GAIN Capital Expands Product Offering; Internet-Based Foreign Exchange Trading Service To Support Twenty Currency Pairs And Options Trading.Business Editors WARREN, N.J.--(BUSINESS WIRE)--Nov. 7, 2000 GAIN Capital, the premier source for online currency trading (www.gaincapital.com), announced today support for additional currency pairs and currency options. The expansion of GAIN's product offering supports the firm's growing user base, which now includes institutional and individual FX traders Traders Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is to earn the bid/ask spread. from more than 100 countries around the world. As of November 15, 2000, GAIN will support 24-hour, commission-free trading of U.S. Dollar/Canadian Dollar (USD/CAD), Australian Dollar/U.S. Dollar (AUS/USD), and all major crosses, bringing the total number of supported currency pairs to 20. The firm will also offer clients the ability to trade currency options. Glenn Stevens Glenn Stevens is an Australian economist and the current Governor of the Reserve Bank of Australia. Stevens was born in Sydney in 1958. He was educated at the University of Sydney where he received a first class honours degree in economics. , Head of Sales and Trading at GAIN Capital, commented that the firm planned to expand its product offering and polled the client base to determine clients' preferences. "Almost everyone wanted to trade the Euro crosses, which makes sense given the Euro's decline over the past several months vis a vis the other major currencies. Australian and Canadian Dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents were the other most popular responses, so we added them as well," said Mr. Stevens. "And interestingly, there were many requests for options. So we will offer options trading over the phone now, and have started development to add support for options in GAIN's dealing system in Q1 of 2001." Since GAIN's launch on May 31, 2000, the firm has supported 24-hour, commission-free trading of the four major currency pairs, which include: Euro/U.S. Dollar (EUR/USD), U.S. Dollar/Yen (USD/YEN), British Pound/U.S. Dollar (GBP/USD) and U.S. Dollar/Swiss Franc (USD/CHF). GAIN's Internet-based dealing system supports anonymous, one-click dealing from live, two-way quotes with one-second execution and confirmation. The system provides clients with real time P&L, sophisticated order entry and tracking, and full back office functionality with straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. capabilities, including deal history, margin analysis and overnight position management. The dealing system also provides comprehensive decision support tools, including real time streaming news from Market News International, charting, a real time ticker ticker An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. monitoring other financial markets, a comparative Interbank rate Interbank rate See: LIBOR feed, and intra-day market commentary provided by GAIN's trading team. GAIN Capital, founded in 1999, offers institutional and individual investors direct access to 24-hour, commission-free Forex Forex See: Foreign exchange trading at Interbank spreads Interbank spread The difference between a bank's offer and bid rates for deposits in the Eurocurrency market. . 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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