Global Brokerage : Announces Second Quarter 2017 Results

Second Quarter 2017 Highlights:

• U.S. GAAP net revenues from continuing operations of $49.4 million

• U.S. GAAP net loss attributable to Global Brokerage, Inc. from continuing operations of $4.3 million or $0.69 per diluted share

• U.S. GAAP net revenues from discontinued operations of $5.8 million

• U.S. GAAP net income attributable to Global Brokerage, Inc. from discontinued operations of $0.8 million or

  $0.13 per diluted share

• Retail trading revenue per million traded of $80 per million

• Adjusted EBITDA from continuing and discontinued operations of $8.5 million

NEW YORK- August 9, 2017- Global Brokerage, Inc. (NASDAQ:GLBR), today announced for the quarter ended June 30, 2017, U.S. GAAP trading revenue from continuing operations of $48.7 million, compared to $54.7 million for the quarter ended June 30, 2016. U.S. GAAP net loss attributable to Global Brokerage, Inc. from continuing operations was $4.3 million, or $0.69 per diluted share, compared to U.S. GAAP net income attributable to Global Brokerage, Inc. from continuing operations of

$60.2 million (including a $116.5 million gain on derivative liabilities), or $10.75 per diluted share, for the quarter ended June 30, 2016.

For the six months ended June 30, 2017, U.S. GAAP trading revenue from continuing operations was $93.9 million, compared to $113.6 million for the six months ended June 30, 2016. U.S. GAAP net loss attributable to Global Brokerage, Inc. from continuing operations was $28.8 million (including a $23.9 million goodwill impairment charge) for the six months ended June 30, 2017, or $4.68 per diluted share, compared to U.S. GAAP net income attributable to Global Brokerage, Inc. from continuing operations of $122.1 million (including a $227.4 million gain on derivative liabilities), or $21.79 per diluted share, for the six months ended June 30, 2016.

The net gain/loss on derivative liabilities consists of non-cash changes in the value of embedded derivatives associated with the Leucadia Letter and Credit Agreements (as described further below). The Letter Agreement is a component of the financing package provided by Leucadia National Corporation ("Leucadia"). On January 15, 2015, FXCM Group, LLC ("FXCM Group") customers suffered negative equity balances due to the unprecedented move in the Swiss Franc after the Swiss National Bank ("SNB") discontinued its peg of the Swiss Franc to the Euro. On January 16, 2015, FXCM Group entered into a financing agreement with Leucadia that permitted FXCM Group's regulated subsidiaries to meet their regulatory capital requirements and continue normal operations after significant losses were incurred resulting from the events of January 15, 2015.

On September 1, 2016 we completed the restructuring of the financing arrangements with Leucadia (the "Leucadia Restructuring Transaction"). We amended the terms of the Amended and Restated Credit Agreement (the "Credit Agreement") and replaced the Amended and Restated Letter Agreement (the "Letter Agreement") with a new Limited Liability Company Agreement.

The Company sold its United States domiciled accounts in February 2017 and withdrew from registration in the United States. Results for the United States operations have been reclassified to discontinued operations for both the current and prior year.

U.S. GAAP trading revenue from discontinued operations for the quarter ended June 30, 2017 was $5.8 million, compared to

$21.7 million for the quarter ended June 30, 2016. U.S. GAAP net income attributable to Global Brokerage, Inc. from discontinued operations was $0.8 million for the quarter ended June 30, 2017, or $0.13 per diluted share, compared to U.S.

GAAP net income attributable to Global Brokerage, Inc. from discontinued operations of $0.2 million, or $0.03 per diluted share, for the quarter ended June 30, 2016.

U.S. GAAP trading revenue from discontinued operations for the six months ended June 30, 2017 was $18.4 million, compared to $38.9 million for the six months ended June 30, 2016. U.S. GAAP net loss attributable to Global Brokerage, Inc. from discontinued operations was $4.6 million for the six months ended June 30, 2017, or $0.75 per diluted share, compared to U.S. GAAP net loss attributable to Global Brokerage, Inc. from discontinued operations of $12.0 million, or $2.14 per diluted share, for the six months ended June 30, 2016.

Adjusted EBITDA from continuing and discontinued operations was $8.5 million for the quarter ended June 30, 2017, compared to $10.9 million for the quarter ended June 30, 2016.

Adjusted EBITDA from continuing and discontinued operations was $14.1 million for the six months ended June 30, 2017 compared to $21.2 million for the six months ended June 30, 2016.

Adjusted EBITDA from continuing operations was $9.0 million for the quarter ended June 30, 2017 compared to $7.0 million for the quarter ended June 30, 2016.

Adjusted EBITDA from continuing operations was $15.0 million for the six months ended June 30, 2017 compared to $15.9 million for the six months ended June 30, 2016.

Adjusted EBITDA is a Non-GAAP financial measure. This measure does not represent and should not be considered as a substitute for net income, net income attributable to Global Brokerage, Inc. or net income per Class A share or as a substitute for cash flow from operating activities, each as determined in accordance with U.S. GAAP, and our calculations of these measures may not be comparable to similarly entitled measures reported by other companies. See "Non-GAAP Financial Measures" beginning on A-3 of this release for additional information regarding these Non-GAAP financial measures and for reconciliations of such measures to the most directly comparable measures calculated in accordance with U.S. GAAP.

On May 2, 2017, the Nasdaq Stock Market notified us that, for the prior 30 consecutive business days, the market value of our publicly held shares does not meet the requirement for continued listing under the Nasdaq Global Select Market listing rules which could lead to our eventual delisting from the Nasdaq Global Select Market by October 30, 2017 if not rectified. This could lead to an event of default under the terms of our debt arrangements. Notwithstanding an event of default under the terms of our debt arrangements due to a potential delisting, absent a restructuring of our Senior convertible notes, a sale of other assets or a capital infusion, we do not have the resources to pay the principal balance of our Senior convertible notes of $172.5 million in full at maturity in June 2018. Accordingly, we believe that the potential delisting and the upcoming maturity of the Senior convertible notes within less than 12 months raise substantial doubt about our ability to continue as a going concern. We are actively working with financial and legal advisers to explore a potential restructuring.

Selected customer trading metrics for FXCM Group are summarized below:

More information, including historical results for each of the above metrics, can be found on the investor relations page of Global Brokerage, Inc.'s website ir.globalbrokerage.info.

This operating data is preliminary and subject to revision and should not be taken as an indication of the financial performance of Global Brokerage, Inc. Global Brokerage, Inc. undertakes no obligation to publicly update or review previously reported operating data. Any updates to previously reported operating data will be reflected in the historical operating data that can be found on the Investor Relations page of the Company's corporate website ir.globalbrokerage.info.

In addition to historical information, this earnings release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995, which reflect Global Brokerage's current views with respect to, among other things, its operations and financial performance in the future. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about Global Brokerage's industry, business plans, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, risks associated with Global Brokerage's strategy to focus on its operations outside the United States, risks associated with the events that took place in the currency markets on January 15, 2015 and their impact on Global Brokerage's capital structure, risks associated with Global Brokerage's ability to recover all or a portion of any capital losses, risks relating to the ability of Global Brokerage to satisfy the terms and conditions of or make payments pursuant to the terms of the finance agreements with Leucadia, as well as risks associated with Global Brokerage's obligations under its other financing agreements, risks related to Global Brokerage's dependence on FX market makers, market conditions, risks associated with the outcome of any potential litigation or regulatory inquiries to which Global Brokerage may become subject, risks associated with potential reputational damage to Global Brokerage resulting from its sale of US customer accounts, and those other risks described under "Risk Factors" in Global Brokerage's Annual Report on Form 10-K, Global Brokerage's latest Quarterly Report on Form 10-Q, and other reports or documents Global Brokerage files with, or furnishes to, the SEC from time to time, which are accessible on the SEC website at sec.gov. This information should also be read in conjunction with Global Brokerage's Consolidated Financial Statements and the Notes thereto contained in Global Brokerage's Annual Report on Form 10-K, Global Brokerage's latest Quarterly Report on Form 10-Q, and in other reports or documents that Global Brokerage files with, or furnishes to, the SEC from time to time, which are accessible on the SEC website at sec.gov.

About Global Brokerage, Inc.

Global Brokerage, Inc. (NASDAQ:GLBR) is a holding company with an indirect effective 37.3% ownership of FXCM Group, LLC ("FXCM Group") through its equity interest in Global Brokerage Holdings, LLC with an economic interest in FXCM Group of up to 33.5% depending on the amount of cash cumulatively distributed by FXCM Group pursuant to the distribution provisions of the Amended and Restated Limited Liability Company Agreement of FXCM Group, LLC.

Investor Relations investorrelations@globalbrokerage.info