Breaking: GAIN Capital CEO Comments on FXCM US Clients Acquisition
The commentary highlights clients' worries following the latest developments in the US retail foreign exchange trading market.
Following yesterday’s announcement that GAIN Capital (NYSE:GCAP) has entered into a definitive agreement to buy the US client book of FXCM (NASDAQ:FXCM), the CEO of the company Glenn Stevens is on the wires with his commentary.
Mr Stevens states: “We are pleased to continue our role as a leader in a consolidating industry. GAIN has a long history of successful transactions, having completed ten significant acquisitions over the last five years.”
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“We will work very hard to ensure that there is a seamless transfer of clients to our award-winning FOREX.com service,” concluded Mr. Stevens.
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The commentary highlights clients’ worries following the latest developments in the US retail foreign exchange trading market. After the exit of FXCM only GAIN Capital and OANDA will be accepting US clients.
Retail FX has been consolidating for years in the United States. As a result retail clients are the ones that are on the hook, with very few options remaining to choose from.
The transition of the clients of FXCM to GAIN Capital will happen over the coming couple of weeks.
On Monday, the US Commodity Futures Trading Commission (CFTC) announced that FXCM has been suspended from offering its services to US clients. As a result the company has sought to dispose of its US client book. GAIN Capital jumped on the bandwagon by signing a letter of intent to purchase the asset from FXCM.
finally, the cesspool has been cleaned as 1 more infectious virus is removed. took long enough. now, only 2 are left, and the opportunity for the little guy to ever grow his/her financial base is literally gone. there’s always the Futures market. but good luck swimming with the sharks. aaaahhh financial repression, isn’t it great? apparently the promises of capitalism are highly skewed towards those who already have the money. and yet, the people go on accepting. go figure.
“the opportunity for the little guy to ever grow his/her financial base is literally gone”
Let’s not kid ourselves here, over 90% of retail FX traders are net losers.
“there’s always the Futures market. but good luck swimming with the sharks.”
Exchange-based execution with no last look. Sounds like sharks alright…
Well i just checked out forex.com’s trading platform and im not impressed at all . I Learned to trade on the FXCM platform and I hate the one forex.com uses i couldn,t navigate it after an hour of trying and after 6 utube video tutorials…. so I Looked at nadex and Onanda and i can at least use Onanda’s platform even though it is missing some of my favorite stuff ….I wonder how many other FXCM customers will feel the same way i do? I guess the world bankers are tired of US citizens making money, between them and the… Read more »
at least with OANDA you have a choice of platforms: MotiveWave (which i find excellent), MultiCharts, and SEER for all your algo dev. oh and PFSoft’s ProTrader which is also very user-friendly. now if only leverage could go back up to 100:1 and have a true ECN trading environment, now that would be the day. but what is the incentive for OANDA to give its clients access to an institutional ECN such as HotSpotFX, for ex, and let all the profit go to the LPs on the ECN, when they can simply just internalize it all, which is the model… Read more »