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GAIN Capital's FX Service Added to Bloomberg, Expanding Reach
Commission-Free, 24-hour Dealing With Split Second Execution Times
WARREN, NJ, July 24, 2000 - GAIN Capital, the premier source for online currency trading (www.gaincapital.com), today announced an agreement with Bloomberg, providing direct access to GAIN's online FX trading service to the more than 140,000 worldwide participants in the Bloomberg financial network.
GAIN Capital, offered on Bloomberg since June 22, 2000 under the mnemonic FXGAIN, is the second of three firms within a four-month period to join the Bloomberg network as an FX service provider, further exemplifying Bloomberg's drive to expand FX market services for its client base. GAIN targets small-to mid-sized investors and provides a streamlined credit approval process, while the other two firms, AIG and Bear Stearns, service larger, institutional clientele.
"Industry leaders such as Bloomberg realize that the Internet represents the future of FX trading," Mark Galant, founder and CEO of GAIN Capital, said. "Our sophisticated technology and uniquely fair dealing practices, coupled with Bloomberg's extensive user base and excellent brand equity, bring the best of both worlds to FX traders. GAIN's system," Mr. Galant added, "allows FX traders to instantaneously execute a trade with an average transaction time - including deal confirmation - of less than one second. The Internet is reshaping the 'norms' of the FX marketplace and creating a level playing field for all types of participants, including the smaller FX trader and even the individual wishing to speculate in foreign exchange."
GAIN Capital offers commission-free, 24-hour dealing -- from live, streaming quotes -- at Interbank spreads, with up to 50:1 leverage in four major currency pairs to investors who typically execute FX deals from US$100,000 to $10,000,000. Live prices are continuously published to clients though GAIN's Java-enabled dealing software, and traders can at any time click on the current bid or offer and instantaneously execute a trade. The software offers true straight through processing, updating each trader's position in real-time, tracking profit and loss, and offering full back office functionality, including deal history, margin analysis, and overnight position management. The system also provides sophisticated charting tools, real-time market news and GAIN commentary. All GAIN client funds are FDIC and Fidelity Bond insured.
"GAIN Capital was established by seasoned Wall Street executives on the premise that market participants dealing smaller amounts needed a trusted, reliable source for conducting their FX business," Jim Mahn, applications manager for Bloomberg FX Americas in New York, said. "We are pleased to offer GAIN's service to the Bloomberg community, and feel that it nicely complements our other FX offerings," he added.
GAIN Capital, founded in 1999, offers institutional and individual investors direct access to 24-hour, commission-free Forex trading at Interbank spreads. GAIN Capital's Internet-based service raises the bar for the industry - in terms of standards, highly respected staff and superior dealing practices - and revolutionizes the practice of FX trading by allowing clients to instantly deal from live, streaming quotes. For more information, please visit www.gaincapital.com.
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Overview