Exclusive: IG partnerships head Elyes Saafi moves to FOREX.com
Elyes Saafi will be joining StoneX, at their Gain Capital unit that operates Retail FX brokerage brands FOREX.com and City Index.
Forex.com is one of the oldest and most recognizable brands in online Retail FX and CFD trading. It was the leading brand of publicly traded brokerage Gain Capital Holdings Ltd., which also operated City Index in the UK and the GTX institutional FX trading operation.
Bedminster, NJ based Gain Capital was acquired by StoneX Group (Nasdaq:SNEX), formerly INTL FCStone, in July 2020 for $236 million, and since then Forex.com is a unit of StoneX.
Forex.com trading volumes have averaged about $200 billion per month in 2020.
Elyes Saafi will be joining StoneX, at their Gain Capital unit that operates Retail FX brokerage brands FOREX.com and City Index.
GAIN Capital Japan will change its name to StoneX Financial Co., Ltd, effective March 8, 2021.
StoneX CEO Sean O’Connor released a letter to shareholders which included a review of the Gain Capital / FOREX.com acquisition.
As of the beginning of 2021, UK licensed firms will no longer be able to passport their FCA license into EU member countries.
GAIN Capital says it has no duty regarding the losses suffered by FOREX.com customer due to negative crude oil prices.
Gain Capital’s longtime London based Global Affiliate Marketing Manager Ella Hacer Gumus has joined rival Retail FX broker OANDA.
Gain Capital failed to diligently supervise accounts by not following its policy regarding trade move requests.
The transaction pays Forex.com GAIN Capital shareholders $6 per share in cash, for a total deal value of $236 million.
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Even with Q2’s reduced results as a base the company is about to be acquired by StoneX for about 2x run rate annual EBITDA, and 4x earnings.