Let me interrupt your chart time to bring you a special news bulletin on brokers. So sit back, relax, and get first dibs on what’s going on in the forex industry.
GAIN Capital Gaining More Capital
First on our headlines is GAIN Capital’s acquisition of the retail forex business of Capital Market Services LLC, otherwise known as CMS Forex.
GAIN Capital, which operates Forex.com, received the full transfer of CMS Forex’s clients in the U.S. and Bermuda on October 15, 2010. On the other hand, the turnover of British and Japanese retail customer accounts is seen to be completed sometime over the next two weeks after all the paper work is ironed out.
The acquisition came with CMS Forex’s decision to focus on providing trading services to its institutional clients. If you are subscribed to CMS Forex, don’t worry. Both brokers assured a smooth transition customer accounts.
Interbank FX Opens in Australia
Good news people of Australia! Interbank FX LCC, one of the world’s largest brokers, has opened a subsidiary in the Land Down Under. Its aim is to accommodate retail traders in the continent as well as its neighboring countries.
More broker choices for retail traders is always a positive thing in my book as healthy competition makes certain that brokers provide quality service. After all, the retail forex industry is just like any other business – you need to make sure that you do your job is better than others, or your clients will go elsewhere.
To know more about IBFX Australia, just visit their website at http://www.ibfx.com.au.
GFC Markets Changes Handle to Markets.com
Is it too early to hand out the Rookie of the Year award? Since launching roughly one year ago, GFC Markets has expanded its arsenal of products to over 100, added a couple more trading platforms, and opened five global offices. With GFC Markets striving to establish itself as a leader in the trading industry, it has decided to rebrand and adopt a more “appropriate” name – Markets.com.
Pretty fitting name, as it ties in nicely with its strategy to live up to its slogan, “Where the World Comes to Trade.” Markets.com provides several options for its clients, allowing them to trade forex, commodities, and stocks. It even added MT4 and smart-phone applications to cater to the special needs of its clients. I guess they are really trying to cover as many markets as they can!
It’s pretty exciting to see such a young broker make aggressive moves. Let’s see if they can keep up their explosive growth and keep churning out innovative products.