âWeâre delighted to partner with GAIN Capital on this important venture,â said Scott Gordon, RCG chairman and chief executive officer. âOur organizations are highly complementary, with our expertise in futures and related technology, and GAINâs 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,â said Gordon.
âGAIN Capital is excited about joining forces with RCG, one of the largest and most respected futures firms in the United States,â said Glenn Stevens, chief executive officer of GAIN Capital Group. âWorking together, we can accelerate our expansion plans in both the United Kingdom and across the European Union,â 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.
âWe see forex as a very attractive growth area, and view this endeavor as an opportunity to expand our long-established futures services,â said Maureen Downs, president of RCG. âThe 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,â 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