GAIN Capital Group and Rosenthal Collins Group Create Venture to Provide Online Forex and Futures Trading Services in the United Kingdom
Chicago, IL and Bedminster, NJ - April 23, 2008 - Rosenthal Collins Group, LLC (RCG), a leading independent futures clearing firm, and GAIN Capital Group LLC, a market leader in retail foreign exchange (forex) trading, today announced they are joining forces to establish operations in the United Kingdom. The new entity, to be known as RCG GAIN Limited, will offer online trading capabilities in forex and futures to self-directed investors in the UK, with the intention to expand the trading service further into the European Union over time. The venture has received regulatory approval from the UK Financial Services Authority (FSA).
"We're delighted to partner with GAIN Capital on this important venture," said Scott Gordon, RCG chairman and chief executive officer. "Our organizations are highly complementary, with our expertise in futures and related technology, and GAIN's industry-leading forex offering. We share entrepreneurial cultures, strong financial foundations, and high levels of customer service, and our clients will benefit from the expertise that each of us brings to bear," said Gordon.
"GAIN Capital is excited about joining forces with RCG, one of the largest and most respected futures firms in the United States," said Glenn Stevens, chief executive officer of GAIN Capital Group. "Working together, we can accelerate our expansion plans in both the United Kingdom and across the European Union," said Stevens.
As part of the agreement, RCG will provide its expertise in futures services to the venture, while GAIN will provide its advanced forex trading technology, and will also take the lead on marketing. The RCG GAIN Limited venture will have a shared corporate staff that includes an executive officer and compliance officer, reporting to a joint board of directors. The companies will bring their collective experience and strengths in trading and brokerage operations to the new venture, and they also plan to collaborate on several joint and cross-marketing initiatives.
"We see forex as a very attractive growth area, and view this endeavor as an opportunity to expand our long-established futures services," said Maureen Downs, president of RCG. "The UK venture with GAIN represents the latest step in our global growth strategy, and we look forward to identifying further opportunities throughout Europe as this initiative takes hold," concluded Downs.
Forex is the most traded market in the world, with a daily volume that exceeds $3.2 trillion, according to the Bank for International Settlements (BIS). Among retail investors, forex trading has gained widespread acceptance over the past several years. According to U.S. research firm Aite Group, average daily trade volume in the retail forex market alone increased 500% from 2001 to 2006, reaching an estimated $77 billion per day in 2007.*
(*) Source: Aite Group, Retail FX: Taking Center in Overall Market Growth, 7/16/2007
About RCG
With more than 80 years of experience in the futures industry, Rosenthal Collins Group (RCG) is one of the world's leading regulated Futures Commission Merchants (FCMs) offering trading execution, clearing, brokerage, foreign exchange, managed futures programs and a full range of electronic trading services to a global institutional, professional and retail customer base. RCG holds clearing memberships on all principal U.S. futures exchanges and has access to world futures markets through a network of correspondent relationships. With over 20,000 active accounts and more than 100 correspondent brokerage firms, RCG cleared more than 88 million contracts in 2007. Further information about Rosenthal Collins Group can be found at www.rcgdirect.com.
About GAIN Capital Holdings Inc. & GAIN Capital Group LLC
GAIN Capital Group, LLC, is a market leader in the rapidly-growing online foreign exchange (forex or FX) industry. Founded in 1999 by Wall Street veterans, GAIN now services clients from more than 140 countries and supports average trade volume in excess of $100 billion per month. Headquartered in Bedminster, New Jersey, the company operates offices in New York City and in Shanghai, China.
The company operates FOREX.com (www.forex.com), one of the largest, best-known brands in the retail forex industry. FOREX.com services individual investors of all experience levels with a full-service trading platform, advanced tools and research, and extensive education and training. In addition to its direct marketing efforts, GAIN Capital currently supports over 50 relationships and white label arrangements with broker/dealers, Futures Commission Merchants (FCMs) and other financial services firms in North America, Europe and Asia. GAIN Capital Group, LLC, and FOREX.com are registered with the National Futures Association (NFA) as a Futures Commission Merchant (NFA ID #0339826). For company information, visit www.gaincapital.com, and for trading information, visit www.forex.com.
