08%
791,852
45,839,192
4,583,919
$608,744,470
7/17/2014 $13 12
$131 20
-
-1 21%
33,875
$131 20
$131 30
$0 10
0 08%
791,852
45,839,192
4,583,919
$601,410,199
7/18/2014 $13 34
$133 40
-
1 66%
22,747
$133 40
$133 50
$0 10
0 07%
791,852
45,839,192
4,583,919
$611,494,821
7/21/2014 $13 39
$133 90
-
0 37%
15,034
$133 90
$134 00
$0 10
0 07%
791,852
45,839,192
4,583,919
$613,786,781
7/22/2014 $13 80
$138 00
-
3 02%
22,628
$138 00
$138 10
$0 10
0 07%
791,852
45,839,192
4,583,919
$632,580,850
7/23/2014 $13 95
$139 50
-
1 08%
26,938
$139 50
$139 60
$0 10
0 07%
791,852
45,839,192
4,583,919
$639,456,728
155
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 159 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 161 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
7/24/2014 $14 16
$141 60
-
1 49%
21,264
$141 60
$141 70
$0 10
0 07%
791,852
45,839,192
4,583,919
$649,082,959
7/25/2014 $13 97
$139 70
-
-1 35%
19,174
$139 70
$139 80
$0 10
0 07%
791,852
45,839,192
4,583,919
$640,373,512
7/28/2014 $13 96
$139 60
-
-0 07%
20,316
$139 60
$139 70
$0 10
0 07%
791,852
45,839,192
4,583,919
$639,915,120
7/29/2014 $13 94
$139 40
-
-0 14%
26,980
$139 40
$139 50
$0 10
0 07%
791,852
45,839,192
4,583,919
$638,998,336
7/30/2014 $13 88
$138 80
-
-0 43%
28,307
$138 80
$138 90
$0 10
0 07%
791,852
45,839,192
4,583,919
$636,247,985
7/31/2014 $13 62
$136 20
-
-1 89%
27,780
$136 20
$136 30
$0 10
0 07%
781,189
45,839,192
4,583,919
$624,329,795
8/1/2014 $13 37
$133 70
-
-1 85%
24,373
$133 60
$133 70
$0 10
0 07%
781,189
45,839,192
4,583,919
$612,869,997
8/4/2014 $13 16
$131 60
-
-1 58%
25,173
$131 50
$131 60
$0 10
0 08%
781,189
45,839,192
4,583,919
$603,243,767
8/5/2014 $13 19
$131 90
-
0 23%
36,673
$131 80
$131 90
$0 10
0 08%
781,189
45,839,192
4,583,919
$604,618,942
8/6/2014 $13 20
$132 00
-
0 08%
33,874
$132 00
$132 10
$0 10
0 08%
781,189
45,909,957
4,590,996
$606,011,432
8/7/2014 $13 01
$130 10
-
-1 45%
82,385
$130 00
$130 10
$0 10
0 08%
781,189
45,909,957
4,590,996
$597,288,541
8/8/2014 $12 84
$128 40
-
-1 32%
81,125
$128 50
$128 60
$0 10
0 08%
781,189
45,909,957
4,590,996
$589,483,848
8/11/2014 $12 95
$129 50
-
0 85%
32,275
$129 50
$129 60
$0 10
0 08%
781,189
45,909,957
4,590,996
$594,533,943
8/12/2014 $13 05
$130 50
-
0 77%
25,773
$130 50
$130 60
$0 10
0 08%
781,189
45,909,957
4,590,996
$599,124,939
8/13/2014 $13 25
$132 50
-
1 52%
23,445
$132 40
$132 50
$0 10
0 08%
781,189
45,909,957
4,590,996
$608,306,930
8/14/2014 $13 47
$134 70
-
1 65%
20,370
$134 70
$134 80
$0 10
0 07%
781,189
45,909,957
4,590,996
$618,407,121
8/15/2014 $13 53
$135 30
-
0 44%
26,427
$135 30
$135 40
$0 10
0 07%
739,586
45,909,957
4,590,996
$621,161,718
8/18/2014 $13 78
$137 80
-
1 83%
19,173
$137 80
$137 90
$0 10
0 07%
739,586
45,909,957
4,590,996
$632,639,207
8/19/2014 $13 51
$135 10
-
-1 98%
19,330
$135 10
$135 20
$0 10
0 07%
739,586
45,909,957
4,590,996
$620,243,519
8/20/2014 $13 41
$134 10
-
-0 74%
16,512
$134 10
$134 20
$0 10
0 07%
739,586
45,909,957
4,590,996
$615,652,523
8/21/2014 $13 62
$136 20
-
1 55%
25,711
$136 10
$136 20
$0 10
0 07%
739,586
45,909,957
4,590,996
$625,293,614
8/22/2014 $13 84
$138 40
-
1 60%
23,786
$138 30
$138 40
$0 10
0 07%
739,586
45,909,957
4,590,996
$635,393,805
8/25/2014 $13 90
$139 00
-
0 43%
20,222
$139 00
$139 10
$0 10
0 07%
739,586
45,909,957
4,590,996
$638,148,402
8/26/2014 $14 12
$141 20
-
1 57%
16,964
$141 20
$141 30
$0 10
0 07%
739,586
45,909,957
4,590,996
$648,248,593
8/27/2014 $14 10
$141 00
-
-0 14%
13,843
$141 00
$141 10
$0 10
0 07%
739,586
45,909,957
4,590,996
$647,330,394
8/28/2014 $14 27
$142 70
-
1 20%
18,228
$142 70
$142 80
$0 10
0 07%
739,586
45,909,957
4,590,996
$655,135,086
8/29/2014 $14 49
$144 90
-
1 53%
39,882
$144 90
$145 00
$0 10
0 07%
819,624
45,909,957
4,590,996
$665,235,277
9/2/2014 $14 32
$143 20
-
-1 18%
36,912
$143 10
$143 20
$0 10
0 07%
819,624
45,909,957
4,590,996
$657,430,584
9/3/2014 $14 01
$140 10
$0 60
-1 76%
22,618
$140 00
$140 10
$0 10
0 07%
819,624
45,909,957
4,590,996
$643,198,498
9/4/2014 $14 00
$140 00
-
-0 07%
41,470
$140 00
$140 10
$0 10
0 07%
819,624
45,909,957
4,590,996
$642,739,398
9/5/2014 $14 39
$143 90
-
2 75%
35,930
$143 90
$144 00
$0 10
0 07%
819,624
45,909,957
4,590,996
$660,644,281
9/8/2014 $14 71
$147 10
-
2 20%
71,456
$147 10
$147 20
$0 10
0 07%
819,624
45,909,957
4,590,996
$675,335,467
9/9/2014 $14 75
$147 50
-
0 27%
88,078
$147 50
$147 60
$0 10
0 07%
819,624
45,909,957
4,590,996
$677,171,866
9/10/2014 $15 30
$153 00
-
3 66%
133,366
$153 00
$153 10
$0 10
0 07%
819,624
45,909,957
4,590,996
$702,422,342
9/11/2014 $15 59
$155 90
-
1 88%
115,593
$155 90
$156 00
$0 10
0 06%
819,624
45,909,957
4,590,996
$715,736,230
9/12/2014 $15 79
$157 90
-
1 27%
57,529
$157 90
$158 00
$0 10
0 06%
819,624
45,909,957
4,590,996
$724,918,221
9/15/2014 $15 63
$156 30
-
-1 02%
67,137
$156 30
$156 40
$0 10
0 06%
729,890
45,909,957
4,590,996
$717,572,628
9/16/2014 $15 76
$157 60
-
0 83%
77,571
$157 70
$157 80
$0 10
0 06%
729,890
45,909,957
4,590,996
$723,540,922
9/17/2014 $16 22
$162 20
-
2 88%
98,663
$162 20
$162 30
$0 10
0 06%
729,890
45,909,957
4,590,996
$744,659,503
9/18/2014 $16 34
$163 40
-
0 74%
68,978
$163 30
$163 40
$0 10
0 06%
729,890
45,909,957
4,590,996
$750,168,697
9/19/2014 $16 59
$165 90
-
1 52%
158,916
$166 00
$166 10
$0 10
0 06%
729,890
45,909,957
4,590,996
$761,646,187
9/22/2014 $16 36
$163 60
-
-1 40%
45,951
$163 60
$163 70
$0 10
0 06%
729,890
45,909,957
4,590,996
$751,086,897
9/23/2014 $16 25
$162 50
-
-0 67%
70,909
$162 50
$162 60
$0 10
0 06%
729,890
45,909,957
4,590,996
$746,036,801
9/24/2014 $16 36
$163 60
-
0 67%
24,503
$163 50
$163 60
$0 10
0 06%
729,890
45,909,957
4,590,996
$751,086,897
9/25/2014 $16 04
$160 40
-
-1 98%
53,626
$160 30
$160 40
$0 10
0 06%
729,890
45,909,957
4,590,996
$736,395,710
9/26/2014 $15 96
$159 60
-
-0 50%
35,893
$159 60
$159 70
$0 10
0 06%
729,890
45,909,957
4,590,996
$732,722,914
9/29/2014 $15 92
$159 20
-
-0 25%
67,154
$159 20
$159 30
$0 10
0 06%
729,890
45,909,957
4,590,996
$730,886,515
9/30/2014 $15 85
$158 50
-
-0 44%
38,189
$158 50
$158 60
$0 10
0 06%
756,769
45,909,957
4,590,996
$727,672,818
10/1/2014 $15 65
$156 50
-
-1 27%
48,877
$156 50
$156 70
$0 20
0 13%
756,769
45,909,957
4,590,996
$718,490,827
10/2/2014 $16 29
$162 90
-
4 01%
55,838
$162 90
$163 00
$0 10
0 06%
756,769
45,909,957
4,590,996
$747,873,200
10/3/2014 $16 29
$162 90
-
0 00%
56,189
$162 90
$163 00
$0 10
0 06%
756,769
45,909,957
4,590,996
$747,873,200
10/6/2014 $16 14
$161 40
-
-0 93%
22,287
$161 40
$161 50
$0 10
0 06%
756,769
45,909,957
4,590,996
$740,986,706
10/7/2014 $16 08
$160 80
-
-0 37%
49,043
$161 00
$161 10
$0 10
0 06%
756,769
45,909,957
4,590,996
$738,232,109
10/8/2014 $16 08
$160 80
-
0 00%
52,958
$160 70
$160 80
$0 10
0 06%
756,769
45,909,957
4,590,996
$738,232,109
10/9/2014 $16 07
$160 70
-
-0 06%
104,586
$160 80
$160 90
$0 10
0 06%
756,769
45,909,957
4,590,996
$737,773,009
10/10/2014 $16 09
$160 90
-
0 12%
56,406
$160 80
$160 90
$0 10
0 06%
756,769
45,909,957
4,590,996
$738,691,208
10/13/2014 $16 09
$160 90
-
0 00%
33,309
$160 80
$160 90
$0 10
0 06%
756,769
45,909,957
4,590,996
$738,691,208
10/14/2014 $16 12
$161 20
-
0 19%
80,901
$161 10
$161 20
$0 10
0 06%
756,769
45,909,957
4,590,996
$740,068,507
10/15/2014 $16 51
$165 10
-
2 39%
61,435
$165 20
$165 30
$0 10
0 06%
737,112
45,909,957
4,590,996
$757,973,390
10/16/2014 $16 85
$168 50
-
2 04%
52,454
$168 40
$168 50
$0 10
0 06%
737,112
45,909,957
4,590,996
$773,582,775
10/17/2014 $16 87
$168 70
-
0 12%
107,608
$168 70
$168 80
$0 10
0 06%
737,112
45,909,957
4,590,996
$774,500,975
10/20/2014 $16 36
$163 60
-
-3 07%
57,150
$163 40
$163 50
$0 10
0 06%
737,112
45,909,957
4,590,996
$751,086,897
10/21/2014 $16 03
$160 30
-
-2 04%
65,141
$160 20
$160 30
$0 10
0 06%
737,112
45,909,957
4,590,996
$735,936,611
10/22/2014 $15 31
$153 10
-
-4 60%
73,410
$152 90
$153 00
$0 10
0 07%
737,112
45,909,957
4,590,996
$702,881,442
10/23/2014 $14 98
$149 80
-
-2 18%
52,792
$149 60
$149 70
$0 10
0 07%
737,112
45,909,957
4,590,996
$687,731,156
10/24/2014 $14 53
$145 30
-
-3 05%
105,563
$144 70
$144 80
$0 10
0 07%
737,112
45,909,957
4,590,996
$667,071,675
10/27/2014 $15 02
$150 20
-
3 32%
81,174
$150 00
$150 10
$0 10
0 07%
737,112
45,909,957
4,590,996
$689,567,554
10/28/2014 $15 61
$156 10
-
3 85%
62,717
$156 00
$156 10
$0 10
0 06%
737,112
45,909,957
4,590,996
$716,654,429
10/29/2014 $15 68
$156 80
-
0 45%
37,795
$156 70
$156 80
$0 10
0 06%
737,112
45,909,957
4,590,996
$719,868,126
10/30/2014 $16 01
$160 10
-
2 08%
33,512
$160 00
$160 10
$0 10
0 06%
737,112
45,909,957
4,590,996
$735,018,412
10/31/2014 $16 46
$164 60
-
2 77%
107,921
$164 60
$164 70
$0 10
0 06%
671,835
45,909,957
4,590,996
$755,677,892
11/3/2014 $16 41
$164 10
-
-0 30%
50,651
$164 00
$164 20
$0 20
0 12%
671,835
45,909,957
4,590,996
$753,382,394
11/4/2014 $16 41
$164 10
-
0 00%
53,595
$164 10
$164 20
$0 10
0 06%
671,835
45,909,957
4,590,996
$753,382,394
11/5/2014 $16 37
$163 70
-
-0 24%
27,961
$163 80
$163 90
$0 10
0 06%
671,835
45,909,957
4,590,996
$751,545,996
156
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 160 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 162 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
11/6/2014 $16 66
$166 60
-
1 76%
47,796
$166 60
$166 80
$0 20
0 12%
671,835
47,160,590
4,716,059
$785,695,429
11/7/2014 $15 81
$158 10
-
-5 24%
81,882
$158 10
$158 20
$0 10
0 06%
671,835
47,160,590
4,716,059
$745,608,928
11/10/2014 $16 58
$165 80
-
4 76%
37,433
$165 70
$165 80
$0 10
0 06%
671,835
47,160,590
4,716,059
$781,922,582
11/11/2014 $16 56
$165 60
-
-0 12%
52,781
$165 60
$165 70
$0 10
0 06%
671,835
47,160,590
4,716,059
$780,979,370
11/12/2014 $16 56
$165 60
-
0 00%
64,473
$165 50
$165 60
$0 10
0 06%
671,835
47,160,590
4,716,059
$780,979,370
11/13/2014 $16 60
$166 00
-
0 24%
60,038
$166 00
$166 10
$0 10
0 06%
671,835
47,160,590
4,716,059
$782,865,794
11/14/2014 $16 66
$166 60
-
0 36%
39,169
$166 60
$166 70
$0 10
0 06%
651,441
47,160,590
4,716,059
$785,695,429
11/17/2014 $16 17
$161 70
-
-2 99%
40,917
$161 70
$161 80
$0 10
0 06%
651,441
47,160,590
4,716,059
$762,586,740
11/18/2014 $16 49
$164 90
-
1 96%
32,765
$164 80
$164 90
$0 10
0 06%
651,441
47,160,590
4,716,059
$777,678,129
11/19/2014 $16 14
$161 40
-
-2 15%
30,687
$161 40
$161 50
$0 10
0 06%
651,441
47,160,590
4,716,059
$761,171,923
11/20/2014 $15 84
$158 40
-
-1 88%
26,050
$158 30
$158 40
$0 10
0 06%
651,441
47,160,590
4,716,059
$747,023,746
11/21/2014 $15 82
$158 20
-
-0 13%
29,921
$158 10
$158 20
$0 10
0 06%
651,441
47,160,590
4,716,059
$746,080,534
11/24/2014 $16 14
$161 40
-
2 00%
16,977
$161 30
$161 40
$0 10
0 06%
651,441
47,160,590
4,716,059
$761,171,923
11/25/2014 $16 25
$162 50
-
0 68%
24,398
$162 40
$162 50
$0 10
0 06%
651,441
47,160,590
4,716,059
$766,359,588
11/26/2014 $16 22
$162 20
-
-0 18%
24,364
$162 20
$162 30
$0 10
0 06%
651,441
47,160,590
4,716,059
$764,944,770
11/28/2014 $16 10
$161 00
-
-0 74%
16,851
$161 00
$161 10
$0 10
0 06%
638,722
47,160,590
4,716,059
$759,285,499
12/1/2014 $16 14
$161 40
-
0 25%
32,195
$161 40
$161 50
$0 10
0 06%
638,722
47,160,590
4,716,059
$761,171,923
12/2/2014 $16 65
$166 50
-
3 11%
35,625
$166 40
$166 50
$0 10
0 06%
638,722
47,160,590
4,716,059
$785,223,824
12/3/2014 $16 56
$165 60
-
-0 54%
33,175
$165 60
$165 70
$0 10
0 06%
638,722
47,160,590
4,716,059
$780,979,370
12/4/2014 $16 67
$166 70
-
0 66%
27,244
$166 80
$166 90
$0 10
0 06%
638,722
47,160,590
4,716,059
$786,167,035
12/5/2014 $16 74
$167 40
-
0 42%
48,059
$167 30
$167 40
$0 10
0 06%
638,722
47,160,590
4,716,059
$789,468,277
12/8/2014 $16 56
$165 60
-
-1 08%
21,547
$165 60
$165 70
$0 10
0 06%
638,722
47,160,590
4,716,059
$780,979,370
12/9/2014 $16 88
$168 80
-
1 91%
46,370
$168 70
$168 80
$0 10
0 06%
638,722
47,160,590
4,716,059
$796,070,759
12/10/2014 $16 21
$162 10
-
-4 05%
46,131
$162 10
$162 20
$0 10
0 06%
638,722
47,160,590
4,716,059
$764,473,164
12/11/2014 $16 42
$164 20
-
1 29%
49,080
$164 20
$164 30
$0 10
0 06%
638,722
47,160,590
4,716,059
$774,376,888
12/12/2014 $16 50
$165 00
-
0 49%
60,279
$164 90
$165 00
$0 10
0 06%
638,722
47,160,590
4,716,059
$778,149,735
12/15/2014 $16 83
$168 30
-
1 98%
48,393
$168 20
$168 30
$0 10
0 06%
715,468
47,160,590
4,716,059
$793,712,730
12/16/2014 $16 25
$162 50
-
-3 51%
108,425
$162 50
$162 60
$0 10
0 06%
715,468
47,160,590
4,716,059
$766,359,588
12/17/2014 $16 96
$169 60
$0 60
4 63%
83,471
$169 50
$169 60
$0 10
0 06%
715,468
47,160,590
4,716,059
$799,843,606
12/18/2014 $17 09
$170 90
-
0 76%
31,426
$170 70
$170 80
$0 10
0 06%
715,468
47,160,590
4,716,059
$805,974,483
12/19/2014 $16 97
$169 70
-
-0 70%
80,114
$169 50
$169 70
$0 20
0 12%
715,468
47,160,590
4,716,059
$800,315,212
12/22/2014 $17 00
$170 00
-
0 18%
39,932
$169 80
$169 90
$0 10
0 06%
715,468
47,160,590
4,716,059
$801,730,030
12/23/2014 $17 00
$170 00
-
0 00%
29,193
$169 90
$170 00
$0 10
0 06%
715,468
47,160,590
4,716,059
$801,730,030
12/24/2014 $16 88
$168 80
-
-0 71%
14,379
$168 70
$168 80
$0 10
0 06%
715,468
47,160,590
4,716,059
$796,070,759
12/26/2014 $16 81
$168 10
-
-0 42%
19,155
$168 00
$168 10
$0 10
0 06%
715,468
47,160,590
4,716,059
$792,769,518
12/29/2014 $16 51
$165 10
-
-1 80%
40,237
$164 90
$165 00
$0 10
0 06%
715,468
47,160,590
4,716,059
$778,621,341
12/30/2014 $16 47
$164 70
-
-0 24%
17,721
$164 60
$164 70
$0 10
0 06%
715,468
47,160,590
4,716,059
$776,734,917
12/31/2014 $16 57
$165 70
-
0 61%
21,231
$165 60
$165 70
$0 10
0 06%
641,369
47,160,590
4,716,059
$781,450,976
1/2/2015 $16 55
$165 50
-
-0 12%
30,901
$165 40
$165 50
$0 10
0 06%
641,369
47,160,590
4,716,059
$780,507,765
1/5/2015 $16 88
$168 80
-
1 97%
50,882
$168 90
$169 00
$0 10
0 06%
641,369
47,160,590
4,716,059
$796,070,759
1/6/2015 $16 65
$166 50
-
-1 37%
60,110
$166 40
$166 50
$0 10
0 06%
641,369
47,160,590
4,716,059
$785,223,824
1/7/2015 $17 05
$170 50
-
2 37%
57,738
$170 60
$170 70
$0 10
0 06%
641,369
47,160,590
4,716,059
$804,088,060
1/8/2015 $16 98
$169 80
-
-0 41%
71,555
$169 70
$169 80
$0 10
0 06%
641,369
47,160,590
4,716,059
$800,786,818
1/9/2015 $17 04
$170 40
-
0 35%
28,420
$170 40
$170 50
$0 10
0 06%
641,369
47,160,590
4,716,059
$803,616,454
1/12/2015 $16 65
$166 50
-
-2 32%
29,316
$166 50
$166 60
$0 10
0 06%
641,369
47,160,590
4,716,059
$785,223,824
1/13/2015 $16 70
$167 00
-
0 30%
32,504
$166 90
$167 00
$0 10
0 06%
641,369
47,160,590
4,716,059
$787,581,853
1/14/2015 $14 87
$148 70
-
-11 61%
200,498
$148 70
$148 80
$0 10
0 07%
641,369
47,160,590
4,716,059
$701,277,973
1/15/2015 $12 63
$126 30
-
-16 33%
270,037
$126 30
$126 40
$0 10
0 08%
632,091
47,160,590
4,716,059
$595,638,252
1/16/2015
-
-
-
-
-
-
-
-
-
-
47,160,590
4,716,059
-
1/20/2015
$1 60
$16 00
-
-
9,400,728
$15 90
$16 00
$0 10
0 63%
632,091
47,160,590
4,716,059
$75,456,944
1/21/2015
$2 33
$23 30
-
37 59%
9,440,114
$23 20
$23 30
$0 10
0 43%
632,091
47,160,590
4,716,059
$109,884,175
1/22/2015
$3 10
$31 00
-
28 55%
14,223,388
$30 90
$31 00
$0 10
0 32%
632,091
47,160,590
4,716,059
$146,197,829
1/23/2015
$2 37
$23 70
-
-26 85%
10,489,794
$23 60
$23 70
$0 10
0 42%
632,091
47,160,590
4,716,059
$111,770,598
1/26/2015
$2 44
$24 40
-
2 91%
3,242,947
$24 20
$24 30
$0 10
0 41%
632,091
47,160,590
4,716,059
$115,071,840
1/27/2015
$2 38
$23 80
-
-2 49%
1,164,665
$23 70
$23 80
$0 10
0 42%
632,091
47,160,590
4,716,059
$112,242,204
1/28/2015
$2 39
$23 90
-
0 42%
1,786,287
$23 80
$23 90
$0 10
0 42%
632,091
47,160,590
4,716,059
$112,713,810
1/29/2015
$2 24
$22 40
-
-6 48%
1,194,145
$22 20
$22 30
$0 10
0 45%
632,091
47,160,590
4,716,059
$105,639,722
1/30/2015
$2 20
$22 00
-
-1 80%
644,229
$22 10
$22 20
$0 10
0 45%
1,433,216
47,160,590
4,716,059
$103,753,298
2/2/2015
$2 12
$21 20
-
-3 70%
540,711
$21 10
$21 20
$0 10
0 47%
1,433,216
47,160,590
4,716,059
$99,980,451
2/3/2015
$2 08
$20 80
-
-1 90%
992,528
$20 80
$20 90
$0 10
0 48%
1,433,216
47,160,590
4,716,059
$98,094,027
2/4/2015
$2 28
$22 80
-
9 18%
1,392,849
$22 70
$22 80
$0 10
0 44%
1,433,216
47,160,590
4,716,059
$107,526,145
2/5/2015
$2 33
$23 30
-
2 17%
790,333
$23 20
$23 30
$0 10
0 43%
1,433,216
47,160,590
4,716,059
$109,884,175
2/6/2015
$2 32
$23 20
-
-0 43%
421,455
$23 10
$23 20
$0 10
0 43%
1,433,216
47,160,590
4,716,059
$109,412,569
2/9/2015
$2 30
$23 00
-
-0 87%
341,122
$22 90
$23 00
$0 10
0 44%
1,433,216
47,160,590
4,716,059
$108,469,357
2/10/2015
$2 23
$22 30
-
-3 09%
486,603
$22 20
$22 30
$0 10
0 45%
1,433,216
47,160,590
4,716,059
$105,168,116
2/11/2015
$2 23
$22 30
-
0 00%
286,952
$22 10
$22 20
$0 10
0 45%
1,433,216
47,160,590
4,716,059
$105,168,116
2/12/2015
$2 22
$22 20
-
-0 45%
386,743
$22 20
$22 30
$0 10
0 45%
1,433,216
47,160,590
4,716,059
$104,696,510
2/13/2015
$2 21
$22 10
-
-0 45%
371,986
$22 10
$22 20
$0 10
0 45%
1,322,201
47,160,590
4,716,059
$104,224,904
2/17/2015
$2 19
$21 90
-
-0 91%
321,362
$21 80
$21 90
$0 10
0 46%
1,322,201
47,160,590
4,716,059
$103,281,692
2/18/2015
$2 11
$21 10
-
-3 72%
253,364
$21 00
$21 10
$0 10
0 48%
1,322,201
47,160,590
4,716,059
$99,508,845
2/19/2015
$1 99
$19 90
-
-5 86%
618,160
$19 90
$20 00
$0 10
0 50%
1,322,201
47,160,590
4,716,059
$93,849,574
2/20/2015
$2 04
$20 40
-
2 48%
283,421
$20 40
$20 50
$0 10
0 49%
1,322,201
47,160,590
4,716,059
$96,207,604
2/23/2015
$1 98
$19 80
-
-2 99%
180,982
$19 70
$19 80
$0 10
0 51%
1,322,201
47,160,590
4,716,059
$93,377,968
2/24/2015
$1 99
$19 90
-
0 50%
93,354
$19 80
$19 90
$0 10
0 50%
1,322,201
47,160,590
4,716,059
$93,849,574
157
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 161 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 163 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
2/25/2015
$2 14
$21 40
-
7 27%
299,024
$21 40
$21 50
$0 10
0 47%
1,322,201
47,160,590
4,716,059
$100,923,663
2/26/2015
$2 04
$20 40
-
-4 79%
241,468
$20 30
$20 40
$0 10
0 49%
1,322,201
47,160,590
4,716,059
$96,207,604
2/27/2015
$2 11
$21 10
-
3 37%
343,303
$21 10
$21 20
$0 10
0 47%
1,270,106
47,160,590
4,716,059
$99,508,845
3/2/2015
$2 19
$21 90
-
3 72%
190,320
$21 80
$21 90
$0 10
0 46%
1,270,106
47,160,590
4,716,059
$103,281,692
3/3/2015
$2 14
$21 40
-
-2 31%
149,078
$21 40
$21 50
$0 10
0 47%
1,270,106
47,160,590
4,716,059
$100,923,663
3/4/2015
$2 09
$20 90
-
-2 36%
147,652
$20 80
$20 90
$0 10
0 48%
1,270,106
47,160,590
4,716,059
$98,565,633
3/5/2015
$2 11
$21 10
-
0 95%
126,966
$21 10
$21 20
$0 10
0 47%
1,270,106
47,160,590
4,716,059
$99,508,845
3/6/2015
$2 16
$21 60
-
2 34%
185,618
$21 40
$21 50
$0 10
0 47%
1,270,106
47,160,590
4,716,059
$101,866,874
3/9/2015
$2 14
$21 40
-
-0 93%
280,803
$21 30
$21 40
$0 10
0 47%
1,270,106
47,160,590
4,716,059
$100,923,663
3/10/2015
$2 09
$20 90
-
-2 36%
124,739
$20 90
$21 00
$0 10
0 48%
1,270,106
47,160,590
4,716,059
$98,565,633
3/11/2015
$2 12
$21 20
-
1 43%
130,978
$21 10
$21 20
$0 10
0 47%
1,270,106
47,160,590
4,716,059
$99,980,451
3/12/2015
$2 15
$21 50
-
1 41%
481,330
$21 50
$21 60
$0 10
0 46%
1,270,106
50,701,418
5,070,142
$109,008,049
3/13/2015
$2 58
$25 80
-
18 23%
3,948,502
$25 60
$25 70
$0 10
0 39%
1,211,949
50,701,418
5,070,142
$130,809,658
3/16/2015
$2 46
$24 60
-
-4 76%
893,155
$24 50
$24 60
$0 10
0 41%
1,211,949
50,701,418
5,070,142
$124,725,488
3/17/2015
$2 45
$24 50
-
-0 41%
311,978
$24 40
$24 50
$0 10
0 41%
1,211,949
50,701,418
5,070,142
$124,218,474
3/18/2015
$2 21
$22 10
-
-10 31%
814,783
$22 00
$22 10
$0 10
0 45%
1,211,949
50,701,418
5,070,142
$112,050,134
3/19/2015
$2 06
$20 60
-
-7 03%
493,278
$20 50
$20 60
$0 10
0 49%
1,211,949
50,701,418
5,070,142
$104,444,921
3/20/2015
$2 10
$21 00
-
1 92%
412,211
$20 90
$21 00
$0 10
0 48%
1,211,949
50,701,418
5,070,142
$106,472,978
3/23/2015
$2 12
$21 20
-
0 95%
147,080
$21 10
$21 20
$0 10
0 47%
1,211,949
50,701,418
5,070,142
$107,487,006
3/24/2015
$2 07
$20 70
-
-2 39%
216,679
$20 70
$20 80
$0 10
0 48%
1,211,949
50,701,418
5,070,142
$104,951,935
3/25/2015
$2 10
$21 00
-
1 44%
620,862
$21 00
$21 10
$0 10
0 48%
1,211,949
50,701,418
5,070,142
$106,472,978
3/26/2015
$2 12
$21 20
-
0 95%
164,941
$21 20
$21 30
$0 10
0 47%
1,211,949
50,701,418
5,070,142
$107,487,006
3/27/2015
$2 16
$21 60
-
1 87%
140,133
$21 50
$21 60
$0 10
0 46%
1,211,949
50,701,418
5,070,142
$109,515,063
3/30/2015
$2 13
$21 30
-
-1 40%
101,927
$21 30
$21 40
$0 10
0 47%
1,211,949
50,701,418
5,070,142
$107,994,020
3/31/2015
$2 13
$21 30
-
0 00%
81,667
$21 30
$21 40
$0 10
0 47%
1,160,118
50,701,418
5,070,142
$107,994,020
4/1/2015
$2 13
$21 30
-
0 00%
75,222
$21 20
$21 30
$0 10
0 47%
1,160,118
50,701,418
5,070,142
$107,994,020
4/2/2015
$2 15
$21 50
-
0 93%
500,648
$21 50
$21 60
$0 10
0 46%
1,160,118
50,701,418
5,070,142
$109,008,049
4/6/2015
$2 15
$21 50
-
0 00%
139,556
$21 40
$21 50
$0 10
0 47%
1,160,118
50,701,418
5,070,142
$109,008,049
4/7/2015
$2 19
$21 90
-
1 84%
114,038
$21 80
$21 90
$0 10
0 46%
1,160,118
50,701,418
5,070,142
$111,036,105
4/8/2015
$2 23
$22 30
-
1 81%
413,524
$22 20
$22 30
$0 10
0 45%
1,160,118
50,701,418
5,070,142
$113,064,162
4/9/2015
$2 22
$22 20
-
-0 45%
209,102
$22 20
$22 30
$0 10
0 45%
1,160,118
50,701,418
5,070,142
$112,557,148
4/10/2015
$2 23
$22 30
-
0 45%
111,553
$22 10
$22 20
$0 10
0 45%
1,160,118
50,701,418
5,070,142
$113,064,162
4/13/2015
$2 19
$21 90
-
-1 81%
117,338
$21 90
$22 00
$0 10
0 46%
1,160,118
50,701,418
5,070,142
$111,036,105
4/14/2015
$2 17
$21 70
-
-0 92%
108,354
$21 70
$21 80
$0 10
0 46%
1,160,118
50,709,113
5,070,911
$110,038,775
4/15/2015
$2 17
$21 70
-
0 00%
115,568
$21 70
$21 80
$0 10
0 46%
1,300,933
50,709,113
5,070,911
$110,038,775
4/16/2015
$2 20
$22 00
-
1 37%
118,602
$21 90
$22 00
$0 10
0 46%
1,300,933
50,709,113
5,070,911
$111,560,049
4/17/2015
$2 13
$21 30
-
-3 23%
129,834
$21 30
$21 40
$0 10
0 47%
1,300,933
50,709,113
5,070,911
$108,010,411
4/20/2015
$2 12
$21 20
-
-0 47%
113,518
$21 10
$21 20
$0 10
0 47%
1,300,933
50,709,113
5,070,911
$107,503,320
4/21/2015
$2 11
$21 10
-
-0 47%
83,156
$21 10
$21 20
$0 10
0 47%
1,300,933
50,709,113
5,070,911
$106,996,228
4/22/2015
$2 13
$21 30
-
0 94%
133,189
$21 20
$21 30
$0 10
0 47%
1,300,933
50,709,113
5,070,911
$108,010,411
4/23/2015
$2 11
$21 10
-
-0 94%
110,328
$21 00
$21 10
$0 10
0 48%
1,300,933
50,709,113
5,070,911
$106,996,228
4/24/2015
$2 08
$20 80
-
-1 43%
126,194
$20 80
$20 90
$0 10
0 48%
1,300,933
50,709,113
5,070,911
$105,474,955
4/27/2015
$2 06
$20 60
-
-0 97%
150,238
$20 50
$20 60
$0 10
0 49%
1,300,933
50,709,113
5,070,911
$104,460,773
4/28/2015
$2 08
$20 80
-
0 97%
190,389
$20 70
$20 80
$0 10
0 48%
1,300,933
50,709,113
5,070,911
$105,474,955
4/29/2015
$2 04
$20 40
-
-1 94%
63,641
$20 30
$20 40
$0 10
0 49%
1,300,933
50,709,113
5,070,911
$103,446,591
4/30/2015
$2 01
$20 10
-
-1 48%
176,864
$20 00
$20 10
$0 10
0 50%
1,289,604
50,709,113
5,070,911
$101,925,317
5/1/2015
$1 99
$19 90
-
-1 00%
106,589
$19 80
$19 90
$0 10
0 50%
1,289,604
50,709,113
5,070,911
$100,911,135
5/4/2015
$2 00
$20 00
-
0 50%
96,364
$19 80
$19 90
$0 10
0 50%
1,289,604
50,709,113
5,070,911
$101,418,226
5/5/2015
$1 95
$19 50
-
-2 53%
158,771
$19 40
$19 50
$0 10
0 51%
1,289,604
50,709,113
5,070,911
$98,882,770
5/6/2015
$1 89
$18 90
-
-3 13%
208,799
$18 70
$18 80
$0 10
0 53%
1,289,604
50,709,113
5,070,911
$95,840,224
5/7/2015
$1 82
$18 20
-
-3 77%
161,712
$18 20
$18 30
$0 10
0 55%
1,289,604
50,709,113
5,070,911
$92,290,586
5/8/2015
$2 15
$21 50
-
16 66%
722,317
$21 30
$21 40
$0 10
0 47%
1,289,604
50,709,113
5,070,911
$109,024,593
5/11/2015
$1 96
$19 60
-
-9 25%
433,286
$19 60
$19 70
$0 10
0 51%
1,289,604
50,709,113
5,070,911
$99,389,861
5/12/2015
$1 90
$19 00
-
-3 11%
150,951
$18 90
$19 00
$0 10
0 53%
1,289,604
50,709,113
5,070,911
$96,347,315
5/13/2015
$1 75
$17 50
-
-8 22%
442,895
$17 50
$17 60
$0 10
0 57%
1,289,604
50,709,113
5,070,911
$88,740,948
5/14/2015
$1 59
$15 90
-
-9 59%
631,435
$15 80
$15 90
$0 10
0 63%
1,289,604
50,709,113
5,070,911
$80,627,490
5/15/2015
$1 45
$14 50
-
-9 22%
573,052
$14 40
$14 50
$0 10
0 69%
1,346,579
50,709,113
5,070,911
$73,528,214
5/18/2015
$1 44
$14 40
-
-0 69%
267,715
$14 30
$14 40
$0 10
0 70%
1,346,579
50,709,113
5,070,911
$73,021,123
5/19/2015
$1 39
$13 90
-
-3 53%
175,425
$13 80
$13 90
$0 10
0 72%
1,346,579
50,709,113
5,070,911
$70,485,667
5/20/2015
$1 36
$13 60
-
-2 18%
138,103
$13 60
$13 70
$0 10
0 73%
1,346,579
50,709,113
5,070,911
$68,964,394
5/21/2015
$1 31
$13 10
-
-3 75%
162,638
$13 10
$13 20
$0 10
0 76%
1,346,579
50,709,113
5,070,911
$66,428,938
5/22/2015
$1 22
$12 20
-
-7 12%
398,545
$12 20
$12 30
$0 10
0 82%
1,346,579
50,709,113
5,070,911
$61,865,118
5/26/2015
$1 63
$16 30
-
28 97%
2,785,267
$16 30
$16 40
$0 10
0 61%
1,346,579
50,709,113
5,070,911
$82,655,854
5/27/2015
$1 51
$15 10
-
-7 65%
583,363
$15 00
$15 10
$0 10
0 66%
1,346,579
50,709,113
5,070,911
$76,570,761
5/28/2015
$1 43
$14 30
-
-5 44%
262,379
$14 20
$14 30
$0 10
0 70%
1,346,579
50,709,113
5,070,911
$72,514,032
5/29/2015
$1 44
$14 40
-
0 70%
230,314
$14 40
$14 50
$0 10
0 69%
1,383,232
50,709,113
5,070,911
$73,021,123
6/1/2015
$1 37
$13 70
-
-4 98%
137,765
$13 70
$13 80
$0 10
0 73%
1,383,232
50,709,113
5,070,911
$69,471,485
6/2/2015
$1 39
$13 90
-
1 45%
123,374
$13 80
$13 90
$0 10
0 72%
1,383,232
50,709,113
5,070,911
$70,485,667
6/3/2015
$1 43
$14 30
-
2 84%
124,547
$14 30
$14 40
$0 10
0 70%
1,383,232
50,709,113
5,070,911
$72,514,032
6/4/2015
$1 45
$14 50
-
1 39%
92,039
$14 50
$14 60
$0 10
0 69%
1,383,232
50,709,113
5,070,911
$73,528,214
6/5/2015
$1 59
$15 90
-
9 22%
276,775
$15 90
$16 00
$0 10
0 63%
1,383,232
50,709,113
5,070,911
$80,627,490
6/8/2015
$1 66
$16 60
-
4 31%
278,441
$16 60
$16 70
$0 10
0 60%
1,383,232
50,709,113
5,070,911
$84,177,128
6/9/2015
$1 59
$15 90
-
-4 31%
267,186
$15 90
$16 00
$0 10
0 63%
1,383,232
50,709,113
5,070,911
$80,627,490
6/10/2015
$1 59
$15 90
-
0 00%
211,764
$15 70
$15 80
$0 10
0 63%
1,383,232
50,709,113
5,070,911
$80,627,490
158
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 162 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 164 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
6/11/2015
$1 57
$15 70
-
-1 27%
66,184
$15 70
$15 80
$0 10
0 63%
1,383,232
50,709,113
5,070,911
$79,613,307
6/12/2015
$1 52
$15 20
-
-3 24%
127,271
$15 10
$15 20
$0 10
0 66%
1,383,232
50,709,113
5,070,911
$77,077,852
6/15/2015
$1 51
$15 10
-
-0 66%
121,142
$15 00
$15 10
$0 10
0 66%
1,353,710
50,709,113
5,070,911
$76,570,761
6/16/2015
$1 49
$14 90
-
-1 33%
77,309
$14 80
$14 90
$0 10
0 67%
1,353,710
50,709,113
5,070,911
$75,556,578
6/17/2015
$1 47
$14 70
-
-1 35%
102,515
$14 70
$14 80
$0 10
0 68%
1,353,710
50,709,113
5,070,911
$74,542,396
6/18/2015
$1 51
$15 10
-
2 68%
85,993
$15 10
$15 20
$0 10
0 66%
1,353,710
50,709,113
5,070,911
$76,570,761
6/19/2015
$1 65
$16 50
-
8 87%
478,084
$17 30
$17 40
$0 10
0 58%
1,353,710
50,709,113
5,070,911
$83,670,036
6/22/2015
$1 58
$15 80
-
-4 34%
161,765
$15 70
$15 80
$0 10
0 63%
1,353,710
50,709,113
5,070,911
$80,120,399
6/23/2015
$1 60
$16 00
-
1 26%
104,924
$16 10
$16 20
$0 10
0 62%
1,353,710
50,709,113
5,070,911
$81,134,581
6/24/2015
$1 59
$15 90
-
-0 63%
104,735
$16 00
$16 10
$0 10
0 62%
1,353,710
50,709,113
5,070,911
$80,627,490
6/25/2015
$1 63
$16 30
-
2 48%
96,343
$16 40
$16 50
$0 10
0 61%
1,353,710
50,709,113
5,070,911
$82,655,854
6/26/2015
$1 58
$15 80
-
-3 12%
463,786
$15 90
$16 00
$0 10
0 63%
1,353,710
50,709,113
5,070,911
$80,120,399
6/29/2015
$1 58
$15 80
-
0 00%
148,515
$15 80
$15 90
$0 10
0 63%
1,353,710
50,709,113
5,070,911
$80,120,399
6/30/2015
$1 45
$14 50
-
-8 59%
639,209
$14 50
$14 60
$0 10
0 69%
1,362,505
50,709,113
5,070,911
$73,528,214
7/1/2015
$1 46
$14 60
-
0 69%
151,357
$14 60
$14 70
$0 10
0 68%
1,362,505
50,709,113
5,070,911
$74,035,305
7/2/2015
$1 45
$14 50
-
-0 69%
122,731
$14 40
$14 50
$0 10
0 69%
1,362,505
50,709,113
5,070,911
$73,528,214
7/6/2015
$1 38
$13 80
-
-4 95%
216,940
$13 70
$13 80
$0 10
0 73%
1,362,505
50,709,113
5,070,911
$69,978,576
7/7/2015
$1 34
$13 40
-
-2 94%
228,298
$13 40
$13 50
$0 10
0 74%
1,362,505
50,709,113
5,070,911
$67,950,211
7/8/2015
$1 25
$12 50
-
-6 95%
512,915
$12 50
$12 60
$0 10
0 80%
1,362,505
50,709,113
5,070,911
$63,386,391
7/9/2015
$1 33
$13 30
-
6 20%
117,414
$13 30
$13 40
$0 10
0 75%
1,362,505
50,709,113
5,070,911
$67,443,120
7/10/2015
$1 30
$13 00
-
-2 28%
87,790
$13 00
$13 10
$0 10
0 77%
1,362,505
50,709,113
5,070,911
$65,921,847
7/13/2015
$1 34
$13 40
-
3 03%
84,144
$13 30
$13 40
$0 10
0 75%
1,362,505
50,709,113
5,070,911
$67,950,211
7/14/2015
$1 38
$13 80
-
2 94%
73,009
$13 80
$13 90
$0 10
0 72%
1,362,505
50,709,113
5,070,911
$69,978,576
7/15/2015
$1 35
$13 50
-
-2 20%
57,220
$13 50
$13 60
$0 10
0 74%
1,004,528
50,709,113
5,070,911
$68,457,303
7/16/2015
$1 30
$13 00
-
-3 77%
65,737
$13 00
$13 10
$0 10
0 77%
1,004,528
50,709,113
5,070,911
$65,921,847
7/17/2015
$1 31
$13 10
-
0 77%
63,957
$13 00
$13 10
$0 10
0 77%
1,004,528
50,709,113
5,070,911
$66,428,938
7/20/2015
$1 31
$13 10
-
0 00%
76,294
$13 10
$13 20
$0 10
0 76%
1,004,528
50,709,113
5,070,911
$66,428,938
7/21/2015
$1 29
$12 90
-
-1 54%
89,790
$12 90
$13 00
$0 10
0 77%
1,004,528
50,709,113
5,070,911
$65,414,756
7/22/2015
$1 14
$11 40
-
-12 36%
376,908
$11 40
$11 50
$0 10
0 87%
1,004,528
50,709,113
5,070,911
$57,808,389
7/23/2015
$1 04
$10 40
-
-9 18%
312,296
$10 40
$10 50
$0 10
0 96%
1,004,528
50,709,113
5,070,911
$52,737,478
7/24/2015
$1 14
$11 40
-
9 18%
242,892
$11 40
$11 50
$0 10
0 87%
1,004,528
50,709,113
5,070,911
$57,808,389
7/27/2015
$1 11
$11 10
-
-2 67%
79,551
$11 00
$11 10
$0 10
0 90%
1,004,528
50,709,113
5,070,911
$56,287,115
7/28/2015
$1 10
$11 00
-
-0 90%
53,252
$11 00
$11 10
$0 10
0 90%
1,004,528
50,709,113
5,070,911
$55,780,024
7/29/2015
$1 12
$11 20
-
1 80%
51,702
$11 30
$11 40
$0 10
0 88%
1,004,528
52,926,664
5,292,666
$59,277,864
7/30/2015
$1 10
$11 00
-
-1 80%
74,813
$11 00
$11 10
$0 10
0 90%
1,004,528
52,926,664
5,292,666
$58,219,330
7/31/2015
$1 10
$11 00
-
0 00%
53,370
$11 00
$11 10
$0 10
0 90%
886,154
52,926,664
5,292,666
$58,219,330
8/3/2015
$1 08
$10 80
-
-1 83%
37,096
$10 80
$10 90
$0 10
0 92%
886,154
52,926,664
5,292,666
$57,160,797
8/4/2015
$1 10
$11 00
-
1 83%
55,765
$10 90
$11 00
$0 10
0 91%
886,154
52,926,664
5,292,666
$58,219,330
8/5/2015
$1 03
$10 30
-
-6 58%
89,665
$10 40
$10 50
$0 10
0 96%
886,154
52,926,664
5,292,666
$54,514,464
8/6/2015
$1 03
$10 30
-
0 00%
132,318
$10 30
$10 40
$0 10
0 97%
886,154
52,926,664
5,292,666
$54,514,464
8/7/2015
$0 96
$9 60
-
-7 06%
352,069
$9 50
$9 50
$0 00
0 03%
886,154
52,926,664
5,292,666
$50,799,012
8/10/2015
$0 98
$9 80
-
2 08%
88,429
$9 74
$9 78
$0 05
0 48%
886,154
52,926,664
5,292,666
$51,868,131
8/11/2015
$0 95
$9 50
-
-3 11%
95,344
$9 40
$9 50
$0 10
1 03%
886,154
52,926,664
5,292,666
$50,280,331
8/12/2015
$0 93
$9 33
-
-1 79%
60,340
$9 31
$9 40
$0 09
0 92%
886,154
52,926,664
5,292,666
$49,385,870
8/13/2015
$0 90
$9 02
-
-3 35%
50,381
$9 02
$9 03
$0 01
0 10%
886,154
52,926,664
5,292,666
$47,761,022
8/14/2015
$0 93
$9 29
-
2 89%
35,074
$9 11
$9 23
$0 12
1 30%
756,653
52,926,664
5,292,666
$49,163,578
8/17/2015
$0 92
$9 21
-
-0 84%
35,738
$9 20
$9 20
$0 00
0 01%
756,653
52,926,664
5,292,666
$48,750,750
8/18/2015
$0 91
$9 13
-
-0 85%
31,361
$9 11
$9 11
$0 00
0 01%
756,653
52,926,664
5,292,666
$48,337,922
8/19/2015
$0 89
$8 90
-
-2 56%
60,434
$8 90
$8 90
$0 00
0 01%
756,653
52,926,664
5,292,666
$47,115,316
8/20/2015
$0 83
$8 31
-
-6 92%
50,116
$8 30
$8 30
$0 00
0 02%
756,653
52,926,664
5,292,666
$43,966,180
8/21/2015
$0 83
$8 31
-
0 04%
93,757
$8 31
$8 37
$0 06
0 71%
756,653
52,926,664
5,292,666
$43,982,058
8/24/2015
$0 85
$8 50
-
2 27%
133,877
$8 50
$8 50
$0 00
0 01%
756,653
52,926,664
5,292,666
$44,992,957
8/25/2015
$0 92
$9 20
-
7 95%
108,607
$9 20
$9 20
$0 00
0 04%
756,653
52,926,664
5,292,666
$48,713,702
8/26/2015
$0 94
$9 40
-
2 12%
68,908
$9 40
$9 40
$0 00
0 01%
756,653
52,926,664
5,292,666
$49,756,357
8/27/2015
$0 92
$9 24
-
-1 75%
45,242
$9 20
$9 20
$0 00
0 01%
756,653
52,926,664
5,292,666
$48,893,652
8/28/2015
$1 01
$10 10
-
8 92%
71,854
$10 10
$10 20
$0 10
0 99%
756,653
52,926,664
5,292,666
$53,455,931
8/31/2015
$1 07
$10 70
-
5 77%
57,275
$10 60
$10 70
$0 10
0 94%
595,662
52,926,664
5,292,666
$56,631,530
9/1/2015
$1 01
$10 10
-
-5 77%
57,090
$10 10
$10 20
$0 10
0 99%
595,662
52,926,664
5,292,666
$53,455,931
9/2/2015
$0 98
$9 79
-
-3 17%
71,741
$9 65
$9 70
$0 05
0 52%
595,662
52,926,664
5,292,666
$51,788,741
9/3/2015
$0 93
$9 33
-
-4 82%
34,066
$9 30
$9 33
$0 03
0 29%
595,662
52,926,664
5,292,666
$49,354,114
9/4/2015
$0 90
$8 95
-
-4 10%
27,139
$8 92
$8 97
$0 06
0 63%
595,662
52,926,664
5,292,666
$47,369,364
9/8/2015
$0 94
$9 39
-
4 82%
34,051
$9 37
$9 40
$0 03
0 37%
595,662
52,926,664
5,292,666
$49,708,723
9/9/2015
$0 89
$8 90
-
-5 38%
39,467
$8 90
$9 00
$0 10
1 12%
595,662
52,926,664
5,292,666
$47,104,731
9/10/2015
$0 94
$9 37
-
5 09%
20,790
$9 36
$9 37
$0 00
0 04%
595,662
52,926,664
5,292,666
$49,565,821
9/11/2015
$0 89
$8 94
-
-4 60%
34,031
$8 93
$8 94
$0 01
0 15%
595,662
52,926,664
5,292,666
$47,337,608
9/14/2015
$0 86
$8 55
-
-4 51%
53,504
$8 50
$8 59
$0 09
1 05%
595,662
52,926,664
5,292,666
$45,252,298
9/15/2015
$0 81
$8 14
-
-4 98%
62,397
$8 13
$8 14
$0 01
0 15%
568,124
52,926,664
5,292,666
$43,055,841
9/16/2015
$0 84
$8 40
-
3 21%
33,648
$8 33
$8 40
$0 07
0 86%
568,124
52,926,664
5,292,666
$44,458,398
9/17/2015
$0 84
$8 42
-
0 25%
56,882
$8 40
$8 43
$0 03
0 31%
568,124
52,926,664
5,292,666
$44,569,544
9/18/2015
$0 91
$9 05
-
7 20%
52,631
$8 84
$8 90
$0 06
0 69%
568,124
52,926,664
5,292,666
$47,898,631
9/21/2015
$0 85
$8 48
-
-6 46%
26,787
$8 47
$8 50
$0 03
0 35%
568,124
52,926,664
5,292,666
$44,902,982
9/22/2015
$0 83
$8 30
-
-2 19%
19,449
$8 30
$8 35
$0 05
0 60%
568,124
52,926,664
5,292,666
$43,929,131
9/23/2015
$0 83
$8 33
-
0 32%
17,836
$8 30
$8 33
$0 03
0 36%
568,124
52,926,664
5,292,666
$44,072,033
9/24/2015
$0 86
$8 60
-
3 23%
102,138
$8 70
$8 80
$0 10
1 14%
568,124
52,926,664
5,292,666
$45,516,931
159
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 163 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 165 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
9/25/2015
$0 88
$8 80
-
2 30%
17,771
$8 51
$8 52
$0 01
0 12%
568,124
52,926,664
5,292,666
$46,575,464
9/28/2015
$0 85
$8 51
-
-3 39%
30,411
$8 51
$8 51
$0 00
0 01%
568,124
52,926,664
5,292,666
$45,024,713
9/29/2015
$0 85
$8 50
-
-0 08%
21,021
$8 50
$8 56
$0 06
0 70%
568,124
52,926,664
5,292,666
$44,987,664
9/30/2015
$0 87
$8 70
-
2 33%
52,501
$8 70
$8 77
$0 07
0 80%
522,748
52,926,664
5,292,666
$46,046,198
10/1/2015
$8 01
$8 01
-
-8 26%
198,186
$8 00
$8 01
$0 01
0 12%
522,748
5,372,666
5,372,666
$43,035,055
10/2/2015
$8 22
$8 22
-
2 59%
90,121
$8 22
$8 24
$0 02
0 24%
522,748
5,372,666
5,372,666
$44,163,315
10/5/2015
$9 42
$9 42
-
13 63%
135,099
$9 41
$9 45
$0 04
0 42%
522,748
5,372,666
5,372,666
$50,610,514
10/6/2015
$9 79
$9 79
-
3 85%
94,290
$9 75
$9 79
$0 04
0 41%
522,748
5,372,666
5,372,666
$52,598,400
10/7/2015
$9 60
$9 60
-
-1 96%
44,733
$9 59
$9 63
$0 04
0 42%
522,748
5,372,666
5,372,666
$51,577,594
10/8/2015
$9 28
$9 28
-
-3 39%
34,537
$9 27
$9 31
$0 04
0 43%
522,748
5,372,666
5,372,666
$49,858,340
10/9/2015
$9 72
$9 72
-
4 63%
87,692
$9 69
$9 72
$0 03
0 31%
522,748
5,372,666
5,372,666
$52,222,314
10/12/2015 $10 07
$10 07
-
3 54%
128,428
$10 03
$10 06
$0 03
0 30%
522,748
5,372,666
5,372,666
$54,102,747
10/13/2015
$9 42
$9 42
-
-6 67%
72,694
$9 40
$9 42
$0 02
0 21%
522,748
5,372,666
5,372,666
$50,610,514
10/14/2015 $10 02
$10 02
-
6 17%
36,634
$10 00
$10 02
$0 02
0 20%
522,748
5,372,666
5,372,666
$53,834,113
10/15/2015 $10 23
$10 23
-
2 07%
40,304
$10 23
$10 26
$0 03
0 29%
510,147
5,372,666
5,372,666
$54,962,373
10/16/2015 $10 06
$10 06
-
-1 68%
32,701
$10 04
$10 08
$0 04
0 40%
510,147
5,372,666
5,372,666
$54,049,020
10/19/2015
$9 68
$9 68
-
-3 85%
18,902
$9 65
$9 70
$0 05
0 52%
510,147
5,372,666
5,372,666
$52,007,407
10/20/2015 $10 14
$10 14
-
4 64%
54,357
$10 08
$10 12
$0 04
0 40%
510,147
5,372,666
5,372,666
$54,478,833
10/21/2015
$9 91
$9 91
-
-2 29%
50,186
$9 89
$9 93
$0 04
0 40%
510,147
5,372,666
5,372,666
$53,243,120
10/22/2015
$9 59
$9 59
-
-3 28%
41,814
$9 56
$9 59
$0 03
0 31%
510,147
5,372,666
5,372,666
$51,523,867
10/23/2015
$9 34
$9 34
-
-2 64%
27,856
$9 31
$9 34
$0 03
0 32%
510,147
5,372,666
5,372,666
$50,180,700
10/26/2015
$9 31
$9 31
-
-0 32%
47,677
$9 30
$9 32
$0 02
0 21%
510,147
5,372,666
5,372,666
$50,019,520
10/27/2015
$8 78
$8 78
-
-5 86%
90,302
$8 75
$8 77
$0 02
0 23%
510,147
5,372,666
5,372,666
$47,172,007
10/28/2015
$8 72
$8 72
-
-0 69%
81,124
$8 72
$8 75
$0 03
0 34%
510,147
5,372,666
5,372,666
$46,849,648
10/29/2015
$8 54
$8 54
-
-2 09%
47,996
$8 52
$8 55
$0 03
0 35%
510,147
5,372,666
5,372,666
$45,882,568
10/30/2015
$8 66
$8 66
-
1 40%
61,776
$8 59
$8 62
$0 03
0 35%
534,530
5,372,666
5,372,666
$46,527,288
11/2/2015
$8 71
$8 71
-
0 58%
37,221
$8 69
$8 71
$0 02
0 23%
534,530
5,372,666
5,372,666
$46,795,921
11/3/2015
$8 58
$8 58
-
-1 50%
61,504
$8 56
$8 58
$0 02
0 23%
534,530
5,372,666
5,372,666
$46,097,474
11/4/2015
$8 75
$8 75
-
1 96%
62,048
$8 72
$8 75
$0 03
0 34%
534,530
5,372,666
5,372,666
$47,010,828
11/5/2015
$9 03
$9 03
-
3 15%
88,993
$9 03
$9 04
$0 01
0 11%
534,530
5,372,666
5,372,666
$48,515,174
11/6/2015
$8 95
$8 95
-
-0 89%
123,688
$8 92
$8 94
$0 02
0 22%
534,530
5,372,666
5,372,666
$48,085,361
11/9/2015
$9 06
$9 06
-
1 22%
36,761
$9 04
$9 05
$0 01
0 11%
534,530
5,372,666
5,372,666
$48,676,354
11/10/2015
$8 81
$8 81
-
-2 80%
38,238
$8 80
$8 82
$0 02
0 23%
534,530
5,372,666
5,372,666
$47,333,187
11/11/2015
$8 58
$8 58
-
-2 65%
37,263
$8 58
$8 61
$0 03
0 35%
534,530
5,372,666
5,372,666
$46,097,474
11/12/2015
$8 46
$8 46
-
-1 41%
80,475
$8 46
$8 48
$0 02
0 24%
534,530
5,372,666
5,372,666
$45,452,754
11/13/2015
$8 68
$8 68
-
2 57%
89,278
$8 68
$8 71
$0 03
0 35%
526,093
5,372,666
5,372,666
$46,634,741
11/16/2015
$8 66
$8 66
-
-0 23%
66,861
$8 65
$8 66
$0 01
0 12%
526,093
5,372,666
5,372,666
$46,527,288
11/17/2015
$8 27
$8 27
-
-4 61%
85,572
$8 25
$8 27
$0 02
0 24%
526,093
5,372,666
5,372,666
$44,431,948
11/18/2015
$7 56
$7 56
-
-8 98%
154,517
$7 56
$7 57
$0 01
0 13%
526,093
5,372,666
5,372,666
$40,617,355
11/19/2015
$7 61
$7 61
-
0 66%
62,066
$7 60
$7 61
$0 01
0 13%
526,093
5,372,666
5,372,666
$40,885,988
11/20/2015
$7 10
$7 10
-
-6 94%
110,892
$7 10
$7 13
$0 03
0 42%
526,093
5,372,666
5,372,666
$38,145,929
11/23/2015
$6 71
$6 71
-
-5 65%
119,518
$6 71
$6 73
$0 02
0 30%
526,093
5,372,666
5,372,666
$36,050,589
11/24/2015
$5 86
$5 86
-
-13 54%
252,603
$5 85
$5 87
$0 02
0 34%
526,093
5,372,666
5,372,666
$31,483,823
11/25/2015
$6 50
$6 50
-
10 37%
322,011
$6 45
$6 51
$0 06
0 93%
526,093
5,372,666
5,372,666
$34,922,329
11/27/2015
$6 26
$6 26
-
-3 76%
89,132
$6 25
$6 29
$0 04
0 64%
526,093
5,372,666
5,372,666
$33,632,889
11/30/2015
$6 55
$6 55
-
4 53%
94,550
$6 51
$6 55
$0 04
0 61%
563,198
5,372,666
5,372,666
$35,190,962
12/1/2015
$6 54
$6 54
-
-0 15%
115,683
$6 52
$6 54
$0 02
0 31%
563,198
5,372,666
5,372,666
$35,137,236
12/2/2015
$6 40
$6 40
-
-2 16%
134,658
$6 40
$6 42
$0 02
0 31%
563,198
5,372,666
5,372,666
$34,385,062
12/3/2015
$6 10
$6 10
-
-4 80%
104,393
$6 09
$6 10
$0 01
0 16%
563,198
5,372,666
5,372,666
$32,773,263
12/4/2015
$6 58
$6 58
-
7 57%
231,624
$6 56
$6 58
$0 02
0 30%
563,198
5,372,666
5,372,666
$35,352,142
12/7/2015
$6 02
$6 02
-
-8 89%
112,443
$6 01
$6 03
$0 02
0 33%
563,198
5,372,666
5,372,666
$32,343,449
12/8/2015
$5 84
$5 84
-
-3 04%
98,505
$5 82
$5 85
$0 03
0 51%
563,198
5,372,666
5,372,666
$31,376,369
12/9/2015
$5 61
$5 61
-
-4 02%
64,796
$5 61
$5 63
$0 02
0 36%
563,198
5,372,666
5,372,666
$30,140,656
12/10/2015
$5 80
$5 80
-
3 33%
83,236
$5 78
$5 80
$0 02
0 35%
563,198
5,372,666
5,372,666
$31,161,463
12/11/2015
$5 30
$5 30
-
-9 02%
124,111
$5 30
$5 33
$0 03
0 56%
563,198
5,372,666
5,372,666
$28,475,130
12/14/2015
$8 08
$8 08
-
42 17%
2,688,415
$8 03
$8 08
$0 05
0 62%
563,198
5,372,666
5,372,666
$43,411,141
12/15/2015
$6 76
$6 76
-
-17 84%
600,076
$6 73
$6 75
$0 02
0 30%
411,243
5,372,666
5,372,666
$36,319,222
12/16/2015
$9 16
$9 16
-
30 38%
1,696,257
$9 15
$9 16
$0 01
0 11%
411,243
5,372,666
5,372,666
$49,213,621
12/17/2015
$8 77
$8 77
-
-4 35%
791,818
$8 73
$8 74
$0 01
0 11%
411,243
5,372,666
5,372,666
$47,118,281
12/18/2015 $12 43
$12 43
-
34 88%
2,076,713
$12 40
$12 42
$0 02
0 16%
411,243
5,372,666
5,372,666
$66,782,238
12/21/2015 $11 84
$11 84
-
-4 86%
1,083,343
$11 87
$11 90
$0 03
0 25%
411,243
5,372,666
5,372,666
$63,612,365
12/22/2015 $11 32
$11 32
-
-4 49%
455,645
$11 30
$11 31
$0 01
0 09%
411,243
5,372,666
5,372,666
$60,818,579
12/23/2015 $10 80
$10 80
-
-4 70%
315,918
$10 80
$10 82
$0 02
0 19%
411,243
5,372,666
5,372,666
$58,024,793
12/24/2015 $11 15
$11 15
-
3 19%
241,107
$11 15
$11 18
$0 03
0 27%
411,243
5,372,666
5,372,666
$59,905,226
12/28/2015 $15 74
$15 74
-
34 48%
6,258,022
$15 65
$15 72
$0 07
0 45%
411,243
5,372,666
5,372,666
$84,565,763
12/29/2015 $19 80
$19 80
-
22 95%
5,775,411
$19 76
$19 87
$0 11
0 56%
411,243
5,372,666
5,372,666
$106,378,787
12/30/2015 $18 48
$18 48
-
-6 90%
6,022,620
$18 45
$18 48
$0 03
0 16%
411,243
5,372,666
5,372,666
$99,286,868
12/31/2015 $16 73
$16 73
-
-9 95%
1,559,363
$16 70
$16 73
$0 03
0 18%
649,836
5,372,666
5,372,666
$89,884,702
1/4/2016 $15 77
$15 77
-
-5 91%
948,215
$15 72
$15 76
$0 04
0 25%
649,836
5,372,666
5,372,666
$84,726,943
1/5/2016 $16 76
$16 76
-
6 09%
1,074,458
$16 75
$16 80
$0 05
0 30%
649,836
5,372,666
5,372,666
$90,045,882
1/6/2016 $15 92
$15 92
-
-5 14%
626,332
$15 85
$15 88
$0 03
0 19%
649,836
5,372,666
5,372,666
$85,532,843
1/7/2016 $14 19
$14 19
-
-11 50%
484,614
$14 11
$14 16
$0 05
0 35%
649,836
5,372,666
5,372,666
$76,238,131
1/8/2016 $13 60
$13 60
-
-4 25%
366,962
$13 59
$13 60
$0 01
0 07%
649,836
5,372,666
5,372,666
$73,068,258
1/11/2016 $16 55
$16 55
-
19 63%
1,186,504
$16 56
$16 58
$0 02
0 12%
649,836
5,372,666
5,372,666
$88,917,622
160
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 164 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 166 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
1/12/2016 $16 93
$16 93
-
2 27%
713,367
$16 91
$16 93
$0 02
0 12%
649,836
5,372,666
5,372,666
$90,959,235
1/13/2016 $14 15
$14 15
-
-17 94%
552,926
$14 15
$14 18
$0 03
0 21%
649,836
5,372,666
5,372,666
$76,023,224
1/14/2016 $13 72
$13 72
-
-3 09%
394,219
$13 65
$13 68
$0 03
0 22%
649,836
5,372,666
5,372,666
$73,712,978
1/15/2016 $12 95
$12 95
-
-5 78%
281,977
$12 91
$12 94
$0 03
0 23%
614,511
5,372,666
5,372,666
$69,576,025
1/19/2016 $11 22
$11 22
-
-14 34%
390,882
$11 23
$11 26
$0 03
0 27%
614,511
5,372,666
5,372,666
$60,281,313
1/20/2016 $11 07
$11 07
-
-1 35%
356,749
$11 08
$11 11
$0 03
0 27%
614,511
5,372,666
5,372,666
$59,475,413
1/21/2016 $11 84
$11 84
-
6 72%
306,076
$11 82
$11 85
$0 03
0 25%
614,511
5,372,666
5,372,666
$63,612,365
1/22/2016 $11 80
$11 80
-
-0 34%
187,529
$11 80
$11 85
$0 05
0 42%
614,511
5,372,666
5,372,666
$63,397,459
1/25/2016 $10 89
$10 89
-
-8 03%
139,602
$10 84
$10 85
$0 01
0 09%
614,511
5,372,666
5,372,666
$58,508,333
1/26/2016 $11 03
$11 03
-
1 28%
129,614
$11 00
$11 02
$0 02
0 18%
614,511
5,372,666
5,372,666
$59,260,506
1/27/2016 $11 98
$11 98
-
8 26%
644,453
$11 96
$11 97
$0 01
0 08%
614,511
5,372,666
5,372,666
$64,364,539
1/28/2016 $11 95
$11 95
-
-0 25%
147,947
$11 93
$11 95
$0 02
0 17%
614,511
5,372,666
5,372,666
$64,203,359
1/29/2016 $11 64
$11 64
-
-2 63%
150,274
$11 61
$11 64
$0 03
0 26%
638,194
5,372,666
5,372,666
$62,537,832
2/1/2016 $11 50
$11 50
-
-1 21%
250,380
$11 51
$11 54
$0 03
0 26%
638,194
5,372,666
5,372,666
$61,785,659
2/2/2016 $10 71
$10 71
-
-7 12%
280,569
$10 71
$10 73
$0 02
0 19%
638,194
5,372,666
5,372,666
$57,541,253
2/3/2016 $10 90
$10 90
-
1 76%
153,470
$10 89
$10 90
$0 01
0 09%
638,194
5,372,666
5,372,666
$58,562,059
2/4/2016 $11 05
$11 05
-
1 37%
131,212
$11 02
$11 05
$0 03
0 27%
638,194
5,372,666
5,372,666
$59,367,959
2/5/2016 $10 53
$10 53
-
-4 82%
109,918
$10 53
$10 55
$0 02
0 19%
638,194
5,372,666
5,372,666
$56,574,173
2/8/2016
$9 99
$9 99
-
-5 26%
149,197
$9 97
$9 98
$0 01
0 10%
638,194
5,372,666
5,372,666
$53,672,933
2/9/2016 $10 01
$10 01
-
0 20%
120,167
$10 00
$10 02
$0 02
0 20%
638,194
5,372,666
5,372,666
$53,780,387
2/10/2016
$9 96
$9 96
-
-0 50%
68,468
$9 94
$9 96
$0 02
0 20%
638,194
5,372,666
5,372,666
$53,511,753
2/11/2016
$9 85
$9 85
-
-1 11%
58,430
$9 79
$9 83
$0 04
0 41%
638,194
5,372,666
5,372,666
$52,920,760
2/12/2016
$9 73
$9 73
-
-1 23%
46,824
$9 69
$9 71
$0 02
0 21%
730,411
5,372,666
5,372,666
$52,276,040
2/16/2016 $10 75
$10 75
-
9 97%
106,218
$10 75
$10 80
$0 05
0 46%
730,411
5,372,666
5,372,666
$57,756,160
2/17/2016 $12 32
$12 32
-
13 63%
261,524
$12 28
$12 31
$0 03
0 24%
730,411
5,372,666
5,372,666
$66,191,245
2/18/2016 $11 70
$11 70
-
-5 16%
190,045
$11 60
$11 67
$0 07
0 60%
730,411
5,372,666
5,372,666
$62,860,192
2/19/2016 $11 79
$11 79
-
0 77%
70,724
$11 79
$11 85
$0 06
0 51%
730,411
5,372,666
5,372,666
$63,343,732
2/22/2016 $11 67
$11 67
-
-1 02%
135,995
$11 61
$11 67
$0 06
0 52%
730,411
5,372,666
5,372,666
$62,699,012
2/23/2016 $11 68
$11 68
-
0 09%
80,345
$11 71
$11 77
$0 06
0 51%
730,411
5,372,666
5,372,666
$62,752,739
2/24/2016 $11 85
$11 85
-
1 44%
258,935
$11 83
$11 87
$0 04
0 34%
730,411
5,372,666
5,372,666
$63,666,092
2/25/2016 $11 65
$11 65
-
-1 70%
52,407
$11 65
$11 68
$0 03
0 26%
730,411
5,372,666
5,372,666
$62,591,559
2/26/2016 $12 04
$12 04
-
3 29%
121,191
$12 04
$12 08
$0 04
0 33%
730,411
5,372,666
5,372,666
$64,686,899
2/29/2016 $12 53
$12 53
-
3 99%
151,444
$12 53
$12 57
$0 04
0 32%
743,603
5,372,666
5,372,666
$67,319,505
3/1/2016 $13 66
$13 66
-
8 63%
283,865
$13 67
$13 72
$0 05
0 37%
743,603
5,372,666
5,372,666
$73,390,618
3/2/2016 $14 92
$14 92
-
8 82%
277,121
$14 92
$14 97
$0 05
0 33%
743,603
5,372,666
5,372,666
$80,160,177
3/3/2016 $16 45
$16 45
-
9 76%
290,552
$16 38
$16 45
$0 07
0 43%
743,603
5,372,666
5,372,666
$88,380,356
3/4/2016 $15 42
$15 42
-
-6 47%
320,577
$15 38
$15 47
$0 09
0 58%
743,603
5,372,666
5,372,666
$82,846,510
3/7/2016 $15 63
$15 63
-
1 35%
279,844
$15 63
$15 64
$0 01
0 06%
743,603
5,372,666
5,372,666
$83,974,770
3/8/2016 $14 88
$14 88
-
-4 92%
153,660
$14 77
$14 83
$0 06
0 41%
743,603
5,372,666
5,372,666
$79,945,270
3/9/2016 $15 00
$15 00
-
0 80%
80,039
$14 96
$14 99
$0 03
0 20%
743,603
5,602,534
5,602,534
$84,038,010
3/10/2016 $14 57
$14 57
-
-2 91%
232,344
$14 48
$14 56
$0 08
0 55%
743,603
5,602,534
5,602,534
$81,628,920
3/11/2016 $11 10
$11 10
-
-27 20%
1,884,665
$10 91
$11 02
$0 11
1 00%
743,603
5,602,534
5,602,534
$62,188,127
3/14/2016 $11 05
$11 05
-
-0 45%
262,403
$11 05
$11 08
$0 03
0 27%
743,603
5,602,534
5,602,534
$61,908,001
3/15/2016 $10 09
$10 09
-
-9 09%
273,290
$10 09
$10 10
$0 01
0 10%
649,419
5,602,534
5,602,534
$56,529,568
3/16/2016 $10 34
$10 34
-
2 45%
195,732
$10 30
$10 34
$0 04
0 39%
649,419
5,602,534
5,602,534
$57,930,202
3/17/2016 $10 45
$10 45
-
1 06%
200,389
$10 45
$10 51
$0 06
0 57%
649,419
5,602,534
5,602,534
$58,546,480
3/18/2016 $11 20
$11 20
-
6 93%
207,353
$11 12
$11 16
$0 04
0 36%
649,419
5,602,534
5,602,534
$62,748,381
3/21/2016 $10 92
$10 92
-
-2 53%
187,156
$10 91
$10 95
$0 04
0 37%
649,419
5,602,534
5,602,534
$61,179,671
3/22/2016 $10 91
$10 91
-
-0 09%
84,859
$10 93
$10 95
$0 02
0 18%
649,419
5,602,534
5,602,534
$61,123,646
3/23/2016 $10 19
$10 19
-
-6 83%
135,433
$10 19
$10 22
$0 03
0 29%
649,419
5,602,534
5,602,534
$57,089,821
3/24/2016 $10 08
$10 08
-
-1 09%
73,073
$10 08
$10 12
$0 04
0 40%
649,419
5,602,534
5,602,534
$56,473,543
3/28/2016 $10 33
$10 33
-
2 45%
47,219
$10 29
$10 34
$0 05
0 48%
649,419
5,602,534
5,602,534
$57,874,176
3/29/2016 $10 75
$10 75
-
3 99%
199,356
$10 75
$10 79
$0 04
0 37%
649,419
5,602,534
5,602,534
$60,227,241
3/30/2016 $10 95
$10 95
-
1 84%
67,241
$10 93
$10 95
$0 02
0 18%
649,419
5,602,534
5,602,534
$61,347,747
3/31/2016 $10 74
$10 74
-
-1 94%
67,159
$10 74
$10 77
$0 03
0 28%
770,839
5,602,534
5,602,534
$60,171,215
4/1/2016 $10 81
$10 81
-
0 65%
24,254
$10 82
$10 84
$0 02
0 18%
770,839
5,602,534
5,602,534
$60,563,393
4/4/2016 $10 53
$10 53
-
-2 62%
23,848
$10 54
$10 56
$0 02
0 19%
770,839
5,602,534
5,602,534
$58,994,683
4/5/2016 $10 39
$10 39
-
-1 34%
84,004
$10 37
$10 39
$0 02
0 19%
770,839
5,602,534
5,602,534
$58,210,328
4/6/2016 $10 78
$10 78
-
3 68%
29,534
$10 78
$10 80
$0 02
0 19%
770,839
5,602,534
5,602,534
$60,395,317
4/7/2016 $10 68
$10 68
-
-0 93%
20,480
$10 68
$10 70
$0 02
0 19%
770,839
5,602,534
5,602,534
$59,835,063
4/8/2016 $10 79
$10 79
-
1 02%
44,671
$10 77
$10 79
$0 02
0 19%
770,839
5,602,534
5,602,534
$60,451,342
4/11/2016 $11 11
$11 11
-
2 92%
85,858
$11 01
$11 10
$0 09
0 81%
770,839
5,602,534
5,602,534
$62,244,153
4/12/2016 $10 95
$10 95
-
-1 45%
98,163
$10 95
$11 01
$0 06
0 55%
770,839
5,602,534
5,602,534
$61,347,747
4/13/2016 $11 27
$11 27
-
2 88%
110,629
$11 24
$11 27
$0 03
0 27%
770,839
5,602,534
5,602,534
$63,140,558
4/14/2016 $11 21
$11 21
-
-0 53%
56,576
$11 15
$11 21
$0 06
0 54%
770,839
5,602,534
5,602,534
$62,804,406
4/15/2016 $11 04
$11 04
-
-1 53%
79,354
$11 04
$11 07
$0 03
0 27%
674,508
5,602,534
5,602,534
$61,851,975
4/18/2016 $11 28
$11 28
-
2 15%
54,135
$11 28
$11 32
$0 04
0 35%
674,508
5,602,534
5,602,534
$63,196,584
4/19/2016 $11 72
$11 72
-
3 83%
123,006
$11 68
$11 73
$0 05
0 43%
674,508
5,602,534
5,602,534
$65,661,698
4/20/2016 $12 28
$12 28
-
4 67%
132,113
$12 24
$12 28
$0 04
0 33%
674,508
5,602,534
5,602,534
$68,799,118
4/21/2016 $12 54
$12 54
-
2 10%
115,521
$12 54
$12 56
$0 02
0 16%
674,508
5,602,534
5,602,534
$70,255,776
4/22/2016 $12 59
$12 59
-
0 40%
58,386
$12 55
$12 59
$0 04
0 32%
674,508
5,602,534
5,602,534
$70,535,903
4/25/2016 $12 21
$12 21
-
-3 06%
49,643
$12 19
$12 23
$0 04
0 33%
674,508
5,602,534
5,602,534
$68,406,940
4/26/2016 $12 77
$12 77
-
4 48%
102,997
$12 75
$12 78
$0 03
0 24%
674,508
5,602,534
5,602,534
$71,544,359
4/27/2016 $12 14
$12 14
-
-5 06%
119,272
$12 15
$12 20
$0 05
0 41%
674,508
5,602,534
5,602,534
$68,014,763
161
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 165 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 167 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
4/28/2016 $12 38
$12 38
-
1 96%
64,261
$12 34
$12 38
$0 04
0 32%
674,508
5,602,534
5,602,534
$69,359,371
4/29/2016 $11 66
$11 66
-
-5 99%
58,453
$11 58
$11 66
$0 08
0 69%
563,152
5,602,534
5,602,534
$65,325,546
5/2/2016 $11 35
$11 35
-
-2 69%
62,600
$11 32
$11 35
$0 03
0 26%
563,152
5,602,534
5,602,534
$63,588,761
5/3/2016 $11 29
$11 29
-
-0 53%
41,879
$11 24
$11 29
$0 05
0 44%
563,152
5,602,534
5,602,534
$63,252,609
5/4/2016 $10 95
$10 95
-
-3 06%
94,402
$10 90
$10 95
$0 05
0 46%
563,152
5,602,534
5,602,534
$61,347,747
5/5/2016 $10 90
$10 90
-
-0 46%
65,992
$10 78
$10 90
$0 12
1 11%
563,152
5,602,534
5,602,534
$61,067,621
5/6/2016 $11 04
$11 04
-
1 28%
84,751
$10 99
$11 04
$0 05
0 45%
563,152
5,602,534
5,602,534
$61,851,975
5/9/2016 $10 94
$10 94
-
-0 91%
69,884
$10 90
$10 94
$0 04
0 37%
563,152
5,602,534
5,602,534
$61,291,722
5/10/2016 $11 06
$11 06
-
1 09%
31,268
$11 05
$11 10
$0 05
0 45%
563,152
5,602,534
5,602,534
$61,964,026
5/11/2016 $11 66
$11 66
-
5 28%
158,609
$11 53
$11 64
$0 11
0 95%
563,152
5,602,534
5,602,534
$65,325,546
5/12/2016 $11 40
$11 40
-
-2 26%
85,790
$11 37
$11 40
$0 03
0 26%
563,152
5,602,534
5,602,534
$63,868,888
5/13/2016 $11 50
$11 50
-
0 87%
26,037
$11 47
$11 50
$0 03
0 26%
553,173
5,602,534
5,602,534
$64,429,141
5/16/2016 $11 12
$11 12
-
-3 36%
43,996
$11 09
$11 12
$0 03
0 27%
553,173
5,602,534
5,602,534
$62,300,178
5/17/2016 $11 24
$11 24
-
1 07%
65,396
$11 24
$11 32
$0 08
0 71%
553,173
5,602,534
5,602,534
$62,972,482
5/18/2016 $11 50
$11 50
-
2 29%
62,706
$11 47
$11 53
$0 06
0 52%
553,173
5,602,534
5,602,534
$64,429,141
5/19/2016 $11 35
$11 35
-
-1 31%
91,501
$11 31
$11 38
$0 07
0 62%
553,173
5,602,534
5,602,534
$63,588,761
5/20/2016 $10 99
$10 99
-
-3 22%
59,763
$10 92
$10 99
$0 07
0 64%
553,173
5,602,534
5,602,534
$61,571,849
5/23/2016 $10 84
$10 84
-
-1 37%
39,685
$10 84
$10 86
$0 02
0 18%
553,173
5,602,534
5,602,534
$60,731,469
5/24/2016 $10 81
$10 81
-
-0 28%
83,866
$10 78
$10 81
$0 03
0 28%
553,173
5,602,534
5,602,534
$60,563,393
5/25/2016 $10 86
$10 86
-
0 46%
83,187
$10 83
$10 86
$0 03
0 28%
553,173
5,602,534
5,602,534
$60,843,519
5/26/2016 $10 13
$10 13
-
-6 96%
124,317
$10 10
$10 13
$0 03
0 30%
553,173
5,602,534
5,602,534
$56,753,669
5/27/2016 $10 54
$10 54
-
3 97%
105,903
$10 52
$10 54
$0 02
0 19%
553,173
5,602,534
5,602,534
$59,050,708
5/31/2016 $10 31
$10 31
-
-2 21%
99,834
$10 31
$10 37
$0 06
0 58%
457,928
5,602,534
5,602,534
$57,762,126
6/1/2016 $10 36
$10 36
-
0 48%
80,254
$10 32
$10 36
$0 04
0 39%
457,928
5,602,534
5,602,534
$58,042,252
6/2/2016 $10 43
$10 43
-
0 67%
81,214
$10 43
$10 50
$0 07
0 67%
457,928
5,602,534
5,602,534
$58,434,430
6/3/2016 $10 15
$10 15
-
-2 72%
57,338
$10 15
$10 18
$0 03
0 30%
457,928
5,602,534
5,602,534
$56,865,720
6/6/2016
$9 91
$9 91
-
-2 39%
155,194
$9 91
$9 94
$0 03
0 30%
457,928
5,602,534
5,602,534
$55,521,112
6/7/2016
$9 40
$9 40
-
-5 28%
127,030
$9 40
$9 44
$0 04
0 42%
457,928
5,602,534
5,602,534
$52,663,820
6/8/2016
$9 79
$9 79
-
4 07%
29,048
$9 76
$9 79
$0 03
0 31%
457,928
5,602,534
5,602,534
$54,848,808
6/9/2016
$8 90
$8 90
-
-9 53%
166,491
$8 90
$8 92
$0 02
0 22%
457,928
5,602,534
5,602,534
$49,862,553
6/10/2016
$8 20
$8 20
-
-8 19%
137,024
$8 17
$8 20
$0 03
0 37%
457,928
5,602,534
5,602,534
$45,940,779
6/13/2016
$8 10
$8 10
-
-1 23%
76,625
$8 10
$8 12
$0 02
0 25%
457,928
5,602,534
5,602,534
$45,380,525
6/14/2016
$8 10
$8 10
-
0 00%
51,030
$8 11
$8 13
$0 02
0 25%
457,928
5,602,534
5,602,534
$45,380,525
6/15/2016
$8 04
$8 04
-
-0 74%
66,709
$8 01
$8 04
$0 03
0 37%
557,275
5,602,534
5,602,534
$45,044,373
6/16/2016
$9 30
$9 30
-
14 56%
303,107
$9 27
$9 30
$0 03
0 32%
557,275
5,602,534
5,602,534
$52,103,566
6/17/2016
$8 64
$8 64
-
-7 36%
148,372
$8 66
$8 69
$0 03
0 35%
557,275
5,602,534
5,602,534
$48,405,894
6/20/2016
$8 72
$8 72
-
0 92%
35,037
$8 67
$8 72
$0 05
0 58%
557,275
5,602,534
5,602,534
$48,854,096
6/21/2016
$8 32
$8 32
-
-4 70%
41,446
$8 32
$8 34
$0 02
0 24%
557,275
5,602,534
5,602,534
$46,613,083
6/22/2016
$8 43
$8 43
-
1 31%
58,682
$8 42
$8 46
$0 04
0 47%
557,275
5,602,534
5,602,534
$47,229,362
6/23/2016
$8 77
$8 77
-
3 95%
28,473
$8 78
$8 80
$0 02
0 23%
557,275
5,602,534
5,602,534
$49,134,223
6/24/2016
$8 40
$8 40
-
-4 31%
77,795
$8 35
$8 40
$0 05
0 60%
557,275
5,602,534
5,602,534
$47,061,286
6/27/2016
$7 76
$7 76
-
-7 92%
138,209
$7 74
$7 76
$0 02
0 26%
557,275
5,602,534
5,602,534
$43,475,664
6/28/2016
$8 01
$8 01
-
3 17%
94,880
$8 01
$8 04
$0 03
0 37%
557,275
5,602,534
5,602,534
$44,876,297
6/29/2016
$8 23
$8 23
-
2 71%
40,777
$8 20
$8 23
$0 03
0 37%
557,275
5,602,534
5,602,534
$46,108,855
6/30/2016
$8 65
$8 65
-
4 98%
145,811
$8 63
$8 67
$0 04
0 46%
608,610
5,602,534
5,602,534
$48,461,919
7/1/2016
$8 18
$8 18
-
-5 59%
119,708
$8 16
$8 18
$0 02
0 24%
608,610
5,602,534
5,602,534
$45,828,728
7/5/2016
$8 23
$8 23
-
0 61%
113,325
$8 19
$8 23
$0 04
0 49%
608,610
5,602,534
5,602,534
$46,108,855
7/6/2016
$8 18
$8 18
-
-0 61%
74,150
$8 15
$8 18
$0 03
0 37%
608,610
5,602,534
5,602,534
$45,828,728
7/7/2016
$8 23
$8 23
-
0 61%
106,195
$8 23
$8 25
$0 02
0 24%
608,610
5,602,534
5,602,534
$46,108,855
7/8/2016
$8 79
$8 79
-
6 58%
86,620
$8 80
$8 81
$0 01
0 11%
608,610
5,602,534
5,602,534
$49,246,274
7/11/2016
$9 28
$9 28
-
5 42%
159,206
$9 29
$9 32
$0 03
0 32%
608,610
5,602,534
5,602,534
$51,991,516
7/12/2016
$9 19
$9 19
-
-0 97%
106,252
$9 17
$9 19
$0 02
0 22%
608,610
5,602,534
5,602,534
$51,487,287
7/13/2016
$9 20
$9 20
-
0 11%
79,772
$9 16
$9 19
$0 03
0 33%
608,610
5,602,534
5,602,534
$51,543,313
7/14/2016
$8 99
$8 99
-
-2 31%
93,671
$8 94
$8 99
$0 05
0 56%
608,610
5,602,534
5,602,534
$50,366,781
7/15/2016
$9 03
$9 03
-
0 44%
65,932
$8 99
$9 03
$0 04
0 44%
597,217
5,602,534
5,602,534
$50,590,882
7/18/2016
$8 96
$8 96
-
-0 78%
30,784
$8 92
$8 96
$0 04
0 45%
597,217
5,602,534
5,602,534
$50,198,705
7/19/2016
$8 88
$8 88
-
-0 90%
71,299
$8 88
$8 91
$0 03
0 34%
597,217
5,602,534
5,602,534
$49,750,502
7/20/2016
$8 93
$8 93
-
0 56%
32,138
$8 93
$8 95
$0 02
0 22%
597,217
5,602,534
5,602,534
$50,030,629
7/21/2016
$9 39
$9 39
-
5 02%
97,977
$9 33
$9 38
$0 05
0 53%
597,217
5,602,534
5,602,534
$52,607,794
7/22/2016
$9 33
$9 33
-
-0 64%
38,657
$9 33
$9 35
$0 02
0 21%
597,217
5,602,534
5,602,534
$52,271,642
7/25/2016
$9 33
$9 33
-
0 00%
25,296
$9 30
$9 33
$0 03
0 32%
597,217
5,602,534
5,602,534
$52,271,642
7/26/2016
$9 66
$9 66
-
3 48%
32,333
$9 63
$9 66
$0 03
0 31%
597,217
5,602,534
5,602,534
$54,120,478
7/27/2016
$9 92
$9 92
-
2 66%
79,603
$9 89
$9 92
$0 03
0 30%
597,217
5,602,534
5,602,534
$55,577,137
7/28/2016
$9 37
$9 37
-
-5 70%
68,456
$9 31
$9 36
$0 05
0 54%
597,217
5,602,534
5,602,534
$52,495,744
7/29/2016
$9 62
$9 62
-
2 63%
50,120
$9 58
$9 62
$0 04
0 42%
560,054
5,602,534
5,602,534
$53,896,377
8/1/2016
$9 42
$9 42
-
-2 10%
55,609
$9 39
$9 42
$0 03
0 32%
560,054
5,602,534
5,602,534
$52,775,870
8/2/2016
$9 12
$9 12
-
-3 24%
26,708
$9 13
$9 15
$0 02
0 22%
560,054
5,602,534
5,602,534
$51,095,110
8/3/2016
$9 48
$9 48
-
3 87%
26,904
$9 46
$9 48
$0 02
0 21%
560,054
5,602,534
5,602,534
$53,112,022
8/4/2016 $10 12
$10 12
-
6 53%
111,969
$10 09
$10 12
$0 03
0 30%
560,054
5,602,534
5,602,534
$56,697,644
8/5/2016
$9 90
$9 90
-
-2 20%
43,505
$9 86
$9 90
$0 04
0 40%
560,054
5,602,534
5,602,534
$55,465,087
8/8/2016 $10 14
$10 14
-
2 40%
36,445
$10 07
$10 14
$0 07
0 69%
560,054
5,602,534
5,602,534
$56,809,695
8/9/2016 $10 04
$10 04
-
-0 99%
65,188
$10 01
$10 04
$0 03
0 30%
560,054
5,602,534
5,602,534
$56,249,441
8/10/2016
$9 75
$9 75
-
-2 93%
38,413
$9 75
$9 78
$0 03
0 31%
560,054
5,602,534
5,602,534
$54,624,707
8/11/2016
$9 97
$9 97
-
2 23%
17,064
$9 93
$9 97
$0 04
0 40%
560,054
5,602,534
5,602,534
$55,857,264
162
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 166 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 168 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
8/12/2016
$9 99
$9 99
-
0 20%
26,766
$9 97
$10 02
$0 05
0 50%
560,054
5,602,534
5,602,534
$55,969,315
8/15/2016 $10 06
$10 06
-
0 70%
38,897
$10 02
$10 03
$0 01
0 10%
512,569
5,602,534
5,602,534
$56,361,492
8/16/2016
$9 83
$9 83
-
-2 31%
14,236
$9 83
$9 86
$0 03
0 30%
512,569
5,602,534
5,602,534
$55,072,909
8/17/2016
$9 96
$9 96
-
1 31%
21,180
$9 96
$9 99
$0 03
0 30%
512,569
5,602,534
5,602,534
$55,801,239
8/18/2016 $10 22
$10 22
-
2 58%
49,709
$10 18
$10 22
$0 04
0 39%
512,569
5,602,534
5,602,534
$57,257,897
8/19/2016
$9 42
$9 42
-
-8 15%
77,695
$9 42
$9 46
$0 04
0 42%
512,569
5,602,534
5,602,534
$52,775,870
8/22/2016
$9 41
$9 41
-
-0 16%
27,842
$9 38
$9 43
$0 05
0 53%
512,569
5,602,534
5,602,534
$52,691,832
8/23/2016
$9 37
$9 37
-
-0 37%
33,379
$9 37
$9 42
$0 05
0 53%
512,569
5,602,534
5,602,534
$52,495,744
8/24/2016
$8 97
$8 97
-
-4 36%
69,659
$8 98
$9 00
$0 02
0 22%
512,569
5,602,534
5,602,534
$50,254,730
8/25/2016
$9 03
$9 03
-
0 67%
29,143
$9 00
$9 03
$0 03
0 33%
512,569
5,602,534
5,602,534
$50,590,882
8/26/2016
$9 28
$9 28
-
2 73%
17,876
$9 22
$9 28
$0 06
0 65%
512,569
5,602,534
5,602,534
$51,991,516
8/29/2016
$9 27
$9 27
-
-0 11%
35,598
$9 28
$9 33
$0 05
0 54%
512,569
5,602,534
5,602,534
$51,935,490
8/30/2016
$9 57
$9 57
-
3 18%
32,264
$9 57
$9 62
$0 05
0 52%
512,569
5,602,534
5,602,534
$53,616,250
8/31/2016
$9 33
$9 33
-
-2 54%
24,587
$9 33
$9 35
$0 02
0 21%
498,246
5,602,534
5,602,534
$52,271,642
9/1/2016
$9 25
$9 25
-
-0 86%
9,309
$9 23
$9 26
$0 03
0 32%
498,246
5,602,534
5,602,534
$51,823,440
9/2/2016
$9 52
$9 52
-
2 88%
23,348
$9 52
$9 55
$0 03
0 31%
498,246
5,602,534
5,602,534
$53,336,124
9/6/2016
$9 52
$9 52
-
0 00%
39,842
$9 52
$9 56
$0 04
0 42%
498,246
5,602,534
5,602,534
$53,336,124
9/7/2016
$9 67
$9 67
-
1 56%
22,985
$9 68
$9 71
$0 03
0 31%
498,246
5,602,534
5,602,534
$54,176,504
9/8/2016
$9 44
$9 44
-
-2 41%
42,559
$9 43
$9 45
$0 02
0 21%
498,246
5,602,534
5,602,534
$52,887,921
9/9/2016
$9 18
$9 18
-
-2 79%
35,510
$9 18
$9 20
$0 02
0 22%
498,246
5,602,534
5,602,534
$51,431,262
9/12/2016
$9 18
$9 18
-
0 00%
19,193
$9 16
$9 18
$0 02
0 22%
498,246
5,602,534
5,602,534
$51,431,262
9/13/2016
$9 25
$9 25
-
0 76%
38,138
$9 15
$9 25
$0 10
1 09%
498,246
5,602,534
5,602,534
$51,823,440
9/14/2016
$9 12
$9 12
-
-1 42%
24,453
$9 12
$9 17
$0 05
0 55%
498,246
5,602,534
5,602,534
$51,095,110
9/15/2016
$9 16
$9 16
-
0 44%
14,578
$9 13
$9 17
$0 04
0 44%
472,023
5,602,534
5,602,534
$51,319,211
9/16/2016
$8 90
$8 90
-
-2 88%
27,663
$8 91
$8 94
$0 03
0 34%
472,023
5,602,534
5,602,534
$49,862,553
9/19/2016
$8 89
$8 89
-
-0 11%
16,468
$8 85
$8 89
$0 04
0 45%
472,023
5,602,534
5,602,534
$49,806,527
9/20/2016
$8 94
$8 94
-
0 56%
16,262
$8 92
$8 94
$0 02
0 22%
472,023
5,602,534
5,602,534
$50,086,654
9/21/2016
$9 09
$9 09
-
1 66%
23,703
$9 09
$9 11
$0 02
0 22%
472,023
5,602,534
5,602,534
$50,927,034
9/22/2016
$8 98
$8 98
-
-1 22%
31,170
$8 98
$9 01
$0 03
0 33%
472,023
5,602,534
5,602,534
$50,310,755
9/23/2016
$8 84
$8 84
-
-1 57%
36,119
$8 82
$8 84
$0 02
0 23%
472,023
5,602,534
5,602,534
$49,526,401
9/26/2016
$8 88
$8 88
-
0 45%
7,778
$8 80
$8 88
$0 08
0 90%
472,023
5,602,534
5,602,534
$49,750,502
9/27/2016
$8 69
$8 69
-
-2 16%
13,629
$8 66
$8 69
$0 03
0 35%
472,023
5,602,534
5,602,534
$48,686,020
9/28/2016
$8 68
$8 68
-
-0 12%
9,128
$8 68
$8 76
$0 08
0 92%
472,023
5,602,534
5,602,534
$48,629,995
9/29/2016
$8 61
$8 61
-
-0 81%
31,364
$8 61
$8 73
$0 12
1 38%
472,023
5,602,534
5,602,534
$48,237,818
9/30/2016
$8 77
$8 77
-
1 84%
36,163
$8 77
$8 87
$0 10
1 13%
442,444
5,602,534
5,602,534
$49,134,223
10/3/2016
$7 87
$7 87
-
-10 83%
67,285
$7 85
$7 87
$0 02
0 25%
442,444
5,602,534
5,602,534
$44,091,943
10/4/2016
$8 18
$8 18
-
3 86%
44,924
$8 15
$8 22
$0 07
0 86%
442,444
5,602,534
5,602,534
$45,828,728
10/5/2016
$8 40
$8 40
-
2 65%
31,050
$8 32
$8 40
$0 08
0 96%
442,444
5,602,534
5,602,534
$47,060,725
10/6/2016
$8 31
$8 31
-
-1 08%
22,468
$8 25
$8 38
$0 13
1 56%
442,444
5,602,534
5,602,534
$46,557,058
10/7/2016
$8 22
$8 22
-
-1 09%
42,367
$8 08
$8 23
$0 15
1 84%
442,444
5,602,534
5,602,534
$46,052,829
10/10/2016
$8 26
$8 26
-
0 49%
28,507
$8 20
$8 27
$0 07
0 85%
442,444
5,602,534
5,602,534
$46,276,931
10/11/2016
$8 14
$8 14
-
-1 46%
11,656
$8 14
$8 24
$0 10
1 22%
442,444
5,602,534
5,602,534
$45,604,627
10/12/2016
$8 25
$8 25
-
1 36%
22,023
$8 25
$8 30
$0 05
0 60%
442,444
5,602,534
5,602,534
$46,227,068
10/13/2016
$8 05
$8 05
-
-2 47%
10,805
$8 05
$8 11
$0 06
0 74%
442,444
5,602,534
5,602,534
$45,100,399
10/14/2016
$8 01
$8 01
-
-0 50%
30,966
$8 00
$8 01
$0 01
0 12%
483,794
5,602,534
5,602,534
$44,876,297
10/17/2016
$7 90
$7 90
-
-1 38%
13,757
$7 75
$7 90
$0 15
1 92%
483,794
5,602,534
5,602,534
$44,260,019
10/18/2016
$7 85
$7 85
-
-0 63%
33,147
$7 85
$7 95
$0 10
1 27%
483,794
5,602,534
5,602,534
$43,979,892
10/19/2016
$7 85
$7 85
-
0 00%
70,079
$7 85
$7 95
$0 10
1 27%
483,794
5,602,534
5,602,534
$43,979,892
10/20/2016
$7 85
$7 85
-
0 00%
15,634
$7 80
$7 90
$0 10
1 27%
483,794
5,602,534
5,602,534
$43,979,892
10/21/2016
$8 00
$8 00
-
1 89%
10,560
$7 95
$8 00
$0 05
0 63%
483,794
5,602,534
5,602,534
$44,820,272
10/24/2016
$7 90
$7 90
-
-1 26%
18,182
$7 85
$7 95
$0 10
1 27%
483,794
5,602,534
5,602,534
$44,260,019
10/25/2016
$7 80
$7 80
-
-1 27%
5,740
$7 80
$7 95
$0 15
1 90%
483,794
5,602,534
5,602,534
$43,699,765
10/26/2016
$7 85
$7 85
-
0 64%
43,842
$7 85
$7 95
$0 10
1 27%
483,794
5,602,534
5,602,534
$43,979,892
10/27/2016
$7 65
$7 65
-
-2 58%
10,974
$7 65
$7 75
$0 10
1 30%
483,794
5,602,534
5,602,534
$42,859,385
10/28/2016
$8 05
$8 05
-
5 10%
61,922
$8 00
$8 05
$0 05
0 62%
483,794
5,602,534
5,602,534
$45,100,399
10/31/2016
$7 80
$7 80
-
-3 15%
8,912
$7 85
$7 90
$0 05
0 63%
497,876
5,602,534
5,602,534
$43,699,765
11/1/2016
$8 00
$8 00
-
2 53%
45,056
$7 85
$8 00
$0 15
1 89%
497,876
5,602,534
5,602,534
$44,820,272
11/2/2016
$7 95
$7 95
-
-0 63%
6,185
$7 85
$7 95
$0 10
1 27%
497,876
5,602,534
5,602,534
$44,540,145
11/3/2016
$8 00
$8 00
-
0 63%
12,981
$7 90
$8 00
$0 10
1 26%
497,876
5,602,534
5,602,534
$44,820,272
11/4/2016
$8 00
$8 00
-
0 00%
5,806
$7 90
$8 00
$0 10
1 26%
497,876
5,602,534
5,602,534
$44,820,272
11/7/2016
$7 85
$7 85
-
-1 89%
4,644
$7 85
$7 95
$0 10
1 27%
497,876
5,602,534
5,602,534
$43,979,892
11/8/2016
$7 75
$7 75
-
-1 28%
12,023
$7 65
$7 75
$0 10
1 30%
497,876
5,602,534
5,602,534
$43,419,639
11/9/2016
$7 60
$7 60
-
-1 95%
20,613
$7 60
$7 70
$0 10
1 31%
497,876
5,602,534
5,602,534
$42,579,258
11/10/2016
$7 85
$7 85
-
3 24%
16,861
$7 80
$7 90
$0 10
1 27%
497,876
5,602,534
5,602,534
$43,979,892
11/11/2016
$7 90
$7 90
-
0 63%
24,308
$7 80
$7 90
$0 10
1 27%
497,876
5,602,534
5,602,534
$44,260,019
11/14/2016
$7 80
$7 80
-
-1 27%
20,517
$7 75
$7 90
$0 15
1 92%
497,876
5,602,534
5,602,534
$43,699,765
11/15/2016
$7 95
$7 95
-
1 90%
10,109
$7 80
$7 95
$0 15
1 90%
444,850
5,602,534
5,602,534
$44,540,145
11/16/2016
$7 75
$7 75
-
-2 55%
10,057
$7 75
$7 90
$0 15
1 92%
444,850
5,602,534
5,602,534
$43,419,639
11/17/2016
$8 00
$8 00
-
3 17%
10,817
$7 90
$8 00
$0 10
1 26%
444,850
5,602,534
5,602,534
$44,820,272
11/18/2016
$7 80
$7 80
-
-2 53%
21,766
$7 70
$7 80
$0 10
1 29%
444,850
5,602,534
5,602,534
$43,699,765
11/21/2016
$7 80
$7 80
-
0 00%
34,450
$7 70
$7 80
$0 10
1 29%
444,850
5,602,534
5,602,534
$43,699,765
11/22/2016
$7 95
$7 95
-
1 90%
24,541
$7 85
$7 95
$0 10
1 27%
444,850
5,602,534
5,602,534
$44,540,145
11/23/2016
$7 80
$7 80
-
-1 90%
31,406
$7 70
$7 80
$0 10
1 29%
444,850
5,602,534
5,602,534
$43,699,765
11/25/2016
$7 75
$7 75
-
-0 64%
6,129
$7 70
$7 75
$0 05
0 65%
444,850
5,602,534
5,602,534
$43,419,639
163
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 167 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 169 of
217
Exhibit-7
FXCM Inc. Market Efficiency Statistics
Date
Closing
Price[1]
Adjusted
Closing Price
Adjusted
Dividend
Log
Return
Volume
Closing
Bid
Closing
Ask
Closing
Bid/Ask
Spread
Average
Bid/Ask
Spread %
Short
Interest
Outstanding
Shares[1]
Adjusted
Outstanding
Shares
Market
Capitalization[2]
[a]
[b]
[c]
[d]
[e]
[f]
[g]
[h]
11/28/2016
$7 65
$7 65
-
-1 30%
16,669
$7 65
$7 70
$0 05
0 65%
444,850
5,602,534
5,602,534
$42,859,385
11/29/2016
$7 65
$7 65
-
0 00%
8,990
$7 65
$7 70
$0 05
0 65%
444,850
5,602,534
5,602,534
$42,859,385
11/30/2016
$7 70
$7 70
-
0 65%
16,144
$7 65
$7 70
$0 05
0 65%
415,764
5,602,534
5,602,534
$43,139,512
12/1/2016
$7 60
$7 60
-
-1 31%
29,712
$7 60
$7 65
$0 05
0 66%
415,764
5,602,534
5,602,534
$42,579,258
12/2/2016
$7 70
$7 70
-
1 31%
7,431
$7 65
$7 70
$0 05
0 65%
415,764
5,602,534
5,602,534
$43,139,512
12/5/2016
$8 75
$8 75
-
12 78%
96,053
$8 70
$8 75
$0 05
0 57%
415,764
5,602,534
5,602,534
$49,022,173
12/6/2016
$8 70
$8 70
-
-0 57%
61,365
$8 70
$8 80
$0 10
1 14%
415,764
5,602,534
5,602,534
$48,742,046
12/7/2016
$8 95
$8 95
-
2 83%
26,076
$8 90
$9 00
$0 10
1 12%
415,764
5,602,534
5,602,534
$50,142,679
12/8/2016
$9 20
$9 20
-
2 75%
127,154
$9 10
$9 25
$0 15
1 63%
415,764
5,602,534
5,602,534
$51,543,313
12/9/2016
$9 10
$9 10
-
-1 09%
47,365
$9 05
$9 10
$0 05
0 55%
415,764
5,602,534
5,602,534
$50,983,059
12/12/2016
$8 85
$8 85
-
-2 79%
16,108
$8 85
$8 95
$0 10
1 12%
415,764
5,602,534
5,602,534
$49,582,426
12/13/2016
$8 60
$8 60
-
-2 87%
17,578
$8 60
$8 65
$0 05
0 58%
415,764
5,602,534
5,602,534
$48,181,792
12/14/2016
$8 15
$8 15
-
-5 37%
57,981
$8 15
$8 20
$0 05
0 61%
415,764
5,602,534
5,602,534
$45,660,652
12/15/2016
$8 70
$8 70
-
6 53%
41,210
$8 70
$8 80
$0 10
1 14%
406,382
5,602,534
5,602,534
$48,742,046
12/16/2016
$8 75
$8 75
-
0 57%
15,982
$8 70
$8 75
$0 05
0 57%
406,382
5,602,534
5,602,534
$49,022,173
12/19/2016
$8 45
$8 45
-
-3 49%
13,377
$8 45
$8 50
$0 05
0 59%
406,382
5,602,534
5,602,534
$47,341,412
12/20/2016
$8 30
$8 30
-
-1 79%
18,050
$8 25
$8 35
$0 10
1 20%
406,382
5,602,534
5,602,534
$46,501,032
12/21/2016
$7 85
$7 85
-
-5 57%
36,363
$7 85
$7 90
$0 05
0 63%
406,382
5,602,534
5,602,534
$43,979,892
12/22/2016
$7 40
$7 40
-
-5 90%
56,457
$7 30
$7 40
$0 10
1 36%
406,382
5,602,534
5,602,534
$41,458,752
12/23/2016
$7 35
$7 35
-
-0 68%
35,627
$7 30
$7 35
$0 05
0 68%
406,382
5,602,534
5,602,534
$41,178,625
12/27/2016
$7 35
$7 35
-
0 00%
24,071
$7 35
$7 40
$0 05
0 68%
406,382
5,602,534
5,602,534
$41,178,625
12/28/2016
$7 20
$7 20
-
-2 06%
41,098
$7 20
$7 30
$0 10
1 38%
406,382
5,602,534
5,602,534
$40,338,245
12/29/2016
$7 15
$7 15
-
-0 70%
31,716
$7 10
$7 15
$0 05
0 70%
406,382
5,602,534
5,602,534
$40,058,118
12/30/2016
$7 05
$7 05
-
-1 41%
53,569
$7 00
$7 05
$0 05
0 71%
418,191
5,602,534
5,602,534
$39,497,865
1/3/2017
$7 18
$7 18
-
1 76%
23,922
$7 15
$7 20
$0 05
0 70%
418,191
5,602,534
5,602,534
$40,198,181
1/4/2017
$7 60
$7 60
-
5 75%
23,506
$7 60
$7 70
$0 10
1 31%
418,191
5,602,534
5,602,534
$42,579,258
1/5/2017
$7 95
$7 95
-
4 50%
51,713
$7 80
$7 95
$0 15
1 90%
418,191
5,602,534
5,602,534
$44,540,145
1/6/2017
$7 90
$7 90
-
-0 63%
11,421
$7 80
$7 90
$0 10
1 27%
418,191
5,602,534
5,602,534
$44,260,019
1/9/2017
$7 45
$7 45
-
-5 86%
31,425
$7 40
$7 50
$0 10
1 34%
418,191
5,602,534
5,602,534
$41,738,878
1/10/2017
$7 25
$7 25
-
-2 72%
24,549
$7 25
$7 30
$0 05
0 69%
418,191
5,602,534
5,602,534
$40,618,372
1/11/2017
$7 30
$7 30
-
0 69%
8,219
$7 30
$7 40
$0 10
1 36%
418,191
5,602,534
5,602,534
$40,898,498
1/12/2017
$7 35
$7 35
-
0 68%
10,634
$7 30
$7 35
$0 05
0 68%
418,191
5,602,534
5,602,534
$41,178,625
1/13/2017
$7 40
$7 40
-
0 68%
11,025
$7 35
$7 40
$0 05
0 68%
413,865
5,602,534
5,602,534
$41,458,752
1/17/2017
$7 30
$7 30
-
-1 36%
16,132
$7 25
$7 30
$0 05
0 69%
413,865
5,602,534
5,602,534
$40,898,498
1/18/2017
$7 50
$7 50
-
2 70%
21,252
$7 45
$7 50
$0 05
0 67%
413,865
5,602,534
5,602,534
$42,019,005
1/19/2017
$7 60
$7 60
-
1 32%
8,537
$7 50
$7 55
$0 05
0 66%
413,865
5,602,534
5,602,534
$42,579,258
1/20/2017
$7 85
$7 85
-
3 24%
49,577
$7 80
$7 85
$0 05
0 64%
413,865
5,602,534
5,602,534
$43,979,892
1/23/2017
$7 35
$7 35
-
-6 58%
28,540
$7 25
$7 35
$0 10
1 37%
413,865
5,602,534
5,602,534
$41,178,625
1/24/2017
$7 35
$7 35
-
0 00%
23,768
$7 35
$7 40
$0 05
0 68%
413,865
5,602,534
5,602,534
$41,178,625
1/25/2017
$7 35
$7 35
-
0 00%
7,584
$7 30
$7 35
$0 05
0 68%
413,865
5,602,534
5,602,534
$41,178,625
1/26/2017
$7 25
$7 25
-
-1 37%
15,222
$7 25
$7 30
$0 05
0 69%
413,865
5,602,534
5,602,534
$40,618,372
1/27/2017
$7 00
$7 00
-
-3 51%
37,209
$7 00
$7 05
$0 05
0 71%
413,865
5,602,534
5,602,534
$39,217,738
1/30/2017
$7 00
$7 00
-
0 00%
17,332
$7 05
$7 10
$0 05
0 71%
413,865
5,602,534
5,602,534
$39,217,738
1/31/2017
$7 00
$7 00
-
0 00%
19,126
$6 95
$7 05
$0 10
1 43%
400,473
5,602,534
5,602,534
$39,217,738
2/1/2017
$7 16
$7 16
-
2 19%
12,564
$7 15
$7 25
$0 10
1 39%
400,473
5,602,534
5,602,534
$40,086,131
2/2/2017
$7 15
$7 15
-
-0 07%
3,968
$7 15
$7 20
$0 05
0 70%
400,473
5,602,534
5,602,534
$40,058,118
2/3/2017
$7 00
$7 00
-
-2 12%
8,725
$7 00
$7 05
$0 05
0 71%
400,473
5,602,534
5,602,534
$39,217,738
2/6/2017
$6 85
$6 85
-
-2 17%
21,510
$6 85
$6 95
$0 10
1 45%
400,473
5,602,534
5,602,534
$38,377,358
Total Volume
183,529,929
Average
$11 03
$86 46
$0 01
-0 06%
149,090
$86 41
$86 50
$0 09
0 28%
564,033
30,672,858
4,441,636
$341 6 million
Median
$11 21
$100 40
$0 00
-0 09%
41,446
$100 40
$100 60
$0 10
0 10%
500,719
37,067,596
4,590,996
$268 7 million
High
$19 80
$197 60
$0 60
42 17%
14,223,388
$197 60
$197 70
$0 30
1 92%
1,433,216
52,926,664
5,602,534
$806 0 million
Low
$0 81
$5 30
$0 00
-27 20%
3,840
$5 30
$5 33
$0 00
0 00%
187,461
5,372,666
1,991,883
$28 5 million
Notes and Sources:
Source: Bloomberg and CRSP
[1] Closing Price in Column [a] and Shares Outstanding in Column [f] presented as the unadjusted market quotes and figures as of the date specified All other data presented above is adjusted for the Company's 1-for-10
reverse stock split on October 1, 2015
[2] Market Capitalization [h] is computed as product of adjusted prices and adjusted shares outstanding, or [b] x [g]
164
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 168 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 170 of
217
Corrected Exhibit-8a
FXCM Inc. Common Stock Regression Results
Estimation Period: March 15, 2012 through February 1, 2013
R Squared
0.298
Adjusted R Squared
0.236
Standard Error
2.05%
Observations
222
Intercept
0.03%
0.14%
0.212
Market Index
0.691
0.295
2.341
Peer Index
0.357
0.181
1.971
April 17, 2012
-0.20%
2.08%
-0.094
May 9, 2012
-1.57%
2.06%
-0.760
June 7, 2012
4.92%
2.07%
2.380
June 14, 2012
5.68%
2.06%
2.750
June 18, 2012
-1.40%
2.06%
-0.678
June 21, 2012
-0.15%
2.10%
-0.070
June 25, 2012
0.50%
2.08%
0.239
July 17, 2012
-3.00%
2.06%
-1.456
August 9, 2012
-5.65%
2.06%
-2.739
August 13, 2012
-1.72%
2.06%
-0.834
August 31, 2012
-2.67%
2.06%
-1.298
September 19, 2012
-1.92%
2.08%
-0.922
October 16, 2012
-3.76%
2.07%
-1.812
November 8, 2012
6.05%
2.07%
2.915
December 18, 2012
-1.47%
2.07%
-0.710
January 16, 2013
-1.91%
2.07%
-0.923
Regression Statistics
Coefficients
Standard Error
t- statistic
165
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 169 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 171 of
217
Corrected Exhibit-8b
FXCM Inc. Common Stock Regression Results
Estimation Period: February 4, 2013 through February 3, 2014
R Squared
0.418
Adjusted R Squared
0.359
Standard Error
1.51%
Observations
252
Intercept
0.08%
0.10%
0.782
Market Index
0.303
0.197
1.533
Peer Index
0.346
0.105
3.295
February 12, 2013
2.67%
1.52%
1.764
March 7, 2013
-1.44%
1.52%
-0.948
March 11, 2013
3.43%
1.51%
2.269
April 9, 2013
1.26%
1.51%
0.829
April 15, 2013
-4.49%
1.56%
-2.879
April 26, 2013
-1.11%
1.51%
-0.732
May 7, 2013
3.12%
1.52%
2.051
May 28, 2013
-5.26%
1.54%
-3.425
May 29, 2013
-0.71%
1.52%
-0.464
May 31, 2013
-0.07%
1.53%
-0.047
June 4, 2013
0.04%
1.52%
0.024
June 6, 2013
1.63%
1.52%
1.072
June 14, 2013
0.44%
1.52%
0.292
July 16, 2013
4.56%
1.53%
2.984
August 7, 2013
7.38%
1.52%
4.865
September 11, 2013
-3.32%
1.52%
-2.187
October 17, 2013
-4.11%
1.52%
-2.708
November 7, 2013
-7.64%
1.53%
-5.000
November 19, 2013
1.41%
1.52%
0.933
December 17, 2013
1.16%
1.52%
0.762
January 14, 2014
-3.64%
1.52%
-2.392
Regression Statistics
Coefficients
Standard Error
t- statistic
166
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 170 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 172 of
217
Corrected Exhibit-8c
FXCM Inc. Common Stock Regression Results
Estimation Period: February 4, 2014 through February 5, 2015
R Squared
0.770
Adjusted R Squared
0.748
Standard Error
2.10%
Observations
252
Intercept
-0.05%
0.14%
-0.369
Market Index
0.040
0.314
0.127
Peer Index
0.454
0.157
2.883
February 11, 2014
-3.84%
2.11%
-1.821
March 6, 2014
-1.44%
2.10%
-0.684
April 15, 2014
-1.85%
2.11%
-0.878
May 8, 2014
-5.74%
2.10%
-2.727
June 10, 2014
6.26%
2.11%
2.974
June 16, 2014
3.34%
2.10%
1.592
July 16, 2014
-0.45%
2.10%
-0.213
August 8, 2014
-2.09%
2.11%
-0.993
September 10, 2014
2.93%
2.11%
1.388
September 22, 2014
-0.98%
2.11%
-0.463
October 17, 2014
-0.43%
2.11%
-0.202
November 7, 2014
-4.67%
2.11%
-2.210
December 10, 2014
-2.99%
2.13%
-1.403
January 14, 2015
-10.46%
2.12%
-4.940
January 21, 2015
37.68%
2.11%
17.898
January 22, 2015
27.25%
2.12%
12.860
January 23, 2015
-26.66%
2.10%
-12.681
January 26, 2015
2.66%
2.10%
1.267
January 30, 2015
-1.05%
2.12%
-0.498
February 2, 2015
-4.55%
2.11%
-2.153
Regression Statistics
Coefficients
Standard Error
t- statistic
167
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 171 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 173 of
217
Corrected Exhibit-8d
FXCM Inc. Common Stock Regression Results
Estimation Period: February 6, 2015 through February 5, 2016
R Squared
0.268
Adjusted R Squared
0.165
Standard Error
6.59%
Observations
252
Intercept
-0.27%
0.44%
-0.610
Market Index
0.023
0.720
0.032
Peer Index
0.579
0.451
1.284
February 12, 2015
-1.38%
6.63%
-0.208
March 13, 2015
19.19%
6.61%
2.904
March 17, 2015
-0.45%
6.61%
-0.068
March 25, 2015
2.70%
6.63%
0.406
April 7, 2015
2.49%
6.60%
0.377
April 15, 2015
0.12%
6.61%
0.018
April 21, 2015
0.16%
6.60%
0.024
May 11, 2015
-10.02%
6.69%
-1.499
May 22, 2015
-6.74%
6.60%
-1.021
May 28, 2015
-5.25%
6.60%
-0.795
June 10, 2015
-0.31%
6.63%
-0.047
June 15, 2015
-0.01%
6.60%
-0.002
July 15, 2015
-1.92%
6.60%
-0.291
August 7, 2015
-6.55%
6.60%
-0.993
September 10, 2015
5.08%
6.60%
0.769
September 14, 2015
-3.71%
6.61%
-0.561
September 17, 2015
2.35%
6.74%
0.348
September 21, 2015
-7.30%
6.64%
-1.099
September 23, 2015
0.34%
6.61%
0.052
September 30, 2015
0.84%
6.66%
0.125
October 1, 2015
-7.98%
6.60%
-1.209
October 8, 2015
-3.54%
6.61%
-0.535
October 14, 2015
7.26%
6.61%
1.098
November 6, 2015
-2.95%
6.85%
-0.430
December 14, 2015
41.95%
6.61%
6.348
December 15, 2015
-18.98%
6.64%
-2.861
January 13, 2016
-15.04%
6.72%
-2.238
January 27, 2016
9.03%
6.62%
1.363
February 2, 2016
-4.35%
6.70%
-0.649
Regression Statistics
Coefficients
Standard Error
t- statistic
168
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 172 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 174 of
217
Corrected Exhibit-8e
FXCM Inc. Common Stock Regression Results
Estimation Period: February 8, 2016 through February 6, 2017
R Squared
0.376
Adjusted R Squared
0.310
Standard Error
3.29%
Observations
252
Intercept
-0.24%
0.22%
-1.098
Market Index
1.346
0.476
2.831
Peer Index
0.388
0.205
1.892
February 10, 2016
0.07%
3.30%
0.022
March 11, 2016
-30.93%
3.34%
-9.248
April 12, 2016
-3.17%
3.31%
-0.958
April 18, 2016
1.19%
3.30%
0.360
May 6, 2016
1.23%
3.31%
0.372
June 9, 2016
-8.47%
3.30%
-2.565
June 14, 2016
1.00%
3.30%
0.304
July 12, 2016
-3.01%
3.32%
-0.905
August 4, 2016
6.50%
3.30%
1.972
September 1, 2016
-0.30%
3.31%
-0.091
September 9, 2016
1.31%
3.47%
0.377
September 13, 2016
3.71%
3.35%
1.107
September 30, 2016
0.19%
3.31%
0.058
October 4, 2016
4.64%
3.32%
1.397
October 5, 2016
1.46%
3.31%
0.441
October 11, 2016
1.09%
3.33%
0.327
October 31, 2016
-2.92%
3.30%
-0.886
November 8, 2016
-1.69%
3.30%
-0.513
November 10, 2016
1.94%
3.35%
0.577
November 18, 2016
-2.44%
3.31%
-0.738
December 14, 2016
-3.82%
3.33%
-1.145
January 12, 2017
1.38%
3.30%
0.418
Regression Statistics
Coefficients
Standard Error
t- statistic
169
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 173 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 175 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
3/15/2012
4.97%
1.71%
3.26%
1.59
3/16/2012
-0.81%
-0.00%
-0.81%
-0.39
3/19/2012
-0.08%
0.33%
-0.41%
-0.20
3/20/2012
3.21%
-0.14%
3.35%
1.63
3/21/2012
-0.95%
-0.04%
-0.91%
-0.45
3/22/2012
3.60%
-1.30%
4.90%
2.38 *
3/23/2012
2.43%
0.51%
1.92%
0.94
3/26/2012
1.27%
1.63%
-0.36%
-0.18
3/27/2012
-0.07%
-0.79%
0.72%
0.35
3/28/2012
-0.30%
-1.03%
0.74%
0.36
3/29/2012
-2.10%
-0.56%
-1.54%
-0.75
3/30/2012
-1.38%
0.49%
-1.87%
-0.91
4/2/2012
0.92%
1.00%
-0.08%
-0.04
4/3/2012
2.34%
-0.03%
2.37%
1.15
4/4/2012
-3.18%
-1.52%
-1.66%
-0.81
4/5/2012
1.30%
-0.28%
1.58%
0.77
4/9/2012
-4.03%
-1.30%
-2.73%
-1.33
4/10/2012
-5.94%
-2.10%
-3.84%
-1.87
4/11/2012
1.42%
1.10%
0.31%
0.15
4/12/2012
-0.75%
1.85%
-2.60%
-1.26
4/13/2012
-1.68%
-1.77%
0.09%
0.04
4/16/2012
0.25%
-0.21%
0.47%
0.23
4/17/2012
1.34%
1.54%
-0.20%
-0.10
4/18/2012
-2.03%
-0.51%
-1.52%
-0.74
4/19/2012
-0.26%
-0.31%
0.06%
0.03
4/20/2012
0.34%
0.32%
0.02%
0.01
4/23/2012
-0.43%
-1.06%
0.63%
0.31
4/24/2012
-0.43%
0.41%
-0.84%
-0.41
4/25/2012
0.00%
1.52%
-1.52%
-0.74
4/26/2012
-0.61%
0.91%
-1.51%
-0.74
4/27/2012
0.00%
0.40%
-0.40%
-0.19
4/30/2012
0.43%
-0.35%
0.78%
0.38
5/1/2012
-1.57%
0.19%
-1.75%
-0.85
5/2/2012
-1.24%
-0.85%
-0.39%
-0.19
5/3/2012
-0.98%
-0.75%
-0.23%
-0.11
5/4/2012
-2.18%
-1.54%
-0.64%
-0.31
5/7/2012
-1.01%
-0.01%
-1.01%
-0.49
170
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 174 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 176 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
5/8/2012
-1.49%
-0.70%
-0.80%
-0.39
5/9/2012
-2.28%
-0.71%
-1.57%
-0.76
5/10/2012
-3.72%
0.04%
-3.76%
-1.83
5/11/2012
0.00%
0.14%
-0.14%
-0.07
5/14/2012
-1.91%
-1.55%
-0.36%
-0.18
5/15/2012
0.61%
-0.54%
1.15%
0.56
5/16/2012
1.01%
-0.56%
1.57%
0.76
5/17/2012
-0.90%
-1.53%
0.62%
0.30
5/18/2012
-2.04%
-0.97%
-1.07%
-0.52
5/21/2012
-0.31%
1.98%
-2.29%
-1.12
5/22/2012
-0.94%
0.18%
-1.12%
-0.54
5/23/2012
1.76%
0.00%
1.76%
0.86
5/24/2012
0.20%
0.10%
0.10%
0.05
5/25/2012
2.73%
0.29%
2.44%
1.19
5/29/2012
1.58%
1.32%
0.26%
0.13
5/30/2012
-1.08%
-2.15%
1.07%
0.52
5/31/2012
1.87%
-0.15%
2.02%
0.98
6/1/2012
-1.47%
-2.86%
1.39%
0.68
6/4/2012
0.49%
-0.53%
1.02%
0.50
6/5/2012
0.20%
1.30%
-1.11%
-0.54
6/6/2012
3.18%
2.36%
0.82%
0.40
6/7/2012
4.46%
-0.46%
4.92%
2.39 *
6/8/2012
1.80%
0.60%
1.20%
0.58
6/11/2012
-0.54%
-1.40%
0.86%
0.42
6/12/2012
5.84%
0.51%
5.33%
2.60 *
6/13/2012
-1.97%
-0.79%
-1.17%
-0.57
6/14/2012
6.84%
1.16%
5.68%
2.76 *
6/15/2012
-2.04%
1.28%
-3.32%
-1.62
6/18/2012
-1.33%
0.07%
-1.40%
-0.68
6/19/2012
-2.03%
1.22%
-3.25%
-1.58
6/20/2012
-6.53%
-0.00%
-6.53%
-3.18 *
6/21/2012
-2.96%
-2.82%
-0.15%
-0.07
6/22/2012
2.96%
0.82%
2.15%
1.04
6/25/2012
-1.47%
-1.97%
0.50%
0.24
6/26/2012
3.55%
0.63%
2.92%
1.42
6/27/2012
4.29%
1.05%
3.24%
1.58
6/28/2012
-0.34%
0.11%
-0.46%
-0.22
171
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 175 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 177 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
6/29/2012
1.03%
2.83%
-1.80%
-0.88
7/2/2012
1.60%
0.37%
1.23%
0.60
7/3/2012
0.42%
0.85%
-0.43%
-0.21
7/5/2012
-0.25%
-0.62%
0.37%
0.18
7/6/2012
-1.18%
-1.07%
-0.11%
-0.05
7/9/2012
-2.40%
-0.67%
-1.72%
-0.84
7/10/2012
0.60%
-0.87%
1.47%
0.72
7/11/2012
0.17%
0.30%
-0.12%
-0.06
7/12/2012
-5.75%
-0.91%
-4.84%
-2.36 *
7/13/2012
1.18%
1.95%
-0.77%
-0.38
7/16/2012
1.69%
-0.15%
1.84%
0.90
7/17/2012
-2.14%
0.86%
-3.00%
-1.46
7/18/2012
-0.82%
0.46%
-1.28%
-0.62
7/19/2012
-0.55%
0.12%
-0.66%
-0.32
7/20/2012
-4.69%
-1.65%
-3.04%
-1.48
7/23/2012
-2.13%
-1.33%
-0.80%
-0.39
7/24/2012
3.94%
-1.02%
4.96%
2.41 *
7/25/2012
-1.42%
0.47%
-1.89%
-0.92
7/26/2012
1.05%
1.77%
-0.73%
-0.35
7/27/2012
0.19%
2.03%
-1.84%
-0.90
7/30/2012
0.66%
-0.26%
0.92%
0.45
7/31/2012
-1.51%
-0.56%
-0.96%
-0.47
8/1/2012
-0.19%
-0.65%
0.46%
0.22
8/2/2012
-0.29%
-1.27%
0.99%
0.48
8/3/2012
3.29%
2.85%
0.44%
0.21
8/6/2012
-0.37%
0.43%
-0.80%
-0.39
8/7/2012
1.02%
1.36%
-0.35%
-0.17
8/8/2012
-1.58%
-0.18%
-1.40%
-0.68
8/9/2012
-5.18%
0.47%
-5.65%
-2.75 *
8/10/2012
-3.51%
-0.20%
-3.31%
-1.61
8/13/2012
-1.64%
0.08%
-1.72%
-0.84
8/14/2012
1.64%
-0.10%
1.75%
0.85
8/15/2012
0.10%
0.61%
-0.51%
-0.25
8/16/2012
0.91%
1.00%
-0.09%
-0.04
8/17/2012
0.60%
0.00%
0.60%
0.29
8/20/2012
-2.44%
-0.09%
-2.35%
-1.14
8/21/2012
-0.41%
-0.01%
-0.40%
-0.19
172
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 176 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 178 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
8/22/2012
-0.52%
-0.09%
-0.43%
-0.21
8/23/2012
-1.46%
-0.88%
-0.58%
-0.28
8/24/2012
-0.21%
0.86%
-1.07%
-0.52
8/27/2012
-1.70%
-0.44%
-1.27%
-0.62
8/28/2012
-8.04%
0.18%
-8.22%
-4.00 *
8/29/2012
4.66%
0.56%
4.10%
2.00 *
8/30/2012
-0.89%
-0.65%
-0.24%
-0.12
8/31/2012
-1.92%
0.75%
-2.67%
-1.30
9/4/2012
0.00%
-0.06%
0.06%
0.03
9/5/2012
0.46%
-0.01%
0.47%
0.23
9/6/2012
3.02%
2.56%
0.46%
0.22
9/7/2012
2.18%
0.66%
1.52%
0.74
9/10/2012
-0.22%
-0.74%
0.53%
0.26
9/11/2012
0.00%
0.55%
-0.55%
-0.27
9/12/2012
0.97%
0.57%
0.40%
0.20
9/13/2012
5.82%
1.66%
4.17%
2.03 *
9/14/2012
-0.71%
0.64%
-1.35%
-0.66
9/17/2012
-0.51%
-0.96%
0.45%
0.22
9/18/2012
0.21%
-0.55%
0.76%
0.37
9/19/2012
-2.39%
-0.47%
-1.92%
-0.94
9/20/2012
0.52%
-0.61%
1.13%
0.55
9/21/2012
0.94%
0.30%
0.64%
0.31
9/24/2012
0.31%
-0.29%
0.60%
0.29
9/25/2012
-0.83%
-1.94%
1.11%
0.54
9/26/2012
-0.21%
-0.44%
0.23%
0.11
9/27/2012
1.45%
0.75%
0.70%
0.34
9/28/2012
-1.76%
-0.52%
-1.24%
-0.61
10/1/2012
0.83%
0.44%
0.39%
0.19
10/2/2012
4.67%
-0.98%
5.64%
2.75 *
10/3/2012
-3.12%
0.37%
-3.49%
-1.70
10/4/2012
4.20%
1.03%
3.18%
1.55
10/5/2012
-6.17%
0.12%
-6.28%
-3.06 *
10/8/2012
-0.31%
-0.45%
0.14%
0.07
10/9/2012
-1.90%
-1.03%
-0.87%
-0.42
10/10/2012
0.53%
-0.31%
0.84%
0.41
10/11/2012
0.42%
0.57%
-0.14%
-0.07
10/12/2012
-2.89%
-0.87%
-2.02%
-0.98
173
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 177 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 179 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
10/15/2012
-0.44%
0.63%
-1.06%
-0.52
10/16/2012
-2.21%
1.55%
-3.76%
-1.83
10/17/2012
5.11%
1.08%
4.03%
1.96 *
10/18/2012
-3.23%
-0.38%
-2.86%
-1.39
10/19/2012
-1.66%
-2.03%
0.38%
0.18
10/22/2012
2.75%
0.10%
2.64%
1.29
10/23/2012
-1.64%
-1.16%
-0.48%
-0.23
10/24/2012
-1.33%
-0.14%
-1.19%
-0.58
10/25/2012
0.78%
0.67%
0.11%
0.05
10/26/2012
0.00%
-0.05%
0.05%
0.03
10/31/2012
-0.33%
0.20%
-0.53%
-0.26
11/1/2012
1.21%
1.27%
-0.05%
-0.02
11/2/2012
-1.10%
-0.77%
-0.33%
-0.16
11/5/2012
0.00%
0.69%
-0.69%
-0.34
11/6/2012
-0.56%
0.51%
-1.07%
-0.52
11/7/2012
0.78%
-2.59%
3.37%
1.64
11/8/2012
4.97%
-1.08%
6.05%
2.94 *
11/9/2012
-3.87%
-0.14%
-3.73%
-1.81
11/12/2012
5.54%
-0.14%
5.68%
2.77 *
11/13/2012
-1.99%
-0.75%
-1.24%
-0.60
11/14/2012
-2.03%
-1.51%
-0.51%
-0.25
11/15/2012
4.22%
0.37%
3.86%
1.88
11/16/2012
-2.30%
0.45%
-2.75%
-1.34
11/19/2012
3.33%
1.76%
1.57%
0.76
11/20/2012
-1.86%
0.21%
-2.07%
-1.01
11/21/2012
-2.11%
0.52%
-2.63%
-1.28
11/23/2012
2.73%
1.29%
1.44%
0.70
11/26/2012
1.44%
0.00%
1.44%
0.70
11/27/2012
3.02%
-0.49%
3.51%
1.71
11/28/2012
1.18%
1.05%
0.13%
0.06
11/29/2012
1.75%
0.40%
1.35%
0.66
11/30/2012
-3.73%
0.12%
-3.85%
-1.87
12/3/2012
0.10%
-0.43%
0.53%
0.26
12/4/2012
0.00%
-0.22%
0.22%
0.11
12/5/2012
-1.00%
0.42%
-1.42%
-0.69
12/6/2012
0.80%
0.45%
0.36%
0.17
12/7/2012
1.49%
0.72%
0.77%
0.37
174
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 178 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 180 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
12/10/2012
-0.10%
-0.10%
0.00%
0.00
12/11/2012
0.00%
1.05%
-1.05%
-0.51
12/12/2012
-0.20%
-0.13%
-0.07%
-0.03
12/13/2012
-1.90%
-0.25%
-1.64%
-0.80
12/14/2012
0.70%
-0.13%
0.84%
0.41
12/17/2012
0.70%
1.35%
-0.65%
-0.32
12/18/2012
-0.20%
1.27%
-1.47%
-0.71
12/19/2012
-2.43%
0.02%
-2.45%
-1.19
12/20/2012
2.83%
0.42%
2.41%
1.17
12/21/2012
-2.01%
-0.89%
-1.13%
-0.55
12/24/2012
-0.20%
-0.18%
-0.02%
-0.01
12/26/2012
-0.51%
-0.54%
0.03%
0.01
12/27/2012
-1.24%
-0.07%
-1.17%
-0.57
12/28/2012
0.62%
-0.69%
1.31%
0.64
12/31/2012
3.74%
1.59%
2.15%
1.05
1/2/2013
5.79%
3.12%
2.67%
1.30
1/3/2013
-1.61%
-0.07%
-1.53%
-0.75
1/4/2013
0.10%
1.15%
-1.06%
-0.52
1/7/2013
1.14%
-0.35%
1.49%
0.73
1/8/2013
1.22%
-0.26%
1.48%
0.72
1/9/2013
-2.16%
0.21%
-2.37%
-1.16
1/10/2013
2.07%
0.85%
1.22%
0.59
1/11/2013
3.56%
0.15%
3.41%
1.66
1/14/2013
1.25%
-0.18%
1.43%
0.70
1/15/2013
0.97%
0.37%
0.60%
0.29
1/16/2013
-2.31%
-0.40%
-1.91%
-0.93
1/17/2013
-0.27%
0.76%
-1.03%
-0.50
1/18/2013
-0.54%
0.69%
-1.24%
-0.60
1/22/2013
1.62%
1.06%
0.55%
0.27
1/23/2013
0.27%
-0.21%
0.47%
0.23
1/24/2013
1.85%
0.40%
1.45%
0.71
1/25/2013
2.24%
0.88%
1.36%
0.66
1/28/2013
2.28%
0.13%
2.15%
1.05
1/29/2013
-1.26%
0.76%
-2.02%
-0.98
1/30/2013
1.68%
-0.29%
1.96%
0.95
1/31/2013
-0.42%
0.05%
-0.46%
-0.23
2/1/2013
3.36%
1.13%
2.23%
1.08
175
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 179 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 181 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
2/4/2013
3.25%
-0.79%
4.04%
2.67 *
2/5/2013
1.47%
0.85%
0.62%
0.41
2/6/2013
1.00%
0.35%
0.64%
0.43
2/7/2013
-0.31%
0.27%
-0.58%
-0.38
2/8/2013
1.06%
0.10%
0.97%
0.64
2/11/2013
0.53%
-0.13%
0.66%
0.44
2/12/2013
3.18%
0.51%
2.67%
1.77
2/13/2013
-0.80%
0.19%
-1.00%
-0.66
2/14/2013
0.80%
0.17%
0.64%
0.42
2/15/2013
-1.62%
-0.02%
-1.59%
-1.05
2/19/2013
0.15%
0.60%
-0.45%
-0.30
2/20/2013
0.22%
-0.97%
1.19%
0.79
2/21/2013
-1.79%
-0.82%
-0.97%
-0.64
2/22/2013
0.00%
0.94%
-0.94%
-0.62
2/25/2013
0.67%
-1.16%
1.84%
1.22
2/26/2013
-0.45%
0.06%
-0.51%
-0.34
2/27/2013
-1.28%
0.87%
-2.15%
-1.43
2/28/2013
-0.23%
-0.22%
-0.01%
-0.01
3/1/2013
1.88%
0.28%
1.61%
1.06
3/4/2013
-0.30%
0.77%
-1.07%
-0.71
3/5/2013
-0.30%
0.80%
-1.10%
-0.73
3/6/2013
2.23%
0.65%
1.58%
1.05
3/7/2013
-0.88%
0.55%
-1.44%
-0.95
3/8/2013
0.37%
0.50%
-0.13%
-0.08
3/11/2013
3.77%
0.33%
3.43%
2.27 *
3/12/2013
0.00%
0.01%
-0.01%
-0.01
3/13/2013
0.64%
0.65%
-0.01%
-0.01
3/14/2013
0.63%
-0.08%
0.71%
0.47
3/15/2013
-0.99%
-0.21%
-0.78%
-0.52
3/18/2013
0.36%
-0.45%
0.81%
0.53
3/19/2013
-0.78%
-0.33%
-0.45%
-0.30
3/20/2013
0.78%
0.73%
0.06%
0.04
3/21/2013
-3.24%
-0.69%
-2.56%
-1.69
3/22/2013
0.95%
0.30%
0.65%
0.43
3/25/2013
-1.39%
-0.14%
-1.25%
-0.82
3/26/2013
-1.26%
0.52%
-1.78%
-1.18
3/27/2013
0.30%
-0.06%
0.36%
0.24
176
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 180 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 182 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
3/28/2013
1.62%
0.44%
1.18%
0.78
4/1/2013
-3.19%
-0.72%
-2.48%
-1.64
4/2/2013
1.35%
0.24%
1.10%
0.73
4/3/2013
-3.02%
-1.23%
-1.79%
-1.19
4/4/2013
3.10%
0.17%
2.93%
1.94
4/5/2013
-3.25%
-0.42%
-2.83%
-1.87
4/8/2013
2.88%
0.73%
2.15%
1.42
4/9/2013
1.70%
0.45%
1.26%
0.83
4/10/2013
2.18%
1.18%
1.00%
0.66
4/11/2013
0.22%
0.43%
-0.21%
-0.14
4/12/2013
0.00%
-0.51%
0.51%
0.34
4/15/2013
-6.36%
-1.88%
-4.49%
-2.97 *
4/16/2013
3.16%
0.97%
2.19%
1.45
4/17/2013
-2.47%
-1.11%
-1.37%
-0.91
4/18/2013
-0.30%
-0.27%
-0.03%
-0.02
4/19/2013
1.88%
0.60%
1.29%
0.85
4/22/2013
0.30%
0.20%
0.10%
0.07
4/23/2013
1.84%
0.77%
1.07%
0.71
4/24/2013
0.22%
0.33%
-0.11%
-0.08
4/25/2013
-1.84%
0.41%
-2.25%
-1.49
4/26/2013
-1.20%
-0.09%
-1.11%
-0.73
4/29/2013
1.49%
0.65%
0.84%
0.55
4/30/2013
0.37%
0.46%
-0.09%
-0.06
5/1/2013
-3.07%
-1.46%
-1.61%
-1.07
5/2/2013
0.91%
0.97%
-0.06%
-0.04
5/3/2013
2.46%
1.94%
0.51%
0.34
5/6/2013
0.81%
0.30%
0.51%
0.34
5/7/2013
3.23%
0.12%
3.12%
2.06 *
5/8/2013
0.70%
0.39%
0.32%
0.21
5/9/2013
0.21%
0.07%
0.14%
0.09
5/10/2013
1.53%
1.16%
0.37%
0.24
5/13/2013
2.05%
0.22%
1.83%
1.21
5/14/2013
0.81%
1.32%
-0.51%
-0.34
5/15/2013
0.20%
0.23%
-0.03%
-0.02
5/16/2013
-0.87%
-0.15%
-0.73%
-0.48
5/17/2013
-0.88%
0.96%
-1.84%
-1.22
5/20/2013
0.81%
-0.08%
0.89%
0.59
177
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 181 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 183 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
5/21/2013
-0.95%
0.05%
-1.00%
-0.66
5/22/2013
-0.55%
-0.43%
-0.11%
-0.07
5/23/2013
0.07%
0.05%
0.02%
0.01
5/24/2013
0.82%
0.20%
0.62%
0.41
5/28/2013
-3.88%
1.38%
-5.26%
-3.48 *
5/29/2013
-0.71%
-0.00%
-0.71%
-0.47
5/30/2013
-0.43%
0.56%
-0.99%
-0.65
5/31/2013
-0.93%
-0.86%
-0.07%
-0.05
6/3/2013
1.57%
-0.03%
1.60%
1.06
6/4/2013
-0.21%
-0.25%
0.04%
0.02
6/5/2013
-0.79%
-1.17%
0.38%
0.25
6/6/2013
2.84%
1.21%
1.63%
1.08
6/7/2013
0.70%
1.36%
-0.67%
-0.44
6/10/2013
0.00%
0.18%
-0.18%
-0.12
6/11/2013
-0.77%
-0.89%
0.12%
0.08
6/12/2013
-0.99%
-0.38%
-0.60%
-0.40
6/13/2013
1.06%
1.13%
-0.08%
-0.05
6/14/2013
-0.14%
-0.58%
0.44%
0.29
6/17/2013
5.26%
1.21%
4.05%
2.68 *
6/18/2013
3.33%
0.39%
2.95%
1.95
6/19/2013
-1.23%
-0.43%
-0.80%
-0.53
6/20/2013
1.68%
-0.88%
2.56%
1.69
6/21/2013
1.34%
0.22%
1.11%
0.74
6/24/2013
0.94%
-0.42%
1.36%
0.90
6/25/2013
2.23%
0.85%
1.37%
0.91
6/26/2013
0.00%
0.44%
-0.44%
-0.29
6/27/2013
-0.61%
0.60%
-1.21%
-0.80
6/28/2013
1.04%
0.19%
0.85%
0.57
7/1/2013
-0.98%
0.67%
-1.65%
-1.09
7/2/2013
-0.87%
-0.07%
-0.79%
-0.53
7/3/2013
-0.25%
0.28%
-0.53%
-0.35
7/5/2013
0.06%
1.16%
-1.10%
-0.73
7/8/2013
0.74%
0.65%
0.10%
0.07
7/9/2013
-0.06%
0.49%
-0.55%
-0.37
7/10/2013
-0.19%
-0.19%
0.01%
0.00
7/11/2013
-0.50%
0.00%
-0.50%
-0.33
7/12/2013
-0.94%
0.47%
-1.41%
-0.93
178
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 182 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 184 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
7/15/2013
0.63%
0.27%
0.36%
0.24
7/16/2013
3.73%
-0.82%
4.56%
3.02 *
7/17/2013
0.54%
0.08%
0.46%
0.31
7/18/2013
2.71%
0.89%
1.82%
1.21
7/19/2013
-0.82%
0.40%
-1.22%
-0.81
7/22/2013
-0.94%
0.45%
-1.39%
-0.92
7/23/2013
-0.42%
0.76%
-1.17%
-0.78
7/24/2013
0.53%
-0.53%
1.07%
0.71
7/25/2013
-0.89%
0.71%
-1.60%
-1.06
7/26/2013
-2.17%
-0.15%
-2.03%
-1.34
7/29/2013
-0.67%
-0.28%
-0.39%
-0.26
7/30/2013
-0.06%
0.37%
-0.43%
-0.28
7/31/2013
1.34%
0.04%
1.30%
0.86
8/1/2013
2.45%
1.31%
1.14%
0.76
8/2/2013
0.18%
0.13%
0.05%
0.03
8/5/2013
-0.77%
0.09%
-0.86%
-0.57
8/6/2013
-0.60%
-0.46%
-0.14%
-0.09
8/7/2013
7.38%
-0.00%
7.38%
4.89 *
8/8/2013
-1.51%
0.15%
-1.66%
-1.10
8/9/2013
1.51%
0.08%
1.43%
0.95
8/12/2013
1.22%
-0.67%
1.88%
1.25
8/13/2013
3.98%
0.89%
3.09%
2.05 *
8/14/2013
1.10%
-0.46%
1.56%
1.03
8/15/2013
-1.05%
-1.12%
0.07%
0.04
8/16/2013
-2.35%
0.27%
-2.62%
-1.73
8/19/2013
-0.81%
-0.27%
-0.54%
-0.36
8/20/2013
1.46%
0.65%
0.81%
0.54
8/21/2013
0.21%
-0.43%
0.64%
0.42
8/22/2013
1.65%
0.47%
1.18%
0.78
8/23/2013
0.47%
0.31%
0.16%
0.11
8/26/2013
1.77%
0.04%
1.73%
1.14
8/27/2013
-1.19%
-1.82%
0.63%
0.41
8/28/2013
-0.21%
0.44%
-0.65%
-0.43
8/29/2013
3.14%
0.58%
2.55%
1.69
8/30/2013
-3.97%
-0.65%
-3.33%
-2.20 *
9/3/2013
0.79%
0.60%
0.19%
0.13
9/4/2013
0.10%
1.37%
-1.27%
-0.84
179
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 183 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 185 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
9/5/2013
0.57%
0.30%
0.27%
0.18
9/6/2013
1.19%
-0.03%
1.22%
0.81
9/9/2013
1.33%
0.86%
0.47%
0.31
9/10/2013
-0.20%
1.17%
-1.38%
-0.91
9/11/2013
-3.31%
0.01%
-3.32%
-2.20 *
9/12/2013
-1.70%
-0.15%
-1.55%
-1.02
9/13/2013
0.27%
0.13%
0.14%
0.09
9/16/2013
1.69%
0.32%
1.37%
0.91
9/17/2013
0.10%
0.82%
-0.72%
-0.47
9/18/2013
-0.63%
-0.89%
0.25%
0.17
9/19/2013
0.00%
-0.37%
0.37%
0.25
9/20/2013
1.57%
0.01%
1.56%
1.03
9/23/2013
1.80%
-0.53%
2.33%
1.54
9/24/2013
-1.64%
0.37%
-2.01%
-1.33
9/25/2013
0.00%
0.16%
-0.16%
-0.11
9/26/2013
-1.20%
0.31%
-1.51%
-1.00
9/27/2013
3.55%
-0.24%
3.80%
2.51 *
9/30/2013
-0.05%
-0.21%
0.16%
0.11
10/1/2013
-0.41%
0.76%
-1.17%
-0.77
10/2/2013
-2.73%
-0.16%
-2.57%
-1.70
10/3/2013
-1.85%
-0.33%
-1.52%
-1.00
10/4/2013
1.11%
0.84%
0.27%
0.18
10/7/2013
-1.43%
-0.86%
-0.57%
-0.38
10/8/2013
-4.59%
-1.12%
-3.47%
-2.30 *
10/9/2013
-1.18%
0.21%
-1.39%
-0.92
10/10/2013
0.40%
1.66%
-1.27%
-0.84
10/11/2013
2.23%
0.74%
1.49%
0.99
10/14/2013
0.60%
0.44%
0.16%
0.11
10/15/2013
-2.16%
0.67%
-2.83%
-1.87
10/16/2013
1.00%
1.00%
0.00%
0.00
10/17/2013
-3.55%
0.56%
-4.11%
-2.72 *
10/18/2013
-1.85%
0.65%
-2.50%
-1.66
10/21/2013
-0.70%
-0.19%
-0.52%
-0.34
10/22/2013
-1.13%
0.12%
-1.24%
-0.82
10/23/2013
-2.96%
-0.23%
-2.73%
-1.81
10/24/2013
-0.18%
0.14%
-0.32%
-0.21
10/25/2013
2.19%
0.43%
1.75%
1.16
180
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 184 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 186 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
10/28/2013
-0.60%
-0.32%
-0.28%
-0.19
10/29/2013
3.10%
0.26%
2.84%
1.88
10/30/2013
-2.67%
-0.48%
-2.20%
-1.46
10/31/2013
-1.27%
-0.27%
-1.01%
-0.67
11/1/2013
-0.37%
0.65%
-1.02%
-0.67
11/4/2013
0.79%
0.42%
0.38%
0.25
11/5/2013
-2.09%
-0.02%
-2.07%
-1.37
11/6/2013
0.31%
0.27%
0.04%
0.02
11/7/2013
-8.58%
-0.94%
-7.64%
-5.06 *
11/8/2013
4.22%
1.90%
2.32%
1.54
11/11/2013
0.58%
0.37%
0.21%
0.14
11/12/2013
1.15%
-0.22%
1.37%
0.91
11/13/2013
3.37%
0.70%
2.67%
1.77
11/14/2013
-3.75%
0.37%
-4.12%
-2.73 *
11/15/2013
0.00%
0.37%
-0.37%
-0.24
11/18/2013
-1.09%
-0.12%
-0.97%
-0.64
11/19/2013
1.47%
0.06%
1.41%
0.94
11/20/2013
0.63%
-0.02%
0.65%
0.43
11/21/2013
1.63%
0.91%
0.71%
0.47
11/22/2013
0.25%
0.29%
-0.04%
-0.03
11/25/2013
2.14%
-0.16%
2.30%
1.52
11/26/2013
2.10%
0.13%
1.97%
1.31
11/27/2013
-1.07%
0.22%
-1.30%
-0.86
11/29/2013
-0.06%
-0.21%
0.15%
0.10
12/2/2013
-1.69%
0.29%
-1.99%
-1.32
12/3/2013
-1.23%
-0.25%
-0.98%
-0.65
12/4/2013
0.80%
0.01%
0.79%
0.52
12/5/2013
-0.12%
-0.22%
0.09%
0.06
12/6/2013
1.76%
0.80%
0.96%
0.64
12/9/2013
1.44%
0.35%
1.09%
0.72
12/10/2013
-0.36%
-0.11%
-0.25%
-0.16
12/11/2013
-1.44%
-0.41%
-1.03%
-0.68
12/12/2013
-1.46%
0.05%
-1.51%
-1.00
12/13/2013
-2.99%
0.20%
-3.19%
-2.11 *
12/16/2013
1.20%
0.56%
0.63%
0.42
12/17/2013
0.62%
-0.54%
1.16%
0.77
12/18/2013
-0.25%
1.48%
-1.73%
-1.15
181
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 185 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 187 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
12/19/2013
2.53%
0.01%
2.52%
1.67
12/20/2013
3.77%
0.36%
3.41%
2.26 *
12/23/2013
1.05%
0.40%
0.65%
0.43
12/24/2013
0.58%
0.21%
0.37%
0.25
12/26/2013
-0.52%
0.14%
-0.66%
-0.44
12/27/2013
-0.29%
0.03%
-0.32%
-0.21
12/30/2013
-0.88%
0.04%
-0.92%
-0.61
12/31/2013
4.71%
0.64%
4.06%
2.69 *
1/2/2014
2.49%
-0.37%
2.86%
1.89
1/3/2014
-0.99%
0.32%
-1.31%
-0.87
1/6/2014
-1.11%
-0.19%
-0.92%
-0.61
1/7/2014
-0.34%
0.22%
-0.55%
-0.37
1/8/2014
0.61%
0.29%
0.32%
0.21
1/9/2014
-0.33%
0.18%
-0.51%
-0.34
1/10/2014
-1.18%
0.04%
-1.22%
-0.81
1/13/2014
-1.48%
-1.03%
-0.45%
-0.30
1/14/2014
-2.44%
1.20%
-3.64%
-2.41 *
1/15/2014
-0.18%
0.68%
-0.86%
-0.57
1/16/2014
-0.29%
0.75%
-1.05%
-0.69
1/17/2014
-1.01%
-0.11%
-0.90%
-0.60
1/21/2014
0.24%
0.71%
-0.47%
-0.31
1/22/2014
-0.72%
0.19%
-0.90%
-0.60
1/23/2014
-3.04%
-0.80%
-2.25%
-1.49
1/24/2014
2.32%
-1.69%
4.01%
2.66 *
1/27/2014
-1.28%
-0.82%
-0.46%
-0.30
1/28/2014
0.00%
0.67%
-0.67%
-0.44
1/29/2014
1.03%
-0.91%
1.95%
1.29
1/30/2014
0.24%
1.16%
-0.92%
-0.61
1/31/2014
3.44%
-0.54%
3.99%
2.64 *
2/3/2014
-1.65%
-2.13%
0.48%
0.32
2/4/2014
0.89%
0.80%
0.08%
0.04
2/5/2014
-1.42%
-0.30%
-1.12%
-0.53
2/6/2014
0.18%
0.73%
-0.55%
-0.26
2/7/2014
3.74%
0.40%
3.34%
1.59
2/10/2014
2.66%
0.30%
2.36%
1.12
2/11/2014
-2.83%
1.01%
-3.84%
-1.83
2/12/2014
-2.74%
0.26%
-3.00%
-1.43
182
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 186 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 188 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
2/13/2014
-0.83%
0.52%
-1.35%
-0.64
2/14/2014
-1.32%
-0.54%
-0.78%
-0.37
2/18/2014
-0.48%
1.02%
-1.50%
-0.72
2/19/2014
-1.47%
-0.76%
-0.70%
-0.34
2/20/2014
2.79%
0.78%
2.01%
0.96
2/21/2014
0.60%
0.01%
0.59%
0.28
2/24/2014
0.00%
0.40%
-0.40%
-0.19
2/25/2014
0.65%
-0.60%
1.26%
0.60
2/26/2014
-1.31%
-0.07%
-1.23%
-0.59
2/27/2014
0.24%
0.10%
0.14%
0.07
2/28/2014
0.60%
0.23%
0.37%
0.17
3/3/2014
-1.86%
-0.94%
-0.92%
-0.44
3/4/2014
0.96%
1.72%
-0.75%
-0.36
3/5/2014
-1.63%
-0.04%
-1.59%
-0.76
3/6/2014
-1.22%
0.21%
-1.44%
-0.69
3/7/2014
-0.12%
-0.05%
-0.08%
-0.04
3/10/2014
-2.69%
0.04%
-2.73%
-1.30
3/11/2014
-2.31%
-0.41%
-1.89%
-0.90
3/12/2014
1.54%
-0.14%
1.69%
0.81
3/13/2014
2.09%
-0.80%
2.88%
1.38
3/14/2014
0.44%
-0.30%
0.74%
0.35
3/17/2014
1.24%
0.66%
0.58%
0.28
3/18/2014
-0.31%
0.56%
-0.87%
-0.42
3/19/2014
0.92%
0.67%
0.25%
0.12
3/20/2014
1.64%
0.98%
0.67%
0.32
3/21/2014
-2.44%
-0.09%
-2.36%
-1.13
3/24/2014
-1.37%
-0.38%
-0.99%
-0.47
3/25/2014
-4.10%
-0.66%
-3.43%
-1.64
3/26/2014
-2.65%
-0.52%
-2.12%
-1.01
3/27/2014
-0.27%
-1.04%
0.77%
0.37
3/28/2014
-0.54%
-0.05%
-0.49%
-0.23
3/31/2014
-0.14%
0.52%
-0.65%
-0.31
4/1/2014
2.67%
0.41%
2.27%
1.08
4/2/2014
0.59%
0.22%
0.37%
0.18
4/3/2014
0.13%
-1.41%
1.54%
0.73
4/4/2014
-0.33%
-2.17%
1.84%
0.88
4/7/2014
-2.26%
-0.79%
-1.47%
-0.70
183
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 187 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 189 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
4/8/2014
0.13%
0.15%
-0.01%
-0.01
4/9/2014
0.67%
1.08%
-0.41%
-0.19
4/10/2014
-2.29%
-1.85%
-0.45%
-0.21
4/11/2014
-1.65%
-0.62%
-1.03%
-0.49
4/14/2014
1.72%
0.59%
1.13%
0.54
4/15/2014
-1.03%
0.83%
-1.85%
-0.88
4/16/2014
1.57%
1.19%
0.38%
0.18
4/17/2014
4.70%
0.35%
4.35%
2.08 *
4/21/2014
0.06%
0.13%
-0.07%
-0.03
4/22/2014
1.79%
0.70%
1.09%
0.52
4/23/2014
0.82%
-0.54%
1.36%
0.65
4/24/2014
-0.82%
0.15%
-0.97%
-0.46
4/25/2014
-1.73%
-0.42%
-1.31%
-0.62
4/28/2014
-1.82%
-0.81%
-1.01%
-0.48
4/29/2014
0.59%
0.26%
0.33%
0.16
4/30/2014
1.17%
0.02%
1.15%
0.55
5/1/2014
-2.22%
0.00%
-2.23%
-1.06
5/2/2014
0.99%
0.07%
0.92%
0.44
5/5/2014
-1.91%
-0.23%
-1.69%
-0.81
5/6/2014
-4.78%
-1.18%
-3.60%
-1.72
5/7/2014
-1.98%
0.48%
-2.45%
-1.17
5/8/2014
-6.33%
-0.59%
-5.74%
-2.74 *
5/9/2014
-2.38%
0.33%
-2.71%
-1.29
5/12/2014
4.27%
1.13%
3.13%
1.49
5/13/2014
0.74%
-0.85%
1.59%
0.76
5/14/2014
-1.57%
-0.72%
-0.84%
-0.40
5/15/2014
-0.08%
-1.71%
1.64%
0.78
5/16/2014
-2.90%
0.04%
-2.94%
-1.41
5/19/2014
2.22%
0.22%
2.00%
0.95
5/20/2014
-1.76%
-0.60%
-1.16%
-0.55
5/21/2014
-0.46%
0.69%
-1.15%
-0.55
5/22/2014
0.00%
0.45%
-0.45%
-0.21
5/23/2014
1.61%
0.03%
1.58%
0.75
5/27/2014
1.96%
-0.08%
2.04%
0.98
5/28/2014
0.45%
-0.42%
0.87%
0.41
5/29/2014
0.00%
0.40%
-0.40%
-0.19
5/30/2014
-0.45%
-0.37%
-0.08%
-0.04
184
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 188 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 190 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
6/2/2014
-1.96%
0.16%
-2.12%
-1.01
6/3/2014
-0.46%
-0.52%
0.06%
0.03
6/4/2014
0.46%
0.18%
0.28%
0.13
6/5/2014
2.20%
0.48%
1.72%
0.82
6/6/2014
0.30%
0.58%
-0.28%
-0.13
6/9/2014
2.80%
0.63%
2.17%
1.03
6/10/2014
5.72%
-0.55%
6.26%
2.99 *
6/11/2014
-1.17%
-0.43%
-0.75%
-0.36
6/12/2014
2.74%
-0.52%
3.25%
1.55
6/13/2014
0.34%
0.41%
-0.07%
-0.03
6/16/2014
3.24%
-0.10%
3.34%
1.60
6/17/2014
0.45%
2.12%
-1.67%
-0.80
6/18/2014
-1.17%
-0.37%
-0.81%
-0.38
6/19/2014
-2.59%
-0.26%
-2.33%
-1.11
6/20/2014
-1.36%
0.34%
-1.70%
-0.81
6/23/2014
-2.21%
-0.20%
-2.00%
-0.96
6/24/2014
-1.83%
-0.78%
-1.05%
-0.50
6/25/2014
2.94%
0.39%
2.56%
1.22
6/26/2014
2.45%
-0.23%
2.68%
1.28
6/27/2014
0.00%
0.36%
-0.36%
-0.17
6/30/2014
0.74%
-0.12%
0.86%
0.41
7/1/2014
-2.99%
0.56%
-3.55%
-1.69
7/2/2014
-3.72%
-0.01%
-3.70%
-1.77
7/3/2014
1.35%
1.09%
0.26%
0.12
7/7/2014
-0.35%
-0.41%
0.06%
0.03
7/8/2014
-0.07%
-1.13%
1.06%
0.51
7/9/2014
-3.75%
-0.29%
-3.46%
-1.65
7/10/2014
-1.41%
-0.37%
-1.04%
-0.50
7/11/2014
-0.90%
0.26%
-1.16%
-0.55
7/14/2014
0.97%
0.37%
0.61%
0.29
7/15/2014
-0.60%
-0.27%
-0.33%
-0.16
7/16/2014
-0.45%
-0.00%
-0.45%
-0.21
7/17/2014
-1.21%
-0.77%
-0.44%
-0.21
7/18/2014
1.66%
1.06%
0.60%
0.29
7/21/2014
0.37%
-0.15%
0.52%
0.25
7/22/2014
3.02%
-0.29%
3.30%
1.58
7/23/2014
1.08%
0.08%
1.00%
0.48
185
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 189 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 191 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
7/24/2014
1.49%
0.20%
1.29%
0.62
7/25/2014
-1.35%
-0.48%
-0.88%
-0.42
7/28/2014
-0.07%
0.37%
-0.44%
-0.21
7/29/2014
-0.14%
0.16%
-0.31%
-0.15
7/30/2014
-0.43%
0.86%
-1.29%
-0.62
7/31/2014
-1.89%
-1.16%
-0.73%
-0.35
8/1/2014
-1.85%
-0.54%
-1.32%
-0.63
8/4/2014
-1.58%
0.38%
-1.96%
-0.94
8/5/2014
0.23%
-0.45%
0.68%
0.33
8/6/2014
0.08%
0.19%
-0.12%
-0.06
8/7/2014
-1.45%
-0.68%
-0.77%
-0.37
8/8/2014
-1.32%
0.78%
-2.09%
-1.00
8/11/2014
0.85%
0.26%
0.59%
0.28
8/12/2014
0.77%
-0.29%
1.06%
0.50
8/13/2014
1.52%
-0.01%
1.53%
0.73
8/14/2014
1.65%
0.03%
1.62%
0.77
8/15/2014
0.44%
-0.37%
0.82%
0.39
8/18/2014
1.83%
0.66%
1.17%
0.56
8/19/2014
-1.98%
-0.09%
-1.89%
-0.90
8/20/2014
-0.74%
0.54%
-1.28%
-0.61
8/21/2014
1.55%
0.18%
1.37%
0.65
8/22/2014
1.60%
0.12%
1.48%
0.71
8/25/2014
0.43%
0.50%
-0.07%
-0.03
8/26/2014
1.57%
-0.04%
1.61%
0.77
8/27/2014
-0.14%
-0.56%
0.41%
0.20
8/28/2014
1.20%
-0.29%
1.49%
0.71
8/29/2014
1.53%
0.18%
1.35%
0.65
9/2/2014
-1.18%
0.16%
-1.34%
-0.64
9/3/2014
-1.76%
-0.66%
-1.10%
-0.53
9/4/2014
-0.07%
0.11%
-0.18%
-0.09
9/5/2014
2.75%
0.12%
2.63%
1.25
9/8/2014
2.20%
0.17%
2.03%
0.97
9/9/2014
0.27%
-0.29%
0.56%
0.27
9/10/2014
3.66%
0.73%
2.93%
1.40
9/11/2014
1.88%
-0.10%
1.98%
0.95
9/12/2014
1.27%
0.42%
0.85%
0.41
9/15/2014
-1.02%
-0.38%
-0.64%
-0.30
186
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 190 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 192 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
9/16/2014
0.83%
0.18%
0.65%
0.31
9/17/2014
2.88%
0.70%
2.18%
1.04
9/18/2014
0.74%
0.81%
-0.07%
-0.03
9/19/2014
1.52%
-0.61%
2.12%
1.01
9/22/2014
-1.40%
-0.42%
-0.98%
-0.47
9/23/2014
-0.67%
-0.50%
-0.18%
-0.09
9/24/2014
0.67%
0.12%
0.56%
0.27
9/25/2014
-1.98%
-0.80%
-1.17%
-0.56
9/26/2014
-0.50%
0.47%
-0.97%
-0.46
9/29/2014
-0.25%
-0.33%
0.08%
0.04
9/30/2014
-0.44%
-0.35%
-0.09%
-0.04
10/1/2014
-1.27%
-0.84%
-0.43%
-0.20
10/2/2014
4.01%
0.38%
3.63%
1.73
10/3/2014
0.00%
0.70%
-0.70%
-0.33
10/6/2014
-0.93%
-0.08%
-0.84%
-0.40
10/7/2014
-0.37%
-1.61%
1.24%
0.59
10/8/2014
0.00%
0.22%
-0.22%
-0.11
10/9/2014
-0.06%
-2.08%
2.01%
0.96
10/10/2014
0.12%
-1.48%
1.61%
0.77
10/13/2014
0.00%
-1.45%
1.45%
0.69
10/14/2014
0.19%
0.05%
0.13%
0.06
10/15/2014
2.39%
-0.21%
2.60%
1.24
10/16/2014
2.04%
0.41%
1.63%
0.78
10/17/2014
0.12%
0.55%
-0.43%
-0.20
10/20/2014
-3.07%
0.06%
-3.13%
-1.49
10/21/2014
-2.04%
1.19%
-3.23%
-1.54
10/22/2014
-4.60%
-0.56%
-4.03%
-1.92
10/23/2014
-2.18%
0.77%
-2.95%
-1.41
10/24/2014
-3.05%
0.22%
-3.27%
-1.56
10/27/2014
3.32%
-0.26%
3.58%
1.71
10/28/2014
3.85%
1.07%
2.78%
1.33
10/29/2014
0.45%
0.67%
-0.22%
-0.11
10/30/2014
2.08%
0.07%
2.01%
0.96
10/31/2014
2.77%
1.14%
1.64%
0.78
11/3/2014
-0.30%
-0.11%
-0.19%
-0.09
11/4/2014
0.00%
0.14%
-0.14%
-0.07
11/5/2014
-0.24%
0.45%
-0.69%
-0.33
187
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 191 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 193 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
11/6/2014
1.76%
0.36%
1.40%
0.67
11/7/2014
-5.24%
-0.57%
-4.67%
-2.23 *
11/10/2014
4.76%
0.56%
4.20%
2.00 *
11/11/2014
-0.12%
0.05%
-0.17%
-0.08
11/12/2014
0.00%
-0.23%
0.23%
0.11
11/13/2014
0.24%
-0.07%
0.31%
0.15
11/14/2014
0.36%
0.00%
0.36%
0.17
11/17/2014
-2.99%
-0.39%
-2.60%
-1.24
11/18/2014
1.96%
0.10%
1.86%
0.89
11/19/2014
-2.15%
-0.19%
-1.96%
-0.93
11/20/2014
-1.88%
-0.23%
-1.64%
-0.78
11/21/2014
-0.13%
-0.07%
-0.06%
-0.03
11/24/2014
2.00%
0.23%
1.78%
0.85
11/25/2014
0.68%
-0.15%
0.83%
0.40
11/26/2014
-0.18%
-0.11%
-0.07%
-0.03
11/28/2014
-0.74%
-0.05%
-0.70%
-0.33
12/1/2014
0.25%
-0.97%
1.21%
0.58
12/2/2014
3.11%
0.79%
2.32%
1.11
12/3/2014
-0.54%
0.89%
-1.43%
-0.68
12/4/2014
0.66%
-0.05%
0.71%
0.34
12/5/2014
0.42%
1.11%
-0.69%
-0.33
12/8/2014
-1.08%
-0.02%
-1.06%
-0.50
12/9/2014
1.91%
0.12%
1.79%
0.85
12/10/2014
-4.05%
-1.06%
-2.99%
-1.43
12/11/2014
1.29%
0.22%
1.07%
0.51
12/12/2014
0.49%
-1.53%
2.02%
0.96
12/15/2014
1.98%
-0.21%
2.19%
1.05
12/16/2014
-3.51%
-0.75%
-2.76%
-1.32
12/17/2014
4.63%
1.52%
3.11%
1.48
12/18/2014
0.76%
1.10%
-0.34%
-0.16
12/19/2014
-0.70%
-0.03%
-0.68%
-0.32
12/22/2014
0.18%
0.19%
-0.02%
-0.01
12/23/2014
0.00%
0.59%
-0.59%
-0.28
12/24/2014
-0.71%
-0.02%
-0.69%
-0.33
12/26/2014
-0.42%
-0.21%
-0.21%
-0.10
12/29/2014
-1.80%
-0.06%
-1.74%
-0.83
12/30/2014
-0.24%
-0.29%
0.05%
0.02
188
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 192 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 194 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
12/31/2014
0.61%
-0.30%
0.91%
0.43
1/2/2015
-0.12%
-0.14%
0.02%
0.01
1/5/2015
1.97%
-1.38%
3.36%
1.60
1/6/2015
-1.37%
-1.26%
-0.11%
-0.05
1/7/2015
2.37%
0.72%
1.65%
0.79
1/8/2015
-0.41%
1.08%
-1.49%
-0.71
1/9/2015
0.35%
-1.13%
1.48%
0.71
1/12/2015
-2.32%
-0.45%
-1.87%
-0.89
1/13/2015
0.30%
0.26%
0.04%
0.02
1/14/2015
-11.61%
-1.15%
-10.46%
-4.99 *
1/15/2015
-16.33%
-1.01%
-15.31%
-7.31 *
1/20/2015
-206.61%
0.67%
-207.28%
-98.93 *
1/21/2015
37.59%
-0.10%
37.68%
17.98 *
1/22/2015
28.55%
1.30%
27.25%
13.01 *
1/23/2015
-26.85%
-0.19%
-26.66%
-12.73 *
1/26/2015
2.91%
0.25%
2.66%
1.27
1/27/2015
-2.49%
-0.83%
-1.66%
-0.79
1/28/2015
0.42%
-1.30%
1.72%
0.82
1/29/2015
-6.48%
0.60%
-7.08%
-3.38 *
1/30/2015
-1.80%
-0.75%
-1.05%
-0.50
2/2/2015
-3.70%
0.84%
-4.55%
-2.17 *
2/3/2015
-1.90%
1.74%
-3.65%
-1.74
2/4/2015
9.18%
0.03%
9.15%
4.37 *
2/5/2015
2.17%
0.46%
1.71%
0.82
2/6/2015
-0.43%
1.30%
-1.73%
-0.26
2/9/2015
-0.87%
-0.79%
-0.08%
-0.01
2/10/2015
-3.09%
0.52%
-3.61%
-0.55
2/11/2015
0.00%
-0.38%
0.38%
0.06
2/12/2015
-0.45%
0.93%
-1.38%
-0.21
2/13/2015
-0.45%
-1.08%
0.63%
0.10
2/17/2015
-0.91%
0.29%
-1.20%
-0.18
2/18/2015
-3.72%
-0.96%
-2.76%
-0.42
2/19/2015
-5.86%
0.15%
-6.00%
-0.91
2/20/2015
2.48%
0.31%
2.17%
0.33
2/23/2015
-2.99%
-0.50%
-2.49%
-0.38
2/24/2015
0.50%
0.39%
0.12%
0.02
2/25/2015
7.27%
-0.45%
7.72%
1.17
189
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 193 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 195 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
2/26/2015
-4.79%
-0.23%
-4.56%
-0.69
2/27/2015
3.37%
-0.99%
4.37%
0.66
3/2/2015
3.72%
1.06%
2.66%
0.40
3/3/2015
-2.31%
-0.61%
-1.70%
-0.26
3/4/2015
-2.36%
-0.49%
-1.87%
-0.28
3/5/2015
0.95%
0.00%
0.95%
0.14
3/6/2015
2.34%
0.91%
1.44%
0.22
3/9/2015
-0.93%
-0.31%
-0.62%
-0.09
3/10/2015
-2.36%
-1.30%
-1.06%
-0.16
3/11/2015
1.43%
0.43%
1.00%
0.15
3/12/2015
1.41%
0.53%
0.87%
0.13
3/13/2015
18.23%
-0.96%
19.19%
2.91 *
3/16/2015
-4.76%
0.41%
-5.17%
-0.79
3/17/2015
-0.41%
0.04%
-0.45%
-0.07
3/18/2015
-10.31%
-1.60%
-8.71%
-1.32
3/19/2015
-7.03%
-0.90%
-6.13%
-0.93
3/20/2015
1.92%
0.62%
1.30%
0.20
3/23/2015
0.95%
-0.25%
1.20%
0.18
3/24/2015
-2.39%
-0.45%
-1.94%
-0.29
3/25/2015
1.44%
-1.26%
2.70%
0.41
3/26/2015
0.95%
0.50%
0.44%
0.07
3/27/2015
1.87%
0.22%
1.65%
0.25
3/30/2015
-1.40%
0.28%
-1.68%
-0.26
3/31/2015
0.00%
-0.12%
0.12%
0.02
4/1/2015
0.00%
-0.87%
0.87%
0.13
4/2/2015
0.93%
-0.10%
1.03%
0.16
4/6/2015
0.00%
-0.41%
0.41%
0.06
4/7/2015
1.84%
-0.64%
2.49%
0.38
4/8/2015
1.81%
0.43%
1.38%
0.21
4/9/2015
-0.45%
0.22%
-0.67%
-0.10
4/10/2015
0.45%
-0.28%
0.73%
0.11
4/13/2015
-1.81%
-0.15%
-1.66%
-0.25
4/14/2015
-0.92%
-0.88%
-0.04%
-0.01
4/15/2015
0.00%
-0.12%
0.12%
0.02
4/16/2015
1.37%
-0.26%
1.64%
0.25
4/17/2015
-3.23%
-0.92%
-2.32%
-0.35
4/20/2015
-0.47%
-0.29%
-0.18%
-0.03
190
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 194 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 196 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
4/21/2015
-0.47%
-0.63%
0.16%
0.02
4/22/2015
0.94%
0.47%
0.47%
0.07
4/23/2015
-0.94%
-0.12%
-0.82%
-0.12
4/24/2015
-1.43%
-0.63%
-0.80%
-0.12
4/27/2015
-0.97%
-0.38%
-0.59%
-0.09
4/28/2015
0.97%
0.53%
0.43%
0.07
4/29/2015
-1.94%
0.29%
-2.23%
-0.34
4/30/2015
-1.48%
-1.10%
-0.38%
-0.06
5/1/2015
-1.00%
0.12%
-1.12%
-0.17
5/4/2015
0.50%
0.57%
-0.07%
-0.01
5/5/2015
-2.53%
-0.56%
-1.97%
-0.30
5/6/2015
-3.13%
-0.69%
-2.44%
-0.37
5/7/2015
-3.77%
0.03%
-3.81%
-0.58
5/8/2015
16.66%
-0.05%
16.71%
2.54 *
5/11/2015
-9.25%
0.77%
-10.02%
-1.52
5/12/2015
-3.11%
-0.77%
-2.34%
-0.35
5/13/2015
-8.22%
-0.20%
-8.02%
-1.22
5/14/2015
-9.59%
0.06%
-9.65%
-1.47
5/15/2015
-9.22%
-1.02%
-8.20%
-1.24
5/18/2015
-0.69%
0.90%
-1.60%
-0.24
5/19/2015
-3.53%
-0.34%
-3.20%
-0.49
5/20/2015
-2.18%
-0.56%
-1.62%
-0.25
5/21/2015
-3.75%
-0.48%
-3.27%
-0.50
5/22/2015
-7.12%
-0.38%
-6.74%
-1.02
5/26/2015
28.97%
-0.48%
29.45%
4.47 *
5/27/2015
-7.65%
0.48%
-8.12%
-1.23
5/28/2015
-5.44%
-0.19%
-5.25%
-0.80
5/29/2015
0.70%
-0.82%
1.52%
0.23
6/1/2015
-4.98%
-0.48%
-4.50%
-0.68
6/2/2015
1.45%
0.27%
1.18%
0.18
6/3/2015
2.84%
0.64%
2.19%
0.33
6/4/2015
1.39%
-0.55%
1.94%
0.29
6/5/2015
9.22%
0.84%
8.38%
1.27
6/8/2015
4.31%
-0.66%
4.97%
0.75
6/9/2015
-4.31%
-0.22%
-4.09%
-0.62
6/10/2015
0.00%
0.31%
-0.31%
-0.05
6/11/2015
-1.27%
-0.24%
-1.02%
-0.16
191
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 195 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 197 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
6/12/2015
-3.24%
-0.44%
-2.80%
-0.42
6/15/2015
-0.66%
-0.65%
-0.01%
-0.00
6/16/2015
-1.33%
-0.02%
-1.31%
-0.20
6/17/2015
-1.35%
-0.55%
-0.80%
-0.12
6/18/2015
2.68%
-0.41%
3.09%
0.47
6/19/2015
8.87%
-0.83%
9.70%
1.47
6/22/2015
-4.34%
0.77%
-5.11%
-0.78
6/23/2015
1.26%
0.11%
1.15%
0.17
6/24/2015
-0.63%
-0.94%
0.31%
0.05
6/25/2015
2.48%
-0.06%
2.54%
0.39
6/26/2015
-3.12%
0.11%
-3.22%
-0.49
6/29/2015
0.00%
-2.47%
2.47%
0.38
6/30/2015
-8.59%
0.28%
-8.86%
-1.35
7/1/2015
0.69%
0.57%
0.12%
0.02
7/2/2015
-0.69%
-0.60%
-0.08%
-0.01
7/6/2015
-4.95%
-0.73%
-4.22%
-0.64
7/7/2015
-2.94%
-0.57%
-2.37%
-0.36
7/8/2015
-6.95%
-1.75%
-5.20%
-0.79
7/9/2015
6.20%
0.65%
5.55%
0.84
7/10/2015
-2.28%
0.81%
-3.09%
-0.47
7/13/2015
3.03%
0.52%
2.51%
0.38
7/14/2015
2.94%
0.12%
2.82%
0.43
7/15/2015
-2.20%
-0.28%
-1.92%
-0.29
7/16/2015
-3.77%
1.21%
-4.99%
-0.76
7/17/2015
0.77%
-0.28%
1.05%
0.16
7/20/2015
0.00%
-0.13%
0.13%
0.02
7/21/2015
-1.54%
-0.62%
-0.92%
-0.14
7/22/2015
-12.36%
-0.15%
-12.21%
-1.85
7/23/2015
-9.18%
-0.74%
-8.44%
-1.28
7/24/2015
9.18%
-0.71%
9.89%
1.50
7/27/2015
-2.67%
-1.54%
-1.13%
-0.17
7/28/2015
-0.90%
0.36%
-1.27%
-0.19
7/29/2015
1.80%
0.49%
1.31%
0.20
7/30/2015
-1.80%
0.13%
-1.93%
-0.29
7/31/2015
0.00%
-0.67%
0.67%
0.10
8/3/2015
-1.83%
-0.43%
-1.41%
-0.21
8/4/2015
1.83%
0.53%
1.31%
0.20
192
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 196 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 198 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
8/5/2015
-6.58%
0.06%
-6.63%
-1.01
8/6/2015
0.00%
-0.65%
0.65%
0.10
8/7/2015
-7.06%
-0.50%
-6.55%
-1.00
8/10/2015
2.08%
0.54%
1.54%
0.23
8/11/2015
-3.11%
-1.49%
-1.62%
-0.25
8/12/2015
-1.79%
-1.50%
-0.30%
-0.05
8/13/2015
-3.35%
-0.11%
-3.24%
-0.49
8/14/2015
2.89%
0.25%
2.65%
0.40
8/17/2015
-0.84%
-0.46%
-0.39%
-0.06
8/18/2015
-0.85%
-0.65%
-0.20%
-0.03
8/19/2015
-2.56%
-1.51%
-1.06%
-0.16
8/20/2015
-6.92%
-2.00%
-4.92%
-0.75
8/21/2015
0.04%
-2.38%
2.42%
0.37
8/24/2015
2.27%
-3.19%
5.46%
0.83
8/25/2015
7.95%
-1.16%
9.11%
1.38
8/26/2015
2.12%
1.95%
0.17%
0.03
8/27/2015
-1.75%
1.34%
-3.09%
-0.47
8/28/2015
8.92%
0.15%
8.77%
1.33
8/31/2015
5.77%
-0.87%
6.64%
1.01
9/1/2015
-5.77%
-2.66%
-3.11%
-0.47
9/2/2015
-3.17%
0.46%
-3.63%
-0.55
9/3/2015
-4.82%
0.20%
-5.02%
-0.76
9/4/2015
-4.10%
-1.25%
-2.85%
-0.43
9/8/2015
4.82%
2.93%
1.89%
0.29
9/9/2015
-5.38%
-1.14%
-4.25%
-0.64
9/10/2015
5.09%
0.02%
5.08%
0.77
9/11/2015
-4.60%
-0.26%
-4.34%
-0.66
9/14/2015
-4.51%
-0.80%
-3.71%
-0.56
9/15/2015
-4.98%
0.85%
-5.82%
-0.88
9/16/2015
3.21%
0.24%
2.97%
0.45
9/17/2015
0.25%
-2.10%
2.35%
0.36
9/18/2015
7.20%
-2.30%
9.50%
1.44
9/21/2015
-6.46%
0.84%
-7.30%
-1.11
9/22/2015
-2.19%
-1.46%
-0.73%
-0.11
9/23/2015
0.32%
-0.02%
0.34%
0.05
9/24/2015
3.23%
-1.33%
4.55%
0.69
9/25/2015
2.30%
0.73%
1.56%
0.24
193
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 197 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 199 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
9/28/2015
-3.39%
-2.81%
-0.57%
-0.09
9/29/2015
-0.08%
0.09%
-0.17%
-0.03
9/30/2015
2.33%
1.49%
0.84%
0.13
10/1/2015
-8.26%
-0.28%
-7.98%
-1.21
10/2/2015
2.59%
-1.58%
4.17%
0.63
10/5/2015
13.63%
1.21%
12.41%
1.88
10/6/2015
3.85%
-1.48%
5.33%
0.81
10/7/2015
-1.96%
0.66%
-2.62%
-0.40
10/8/2015
-3.39%
0.15%
-3.54%
-0.54
10/9/2015
4.63%
-0.60%
5.23%
0.79
10/12/2015
3.54%
0.09%
3.45%
0.52
10/13/2015
-6.67%
-0.88%
-5.79%
-0.88
10/14/2015
6.17%
-1.08%
7.26%
1.10
10/15/2015
2.07%
1.21%
0.86%
0.13
10/16/2015
-1.68%
0.16%
-1.84%
-0.28
10/19/2015
-3.85%
-0.35%
-3.50%
-0.53
10/20/2015
4.64%
0.80%
3.85%
0.58
10/21/2015
-2.29%
-1.14%
-1.16%
-0.18
10/22/2015
-3.28%
0.97%
-4.25%
-0.65
10/23/2015
-2.64%
1.44%
-4.08%
-0.62
10/26/2015
-0.32%
-0.26%
-0.06%
-0.01
10/27/2015
-5.86%
-1.30%
-4.56%
-0.69
10/28/2015
-0.69%
1.93%
-2.61%
-0.40
10/29/2015
-2.09%
-0.14%
-1.95%
-0.30
10/30/2015
1.40%
-0.82%
2.21%
0.34
11/2/2015
0.58%
1.52%
-0.94%
-0.14
11/3/2015
-1.50%
-0.27%
-1.23%
-0.19
11/4/2015
1.96%
-0.24%
2.20%
0.33
11/5/2015
3.15%
-0.12%
3.27%
0.50
11/6/2015
-0.89%
2.06%
-2.95%
-0.45
11/9/2015
1.22%
-0.56%
1.78%
0.27
11/10/2015
-2.80%
-0.46%
-2.34%
-0.36
11/11/2015
-2.65%
-0.11%
-2.53%
-0.38
11/12/2015
-1.41%
-1.47%
0.06%
0.01
11/13/2015
2.57%
-1.10%
3.67%
0.56
11/16/2015
-0.23%
0.43%
-0.66%
-0.10
11/17/2015
-4.61%
0.04%
-4.65%
-0.71
194
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 198 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 200 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
11/18/2015
-8.98%
0.74%
-9.72%
-1.48
11/19/2015
0.66%
-0.66%
1.32%
0.20
11/20/2015
-6.94%
0.18%
-7.12%
-1.08
11/23/2015
-5.65%
-0.51%
-5.14%
-0.78
11/24/2015
-13.54%
-0.07%
-13.47%
-2.05 *
11/25/2015
10.37%
-0.01%
10.38%
1.58
11/27/2015
-3.76%
-0.04%
-3.72%
-0.56
11/30/2015
4.53%
-0.39%
4.92%
0.75
12/1/2015
-0.15%
0.32%
-0.47%
-0.07
12/2/2015
-2.16%
-0.76%
-1.40%
-0.21
12/3/2015
-4.80%
-1.31%
-3.49%
-0.53
12/4/2015
7.57%
1.76%
5.81%
0.88
12/7/2015
-8.89%
-1.05%
-7.84%
-1.19
12/8/2015
-3.04%
-0.65%
-2.39%
-0.36
12/9/2015
-4.02%
-1.56%
-2.46%
-0.37
12/10/2015
3.33%
0.20%
3.13%
0.47
12/11/2015
-9.02%
-2.47%
-6.54%
-0.99
12/14/2015
42.17%
0.22%
41.95%
6.37 *
12/15/2015
-17.84%
1.14%
-18.98%
-2.88 *
12/16/2015
30.38%
0.52%
29.86%
4.53 *
12/17/2015
-4.35%
-1.31%
-3.04%
-0.46
12/18/2015
34.88%
-2.14%
37.02%
5.62 *
12/21/2015
-4.86%
0.09%
-4.95%
-0.75
12/22/2015
-4.49%
0.79%
-5.28%
-0.80
12/23/2015
-4.70%
0.16%
-4.87%
-0.74
12/24/2015
3.19%
-0.23%
3.42%
0.52
12/28/2015
34.48%
-0.18%
34.65%
5.26 *
12/29/2015
22.95%
0.40%
22.55%
3.42 *
12/30/2015
-6.90%
-0.63%
-6.27%
-0.95
12/31/2015
-9.95%
-0.77%
-9.18%
-1.39
1/4/2016
-5.91%
-2.05%
-3.86%
-0.59
1/5/2016
6.09%
-0.40%
6.49%
0.99
1/6/2016
-5.14%
-1.96%
-3.18%
-0.48
1/7/2016
-11.50%
-2.85%
-8.65%
-1.31
1/8/2016
-4.25%
-0.69%
-3.56%
-0.54
1/11/2016
19.63%
-0.70%
20.33%
3.09 *
1/12/2016
2.27%
0.50%
1.77%
0.27
195
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 199 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 201 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
1/13/2016
-17.94%
-2.90%
-15.04%
-2.28 *
1/14/2016
-3.09%
0.52%
-3.60%
-0.55
1/15/2016
-5.78%
-2.22%
-3.56%
-0.54
1/19/2016
-14.34%
-1.07%
-13.27%
-2.01 *
1/20/2016
-1.35%
-2.08%
0.74%
0.11
1/21/2016
6.72%
-1.42%
8.15%
1.24
1/22/2016
-0.34%
2.03%
-2.36%
-0.36
1/25/2016
-8.03%
-1.58%
-6.44%
-0.98
1/26/2016
1.28%
0.37%
0.91%
0.14
1/27/2016
8.26%
-0.76%
9.03%
1.37
1/28/2016
-0.25%
-1.10%
0.85%
0.13
1/29/2016
-2.63%
1.08%
-3.71%
-0.56
2/1/2016
-1.21%
-0.58%
-0.63%
-0.10
2/2/2016
-7.12%
-2.77%
-4.35%
-0.66
2/3/2016
1.76%
-0.00%
1.76%
0.27
2/4/2016
1.37%
0.98%
0.38%
0.06
2/5/2016
-4.82%
-1.35%
-3.47%
-0.53
2/8/2016
-5.26%
-3.78%
-1.48%
-0.45
2/9/2016
0.20%
-0.86%
1.06%
0.32
2/10/2016
-0.50%
-0.58%
0.07%
0.02
2/11/2016
-1.11%
-2.65%
1.54%
0.47
2/12/2016
-1.23%
3.50%
-4.72%
-1.43
2/16/2016
9.97%
3.27%
6.70%
2.04 *
2/17/2016
13.63%
3.34%
10.29%
3.13 *
2/18/2016
-5.16%
-1.14%
-4.02%
-1.22
2/19/2016
0.77%
0.17%
0.59%
0.18
2/22/2016
-1.02%
1.97%
-2.99%
-0.91
2/23/2016
0.09%
-2.26%
2.35%
0.71
2/24/2016
1.44%
0.03%
1.41%
0.43
2/25/2016
-1.70%
1.92%
-3.63%
-1.10
2/26/2016
3.29%
1.15%
2.14%
0.65
2/29/2016
3.99%
-1.76%
5.75%
1.75
3/1/2016
8.63%
4.50%
4.14%
1.26
3/2/2016
8.82%
0.87%
7.95%
2.42 *
3/3/2016
9.76%
0.95%
8.82%
2.68 *
3/4/2016
-6.47%
0.40%
-6.86%
-2.09 *
3/7/2016
1.35%
0.68%
0.67%
0.20
196
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 200 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 202 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
3/8/2016
-4.92%
-3.20%
-1.72%
-0.52
3/9/2016
0.80%
0.49%
0.32%
0.10
3/10/2016
-2.91%
-0.45%
-2.46%
-0.75
3/11/2016
-27.20%
3.73%
-30.93%
-9.40 *
3/14/2016
-0.45%
-0.86%
0.41%
0.12
3/15/2016
-9.09%
-1.22%
-7.87%
-2.39 *
3/16/2016
2.45%
0.05%
2.40%
0.73
3/17/2016
1.06%
1.69%
-0.63%
-0.19
3/18/2016
6.93%
1.00%
5.93%
1.80
3/21/2016
-2.53%
-0.32%
-2.21%
-0.67
3/22/2016
-0.09%
-0.16%
0.07%
0.02
3/23/2016
-6.83%
-2.00%
-4.83%
-1.47
3/24/2016
-1.09%
-0.30%
-0.79%
-0.24
3/28/2016
2.45%
-0.13%
2.58%
0.78
3/29/2016
3.99%
1.35%
2.64%
0.80
3/30/2016
1.84%
0.65%
1.19%
0.36
3/31/2016
-1.94%
-0.46%
-1.47%
-0.45
4/1/2016
0.65%
0.94%
-0.29%
-0.09
4/4/2016
-2.62%
-1.31%
-1.31%
-0.40
4/5/2016
-1.34%
-2.31%
0.97%
0.30
4/6/2016
3.68%
1.73%
1.95%
0.59
4/7/2016
-0.93%
-3.59%
2.65%
0.81
4/8/2016
1.02%
0.49%
0.53%
0.16
4/11/2016
2.92%
-0.02%
2.94%
0.89
4/12/2016
-1.45%
1.72%
-3.17%
-0.96
4/13/2016
2.88%
2.70%
0.18%
0.06
4/14/2016
-0.53%
-0.23%
-0.30%
-0.09
4/15/2016
-1.53%
-0.62%
-0.91%
-0.28
4/18/2016
2.15%
0.96%
1.19%
0.36
4/19/2016
3.83%
0.14%
3.69%
1.12
4/20/2016
4.67%
0.27%
4.40%
1.34
4/21/2016
2.10%
-0.91%
3.00%
0.91
4/22/2016
0.40%
0.63%
-0.24%
-0.07
4/25/2016
-3.06%
-0.80%
-2.26%
-0.69
4/26/2016
4.48%
0.52%
3.96%
1.20
4/27/2016
-5.06%
0.05%
-5.11%
-1.55
4/28/2016
1.96%
-2.51%
4.47%
1.36
197
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 201 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 203 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
4/29/2016
-5.99%
-1.38%
-4.61%
-1.40
5/2/2016
-2.69%
1.08%
-3.78%
-1.15
5/3/2016
-0.53%
-2.67%
2.14%
0.65
5/4/2016
-3.06%
-1.60%
-1.46%
-0.44
5/5/2016
-0.46%
-0.30%
-0.16%
-0.05
5/6/2016
1.28%
0.05%
1.23%
0.37
5/9/2016
-0.91%
-0.20%
-0.71%
-0.22
5/10/2016
1.09%
2.28%
-1.19%
-0.36
5/11/2016
5.28%
-1.68%
6.96%
2.12 *
5/12/2016
-2.26%
-0.22%
-2.04%
-0.62
5/13/2016
0.87%
-1.86%
2.74%
0.83
5/16/2016
-3.36%
1.37%
-4.73%
-1.44
5/17/2016
1.07%
-1.38%
2.45%
0.74
5/18/2016
2.29%
1.30%
0.99%
0.30
5/19/2016
-1.31%
-1.08%
-0.23%
-0.07
5/20/2016
-3.22%
1.40%
-4.62%
-1.40
5/23/2016
-1.37%
-0.58%
-0.79%
-0.24
5/24/2016
-0.28%
2.72%
-3.00%
-0.91
5/25/2016
0.46%
1.13%
-0.67%
-0.20
5/26/2016
-6.96%
-0.73%
-6.23%
-1.89
5/27/2016
3.97%
0.96%
3.01%
0.91
5/31/2016
-2.21%
-0.24%
-1.97%
-0.60
6/1/2016
0.48%
0.16%
0.33%
0.10
6/2/2016
0.67%
0.37%
0.30%
0.09
6/3/2016
-2.72%
-2.16%
-0.56%
-0.17
6/6/2016
-2.39%
1.22%
-3.62%
-1.10
6/7/2016
-5.28%
-0.28%
-5.00%
-1.52
6/8/2016
4.07%
0.17%
3.89%
1.18
6/9/2016
-9.53%
-1.06%
-8.47%
-2.57 *
6/10/2016
-8.19%
-2.57%
-5.62%
-1.71
6/13/2016
-1.23%
-1.80%
0.57%
0.17
6/14/2016
0.00%
-1.00%
1.00%
0.30
6/15/2016
-0.74%
0.08%
-0.82%
-0.25
6/16/2016
14.56%
0.03%
14.53%
4.42 *
6/17/2016
-7.36%
-0.68%
-6.68%
-2.03 *
6/20/2016
0.92%
1.16%
-0.23%
-0.07
6/21/2016
-4.70%
-0.14%
-4.55%
-1.38
198
Case 1:17-cv-00916-RA-BCM Document 176-1 Filed 04/09/20 Page 202 of 215
Case 1:21-md-02989-CMA Document 583-7 Entered on FLSD Docket 06/28/2023 Page 204 of
217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
6/22/2016
1.31%
-0.46%
1.78%
0.54
6/23/2016
3.95%
3.22%
0.73%
0.22
6/24/2016
-4.31%
-9.17%
4.86%
1.48
6/27/2016
-7.92%
-5.39%
-2.53%
-0.77
6/28/2016
3.17%
2.93%
0.24%
0.07
6/29/2016
2.71%
3.14%
-0.43%
-0.13
6/30/2016
4.98%
2.00%
2.98%
0.91
7/1/2016
-5.59%
-0.21%
-5.38%
-1.63
7/5/2016
0.61%
-2.37%
2.98%
0.90
7/6/2016
-0.61%
0.78%
-1.39%
-0.42
7/7/2016
0.61%
0.38%
0.23%
0.07
7/8/2016
6.58%
2.45%
4.13%
1.26
7/11/2016
5.42%
0.47%
4.95%
1.51
7/12/2016
-0.97%
2.03%
-3.01%
-0.91
7/13/2016
0.11%
-0.55%
0.66%
0.20
7/14/2016
-2.31%
0.96%
-3.27%
-0.99
7/15/2016
0.44%
-0.21%
0.66%
0.20
7/18/2016
-0.78%
0.11%
-0.89%
-0.27
7/19/2016
-0.90%
-0.07%
-0.82%
-0.25
7/20/2016
0.56%
0.74%
-0.18%
-0.05
7/21/2016
5.02%
-0.76%
5.78%
1.76
7/22/2016
-0.64%
0.80%
-1.44%
-0.44
7/25/2016
0.00%
-0.75%
0.75%
0.23
7/26/2016
3.48%
0.37%
3.11%
0.94
7/27/2016
2.66%
-0.35%
3.01%
0.91
7/28/2016
-5.70%
0.07%
-5.77%
-1.75
7/29/2016
2.63%
-0.17%
2.80%
0.85
8/1/2016
-2.10%
-0.66%
-1.44%
-0.44
8/2/2016
-3.24%
-1.72%
-1.52%
-0.46
8/3/2016
3.87%
0.90%
2.97%
0.90
8/4/2016
6.53%
0.03%
6.50%
1.98 *
8/5/2016
-2.20%
2.26%
-4.46%
-1.36
8/8/2016
2.40%
-0.24%
2.63%
0.80
8/9/2016
-0.99%
-0.15%
-0.84%
-0.26
8/10/2016
-2.93%
-1.03%
-1.90%
-0.58
8/11/2016
2.23%
0.72%
1.51%
0.46
8/12/2016
0.20%
-0.53%
0.73%
0.22
199
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217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
8/15/2016
0.70%
0.83%
-0.13%
-0.04
8/16/2016
-2.31%
-1.09%
-1.22%
-0.37
8/17/2016
1.31%
-0.14%
1.45%
0.44
8/18/2016
2.58%
0.28%
2.30%
0.70
8/19/2016
-8.15%
-0.25%
-7.90%
-2.40 *
8/22/2016
-0.16%
-0.56%
0.40%
0.12
8/23/2016
-0.37%
0.43%
-0.81%
-0.25
8/24/2016
-4.36%
-1.16%
-3.20%
-0.97
8/25/2016
0.67%
-0.02%
0.69%
0.21
8/26/2016
2.73%
0.01%
2.72%
0.83
8/29/2016
-0.11%
0.62%
-0.72%
-0.22
8/30/2016
3.18%
0.08%
3.10%
0.94
8/31/2016
-2.54%
-0.71%
-1.83%
-0.56
9/1/2016
-0.86%
-0.56%
-0.30%
-0.09
9/2/2016
2.88%
0.87%
2.00%
0.61
9/6/2016
0.00%
-0.37%
0.37%
0.11
9/7/2016
1.56%
0.02%
1.55%
0.47
9/8/2016
-2.41%
-0.41%
-1.99%
-0.61
9/9/2016
-2.79%
-4.10%
1.31%
0.40
9/12/2016
0.00%
2.04%
-2.04%
-0.62
9/13/2016
0.76%
-2.95%
3.71%
1.13
9/14/2016
-1.42%
-0.48%
-0.94%
-0.29
9/15/2016
0.44%
2.10%
-1.67%
-0.51
9/16/2016
-2.88%
-1.13%
-1.75%
-0.53
9/19/2016
-0.11%
0.30%
-0.42%
-0.13
9/20/2016
0.56%
-0.47%
1.04%
0.31
9/21/2016
1.66%
1.76%
-0.10%
-0.03
9/22/2016
-1.22%
0.98%
-2.20%
-0.67
9/23/2016
-1.57%
-1.56%
-0.02%
-0.00
9/26/2016
0.45%
-1.81%
2.26%
0.69
9/27/2016
-2.16%
0.43%
-2.59%
-0.79
9/28/2016
-0.12%
0.89%
-1.01%
-0.31
9/29/2016
-0.81%
-1.44%
0.63%
0.19
9/30/2016
1.84%
1.65%
0.19%
0.06
10/3/2016
-10.83%
-0.84%
-9.99%
-3.04 *
10/4/2016
3.86%
-0.78%
4.64%
1.41
10/5/2016
2.65%
1.20%
1.46%
0.44
200
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217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
10/6/2016
-1.08%
-0.47%
-0.61%
-0.18
10/7/2016
-1.09%
-0.78%
-0.31%
-0.09
10/10/2016
0.49%
0.51%
-0.03%
-0.01
10/11/2016
-1.46%
-2.55%
1.09%
0.33
10/12/2016
1.36%
-0.19%
1.54%
0.47
10/13/2016
-2.47%
-0.99%
-1.48%
-0.45
10/14/2016
-0.50%
0.23%
-0.73%
-0.22
10/17/2016
-1.38%
-0.88%
-0.50%
-0.15
10/18/2016
-0.63%
1.09%
-1.72%
-0.52
10/19/2016
0.00%
0.41%
-0.41%
-0.13
10/20/2016
0.00%
-0.78%
0.78%
0.24
10/21/2016
1.89%
0.10%
1.79%
0.54
10/24/2016
-1.26%
-0.13%
-1.12%
-0.34
10/25/2016
-1.27%
-1.51%
0.24%
0.07
10/26/2016
0.64%
-0.37%
1.01%
0.31
10/27/2016
-2.58%
-0.89%
-1.70%
-0.52
10/28/2016
5.10%
-0.88%
5.98%
1.82
10/31/2016
-3.15%
-0.23%
-2.92%
-0.89
11/1/2016
2.53%
-1.34%
3.87%
1.18
11/2/2016
-0.63%
-1.90%
1.27%
0.39
11/3/2016
0.63%
-0.60%
1.23%
0.37
11/4/2016
0.00%
-0.57%
0.57%
0.17
11/7/2016
-1.89%
3.89%
-5.78%
-1.76
11/8/2016
-1.28%
0.41%
-1.69%
-0.51
11/9/2016
-1.95%
2.69%
-4.65%
-1.41
11/10/2016
3.24%
1.30%
1.94%
0.59
11/11/2016
0.63%
0.52%
0.12%
0.04
11/14/2016
-1.27%
0.68%
-1.95%
-0.59
11/15/2016
1.90%
1.14%
0.77%
0.23
11/16/2016
-2.55%
-0.67%
-1.88%
-0.57
11/17/2016
3.17%
0.95%
2.22%
0.68
11/18/2016
-2.53%
-0.09%
-2.44%
-0.74
11/21/2016
0.00%
1.17%
-1.17%
-0.36
11/22/2016
1.90%
0.32%
1.59%
0.48
11/23/2016
-1.90%
0.53%
-2.43%
-0.74
11/25/2016
-0.64%
0.20%
-0.84%
-0.25
11/28/2016
-1.30%
-1.60%
0.30%
0.09
201
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217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
11/29/2016
0.00%
0.03%
-0.03%
-0.01
11/30/2016
0.65%
-0.32%
0.97%
0.29
12/1/2016
-1.31%
-0.13%
-1.18%
-0.36
12/2/2016
1.31%
-0.63%
1.94%
0.59
12/5/2016
12.78%
1.09%
11.69%
3.55 *
12/6/2016
-0.57%
0.60%
-1.17%
-0.36
12/7/2016
2.83%
1.65%
1.18%
0.36
12/8/2016
2.75%
0.45%
2.31%
0.70
12/9/2016
-1.09%
0.36%
-1.45%
-0.44
12/12/2016
-2.79%
-0.98%
-1.80%
-0.55
12/13/2016
-2.87%
0.59%
-3.45%
-1.05
12/14/2016
-5.37%
-1.56%
-3.82%
-1.16
12/15/2016
6.53%
0.71%
5.82%
1.77
12/16/2016
0.57%
-0.88%
1.46%
0.44
12/19/2016
-3.49%
0.02%
-3.51%
-1.07
12/20/2016
-1.79%
1.15%
-2.94%
-0.89
12/21/2016
-5.57%
-0.69%
-4.88%
-1.48
12/22/2016
-5.90%
-0.84%
-5.07%
-1.54
12/23/2016
-0.68%
0.41%
-1.08%
-0.33
12/27/2016
0.00%
0.23%
-0.23%
-0.07
12/28/2016
-2.06%
-1.89%
-0.17%
-0.05
12/29/2016
-0.70%
-0.41%
-0.29%
-0.09
12/30/2016
-1.41%
-0.79%
-0.62%
-0.19
1/3/2017
1.76%
1.45%
0.31%
0.09
1/4/2017
5.75%
1.94%
3.82%
1.16
1/5/2017
4.50%
-0.31%
4.82%
1.46
1/6/2017
-0.63%
0.39%
-1.02%
-0.31
1/9/2017
-5.86%
-0.93%
-4.94%
-1.50
1/10/2017
-2.72%
0.05%
-2.77%
-0.84
1/11/2017
0.69%
0.28%
0.40%
0.12
1/12/2017
0.68%
-0.70%
1.38%
0.42
1/13/2017
0.68%
0.32%
0.36%
0.11
1/17/2017
-1.36%
-1.64%
0.28%
0.08
1/18/2017
2.70%
0.58%
2.12%
0.65
1/19/2017
1.32%
-0.77%
2.09%
0.64
1/20/2017
3.24%
0.22%
3.01%
0.92
1/23/2017
-6.58%
-0.58%
-6.00%
-1.82
202
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217
Corrected Exhibit-9
FXCM Inc. Common Stock Event Study Results
March 15, 2012 through February 7, 2017
Date
FXCM LN
Return
FXCM
Explained
Return
FXCM
Residual
Return
t -
statistic[1]
1/24/2017
0.00%
1.28%
-1.28%
-0.39
1/25/2017
0.00%
1.26%
-1.26%
-0.38
1/26/2017
-1.37%
-0.25%
-1.12%
-0.34
1/27/2017
-3.51%
-0.45%
-3.06%
-0.93
1/30/2017
0.00%
-1.52%
1.52%
0.46
1/31/2017
0.00%
-0.50%
0.50%
0.15
2/1/2017
2.19%
-0.11%
2.30%
0.70
2/2/2017
-0.07%
-2.18%
2.11%
0.64
2/3/2017
-2.12%
1.59%
-3.71%
-1.13
2/6/2017
-2.17%
-0.78%
-1.39%
-0.42
2/7/2017
-68.59%
-0.37%
-68.22%
-20.73 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
203
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217
Effective Trading Date
Event Classification
Information Content
4/17/2012
8-K
"FXCM Reports Monthly Metrics," Business Wire , April 16, 2012, 16:30.
5/9/2012
8-K
"FXCM Inc. Announces First Quarter 2012 Results," Business Wire , May 9,
2012, 06:30.
6/7/2012
8-K
"FXCM Reports Monthly Metrics," Business Wire , June 7, 2012, 06:30.
6/14/2012
8-K
"FXCM to Acquire Lucid Markets," Business Wire , June 14, 2012, 06:30.
6/18/2012
8-K
"Submission of Matters to a Vote of Security Holders," Form 8-K, filed June
18, 2012, 13:37.
6/21/2012
8-K
"Sale and Purchase Agreement and Deed of Shareholders Agreement with
respect to Lucid Acquisition," Form 8-K, filed June 20, 2012, 17:08.
6/25/2012
8-K
"Agreement Relating to the Sale and Purchase of the Whole of the Issued
Share Capital of Lucid Markets Trading Limited, Registration Rights
Agreement, and Deed of Shareholders Agreement relating to Lucid Markets
Trading Limited," Form 8-K, filed June 25, 2012, 15:34.
7/17/2012
8-K
"FXCM Reports Monthly Metrics," Business Wire , July 16, 2012, 16:30.
8/9/2012
8-K
"FXCM Inc. Announces Second Quarter 2012 Results," Business Wire ,
August 9, 2012, 06:30.
8/13/2012
8-K
"First Amendment to Deed of Shareholders Agreement dated August 7,
2012," Form 8-K, filed August 13, 2012, 15:02.
8/31/2012
8-K
"Historical audited consolidated financial statements and the pro forma
financial information in connection with the acquisition of a controlling
interest in Lucid Markets Trading Limited," Form 8-K, filed August 30,
2012, 16:01.
9/19/2012
8-K
"FXCM Reports Monthly Metrics," Business Wire , September 18, 2012,
16:30.
10/16/2012
8-K
"FXCM Reports Monthly Metrics," Business Wire , October 15, 2012, 16:30.
11/8/2012
8-K
"FXCM Inc. Announces Third Quarter 2012 Results," Business Wire ,
November 8, 2012, 06:30.
12/18/2012
8-K
"FXCM Reports Monthly Metrics," Business Wire , December 17, 2012,
16:30.
1/16/2013
8-K
"FXCM Reports Monthly Metrics," Business Wire , January 15, 2013, 16:30.
2/12/2013
8-K
"FXCM Reports Monthly Metrics," Business Wire , February 11, 2013,
16:30.
3/7/2013
8-K
"FXCM Inc. Announces Fourth Quarter 2012 and Full Year 2012 Results,"
Business Wire , March 7, 2013, 06:30.
3/11/2013
8-K
"Departure of Directors or Certain Officers; Appointment of Certain
Officers," Form 8-K, filed March 8, 2013, 16:53.
4/9/2013
8-K
"FXCM Reports Monthly Metrics," Business Wire , April 8, 2013, 17:30.
"FXCM Proposes Acquisition of Gain Capital," Business Wire , April 8,
2013, 20:44.
4/15/2013
8-K
"Compensatory Arrangements of Certain Officers," Form 8-K, filed April 12,
2013, 17:01.
4/26/2013
8-K
"FXCM Withdraws Proposal to Acquire Gain Capital," Business Wire , April
25, 2013, 18:15.
5/7/2013
8-K
"FXCM Inc. Announces First Quarter 2013 Results," Business Wire , May 7,
2013, 06:30.
5/28/2013
8-K
"FXCM Inc. Announces Proposed Private Offering of $125 Million of
Convertible Senior Notes due 2018," Business Wire , May 28, 2013, 06:48.
Exhibit-10
8-K Events
204
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Effective Trading Date
Event Classification
Information Content
Exhibit-10
8-K Events
5/29/2013
8-K
"FXCM Inc. Announces Pricing of Private Offering of $150 Million of
2.25% Convertible Senior Notes due 2018," Business Wire , May 29, 2013,
06:30.
5/31/2013
8-K
"FXCM Inc. Announces Exercise of Option to Purchase Additional 2.25%
Convertible Senior Notes due 2018," Business Wire , May 30, 2013, 16:45.
6/4/2013
8-K
"Indenture, dated June 3, 2013, between the Company and The Bank of New
York Mellon, as trustee," Form 8-K, filed June 3, 2013, 17:22.
6/6/2013
8-K
"FXCM Reports Monthly Metrics," Business Wire , June 5, 2013, 16:30.
6/14/2013
8-K
"Submission of Matters to a Vote of Security Holders," Form 8-K, filed June
14, 2013, 12:33.
7/16/2013
8-K
"FXCM Reports Monthly Metrics," Business Wire , July 15, 2013, 16:15.
8/7/2013
8-K
"FXCM Inc. Announces Second Quarter 2013 Results Releases July 2013
Operating Metrics," Business Wire , August 7, 2013, 06:30.
9/11/2013
8-K
"FXCM Reports Monthly Metrics," Business Wire , September 10, 2013,
16:15.
10/17/2013
8-K
"FXCM Reports Monthly Metrics," Business Wire , October 16, 2013, 16:15.
11/7/2013
8-K
"FXCM Inc. Announces Third Quarter 2013 Results," Business Wire ,
November 7, 2013, 06:30.
11/19/2013
8-K
"FXCM Inc. Amended Revolving Credit Facility to Extend Maturity and
Increase Commitments," Form 8-K, filed November 18, 2013, 16:31.
12/17/2013
8-K
"FXCM Reports Monthly Metrics," Business Wire , December 16, 2013,
16:15.
1/14/2014
8-K
"FXCM Reports Monthly Metrics," Business Wire , January 13, 2014, 16:15.
2/11/2014
8-K
"FXCM Reports Monthly Metrics," Business Wire , February 10, 2014,
16:15.
3/6/2014
8-K
"FXCM Inc. Announces Fourth Quarter 2013 and Full Year 2013 Results,"
Business Wire , March 6, 2014, 06:30.
4/15/2014
8-K
"FXCM Reports Monthly Metrics," Business Wire , April 14, 2014, 16:15.
5/8/2014
8-K
"FXCM Inc. Announces First Quarter 2014 Results," Business Wire , May 8,
2014, 06:30.
6/10/2014
8-K
"FXCM Reports Monthly Metrics," Business Wire , June 9, 2014, 16:15.
6/16/2014
8-K
"Submission of Matters to a Vote of Security Holders," Form 8-K, filed June
16, 2014, 12:10.
7/16/2014
8-K
"FXCM Reports Monthly Metrics," Business Wire , July 15, 2014, 16:15.
8/8/2014
8-K
"FXCM Inc. Announces Second Quarter 2014 Results," Business Wire ,
August 7, 2014, 16:05.
9/10/2014
8-K
"FXCM Reports Monthly Metrics," Business Wire , September 9, 2014,
16:14.
9/22/2014
8-K
"FXCM Launches New Pricing Model Offering Raw Forex Spreads
On Average Reduces Trading Cost by 50% on Top 14 Currency Pairs
Implements
Tighter
Spreads
and
Commission
Pricing
to
be
more
Competitive and Transparent," Business Wire , September 22, 2014, 08:45.
10/17/2014
8-K
"FXCM Reports Monthly Metrics," Business Wire , October 16, 2014, 16:05.
11/7/2014
8-K
"FXCM Inc. Announces Third Quarter 2014 Results," Business Wire ,
November 6, 2014, 16:05.
12/10/2014
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , December 9, 2014,
16:15.
205
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217
Effective Trading Date
Event Classification
Information Content
Exhibit-10
8-K Events
1/14/2015
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , January 13, 2015,
16:05.
1/16/2015
8-K
"FXCM Comments on Swiss Franc Movement," GlobeNewswire , January
15, 2015, 20:04.
1/20/2015
8-K
"FXCM Provides Further Details on Financing with Leucadia National
Corporation," NASDAX OMX Nordic Exchanges - Company Notices ,
January 19, 2015, 21:26.
1/26/2015
8-K
"The parties have reached an agreement in principle with respect to terms of
an Amended and Restated Credit Agreement, an Amended and Restated Fee
Letter, and an Amended and Restated Letter Agreement (the “Amended
Agreements”), which are subject to finalization by the parties. The Company
intends to file an amendment to this Form 8- K with the final
Amended Agreements. The summary set forth in this Form 8- K describes
the material terms of the Amended Agreements," Form 8-K, filed January 23,
2015, 17:21.
"The sole purpose of this Current Report on Form 8- K/A is to report that the
parties have finalized the terms of the Amended Agreements and to file the
Amended Agreements as exhibits to this Current Report on Form 8- K/A,"
Form 8-K/A, January 26, 2015, 07:00.
1/30/2015
8-K
"Certificate Of Designations Of Series A Junior Participating Preferred Stock
Of FXCM Inc., Rights Agreement, FXCM Adopts Stockholder Rights Plan,"
Form 8-K, filed January 30, 2015, 07:04.
2/2/2015
8-K
"Corrected Rights Agreement," Form 8-K, filed January 30, 2015, 16:16.
2/12/2015
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , February 11, 2015,
16:06.
3/13/2015
8-K
"FXCM Inc. Announces Fourth Quarter 2014 Results," GlobeNewswire
March 12, 2015, 16:05.
3/17/2015
8-K
"Compensatory Arrangements of Certain Officers," Form 8-K, filed March
17, 2015, 12:44.
3/25/2015
8-K
"FXCM
to
Sell
FXCM
Japan
to
Rakuten
Sec
for
$62
Million,"
GlobeNewswire , March 25, 2015, 08:00.
4/7/2015
8-K
"Unaudited Pro Forma Consolidated Financial Statements," Form 8-K, filed
April 7, 2015, 15:43.
4/15/2015
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , April 14, 2015, 16:15.
4/21/2015
8-K
"FXCM Inc. Option Agreement," Form 8-K, filed April 20, 2015, 17:58.
5/11/2015
8-K
"FXCM Inc. Announces First Quarter 2015 Results," GlobeNewswire , May
8, 2015, 16:30.
5/22/2015
8-K
"On May 21, 2015, FXCM Inc. (“FXCM”) announced that, on May 19,
2015, its U.S. subsidiary, Forex Capital Markets LLC, and U.K subsidiary,
Forex Capital Markets Limited, agreed to assume the vast majority of margin
forex accounts of CitiFX Pro from Citibank N.A. and Citibank International
Limited, which traded over $30 billion on average a month during 2014,"
Form 8-K, filed May 22, 2015, 12:15.
5/28/2015
8-K
"FXCM to Sell FXCM Hong Kong to Rakuten Sec," Dow Jones Institutional
News , May 28, 2015, 08:30.
6/10/2015
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , June 9, 2015, 16:15.
6/15/2015
8-K
"Submission of Matters to a Vote of Security Holders," Form 8-K, filed June
15, 2015, 08:53.
7/15/2015
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , July 15, 2015, 08:01.
206
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217
Effective Trading Date
Event Classification
Information Content
Exhibit-10
8-K Events
8/7/2015
8-K
"FXCM Inc. Announces Second Quarter 2015 Results," GlobeNewswire
August 6, 2015, 16:13.
9/10/2015
8-K
"FXCM Receives NYSE Notification Letter," GlobeNewswire , September 9,
2015, 16:29.
9/14/2015
8-K
"FXCM Completes Sale of FXCM Hong Kong to Rakuten Sec," Dow Jones
Institutional News , September 14, 2015, 07:59.
9/17/2015
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , September 16, 2015,
16:15.
9/21/2015
8-K
"Appointment of certain officers," Form 8-K, filed September 18, 2015,
16:15.
9/23/2015
8-K
"Submission of Matters to a Vote of Security Holders," Form 8-K, filed
September 22, 2015, 16:20.
9/30/2015
8-K
"FXCM
Inc.
Announces
Effectiveness
of
Reverse
Stock
Split,"
GlobeNewswire , September 29, 2015, 16:15.
10/1/2015
8-K
"Statement on FXCM Cybersecurity Incident," GlobeNewswire , October 1,
2015, 06:39.
10/8/2015
8-K
"Investor Meeting Presentation," Form 8-K, filed October 8, 2015, 06:30.
10/14/2015
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , October 13, 2015,
16:15.
11/6/2015
8-K
"FXCM Inc. Announces Third Quarter 2015 Results," GlobeNewswire
November 5, 2015, 16:15.
12/14/2015
8-K
"FXCM Releases Statement on Ongoing Discussions With Leucadia and
Stock Repurchase Program," NASDAX OMX Nordic Exchanges - Company
Notices , December 11, 2015, 16:15.
12/15/2015
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , December 14, 2015,
16:15.
1/13/2016
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire, January 12, 2016,
16:15.
1/27/2016
8-K
"Amended and Restated Rights Agreement," Form 8-K, filed January 26,
2016, 17:00.
2/2/2016
8-K
"FXCM
Announces
Changes
to
Board
of
Directors,"
NASDAQ/Globenewswire, February 1, 2016, 16:20.
2/10/2016
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire , February 9, 2016,
16:15.
3/11/2016
8-K
"FXCM
Inc.
Announces
Fourth
Quarter
2015
Results
Releases,"
GlobeNewswire, March 10, 2016, 16:15.
"Leucadia and FXCM Sign Memorandum of Understanding to Deepen and
Extend Partnership," GlobeNewswire , March 10, 2016, 16:15.
4/12/2016
8-K
"FXCM Reports Monthly Metrics," NASDAQ/Globenewswire, April 11,
2016, 17:15.
4/18/2016
8-K
"Compensatory Arrangements of Certain Officers," Form 8-K, filed April 15,
2016, 16:15.
5/6/2016
8-K
"FXCM Inc. Announces First Quarter 2016 Results," GlobeNewswire, May
6, 2016, 06:30.
6/9/2016
8-K
"FXCM Reports Monthly Metrics," GlobeNewswire, June 9, 2016, 7:00.
6/14/2016
8-K
"Submission of Matters to a Vote of Security Holders," Form 8-K, filed June
13, 2016, 16:15.
7/12/2016
8-K
"FXCM Reports Monthly Metrics," Dow Jones Newswire German, July 11,
2016, 16:15.
8/4/2016
8-K
"FXCM Inc. Announces Second Quarter 2016 Results," GlobeNewswire,
August 4, 2016, 07:00.
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Effective Trading Date
Event Classification
Information Content
Exhibit-10
8-K Events
9/1/2016
8-K
"Leucadia and FXCM Complete Long- Term Partnership Agreement,"
GlobeNewswire, September 1, 2016, 07:30.
9/9/2016
8-K
"Amended And Restated Limited Liability Company Agreement," Form 8-K,
filed September 8, 2016, 16:57.
9/13/2016
8-K
"FXCM to move to NASDAQ," GlobeNewswire, September 13, 2016, 6:45.
"FXCM
Reports
Monthly
Metrics,"
Dow
Jones
Newswire
German,
September 12, 2016, 16:15.
9/30/2016
8-K
"FXCM Signs Agreement to Sell News and Research Website DailyFX for
$40 Million," Dow Jones Institutional News , September 30, 2016, 02:00.
10/4/2016
8-K
"Equity Distribution Agreement," Form 8-K, filed 3 October 3, 2016, 16:29.
10/5/2016
8-K
"Investor Meeting Presentation," Form 8-K, filed October 5, 2016, 07:34.
10/11/2016
8-K
"FXCM Reports Monthly Metrics," Dow Jones Institutional News, October
11, 2016, 06:45.
10/31/2016
8-K
"FXCM Closes on Sale of DailyFX," NASDAQ OMX Nordic Exchanges -
Company Notices, October 31, 2016, 02:00.
11/8/2016
8-K
"FXCM Inc. Announces Third Quarter 2016 Results," GlobeNewswire,
November 8, 2016, 06:45.
11/10/2016
8-K
"Compensatory
Arrangements
of
Certain
Officers,"
Form
8-K,
filed
November 9, 2016, 16:15.
11/18/2016
8-K
"Non-Reliance on Previously Issued Financial Statements or a Related Audit
Report or Completed Interim Review," Form 8-K, filed November 18, 2016,
14:58.
12/14/2016
8-K
"FXCM Reports Monthly Metrics," NASDAQ OMX Nordic Exchanges -
Company Notices, December 13, 2016, 16:15.
1/12/2017
8-K
"FXCM Reports Monthly Metrics," NASDAQ OMX Nordic Exchanges -
Company Notices, January 12, 2017, 08:00.
Sources:
Edgar and Factiva.
[1] Several 8-K days were found to be filed with the SEC after the news was already publicly available, these days were adjusted to the correct effective day.
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Exhibit-11
FXCM Inc. Notes Regression Results
Estimation Period: June 24, 2014 through August 16, 2016
R Squared
0.829
Adjusted R Squared
0.791
Standard Error
1.62%
Observations
66
Intercept
0.01%
0.22%
0.027
Market Index
-31.42%
42.51%
-0.739
Peer Index
-1.70%
20.46%
-0.083
December 10, 2014
-0.45%
1.75%
-0.256
January 20, 2015
-16.91%
1.64%
-10.293
January 21, 2015
10.19%
1.65%
6.179
January 22, 2015
16.59%
1.70%
9.769
January 23, 2015
4.15%
1.65%
2.518
January 26, 2015
2.61%
1.64%
1.589
January 30, 2015
0.39%
1.70%
0.232
March 17, 2015
0.78%
1.65%
0.471
March 25, 2015
2.22%
1.72%
1.290
May 11, 2015
-0.64%
1.72%
-0.374
Regression Statistics
Coefficients
Standard Error
t- statistic
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Exhibit-12
FXCM Inc. Notes Event Study Results
January 25, 2014 through July 25, 2016
Date
FXCM
Notes LN
Return
FXCM
Notes
Explained
Return
FXCM
Notes
Residual
Return
t -
statistic[1]
6/25/2014
0.03%
-0.17%
0.20%
0.13
9/11/2014
0.66%
-0.03%
0.70%
0.43
9/23/2014
-0.70%
0.21%
-0.91%
-0.56
10/14/2014
-0.56%
-0.07%
-0.49%
-0.30
10/15/2014
-0.19%
0.15%
-0.34%
-0.21
10/31/2014
1.38%
-0.40%
1.78%
1.09
12/10/2014
0.15%
0.59%
-0.45%
-0.28
1/16/2015
-58.58%
-0.12%
-58.47%
-36.01 *
1/20/2015
-16.92%
-0.01%
-16.91%
-10.41 *
1/21/2015
10.05%
-0.13%
10.19%
6.28 *
1/22/2015
16.09%
-0.50%
16.59%
10.22 *
1/23/2015
4.30%
0.14%
4.15%
2.56 *
1/26/2015
2.47%
-0.14%
2.61%
1.61
1/27/2015
-0.71%
0.35%
-1.06%
-0.65
1/28/2015
6.96%
0.50%
6.47%
3.98 *
1/29/2015
2.53%
-0.28%
2.81%
1.73
1/30/2015
0.81%
0.42%
0.39%
0.24
2/4/2015
0.67%
0.14%
0.53%
0.33
2/5/2015
-0.70%
-0.37%
-0.33%
-0.20
2/6/2015
0.86%
0.07%
0.79%
0.48
2/17/2015
-1.15%
-0.06%
-1.08%
-0.67
2/18/2015
0.86%
0.02%
0.84%
0.52
2/19/2015
0.34%
0.03%
0.31%
0.19
2/20/2015
-0.85%
-0.19%
-0.66%
-0.41
2/23/2015
-0.23%
0.03%
-0.27%
-0.16
2/24/2015
-0.64%
-0.09%
-0.56%
-0.34
2/25/2015
0.00%
-0.01%
0.01%
0.01
2/26/2015
0.61%
0.05%
0.56%
0.34
2/27/2015
0.57%
0.11%
0.46%
0.29
3/5/2015
-0.17%
-0.05%
-0.12%
-0.07
3/16/2015
-0.05%
-0.38%
0.33%
0.20
3/17/2015
0.83%
0.05%
0.78%
0.48
3/18/2015
-0.75%
-0.33%
-0.41%
-0.26
3/19/2015
0.25%
0.17%
0.08%
0.05
3/20/2015
0.06%
-0.31%
0.38%
0.23
3/25/2015
2.72%
0.50%
2.22%
1.37
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217
Exhibit-12
FXCM Inc. Notes Event Study Results
January 25, 2014 through July 25, 2016
Date
FXCM
Notes LN
Return
FXCM
Notes
Explained
Return
FXCM
Notes
Residual
Return
t -
statistic[1]
3/26/2015
0.24%
0.05%
0.18%
0.11
3/27/2015
-0.12%
-0.09%
-0.04%
-0.02
3/30/2015
0.57%
-0.37%
0.93%
0.58
4/14/2015
1.32%
-0.03%
1.36%
0.83
5/6/2015
-0.36%
0.12%
-0.48%
-0.30
5/11/2015
-0.54%
0.10%
-0.64%
-0.39
5/12/2015
0.46%
0.09%
0.37%
0.23
5/13/2015
-0.00%
-0.00%
-0.00%
-0.00
5/14/2015
-2.01%
-0.31%
-1.70%
-1.05
5/15/2015
1.92%
-0.01%
1.92%
1.18
5/18/2015
0.53%
-0.13%
0.66%
0.41
5/19/2015
-0.50%
0.05%
-0.55%
-0.34
5/20/2015
0.22%
0.02%
0.19%
0.12
5/27/2015
-1.04%
-0.29%
-0.75%
-0.46
6/25/2015
0.00%
0.08%
-0.08%
-0.05
7/31/2015
-3.53%
0.04%
-3.57%
-2.20 *
10/12/2015
-3.23%
0.00%
-3.23%
-1.99 *
10/15/2015
-0.42%
-0.50%
0.08%
0.05
10/16/2015
-0.12%
-0.11%
-0.01%
-0.01
10/28/2015
-0.15%
-0.48%
0.33%
0.20
11/9/2015
1.47%
0.32%
1.15%
0.71
11/10/2015
-2.52%
-0.03%
-2.49%
-1.53
11/16/2015
0.87%
-0.44%
1.31%
0.81
11/17/2015
-0.59%
0.04%
-0.63%
-0.39
11/27/2015
0.86%
-0.02%
0.88%
0.54
12/4/2015
0.11%
-0.56%
0.68%
0.42
12/24/2015
-0.18%
0.03%
-0.21%
-0.13
12/30/2015
0.36%
0.25%
0.11%
0.07
4/7/2016
0.00%
0.45%
-0.45%
-0.28
7/25/2016
-5.70%
0.11%
-5.81%
-3.58 *
8/16/2016
0.00%
0.18%
-0.18%
-0.11
2/7/2017
-42.18%
0.17%
-42.35%
-26.08 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
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