(By Balaseshan) Gain Capital Holdings Inc. (NYSE: GCAP), an independent provider of online forex trading, said it has agreed to buy the U.S.-based retail forex business of GFT Forex for an undisclosed sum.
GAIN Capital Group LLC, the U.S. regulated entity of Gain Capital Holdings, agreed to purchase the retail customer accounts currently held at GFT's US regulated subsidiary.
The transfer of GFT's U.S.-based customers is scheduled for December 7, 2012, after the close of trading.
"We are pleased to be in a position to offer GFT's US-based retail customers the ability to continue trading forex with an established US regulated firm, with no interruption in service. We will work closely with the team at GFT to ensure a smooth transition of their customer's accounts and assets to our retail division, FOREX.com," said Glenn Stevens, CEO, Gain Capital.
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Gain Capital offers online trading services, specializing in foreign exchange (FX), contracts for difference (CFDs) and equities to retail and institutional traders worldwide.
Gain Capital provides execution, clearing, custody and technology products and services to an institutional client base, including asset managers, broker/dealers and other financial services firms. Its trading services include FOREX.com, GAIN GTX, GAIN Securities and Asset Management.
GCAP is trading down 0.45% at $4.47 on Thursday. The stock has been trading between $3.86 and $7.17 for the past 52 weeks.