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GAIN Capital buys futures broker Open E Cry
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GAIN Capital buys futures broker Open E Cry

  #1 (permalink)
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GAIN Capital buys futures broker Open E Cry

Source: GAIN Capital to buy online futures broker Open E Cry | Reuters


Quoting 
(Reuters) - GAIN Capital Holdings, Inc (GCAP.N) on Thursday said it will buy Open E Cry, LLC, an online futures broker, from optionsXpress Holdings, Inc, a subsidiary of The Charles Schwab Corporation (SCHW.N).

Open E Cry, founded in 2002, provides online trading services and offers market access to global exchanges through its proprietary software platform, OEC Trader, which allows its client base of high-volume traders to access the futures, options and forex markets from a single interface.

"This acquisition represents a steady stream of fee-based revenue and is in keeping with our objective of broadening the range of products we offer to our retail and institutional customers," said Glenn Stevens, CEO of GAIN Capital, in a statement. "Futures and related exchange-traded markets are a natural fit with GAIN's existing forex offering."

As of March 31, OEC held $98.3 million in customer assets, with approximately 7,856 open accounts, according to the release, which gave no further financial details of the deal.

OEC was acquired by optionsXpress in 2008. Subsequently, optionsXpress was acquired by Charles Schwab in 2011.

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  #3 (permalink)
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Purchase price: $ 12 million

Source: Gain Capital published Open E Cry purchase price: $12 million | Forex Magnates


Quoting 
GAIN Capital Group, LLC (“Gain”), a wholly-owned subsidiary of Gain Capital Holdings, Inc., and optionsXpress Holdings, Inc. (“optionsXpress”), a subsidiary of The Charles Schwab Corporation, entered into a Stock Purchase Agreement (the “Purchase Agreement”) whereby Gain will acquire Open E Cry, LLC (“OEC”), an online futures broker, for a purchase price of $12 million.

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  #4 (permalink)
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GAIN Capital Holdings, Inc. Completes Acquisition of Open E Cry, LLC

from the newsletter of OEC:


Quoting 
GAIN Capital Holdings, Inc. (NYSE: GCAP; “the Company”), a global provider of online trading services, has completed its previously announced purchase of Open E Cry, LLC (“OEC”), an online futures broker, from optionsXpress Holdings, Inc. a subsidiary of The Charles Schwab Corporation.

The acquisition of OEC adds futures and exchange traded options to GAIN’s core forex trading offering, in keeping with the Company’s strategy to diversify its product offerings and grow its commission-based revenue sources.

“We are pleased to have completed this transaction in a timely manner and look forward to offering our retail and institutional customers OEC’s broad range of futures and related exchange-traded market products,” said Glenn Stevens, CEO of GAIN Capital. “OEC has a successful track record of growth and we believe there are significant opportunities to further develop and grow its business, as well as potential synergies to achieve greater operating efficiency.”


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  #5 (permalink)
Market Wizard
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I have one of my accounts at OEC and I am extremely worried about Gain. Their stock is down 32% this year. It is rated as a sell by many analysts.

There is also this regulatory action on them by the NFA.

COMPLAINT:

On June 30, 2010, NFA issued a Complaint against Gain and Stevens that cited Gain for engaging in margin and liquidation practices that had a detrimental impact on certain of Gain's customers on certain slipped trades, failing to maintain records for certain unfilled orders that were placed on the MetaTrader trading platform prior to May 2009, failing to adequately review the activities and promotional material of Gain's unregulated solicitors, failing to respond promptly to certain inquiries and requests made by NFA during NFA's audit of Gain and, together with Stevens, failing to supervise the firm's operations.

DECISION:

On October 27, 2010, NFA's BCC issued a Decision accepting an Offer of Settlement submitted by Gain and Stevens, in which Gain and Stevens neither admitted nor denied the allegations of the Complaint and agreed to settle the case on the following terms: Gain agreed to refund to customers the amount of negative slippage they experienced on the trades that were placed in their accounts between May 1 and July 31, 2009 and which were attributable to the Virtual Dealer Plug-in that Gain used on its institutional and retail servers, Gain agreed to refund to customers the losses they incurred as a result of Gain's practice of adjusting leverage and margin requirements on Fridays, as alleged in Count I of the Complaint; Gain agreed to pay $459,000 to NFA as a monetary sanction; Gain agreed that in the future any and all slippage parameters that Gain uses in determining whether a customer's order will be executed or re-quoted, shall be symmetrical in nature and neither advantageous nor disadvantageous to the customer or to Gain; and Gain agreed not to reinstate its practice of adjusting leverage and margin requirements on Fridays, as described in Count I of the Complaint, which it has discontinued. The Decision made no findings with respect to Count V of the Complaint charging failure to supervise.

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  #6 (permalink)
Market Wizard
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As of July 31, 2012, OEC held approximately $104.8 million in customer assets and approximately 8,316 open accounts. OEC's revenue was $13.6 million for the fiscal year ended December 31, 2011.
StreetInsider.com - GAIN Capital (GCAP) Completes Acquisition of Open E Cry; Sees Deal Immediately Accretive

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  #7 (permalink)
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ron99 View Post
I have one of my accounts at OEC and I am extremely worried about Gain. Their stock is down 32% this year. It is rated as a sell by many analysts.

ya, what to do now? Take the money and run?

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  #8 (permalink)
Market Wizard
Cleveland, OH
 
Futures Experience: Advanced
Platform: QST
Broker/Data: QST, DeCarley Trading, Gain
Favorite Futures: Options on Futures
 
Posts: 2,730 since Jul 2011
Thanks: 794 given, 4,779 received


eboarder View Post
ya, what to do now? Take the money and run?

Significantly reduce the amount of money that I have there.

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