Gain Capital the one of three forex brokers who are now attempting an IPO (FXCM and FXPro are two others) is switching from NASDAQ to NYSE hoping that this attempt is going to be more successful than the last one. Gain Capital registered for an IPO more than a year ago but wasn’t able to find the right timing (or maybe buyers) to float its shares.
Gain said in its latest IPO prospectus that it plans to list on the NYSE under the symbol GCAP. Morgan Stanley and Deutsche Bank Securities are underwriting the offering.
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GAIN generated third-quarter revenue of $51.5 million, greater than the same period last year but lower than the previous quarter.
The company generated revenue of $148.1 million in the first nine months of the year, compared with $113.8 million in the same period of last year. The company has said considerable volatility across global markets has helped drive additional trading traffic to its website.
The company and its president and chief executive, Glenn H. Stevens, neither admitted nor denied allegations brought against them by the National Futures Association in June and paid $459k to settle market manipulation and unfavorable trading conditions allegations brought by the NFA.