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GFT Withdraws from the US and Japanese Retail Markets

Dec 04 2012
By
Forexbrokerz.com

 

 

Yesterday GFT’s US customers got an unexpected slap in the face: the broker announced that it is withdrawing from the US retail market. Ouch. But wait – there’s more! Japanese customers are getting cut off too. 

 

ForexClub was the first broker to show the finger to the CFTC and the NFA and withdrew its RFED license in August this year. In October Advanced Markets did the same. The NFA then tried to fight back by submitting a to the CFTC proposal to require a net capital of $20 million even from brokers who downgrade their licenses to FCM (this is still pending and there is no more info released) – but got bitch-slapped by GFT.  

 

According to data from the CFTC, currently GFT holds $101,390,018 in customer assets in the US alone. This makes it one of the top three US brokers in terms of client money held along with FXCM and Oanda, which hold $256 million and $158 million respectively. It is one thing to lose the small players on the market – but when one of the sharks withdraws from the USA and makes a statement that the American retail forex market is just not worth the effort, perhaps it’s time for regulators to reconsider their policies

 

As of December 2, 2012, GFT shut down operations on the US market. Customers are able to access their accounts and close their positions. “We understand that this is an inconvenience for you, so we are working to make arrangements with one of our high quality institutional partners to accept the GFT U.S. retail forex accounts. We expect that your forex account will return to its normal status soon so that you can continue trading forex markets normally. Again, we apologize for the inconvenience this may have caused you this evening, but we believe this is the best course of action for both you, our customer, and GFT,” read the broker’s official release.

 

When asked by ForexMagnates.com, Gary Tilkin, CEO of the company, shed some light on what’s going to happen on the broker’s US retail customers and explained that they are being transferred to TD Ameritrade. Tilkin called this “strategic repositioning for US and Japan retail markets” – which made it clear that the brokers is giving up on Japan as well. 

 

“We are working on the arrangements in both the US and Japan to deploy seamless transitions for the retail accounts affected by this decision. We have notified our accounts in each region and will update them as needed on progress regarding the transition. We are deeply grateful for the trust and faith shown by our retail accounts in opening with GFT and look forward to transferring them quickly to their new homes,” explained Tilkin. “I want to assure everyone around the world that GFT is focused on growing an efficient sustainable business, and committed to serving our accounts at the highest level,” Tilkin added. 

 

Customers residing outside Japan and the USA will not be affected by this strategic change – GFT promises to maintain a “business as usual” approach for retail and institutional operations everywhere else. The other focal point of the broker will be its institutional business. 

 

About GFT Markets

From local offices in London, New Jersey, Grand Rapids, Dubai, Singapore, Sydney, and Tokyo, GFT provides its global client base with the opportunity to speculate and trade in a broad range of markets, quickly, efficiently and securely. Most known for its award-winning DealBook® platform available for desktop, the web, or mobile phone, GFT also provides options for automated trading, 24/7 customer service, and competitive spreads even in times of market volatility.

 

 

TAGS: GFT  US retail forex market  RFED  NFA  CFTC  ForexClub  Advanced Markets 

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