GFT to focus on institutional business as US retail FX business is shuttered

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FX brokerage GFT is shuttering its retail business in the US in a bid to focus on its institutional clients in North America and globally.

In a notice on its website, GFT says all of its US retail forex customers were placed on a position-closing-only basis on Sunday, and the firm is working with its institutional partners to take on management of the accounts. “We expect that your forex account will return to its normal status soon so that you can continue trading forex markets normally,” GFT told its US retail clients in the notice. 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.