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TradeKing Takeover of GAIN Securities Gets FINRA Consent

TradeKing, the provider of online brokerage services, yesterday announced that it had obtained a nod of approval from the Financial Industry Regulatory Authority (FINRA), for the acquisition of GAIN Securities, a subsidiary of GAIN Capital Holdings.
 
The judgment of FINRA, a self-regulatory organization for the US securities market, is very important for the US brokers, although the organization's powers are below those of the Securities and Exchange Commission (SEC). FINRA oversees how (and whether) the businesses in the securities market obey the Federal laws and its approval is crucial for such deals. 
 
The plans for the acquisition were first announced in July, with the news immediately striking corporate attention as it came after GAIN turned down the unsolicited takeover offer by its FX rival FXCM. The whole environment around the planned deal between GAIN and TradeKing was rather mysterious, with all known to the public being that the acquisition would be an all-cash one.
 
It was a bit strange back then why GAIN agreed to dispose of the Securities subsidiary, mainly engaged in stock, options trading and mutual funds. I'd dare to say that the things are somewhat clearer now, with GAIN obviously focusing on FX operations – its subsidiary FOREX.com just announced the launch of tradable for its US clients. 
 
The transition of GAIN Securities' clients to TradeKing is set to be completed by October this year and the new owner promises plenty of perks such as a wide variety of trading tools and high-end mobile apps. 
 
It's needless to say, I guess, that the news of the regulatory approval of the deal pushed shares in GAIN Capital (NYSE: GCAP) higher – the peak during the last session was $10.5, a new record high for the financial giant. 
 

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. 
 

About TradeKing Group, Inc.

 
TradeKing Group, Inc. 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.
TAGS: gain capital  forex.com  tradeking  acquisition  gain securities  mergers and acquisitions. m&a  all-cash deal  forex deal  us forex market  finra 

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