TradeKing Group has received approval from FINRA to acquire the assets of GAIN Securities, a subsidiary of GAIN Capital Holdings (GCAP).
With the regulatory agency’s approval now secured, TradeKing anticipates it will have the GAIN Securities clients fully transitioned to its brokerage firm by early October.
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Don Montanaro, CEO of TradeKing Group, said: "We’re delighted to have secured FINRA approval and now can begin the process of delivering on what we’ve promised the GAIN Securities clients – an outstanding brokerage experience at a tremendous value.
"There are a number of features in our offering, including a vast array of trading tools and top-notch mobile apps, that will represent a significant improvement for these clients, so we’re eager to make those features and more available to them," Montanaro added.
David Dusseault, vice president of client services and brokerage operations for TradeKing, said: "The professionals at GAIN Securities have been terrific partners in this process, making every effort to ensure a smooth and easy transition for clients. We are all committed to providing the very best experience for these clients with the goal of exceeding their expectations every step of the way."
TradeKing first announced its agreement to acquire the accounts as well as the rights to certain other assets of GAIN Securities in July 2013. Exact financial terms of the all-cash acquisition were not disclosed.
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