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Turning to slide nine, our balance sheet, when we moved to have continuing and discontinued operations one of the more significant changes is that the balance sheet, of all the discontinued operations are collapsed in a couple of lines now, and you can see them on current assets held for sale, non-current assets held for sale, current liabilities held for sale and non-current liabilities held for sale.
As you can see by March 31, balance sheet all of the assets and liabilities of our discontinued operations are classified as current, as we expect for them all to be sold in less than a year. Other changes in the balance sheet to note now is you see the Leucadia financing in the liability section.
Keep in mind what I said on the previous slides the Letter Agreement liabilities is a really an estimate value of potential payments to Leucadia due to their economic rates to certain of our cash distributions, not a true liability as we all would normally think of such as a loan. In sum, our shareholders equity is now in a deficit position but much of this is due to the accounting items we have talked about, and resides up at the parent company level.
With that I will turn things over the Drew to update you on our strategy and where we stand on asset sales. Thank you, Robert. Moving to slide ten, as we discussed in our call in March, FXCM the near-term strategy has two principle objectives.
We are targeting a significant reduction in our debt due to the sale of non-core assets and cash generated from our operations. I will give you an update on that in the next slide. So we are also focused on growing our core business through a number of FX and CFD initiatives as we described in detail in the last call including expanding CFD offerings and a number of innovations in our core FX offering.
It's worth repeating that not too long ago FXCM was an extremely successful business almost entirely focused on retail FX. We remain confident that our core retail and CFD franchise are extremely strong and backed by the strongest global brand in the retail FX business. Moving to slide 11, I want to update you on our plans to sell non-core assets. We made the decision to exit the Japanese and Hong Kong markets, selling our locally regulated subsidiaries in each country.
We are in the final phase of our sales process for our Hong Kong regulated entity. On the institutional side we are early in the process to sell our stakes in FastMatch, Lucid and V3 Markets. As I mentioned in our last call we continue to receive many unsolicited indications of interest from credible bidders from all these investments and continue to believe the auction process will very be robust.
Finally, FXCM Securities in London, a small trading desk offering listed products such as options, futures and equities to UK customers is also in the final phase of being sold. We believe the sales proceeds plus cash freed from the balance sheet of these entities will go long ways towards repaying all or our significant portion of the balance remaining under Leucadia loan. One clarification is our Hong Kong regulated entity, which we are selling primarily services to Hong Kong residents and this does not mean that we are selling our China or the rest of Asia business, which is primarily serviced out of our UK entity.
Moving to slide 12, we have our April operating metrics. It's important to note here that these are trading metrics from continuing operations, which exclude volumes and accounts from units that has been offered for sale. As many will have noticed, volatility has picked up in May.
Retail active accounts continued to grow to a new record level in April, another indicator that despite the challenges we have faced in January our core franchise remains strong. Finally summing things up on slide 13, through all of the complicated accounting changes and non-cash items in this quarter's results, I want to stress that despite the events of January 15, FXCM today remains in an extremely strong competitive position.
With that I would like turn things over to the operator and open the line for questions. Question-and-Answer Session. Our first quarter comes from Bill Katz with Citi. Thanks very much. Just sort of focusing on the discontinued list and continuing operations, I know you are stressing the combined entity. But if I simply add back a couple of million for some of the legal noise you highlighted, still I get pretty depressed rates. And we believe that over the next six months or so as we kind of fully transition all of these things and initiatives that we are doing, our EBITDA margins will be quite healthier, as obviously the business is not yet at what the earnings power that it was pre January We are going to be publishing our Q later today.
We triangulated using as well comparative companies and multiples of them as well as the FXCM stock price. So we deployed three methods and you put it in and there is assumptions then about to get through the Black-Scholes model in terms of volatility and tranches and the like. So what we are disclosing regarding the valuation, which is consistent with reporting standards will be in the Q later today.
Okay, and just one final one from me thanks for taking the questions. I am sort of curious as you think from a competitive perspective how you might respond to that and does that sort of shift the opportunity in terms of earnings leverage, if rates were to start going higher?
So we have seen this for years when interests were high, when interest were low. We need [ph] depression in the rate card that in the first quarter, is that something you experienced also or should we think about this being a more normalized level unless volatility kind of makes another jump there?
If you think about the people that we are most concerned with, January 15, where they are very large customers. So we have discounted for some of those to keep them. I think that there is a notion that is something that we will have forever. That is something where we think that will have -- start to move the rates turning up pretty significantly.
So while it is hard to say whether it is going to be in the next quarter or so I think something by next year we would be looking at this far higher than it is today. Okay, thanks, Drew. I certainly -- probably keep in mind that while we getting rid of a number of foreign businesses what is left is going to be the U. But in reality on a cash basis you probably would have some losses?
Yes, okay, helpful, thanks. I think that in the short run the Hong Kong regulated entity and the Japanese regulated entity as an example, were ones that we had no assurance of [ph] whatsoever. So the mix in the short run goes up, the mix in the long run we are strategically targeting it to go down, strategically targeting a much bigger increase in the organic business, a smaller, much smaller increase in the referring broker business. So we think that mix should in the long-term go down.
And then just to get back the disposition and paying down this expensive debt. You have kind of -- you have a couple in final stages and so help me think about what are you targeting say by year end this year, in terms of being able to repay the financing and maybe what you are targeting for next year because it just looks a hefty interest load there?
Yeah, I think that as we said last time, our hope is that by the fall or latest end of year the debt is completely gone. End of this year. As of now we are on track for that to happen. The assumptions underlying that still require certain outcomes that are not far from guarantees in some of the larger asset sales but I think that so far we have gotten and the stuff we have announced and stuff yet to be announced is so far for higher prices than we initially expected when we were first doing this.
But this is something that, as I said, obviously this is far from certain outcome simply because assets sales you never know but the target that we set for ourselves is to do this before the end of the year. And I'm not showing any further questions at this time. I'd like to turn the call back over to management for closing remarks. Actually we do, someone just queued up for questions, do you want go and take their question?
Good morning. Could you just tell us what's your NOL carry forward is now at the end of the first quarter? No, not off the top of my head. Do you think you could explain briefly why the tax receivable liability goes to zero? Yes, that's just because we have such significant NOLs resulting from the quarter. Those tax receivables were created as from the conversion of units into common shares and the public company inheriting all of this goodwill to be amortized over 15 years.
So that's purely why we took down the deferred tax assets. That additional amount of tax benefit we're not going to really need that in the near term. If I were to put it in slightly different terms, the tax receivable reliability stems from your basis in your assets going up overtime as units are converted into common, right.
No, no I just think -- I think they're kind of separate things here. That was the basis that was created and the ability to amortize that step up overtime. That still is there, that hasn't changed, just the only question now is well can you use that in the near term, and in the near term the company has other losses to use for it.
So in GAAP you have a relatively short time frame on looking at these deferred taxes. And so we just don't think in the near term we're going to need those additional amount of deferred taxes that we had on our balance sheet. So we're just providing evaluation allowance on it because the NOLs created in the quarter are going to be enough in the near term to handle -- to shield profits that we have.
Okay, my technology is fairly limited, thank you very much. That's all. And this is the end of our question-and-answer session. I would like to turn the call over to management for closing remarks. Thank you. On behalf of Drew, Robert and everyone here at FXCM we would like to thank you for joining us this morning and we look forward to speaking with you next quarter.
The move to all NDD trading in CFDs will have to be gradual as the number of external Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash. This can be differentiated as market liquidity or accounting liquidity. The most common ways to do so include a current ratio, quick ratio, and cash ratio.
Its primary function is to ascertain how quickly a given asset can be bought, sold, or exchanged without a disparity in market price. This is due to its widespread acceptance and ease of conversion into other assets, forms of cash, or currencies, etc. All other liquid assets must be able to be quickly and efficiently converted into cash, i. This includes such things as stocks, commodities, or virtually any other construct that has an associated value.
These assets, also known as tangible assets, can include such things as rare art or collectables, real estate, etc. It is important to note that cash is not uniformly liquid for several reasons. The below examples encompass all types of assets and their corresponding level of liquidity.
Other major forms of cash include Euros, or major currencies. This differs notably from the legal tender in many emerging countries or others for political or economic reasons. These are generally assumed to be quick assets. As such, these assets are liquid. Common examples of this include land or real estate, intellectual property, or other forms of capital such as equipment or machinery.
Illiquid assets on the other hand often suffer from fees or additional conversion costs, processing times, ultimately creating a price disparity. For many individuals this is the most valuable asset they will own in their entire lives. However, selling a house typically requires taxes, realtor fees, and other costs, in addition to time. Real estate or land also takes much longer to exchange into cash, relative to other assets.
Both measures deal with different constructs or entities entirely, though are useful metrics with regards to individuals or financial markets. This can include among others, a real estate or property market, market for fine arts and collectable, and other goods.
The degree to which stocks from large companies or foreign currencies can be exchanged is much easier than finding a readily available market for antiques, collectables, or other capital, regardless of utility. This is because the difference between both the bid and ask prices between parties is very low. The lower the spread between these two prices, the more liquid a given market is. Additionally, low liquidity refers to a higher spread between two prices.
One can define liquidity in stocks or stock markets in the same way as in foreign exchange markets, brokers, commodities exchanges, and crypto exchanges. The foreign exchange market for example is currently the largest by trading volume with high liquidity due to cash flows. This is hardly surprising given that forms of cash or currencies are being exchanged. By definition, liquidity in stocks varies for a number of reasons. Stocks with low liquidity may be difficult to sell and may cause you to take a bigger loss if you cannot sell the shares when you want to.
In finance, the most liquid assets are always the most popular. A good example of this is the real estate or property market. While highly valuable, there are large disparities between the purchase price and selling price of property, as well as the time associated in making these transactions, and additional fees incurred by other parties.
Liquidity providers play a key role in this regard. Accounting liquidity is a measure by which either an individual or entity can meet their respective current financial obligations with the current liquid assets available to them. This includes paying off debts, overhead, or any other fixed costs associated with a business.
In the United States and other countries, companies and individuals have to reconcile accounting on a yearly basis. Accounting liquidity is an excellent measure that captures financial obligations due in a year. These measures are useful tools for not just the individual or company in focus but for others that are trying to ascertain current financial health.
If there is a large disparity between these figures, or much more assets than obligations, a company can be considered to have a strong depth of liquidity. This can be achieved using a total of four formulas: the current ratio, quick ratio, acid-test variation, and cash ratio.
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