Gain Capital sent this letter to its partners, probably in an effort to allay any fears, following the publication of NFA’s severe complaint against the company.
Yesterday, GAIN received a notice from our US regulator that included complaints regarding a few select trading practices and policies in our US regulated entity. This resulted from the NFA’s annual audit where they focused particularly on settings for our MetaTrader platform, our longstanding weekend liquidation policy, as well as our oversight of introducing brokers.
I’m writing this note to allay any concerns you may have about our business practices. We strongly maintain there has been no willful misconduct on the part of the firm and intend to contest the allegations which we believe are misstated. We do not deliberately mislead our clients, nor is it ever our intention to put them at a disadvantage. Everyone at GAIN takes great pride in being part of a professional organization and we work hard to treat all our customers with respect. I believe this ethic is shared by our partner network, along with a common goal of providing a world class trading service that has our customers’ best interests in mind.
While we were surprised and disappointed to receive this complaint, we believe this type of NFA action in part reflects the rapidly evolving regulatory framework in the United States. GAIN Capital and its affiliates are now regulated in five countries, including the United Kingdom, Australia, Hong Kong, Japan, and the United States. As a global organization, we strive to operate effectively in each jurisdiction despite vastly different rules and, as always, support any and all regulation that serves to effectively protect retail traders.
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Should you wish to discuss this matter further or if you have specific questions regarding any of the information included in the NFA’s document, please feel free to contact your relationship manager or Tom Levine at +1.908.731.0737 at your convenience.
Chief Executive Officer