The competitive FCA regulated brokerage market is getting even more crowded. A new brokerage calling itself True Trade Ltd has received an FCA licence, and is planning to launch in 2017. The company does not yet have an active website. True Trade is owned by New York based entrepreneur Michael Frey, whose company designs and…
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Copenhagen-based multi-asset broker Saxo Bank has reported another strong month, with October FX trading volumes coming in at $266 billion, flat month-over-month from September's $266 billion figure. Average daily volumes were actually slightly up over September, at $12.6 billion ADV versus $12.1 billion. September was Saxo Bank's best trading volumes month in nearly two years. Clients’…
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GTX, the institutional foreign exchange trading arm of GAIN Capital Holdings Inc (NYSE: GCAP), has announced that it will launch a new matching engine for its flagship ECN in Tokyo January 31, 2017. GTX had previously announced plans for the Tokyo matching engine in September, alongside those for a new London matching engine. The London site…
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LeapRate Exclusive... LeapRate has learned that Retail Forex broker Tickmill has successfully received a license from UK regulator the Financial Conduct Authority (FCA) for its UK entity, Tmill UK Limited. Tickmill has grown to date to the $50 billion per month volume range as a Seychelles regulated broker, focusing mainly on markets in the Far…
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LeapRate Exclusive... LeapRate has learned that US financial regulatory body the National Futures Association (NFA) has issued a directive to all licensed forex brokers in the country, indicating that they must cut leverage and raise margin requirements on all GBP currency pairs. The new required minimum margin on both new trades and existing positions is…
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Lots of interesting executive moves in Forex Industry News this week, with most of them exclusively reported at LeapRate. Oanda loses its charismatic CMO, Gain Capital reassigns its COO, Walbrook Capital (formerly FXCM Securities) replaces its CEO... On the financial front, fast growing GKFX now has even more dry powder to work with after getting an…
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Fresh off a very negative Q3 financial report, retail forex broker Gain Capital Holdings Inc (NYSE:GCAP) is shaking up its management ranks. Gain Capital has indicated in regulatory filings that COO Jeff Scott will be leaving his current position with the firm, in favor of heading the company's not-yet-operating international money transfer business, Gain Capital Payments Ltd.…
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Some rough numbers from retail forex broker Gain Capital Holdings Inc (NYSE:GCAP). Gain Capital, which operates the Forex.com retail and GTX institutional FX brands, reported its Q3 financial report after the close of US markets Thursday, indicating that: Revenues were down 33% QoQ to $72.2 million, Gain's slowest quarter since Q2-2014. The company lost $4.7 million in…
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Welcome to November, LeapRate readers! Where did the summer go? Beyond waving goodbye to the summer months for those of us in the northern hemisphere, November 1 also kicks off October volumes reporting for leading institutional and retail eFX venues. First out of the gate is GTX, the institutional FX arm of retail forex broker Gain…
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It has been exactly two weeks since we reported that retail forex broker Gain Capital Holdings Inc (NYSE:GCAP) had seen its shares fall to a new 52 week low, with GCAP hitting $5.70 on October 14. Well, things haven't gotten much better since then. Gain Capital, parent company of retail forex broker Forex.com and institutional brand GTX,…
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