GFT

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Following our recent report that FXCM had made an unsolicited offer to acquire GAIN Capital it looked likely that the GAIN board weren't very keen on that prospect. That perception was confirmed this morning when I received an email signed:

More on GAIN Capital "Merge With" GFT

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GAIN Capital have just announced in a press release that:

It has reached an agreement to acquire the US-based retail forex business of GFT Forex ("GFT"), pending regulatory approval.  Financial terms of the transaction were not disclosed.

More on GFT Hastily Exits U.S. Retail Forex Business

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It's been quite a long wait, but Alpari UK have announced today that they are now the second broker to offer automated spread betting using the MetaTrader 4 platform to UK residents. According to their news release:

More on Alpari UK Introduce MetaTrader 4 Spread Betting

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I suddenly find myself writing my second blog post of April 1st 2011, and this one is no joke either!  I'm already a  GFT spread betting customer here in the UK, but nobody from GFT called or emailed to give me this news.  I heard a whisper on the grapevine and called my account executive who confirmed that I could indeed open a MetaTrader 4 account with GFT today, as long as I didn't mind parting with at least £150. I said I didn't, and so I am now the proud possessor of a brand new GFT MT4 account. I'm told if you're a GFT client anywhere else in the world you can do this too. Everybody else will have to wait for a few more weeks.

More on GFT Launch MetaTrader 4 Softly but Globally

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As we reported back at the beginning of August forex broker GFT published on their website a document entitled "Get the Facts" which pointed out that their DealBook platform didn't require changing to comply with the recently introduced NFA hedging and FIFO rules. Amongst other things they stated then that:

More on GFT U-Turn on Offshore Hedging

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Our regular readers will have gathered by now that we are based in the United Kingdom. As UK residents that means if we use a spread betting account to do our forex trading we pay no tax on our profits! This is obviously highly desirable, but there is a drawback. The vast majority of spread betting brokers don't allow you to use automated trading systems.

More on Trading Gurus Robots Translated from MetaTrader to GFT CTL

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At long last August 2nd has been and gone, and the dust has settled slightly. We'll cover what still works and what doesn't in a forthcoming post, but for today we're going to concentrate on who said what, and when.  We'll do that by working our way down the list of retail forex brokers included in the CFTC report on the financial strength of Futures Commission Merchants. For some reason it seems the better capitalised a broker is the less it has to say about the FIFO fiasco!

More on FIFO Fiasco Status Report – Who Said What When?

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