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.
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.”
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“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
Mike Geller, Edelman for GAIN Capital
Investor Relations Contact
Hugh Collins, MBS Value Partners