GAIN Capital to Acquire Deutsche Bank's dbFX Retail Foreign Exchange Trading BusinessBy Gain Capital Holdings Inc., PRNE
Wednesday, April 20, 2011
NEW YORK and LONDON, April 21, 2011 - GAIN Capital Holdings, Inc. (NYSE: GCAP), a global provider of online
trading services, has reached an agreement with Deutsche Bank AG to acquire
dbFX, Deutsche Bank's retail foreign exchange trading business. The agreement
also provides for the referral of retail forex clients from Deutsche Bank to
GAIN Capital over the two-year period following the closing of the
Under the acquisition agreement GAIN Capital will make certain payments
to Deutsche Bank based on contract volume generated by transferring
customers, subject to a specified minimum payment. The transaction is subject
to customary regulatory approvals and other closing conditions.
Since dbFX was launched in 2006, volumes on the platform have grown every
year culminating with full year 2010 volumes being 56 percent higher than
full year 2009 volumes.
"We're pleased to be able to offer our services to Deutsche Bank's retail
clients, and look forward to continuing to provide the high level of customer
service that dbFX customers have come to expect," said Glenn Stevens, chief
executive officer, GAIN Capital. "One of the reasons we decided to go public
was to selectively pursue attractive acquisition opportunities that would
complement our business and enhance value to all parties. We believe this
transaction does exactly that."
dbFX clients will now be able to enjoy the benefits of trading through
FOREX.com, GAIN's award winning retail division.
Zar Amrolia, global head of foreign exchange at Deutsche Bank, said
"Having developed dbFX into one of the world's most successful online foreign
exchange providers for retail clients, we believe now is the right time to
set the business on a course for further growth under the ownership of an
online retail specialist. We will work with GAIN Capital to ensure a seamless
Deutsche Bank remains the world's largest provider of foreign exchange to
institutional and corporate clients.
About GAIN Capital
GAIN Capital Holdings, Inc. (NYSE: GCAP) is a global provider of online
trading services. GAIN's innovative trading technology provides market access
and highly automated trade execution services across multiple asset classes,
including foreign exchange (forex or FX), contracts for difference (CFDs) and
exchange-based products, to a diverse client base of retail and institutional
investors. A pioneer in online forex trading, GAIN Capital operates
FOREX.com(R), one of the largest and best-known brands in the retail forex
industry. GAIN's other businesses include GAIN GTX, a fully independent FX
ECN for hedge funds and institutions, and GAIN Securities, Inc. (member
FINRA/SIPC) a licensed U.S. broker-dealer.
GAIN Capital and its affiliates have offices in New York City;
Bedminster, New Jersey; London; Sydney; Hong Kong; Tokyo; Singapore; and
For company information, visit www.gaincapital.com.
All trade names are the property of their respective owners.
GAIN PUBLIC RELATIONS: In EMEA: Sorrel Beynon, +44-(0)-20-3047-2368, or Laura Crooks, +44-(0)-20-3047-2366, both of Edelman, gain at edelman.com; or In North America: Christa Conte, +1-212-808-4902, or Savannah Tikotsky, +1-212-808-4903, both of Feintuch Communications, gain at feintuchpr.com; or GAIN INVESTOR RELATIONS: Henry Lyons, GAIN Capital, hlyons at gaincapital.com, +1-908-212-3980
Tags: April 21, GAIN Capital Holdings Inc., Germany, New York, New york and london, United Kingdom