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TradeKing Group, Inc., an innovator in the online brokerage industry, announced today it has reached an agreement with GAIN Capital Securities Inc. to acquire the accounts as well as the rights to certain other assets of the Cleveland-based boutique brokerage, which is a subsidiary of GAIN Capital Holdings, Inc. (NYSE: GCAP). Exact financial terms of the all-cash acquisition were not disclosed.
The GAIN Securities agreement comes just months after TradeKing’s merger with online broker-dealer Zecco, the integration of which created a compelling alternative to the “mega” brokers. TradeKing and GAIN Securities share the same clearing partner, ensuring a smooth and straightforward transition.
“We see an opportunity in today’s environment to bring greater stability to the independent investor market through this type of consolidation, while offering clients a modern and standout online and self-directed brokerage experience,” said Don Montanaro, CEO of TradeKing Group. “We really can’t wait to show the GAIN Securities clients all that TradeKing has to offer in terms of trading tools and platform as well as our award-winning service – all for a value we know they’ll appreciate.”
Commenting on the agreement, Glenn Stevens, CEO of GAIN Capital said, “We sought to transition the GAIN Securities clients to a firm that shared our commitment to personalized service, innovation and building client trust. As TradeKing’s forex provider, we’re already very familiar with the TradeKing team and offering and knew they would be the ideal firm to deliver on that commitment. Our clients will be in good hands with TradeKing.”
TradeKing and GAIN Securities have filed the acquisition agreement for approval with FINRA and anticipate a smooth approval process, which could conclude within 30-60 days.
“I’m excited about the benefits our clients will see in transitioning to the TradeKing platform,” said Sherry Lavin, President of GAIN Securities. “It will mean access to more advanced trading tools and investor education resources, more options trading capabilities, and top-notch mobile apps. This is a win for GAIN Securities clients.”
Added David Dusseault, TradeKing’s Vice President of Client Services and Brokerage Operations and the executive leading the acquisition process for TradeKing: “GAIN Securities is an organization that always puts its clients first. We look forward to working closely with Sherry and her team to meet and exceed the expectations of GAIN’s brokerage clients.”
About TradeKing Group, Inc.
TradeKing Group, Inc. (www.tradeking.com) consists of companies that provide online brokerage services, social communities for investors, investor education and more. Its subsidiary, TradeKing, LLC is a nationally licensed online broker/dealer dedicated to empowering the independent, self- directed investor. It offers simple, low flat fees ($4.95 per trade for both equity and option trades with $0.65 per options contract).1 The TradeKing platform features powerful online equity, options, ETF, mutual fund and fixed-income trading tools accompanied by a rich set of news, research and analysis capabilities.
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 to a diverse client base of retail and institutional investors.
GAIN's businesses include FOREX.com, which provides retail traders around the world access to a variety of global OTC financial markets, including forex, precious metals and CFDs on commodities and indices; GTX, a fully independent FX ECN for hedge funds and institutions; and OEC, an innovative online futures broker.
GAIN Capital is headquartered in Bedminster, New Jersey, with a global presence across North America, Europe and the Asia Pacific regions. For company information, visit www.gaincapital.com.
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1 Please see www.tradeking.com/rates for more details on trade commissions for low priced stock, bonds, mutual funds and other securities.
Options involve risk and are not suitable for all investors. For more information, please review the Characteristics and Risks of Standard Options brochure at www.tradeking.com/odd before you begin trading options. Options investors may lose the entire amount of their investment in a relatively short period of time.
Online trading has inherent risks due to system response and access times that vary due to market conditions, system performance and other factors. An investor should understand these and additional risks before trading.
$4.95 for online equity and option trades, add 65 cents per option contract. TradeKing charges an additional $0.35 per contract on certain index products where the exchange charges fees. See our FAQ for details. TradeKing adds $0.01 per share on the entire order for stocks priced less than $2.00. See our Commissions and Fees page for commissions on broker-assisted trades, low-priced stocks, option spreads, and other securities.
Investors should consider carefully information contained in Exchange Traded Fund (ETF) and Mutual Fund prospectuses, including investment objectives, risks, charges and expenses. You can request a prospectus by calling TradeKing at 877-495-5464 or by visiting TradeKing.com. Please read the prospectus carefully before investing. Investment returns will fluctuate and are subject to market volatility so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Unlike mutual funds, shares of ETFs are not individually redeemable directly with the ETF. Some specialized exchange-traded funds can be subject to additional market risks.
TradeKing's Fixed Income platform is provided by Knight BondPoint, Inc. All bids (offers) submitted on the Knight BondPoint platform are limit orders and if executed will only be executed against offers (bids) on the Knight BondPoint platform. Knight BondPoint does not route orders to any other venue for the purpose of order handling and execution. The information is obtained from sources believed to be reliable; however, its accuracy or completeness is not guaranteed. Information and products are provided on a best-efforts agency basis only. Please read the full Fixed Income Terms and Conditions. Fixed-income investments are subject to various risks including changes in interest rates, credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors.
TradeKing provides self-directed investors with discount brokerage services, and does not make recommendations or offer investment, financial, legal or tax advice. The content of this press release is provided for educational and informational purposes only, does not constitute a recommendation to enter in any of the securities transactions or to engage in any of the investment strategies presented herein, and does not represent the opinions of TradeKing or its employees.
Content, research, tools, and stock or option symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results.
Foreign exchange trading (Forex) is offered to self-directed investors through TradeKing Forex. TradeKing Forex, Inc and TradeKing, LLC are separate, but affiliated companies. Forex accounts are not protected by the Securities Investor Protection Corp. (SIPC).
Forex trading involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of investing experience, and ability to take financial risk. Any opinions, news, research, analyses, prices or other information contained does not constitute investment advice. Read the full disclosure. Please note that spot gold and silver contracts are not subject to regulation under the U.S. Commodity Exchange Act.
TradeKing Forex, Inc acts as an introducing broker to GAIN Capital Group, LLC ("GAIN Capital"). Your forex account is held and maintained at GAIN Capital who serves as the clearing agent and counterparty to your trades. GAIN Capital is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA) (ID # 0339826). TradeKing Forex, Inc. is a member of the National Futures Association (ID # 0408077).
TradeKing Group, Inc. is not a broker/dealer.
© 2013 TradeKing Group, Inc. All rights reserved. Securities offered through TradeKing.com are offered through TradeKing, LLC, member FINRA and SIPC. Forex offered through TradeKing Forex, Inc., member NFA.