Refco FX Next on Block WSJ.com: NEW YORK âForex Capital Markets LLC, a six-year old futures brokerage firm, plans to bid for Refco FX Associates, a foreign currency brokerage unit of the bankrupt Refco Inc. (RFXCQ), an FXCM executive said. âWe will submit bids for all or part of the assets of Refco FX,â said Drew Niv, chief executive of FXCM in a phone interview. âThere are lots of different parts to the company, and we are still trying to figure it all out.â The unit isnât part of the regulated futures brokerage businesses that Refco and its creditors committee are auctioning. Bids for those businesses are due at 4:00 p.m. EST on Nov. 4. Refco is selling those units to raise cash, and sales of other units would increase the funds available to repay creditors. Niv said his firm licenses software and support services to Refco FX Associates, which trades currency futures for retail customers in what is known as the over-the-counter market. It has about 15,000 clients, whose accounts were frozen as part of the unitâs bankruptcy filing on Oct. 17, Niv said. FXCM company has about 80,000 clients. Greenhill & Associates, which is advising Refco on its bankruptcy proceedings, has been soliciting bids for a variety of Refco businesses in whole or in part. At least one foreign bank also is interested in the retail currency brokerage unit, said two people familiar with the bankruptcy proceedings. Niv said there are other foreign currency trading businesses for retail customers spread throughout various parts of Refco. âWe started out wanting the entire FX business, but it became clear that itâs too dispersed, and weâre having trouble finding people at Refco to give us information.â He said he believed the foreign exchange assets could be sold in a few weeks, unless bidders agree to acquire them along with the regulated units, which deal with contracts traded on futures exchanges. In freezing assets of the currency unit, Refcoâs creditors have âessentially destroyedâ the trust of customers in the unit, Niv said. âWe will not be buying a continuing business, because it is utterly worthless, but we do want the accounts,â he said. A spokeswoman for Refco declined comment.