Gain Capital Group, the US arm of the global retail and institutional FX broker, has agreed to buy GFT Forex’s US-based retail FX client book, after GFT announced this week it was shuttering the business to focus on the institutional sector.
The companies did not disclose the value of the sale, and the final deal is subject to regulatory approval.
The transfer of GFT’s US-based customers to Gain Capital’s books is set to take place on Friday after the close of trading.
“Gain Capital is one of our industry’s oldest and most respected companies, and we are confident our accounts will receive the same high level of service and trading execution they have experienced with GFT,” says GFT chairman Gary Tilkin.
GFT announced on Tuesday it had placed all of its US retail forex customers on a position-closing-only basis on Sunday.
GFT’s move to close its US retail business comes as the currency market there is set to face tougher margin and capital requirements as a result of new, incoming financial regulations.