NEW YORK and LONDON, Sept. 13 /PRNewswire/ -- GAIN Capital Holdings, Inc., a global provider of online trading services specializing in foreign exchange (forex or FX) and contracts for difference (CFDs), has reached an agreement to acquire certain assets of MG Financial LLC's U.S. operations. Under the agreement, MG Financial will transfer approximately 4,000 customers to FOREX.com, the retail division of GAIN Capital.
MG Financial has been offering online trading services since 1997. The announcement comes as a result of MG Financial's decision to exit the retail forex industry and cease operations. MG Financial's management team intends to pursue other business opportunities in the financial services industry, but no formal plans have been announced.
"MG Financial is one of the oldest and most recognized names in the retail forex industry and has built a solid reputation by providing excellent service to its customers," said Glenn Stevens, CEO, GAIN Capital. "We will work closely with MG's team to ensure a smooth transition for their customers, who will now have access to the robust offering available at FOREX.com, including our expanded product suite, competitive dealing spreads, and comprehensive suite of trading tools, research and educational resources."
MG Financial's customers were notified of the option to transfer their accounts to FOREX.com on September 1, 2010. The transfer is scheduled to be completed on or about September 13, 2010.
About GAIN Capital
GAIN Capital Holdings, Inc. is a global provider of online trading services, specializing in foreign exchange (forex or FX) and contracts for difference (CFDs). Customers and trading partners in more than 140 countries have utilized the company's award-winning trading platform which transacts nearly $250 billion per month.
A pioneer in online forex trading, 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. GAIN also operates FOREX.com, one of the largest and best-known brands in the retail forex industry.
With offices in New York City; Bedminster, New Jersey; London; Sydney; Hong Kong; Tokyo and Seoul. GAIN Capital and its affiliates are regulated by the Commodity Futures Trading Commission (CFTC) in the United States, the Financial Services Authority (FSA) in the United Kingdom, the Financial Services Authority (FSA) in Japan, the Securities and Futures Commission (SFC) in Hong Kong, and the Australian Securities and Investments Commission (ASIC) in Australia.
GAIN's investor group includes private equity firms 3i, VantagePoint Venture Partners, Tudor Ventures, Edison Venture Fund and Cross Atlantic Capital Partners.
For company information, visit www.gaincapital.com or www.forex.com.
All trade names are the property of their respective owners.
SOURCE GAIN Capital Holdings, Inc.