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Subsequent Events
3 Months Ended
Feb. 28, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Jefferies Bache. On April 9, 2015, we entered into an agreement with Société Générale S.A. (the “Agreement”) to transfer certain client exchange and over-the-counter transactions associated with our Futures business for the net book value of the over-the-counter transactions, calculated in accordance with certain principles set forth in the agreement, plus the repayment of certain margin loans in respect of certain exchange transactions. In addition, we have agreed to enter into a total return swap with respect to other over-the-counter transactions which will not be transferred, which is intended to replicate the economics of such non-transferred over-the-counter transactions. The transfer is subject to customary closing conditions for a transaction of this nature. We anticipate that the completion of this transaction will occur during the second quarter of 2015. We are not able to estimate, at this time, the total assets and liabilities that will be transferred as such amounts will fluctuate based on daily client activity through the date of closing.
In addition, we expect to terminate our $750.0 million Credit Facility shortly after the closing of the above transaction. Upon termination of the Credit Facility, unamortized deferred origination costs of $5.4 million will be expensed.
We also have concurrently initiated a plan to exit the remaining aspects of our existing Futures business and to terminate the remaining client agreements with respect to exchange transactions. We estimate that we will incur pre-tax costs of approximately $91.2 million in connection with this plan, primarily over the remainder of the 2015 fiscal year. These costs are primarily composed of compensation and benefits expenses, including severance costs, retention awards and amortization expense for existing restricted stock and restricted cash compensation awards, technology costs associated with contract closures and accelerated capitalized software amortization. We expect the effect of these costs to be approximately $65.8 million on an after-tax basis. Of the total estimated costs, $23.0 million are of a non-cash nature.
FXCM Holdings, LLC. On April 1, 2015, we entered into an agreement (the “Agreement”) with FXCM Holdings, LLC and its subsidiary, Faros Trading, LLC (“Faros”) to acquire their agency foreign exchange business and, in connection therewith, to hire certain employees of Faros. The Agreement, the consideration for which is contingent on net profits, if any, from the operation of the business through November 30, 2017, is expected to close during the second quarter of 2015. We do not believe this transaction will have a material impact on our financial position or results of operations.