Breaking: GAIN Capital CEO Comments on FXCM US Clients Acquisition

Following yesterday’s announcement that GAIN Capital (NYSE:GCAP) has entered into a definitive agreement to buy the US client book of FXCM (NASDAQ:FXCM), the CEO of the company Glenn Stevens is on the wires with his commentary.

Mr Stevens states: “We are pleased to continue our role as a leader in a consolidating industry. GAIN has a long history of successful transactions, having completed ten significant acquisitions over the last five years.”

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“We will work very hard to ensure that there is a seamless transfer of clients to our award-winning 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 tradi 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 tradi Read this Term.com service," concluded Mr. Stevens.

The commentary highlights clients' worries following the latest developments in the US retail foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term trading market. After the exit of FXCM only GAIN Capital and OANDA will be accepting US clients.

Retail FX has been consolidating for years in the United States. As a result retail clients are the ones that are on the hook, with very few options remaining to choose from.

The transition of the clients of FXCM to GAIN Capital will happen over the coming couple of weeks.

On Monday, the US Commodity Futures Trading Commission (CFTC) announced that FXCM has been suspended from offering its services to US clients. As a result the company has sought to dispose of its US client book. GAIN Capital jumped on the bandwagon by signing a letter of intent to purchase the asset from FXCM.