As already exclusively announced by Forex Magnates yesterday Gain Capital is acquiring the client base of FX Solutions which is exiting the US forex market. Below is the official statement by Gain Capital, no financial details were disclosed.
Updated: FX Solutions/City Index sent a statement of their own on top of the quote they gave inside Gain's announcement:
22 February 2013: As part of a global strategic review, City Index Group has announced it will expand its operations in Europe, Middle East and Asia, following excellent performance and growth opportunities in these areas.
As part of this review, City Index Group also announces that its US affiliate, FX Solutions LLC, will no longer be offering a retail foreign exchange service.
As of 1 March 2013, after close of trading, US customers of FX Solutions LLC will be transferred to FOREX.com, a trading name of Gain Capital. No other clients in any other regions of the FX Solutions business will be affected by this change.
City Index will refocus this investment into continuing to grow the FX Solutions brand globally, where it has seen tremendous success in the Middle East and Asia.
BEDMINSTER, N.J., Feb. 22, 2013 /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 U.S.-based retail customer accounts of FX Solutions LLC, an affiliate of City Index Group. Financial terms of the transaction were not disclosed.
GAIN Capital Group LLC, the U.S. regulated entity of GAIN Capital Holdings, Inc., agreed to acquire the U.S.-based retail customer accounts currently held at FX Solutions LLC. The transfer of FX Solutions LLCs' U.S.-based customers is scheduled for Friday, March 1, 2013, after the close of trading.
"We are pleased to welcome FX Solutions LLC's customers to FOREX.com," said Glenn Stevens, CEO, GAIN Capital. "We will work closely with the team at FX Solutions to ensure no interruption in service and a smooth transition of their customers' accounts and assets."
"As part of a global strategic review, FX Solutions LLC, an affiliate of City Index Group, will no longer be offering a retail foreign exchange services in the U.S. This will allow the Group to focus its efforts on growing the FX Solutions brand in the Middle East and Asia, where it has already seen tremendous success," commented Martin Belsham, CEO of City Index Group. "The transfer of FX Solution LLC's U.S.-based customers to GAIN Capital will ensure they continue to receive an excellent service from a leading US retail FX provider."
This is GAIN Capital's second acquisition of U.S.-based retail forex accounts in the past three months. In December 2012, GAIN Capital acquired the U.S.-based retail forex business of GFT Forex ("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
About City Index Group
City Index Group is one of the leading global providers of retail trading services. City Index trading platforms give access to thousands of derivatives on global financial markets such as margined foreign exchange (FX). The Group trades primarily under the City Index, Finspreads and FX Solutions brands and also provides a fully outsourced white label solution to numerous partners.
For further company information, visit www.cityindex.com
