CFTC Gives Green Light for Gain Capital's GTX SEF LLC application as a Swap Execution Facility
- The Commodities Futures Trading Commission has today posted that it temporarily approved the SEF application for GTX SEF LLC, after it had previously granted it time-limited no-action relief last October.


GTX is owned by Gain Capital the publicly-traded Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term broker on the NYSE under ticker symbol GCAP, and GTX now becomes the 20th SEF temporarily registered by the CFTC so far, and following Forex Magnates coverage when the CFTC issued GTX relief. The news marks a step closer for the CFTC to now review GTX’s application for full registration, along the other temporarily registered SEFs.

The company's similar named GTX Direct division under the Gain Capital Holdings corporate structure, provides institutional clients access to foreign exchange and commodities trading, and apparently the GTX name was used for the SEF application may appeal to that non-retail audience for trades to be conducted on a SEF, which is a newly traded market for certain derivatives that have become listed (exchange traded versus previously traded off-exchange).
A copy of the approval letter was dated April 16th 2014, and sent to Mr. Alex Bobinski, Chief Compliance Officer of GTX SEF LLC. The letter emphasized, that the temporary approval doesn't permit GTX to list any products for trading as of yet, as the firm would need to obtain approval beforehand for such products under sections 40.2 or 40.3 or CFTC regulations. In addition, even for approved products, if they require mandatory clearing the CFTC must also review a required clearing agreement that the firm would need to secure for clearing such trades, as per the letter. Shares of GCAP hovered around $10.00 as the trading day concluded in NY. The company recently reported a sharp recovery of trading volumes, after the drop in February, as covered by Forex Magnates.
Forex Magnates was unable to reach Gain Capital for comments around time of publication.

GTX is owned by Gain Capital the publicly-traded Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term broker on the NYSE under ticker symbol GCAP, and GTX now becomes the 20th SEF temporarily registered by the CFTC so far, and following Forex Magnates coverage when the CFTC issued GTX relief. The news marks a step closer for the CFTC to now review GTX’s application for full registration, along the other temporarily registered SEFs.

The company's similar named GTX Direct division under the Gain Capital Holdings corporate structure, provides institutional clients access to foreign exchange and commodities trading, and apparently the GTX name was used for the SEF application may appeal to that non-retail audience for trades to be conducted on a SEF, which is a newly traded market for certain derivatives that have become listed (exchange traded versus previously traded off-exchange).
A copy of the approval letter was dated April 16th 2014, and sent to Mr. Alex Bobinski, Chief Compliance Officer of GTX SEF LLC. The letter emphasized, that the temporary approval doesn't permit GTX to list any products for trading as of yet, as the firm would need to obtain approval beforehand for such products under sections 40.2 or 40.3 or CFTC regulations. In addition, even for approved products, if they require mandatory clearing the CFTC must also review a required clearing agreement that the firm would need to secure for clearing such trades, as per the letter. Shares of GCAP hovered around $10.00 as the trading day concluded in NY. The company recently reported a sharp recovery of trading volumes, after the drop in February, as covered by Forex Magnates.
Forex Magnates was unable to reach Gain Capital for comments around time of publication.