Following NFA’s inept action 2 weeks ago GFT had to shut down its US business. The Japanese business was closely related to the US one, hence GFT decided to exit this market as well. Apparently GFT struck a deal with Planex Japan to transfer the Japanese clients to it (pending their interest). Unlike US clients, and since NFA obviously wasn’t involved here, GFT’s Japanese clients received a timely update and have enough time to decide what they would like to do – they have until December 21st to make the decision.
Planex itself is a holding company and owned the forex trading business of Gaitame Japan until August 2012 when it was sold to DMM. It seems Planex now wants back into the forex trading business and is doing this by trying to onboard GFT’s clients.
How Will Zero-Fee Investment Platforms Impact Traditional Stock Brokers?Go to article >>