Gain Capital to Acquire GFT's US Client Base (Update)
GFT announced to their clients on Monday that they are shutting down the US (and Japan) business and put out
GFT announced to their clients on Monday that they are shutting down the US (and Japan) business and put out a notice on their website. The company also later announced that it will transfer accounts to TD Ameritrade however this was not a classic accounts transfer as to the best of our knowledge clients were asked at TD to open new accounts (TD was actually approved as a new FDM by the NFA only on Monday). Now we are hearing that the actual sale is about to be completed: Gain Capital will acquire GFT’s US retail forex business and properly move the accounts and positions. According to our latest forex traders profitability report GFT had 8,442 active retail forex trading accounts in the US. Great deal for Gain no doubt.
Update:
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
Gain Capital has officially released news of the acquisition of GFT’s US client base. According to Samantha Roady, CMO at GAIN Capital, “Customers will continue to trade on GFT’s platform. This will ensure a seamless transfer and no interruption in their service, i.e. all their open positions will remain intact.”
GAIN Capital Acquires U.S. Retail Forex Business of GFT
BEDMINSTER, N.J., December 6, 2012 /PRNewswire/ — GAIN Capital Holdings, Inc. (“GAIN”) (NYSE: GCAP), a leading global provider of online trading services, announced today that it has reached an agreement to acquire the US-based retail forex business of GFT Forex (“GFT”), pending regulatory approval. Financial terms of the transaction were not disclosed.
GAIN Capital Group LLC, the US regulated entity of GAIN Capital Holdings, Inc., agreed to acquire the retail customer accounts currently held at GFT’s US regulated subsidiary. The transfer of GFT’s US-based customers is scheduled for Friday, December 7, 2012, after the close of trading.
“We are pleased to be in a position to offer GFT’s US-based retail customers the ability to continue trading forex with an established US regulated firm, with no interruption in service,” said Glenn Stevens, CEO, GAIN Capital. “We will work closely with the team at GFT to ensure a smooth transition of their customer’s accounts and assets to our retail division, FOREX.com.”
Suggested articles
What to Look for in a Liquidity ProviderGo to article >>
“GFT is pleased to transfer our US-based retail forex accounts to GAIN Capital,” stated Gary L. Tilkin, Chairman of GFT. “GAIN is one of our industry’s oldest and most respected companies and we’re confident that our accounts will receive the same high level of service and trading execution that they’ve experienced with GFT.”
About GAIN Capital
GAIN Capital Holdings, Inc. (NYSE: GCAP) is a global provider of online trading services. GAIN’s innovative trading technology provides market access and highly automated trade execution services across multiple asset classes, including foreign exchange (forex or FX), contracts for difference (CFDs) and exchange-based products, to a diverse client base of retail and institutional investors.
Through our retail brand, FOREX.com, we provide retail traders around the world with access to a variety of global OTC financial markets, including forex, precious metals and CFDs on commodities and indices. GAIN Capital also operates GTX, a fully independent FX ECN for hedge funds and institutions; OEC, an innovative online futures broker; and GAIN Securities, Inc. (member FINRA/SIPC) a licensed U.S. broker-dealer.
GAIN Capital and its affiliates have offices in New York City; Bedminster, New Jersey; London; Sydney; Hong Kong; Tokyo; Singapore; Beijing; and Seoul.
For further company information, visit www.gaincapital.com
Media Contact
Mike Geller, Edelman for GAIN Capital
+1.212.729.2163
pr@gaincapital.comInvestor Relations Contact
Hugh Collins, MBS Value Partners
+1.212.223.4632
ir@gaincapital.com
Leave a Reply
I still haven’t received an email from GFT. I wonder if its because I initiated my withdrawal Tuesday late afternoon after not being able to get a definitive answer.
I still haven’t received an email from GFT. I wonder if its because I initiated my withdrawal Tuesday late afternoon after not being able to get a definitive answer.
There must be more to this story???
There must be more to this story???
Wondering how a trading halt and putting all clients on ‘close only’ could possibly be interpreted as ‘seamless’. Looks like quite the seam to me.
Wondering how a trading halt and putting all clients on ‘close only’ could possibly be interpreted as ‘seamless’. Looks like quite the seam to me.
This is one huge mess for GFT’s US retail traders and an unfortunate end to an otherwise exceptional forex firm. One has to wonder what is really behind all this chaos., since regulatory and market conditions don’t explain this behavior.
that’s the idea…
I don’t think they are going to drill that deep, they just want someone specific to blaim if something like that oil price spike happens again. I don’t seem them intervene in algorithms or business processes, they’ll just set some detached from reality rules and punish anyone breaching them. That’s regulation…
I don’t think they are going to drill that deep, they just want someone specific to blaim if something like that oil price spike happens again. I don’t seem them intervene in algorithms or business processes, they’ll just set some detached from reality rules and punish anyone breaching them. That’s regulation…
that’s the idea…
This is one huge mess for GFT’s US retail traders and an unfortunate end to an otherwise exceptional forex firm. One has to wonder what is really behind all this chaos., since regulatory and market conditions don’t explain this behavior.
there is, we will soon publish the full story, what happened is not gft’s fault at all
there is, we will soon publish the full story, what happened is not gft’s fault at all
they still keep the 0.02 fee
I bet it won’t. Note that FxPro is essentially an online broker with not much offline presence. Offline marketing, in this scale, may make more sense for offline brokers and banks. I guess there might be other reasons for this spending spree…
I bet it won’t. Note that FxPro is essentially an online broker with not much offline presence. Offline marketing, in this scale, may make more sense for offline brokers and banks. I guess there might be other reasons for this spending spree…
they still keep the 0.02 fee
simple, the transfer to gain will be seamless but what happened before hand is out of gft’s hands, more details soon
simple, the transfer to gain will be seamless but what happened before hand is out of gft’s hands, more details soon
more details soon, it’s not gft’s fault
more details soon, it’s not gft’s fault
Looking forward to the story, Michael. Thanks!
who said futures industry lobby?
who said futures industry lobby?
Looking forward to the story, Michael. Thanks!
This shows how disorganized they are and how much they have being lying to the customer and the media, shame,shame,shame.
This shows how disorganized they are and how much they have being lying to the customer and the media, shame,shame,shame.
US brokers should band together and fight the NFA. This is absolute bullshit. Looking forward to the story Michael.
US brokers should band together and fight the NFA. This is absolute bullshit. Looking forward to the story Michael.
Any idea what is happening with transfer of Australian clients who had accounts originally opened in US and are meant to be transferred to GFT UK? Originally was supposed to be with 24/48 hours, but still nothing over 3 days after giving my approval for assignment. Have not even been able to talk to anyone in Australia, phone always picked up by someone in US or Singapore.
Any idea what is happening with transfer of Australian clients who had accounts originally opened in US and are meant to be transferred to GFT UK? Originally was supposed to be with 24/48 hours, but still nothing over 3 days after giving my approval for assignment. Have not even been able to talk to anyone in Australia, phone always picked up by someone in US or Singapore.
they tried but you know that you can’t fight the government..
they tried but you know that you can’t fight the government..
no idea but i assume this takes time, it’s one big mess now but i’m sure they’ll make it happen asap
no idea but i assume this takes time, it’s one big mess now but i’m sure they’ll make it happen asap
it all depends if they invested hoping to become profitable after a year or took into consideration 5 years of losses… who knows.
re CEO – no idea..
it all depends if they invested hoping to become profitable after a year or took into consideration 5 years of losses… who knows.
re CEO – no idea..
Living trading works again for me. But I’m closing my account anyway.
Living trading works again for me. But I’m closing my account anyway.
leaving forex completely or moving to another broker?
i think lmax lost like 25 this year already, but i also think that their goal is not to make money from day but to become market leader in mid-long term
i think lmax lost like 25 this year already, but i also think that their goal is not to make money from day but to become market leader in mid-long term
leaving forex completely or moving to another broker?
Nah, not leaving forex completely. I have an account with oanda also. I never had any problems with GFT but I really don’t want anything to do with forex.com.
Nah, not leaving forex completely. I have an account with oanda also. I never had any problems with GFT but I really don’t want anything to do with forex.com.
Since GFT had 8,442 active retail forex trading accounts Why do they put US market close If GAIN Capital can making great deal for Gain no doubt.Why GFT can not
Since GFT had 8,442 active retail forex trading accounts Why do they put US market close If GAIN Capital can making great deal for Gain no doubt.Why GFT can not
sorry please rephrase not sure what you mean
sorry please rephrase not sure what you mean