Forex.com goes it alone in Canada, vs. FXCM's JV with Friedberg & Co.
As we reported back in May, Canada's main securities regulator, IIROC (Investment Industry Regulatory Organization of Canada) has begun admitting Forex dealers to its ranks, with Gain Capital (Forex.com) and Toronto-based Oanda being the first to receive membership.
Today Gain Capital announced that it is formally launching service for Canadian clients, with FX trading plus CFDs on several commodities and equity indices. (Canada does not allow CFD trading on individual stocks). Gain Capital's main US-based rival, FXCM (a member of LeapRate's Approved List of global FX firms), operates in Canada via a white label agreement with locally-licensed Canadian commodities dealer Friedberg Mercantile Group.
Canada actually does not have a national securities regulator as do most other countries (e.g. the SEC in the U.S., or the FSA in the U.K.) -- each of Canada's 10 provinces has its own regulator. IIROC is actually a self-regulatory organization for all firms offering securities trading in Canada, and requires all its members to also join the Canadian Investor Protection Fund (CIPF).
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.