GAIN Capital, through its regulated subsidiaries, agreed to purchase the retail customer accounts currently held at CMS Forex's regulated subsidiaries in the United States, Bermuda, United Kingdom and Japan. The transfer of CMS Forex's U.S. and Bermuda customers was completed on October 15, 2010. The transfer of the retail customer accounts of CMS Forex's regulated subsidiaries in the United Kingdom and Japan is scheduled to be completed in the coming weeks, pending regulatory approval and other closing conditions.
The agreement comes as a result of CMS Forex's decision to cease providing retail forex trading services. CMS Forex will continue to offer FX liquidity services to institutional clients worldwide and act as an introducing broker of retail business to GAIN Capital.
"We are pleased to be in a position to offer CMS Forex's retail customers around the world the ability to continue trading forex with an established, well capitalized firm," said Glenn Stevens, CEO, GAIN Capital. "Our goal is to provide these traders with uninterrupted service, and we will work closely with CMS Forex's team to ensure a smooth transition of their customer's accounts and assets to our retail division, FOREX.com. We are confident that CMS Forex's customers will be satisfied with the robust offering available at FOREX.com, including our industry leading trading tools, research and educational resources, as well as our focus on providing superior customer service."
"When we made the strategic decision to exit the retail FX market, our major priority was to find our customers the opportunity to trade with a firm equally committed to providing superior technology offerings, educational resources and customer service," commented Eugene Hawkin, president and COO of CMS Forex. "Having engaged in discussions with a number of firms, we felt that GAIN Capital would provide our customers with the quality of tools and services they have received during their time with CMS Forex."
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