Following our earlier report that New York based retail forex broker FXCM Inc (NASDAQ:FXCM) had been banned from the US market (alongside bans for CEO Drew Niv and co-founder William Adhout) after FXCM settled allegations of defrauding customers regarding its market making activities, FXCM has put out a statement confirming the settlement with US regulators CFTC and NFA.
FXCM also reported that it had come to an agreement with rival Gain Capital Holdings Inc (NYSE:GCAP), for Gain to purchase FXCM’s US customer accounts and integrate them into Gain’s existing retail Forex.com and institutional GTX brands.
Glenn Stevens, CEO of GAIN Capital Holdings, Inc. today commented on the acquisition:
We are pleased to continue our role as a leader in a consolidating industry,” commented Mr. Stevens. “GAIN has a long history of successful transactions, having completed ten significant acquisitions over the last five years. We will work very hard to ensure that there is a seamless transfer of clients to our award-winning FOREX.com service,” concluded Mr. Stevens.
Glenn Stevens will also participate in a series of one-on-one and group meetings with investors on Thursday, February 9 at the KBW Winter Financial Services Symposium.