Gain Capital Buys Open E Cry
GAIN Capital, a global provider of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term services, today announced it has signed an agreement to acquire Open E Cry, an online futures broker, from optionsXpress Holdings, Inc. a subsidiary of The Charles Schwab Corporation.
Founded in 2002, OEC offers direct market access to global exchanges through its proprietary software platform, OEC Trader. This platform allows OEC’s client base of high-volume traders to access the futures, options and 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 markets all from a single interface.
“This acquisition represents a steady stream of fee-based revenue and is in keeping with our objective of broadening the range of products we offer to our retail and institutional customers,” said Glenn Stevens, CEO of GAIN Capital. “Futures and related exchange-traded markets are a natural fit with GAIN’s existing forex offering.”
As of March 31, 2012, OEC held $98.3 million in customer assets, with approximately 7,856 open accounts. OEC’s revenue was $13.6 million for the fiscal year ended December 31, 2011.
OEC was founded in 2002, and later acquired by optionsXpress in 2008. Subsequently, optionsXpress was acquired by Charles Schwab in 2011.
"GAIN Capital is a great fit for Open E Cry," said Rick Tomsic, president and founder of Open E Cry. "This business combination will provide a tremendous opportunity for us to accelerate Open E Cry's growth by leveraging GAIN Capital’s robust infrastructure and global footprint."
The Company anticipates the transaction to close during the third quarter, and expects it to be accretive in FY 2012. OEC will continue to operate as a separate brand and its management team will remain in place.
GAIN Capital, a global provider of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term services, today announced it has signed an agreement to acquire Open E Cry, an online futures broker, from optionsXpress Holdings, Inc. a subsidiary of The Charles Schwab Corporation.
Founded in 2002, OEC offers direct market access to global exchanges through its proprietary software platform, OEC Trader. This platform allows OEC’s client base of high-volume traders to access the futures, options and 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 markets all from a single interface.
“This acquisition represents a steady stream of fee-based revenue and is in keeping with our objective of broadening the range of products we offer to our retail and institutional customers,” said Glenn Stevens, CEO of GAIN Capital. “Futures and related exchange-traded markets are a natural fit with GAIN’s existing forex offering.”
As of March 31, 2012, OEC held $98.3 million in customer assets, with approximately 7,856 open accounts. OEC’s revenue was $13.6 million for the fiscal year ended December 31, 2011.
OEC was founded in 2002, and later acquired by optionsXpress in 2008. Subsequently, optionsXpress was acquired by Charles Schwab in 2011.
"GAIN Capital is a great fit for Open E Cry," said Rick Tomsic, president and founder of Open E Cry. "This business combination will provide a tremendous opportunity for us to accelerate Open E Cry's growth by leveraging GAIN Capital’s robust infrastructure and global footprint."
The Company anticipates the transaction to close during the third quarter, and expects it to be accretive in FY 2012. OEC will continue to operate as a separate brand and its management team will remain in place.