GVC Gaesco is a €2.4 billion asset management firm. Leading retail FX firm FXCM, the world's largest online FX broker (and a member of LeapRate's Approved List of global FX firms), announced today that it has signed another white label client in Europe, Spain's GVC Gaesco. GVC Gaesco is one of Spain's leading independent financial groups, with…
Read moreSwissquote also expanding to Malta, second office outside Switzerland. Leading Swiss online brokerage Swissquote (a member of LeapRate's Approved List of global Forex brokerage firms) announced today that FX volumes increased nicely in Q3 to average CHF 37 billion per month (or $38 billion), up more than 30% over Q2. This is a nice development to…
Read moreShares are more than 50% below Dec 2010 IPO price of $9. After reporting Q3 results last Thursday which we believed were not bad given the overall slow state of the FX sector over the summer, Gain Capital (Forex.com) shares (NYSE: GCAP) continued to drift lower on Monday, and at one point in trading fell…
Read moreFXNet set up by former XEMarkets (TradingPoint) execs. Cyprus' securities regulator CySEC announced that it has granted a CIF (Cyprus Investment Firm) license to FXNet, an about-to-be-launched retail FX firm. FXNet is being formed by (among others) executives from XEMarkets, including Costas Kappai, formerly senior dealer at XEMarkets. [Editor's note -- see company comment below].…
Read moreFirst indication that October was slow in the FX trading world. CME Group, which runs the world's largest derivatives marketplace, announced that FX contract volumes (mainly Eurodollar futures contracts) in its system were down by 32% in October from September to an average of 702,000 contracts daily. October's volumes were also 23% below last year's…
Read moreRare (and interesting) hardware innovation for high-end FX traders. Saxo Bank, a member of LeapRate's Approved List of global FX firms, has introduced a new trading keypad which will be available only to its high end clients. We have recently seen a technology war taking place among leading FX brokers -- mainly to the benefit…
Read moreRetail volumes continue to fall, but institutional volumes strong After a two-day delay due to Hurricane Sandy, Gain Capital (Forex.com) announced its Q3 results after markets closed yesterday, showing an overall profit (albeit a small one) of $3.6 million on revenues of $40 million for the quarter. Both numbers were well below Q3 figures last…
Read moreCompetition increases for new novice traders. Moscow-based FX Club, which recently exited the US retail FX market and was assessed a $300,000 fine by the U.S. regulator NFA, today introduced a new trading platform called StartFX 2 targeted specifically at novice traders, having little previous trading experience. The StartFX 2 platform will have basic trading functionality,…
Read moreHurricane Sandy causing all sorts of capital markets problems... As we wrote earlier was likely to happen, Gain Capital (Forex.com) formally announced that it will not be releasing its Q3 results today (Tues Oct 30), but rather will come out with Q3 numbers after close of the markets on Thursday (Nov 1). Gain Capital, at…
Read moreFXCM lines down; will Gain report Q3? NYSE still closed.... First of all, we'd like to take this opportunity to wish our best to all those in Sandy's path, in the US northeast and in Canada. Hope you are staying safe. While limited geographically, the storm is having worldwide implications given (especially) the New York…
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