Breaking: GAIN Capital Signs Agreement with FXCM to Buy US Client Base
- The average daily volume generated in Q3 by US clients of FXCM was $2.4 billion.
GAIN Capital has signed a definitive agreement with FXCM to buy the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term broker’s US client base. The news comes after Monday's news that the US Commodity Futures Trading Commission (CFTC) filed and settled charges with FXCM, forcing the brokerage out of the US market.
The acquisition of the US client portfolio of FXCM will make GAIN Capital the biggest brokerage in the US. The announcement confirms the preliminary deal which the brokerages publicized on Monday.
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Throughout the third quarter, the average daily volume (ADV) generated by US clients of FXCM totalled about $2.4 billion. The financial terms of the transaction have not been disclosed.
Clients of FXCM will be transferred to GAIN Capital’s Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term.com brand. The deal is subject to final regulatory approval and is expected to close before the end of February.
Commenting on the deal, the CEO of GAIN Capital, Glenn Stevens, said: “We are excited to welcome customers of FXCM's U.S. operations to our award-winning FOREX.com service.”
Shares of GAIN Capital traded 5.3 percent higher during the New York trading session, reflecting optimism about the acquisition.
GAIN Capital has signed a definitive agreement with FXCM to buy the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term broker’s US client base. The news comes after Monday's news that the US Commodity Futures Trading Commission (CFTC) filed and settled charges with FXCM, forcing the brokerage out of the US market.
The acquisition of the US client portfolio of FXCM will make GAIN Capital the biggest brokerage in the US. The announcement confirms the preliminary deal which the brokerages publicized on Monday.
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Throughout the third quarter, the average daily volume (ADV) generated by US clients of FXCM totalled about $2.4 billion. The financial terms of the transaction have not been disclosed.
Clients of FXCM will be transferred to GAIN Capital’s Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term.com brand. The deal is subject to final regulatory approval and is expected to close before the end of February.
Commenting on the deal, the CEO of GAIN Capital, Glenn Stevens, said: “We are excited to welcome customers of FXCM's U.S. operations to our award-winning FOREX.com service.”
Shares of GAIN Capital traded 5.3 percent higher during the New York trading session, reflecting optimism about the acquisition.