Yesterday’s large CHF movement generated record trading volumes for Gallant Capital Markets, Ltd. (GCM). GCM’s CEO, Salvatore Buccellato, did not immediately return our request for comment, but sources close the management team have informed LeapRate that the volumes drove “unprecedented revenues.”
Following this event, GCM is “intensely focused on acquisitions in the very near term,” according to our sources. Given WSM Invest Limited’s acquisition of GCM last year, the company is well-positioned to pick up distressed firms from this week’s volatility spike.
Last year, several high profile mergers and acquisitions took place, however the first quarter of this year may well be a time in which the industry not only regroups itself after the Swiss National Bank’s shock decision yesterday to remove the 1.20 EURCHF floor, but in which several mergers and acquisitions could take place, changing the entire landscape of the retail FX industry globally.