GAIN Capital Group Purchases Refco FX Customer List.GAIN's Bid Deemed Highest and Best Offer; Receives Formal Court Approval BEDMINSTER, N.J. -- Gain Capital Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . (GAIN) today announced it has entered into a definitive Purchase Agreement with Refco F/X F/X Effects Associates LLC (RFXA) to purchase the RFXA retail customer account information and marketing list. The Purchase Agreement was approved as submitted by the Honorable Robert D. Drain, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , at a hearing on November 14, 2006. Under the terms of the Agreement, privately-held GAIN will pay RFXA an upfront fee of $750,000 for the entire customer list of approximately 15,000 customer accounts and over 150,000 marketing contacts. In addition, GAIN has agreed to further remuneration in the form of an activation fee of $100 per account, payable on every account over 4,000 opened before the 2nd anniversary of the closing date. In addition, GAIN will pay RFXA an Annual Maintenance Fee of 1% of the average account balance of each Customer, payable on both the 1st and 2nd anniversaries of the Closing Date. The Closing Date is expected to be on or before November 16, 2006 "Under the terms of the proposed bankruptcy plan for Refco Inc, and its subsidiaries, the proceeds of the sale of the RFXA Customer List will enhance distributions to be made to creditors of RFXA." said Refco's Chief Restructuring Officer David Pauker. "We are pleased to have finalized the sale to GAIN Capital," continued Mr. Pauker. "In addition to operating within a solid regulatory framework, GAIN offers RFXA clients a reliable, full service trading solution and a commitment to the highest professional standards," said GAIN's Chief Executive Officer Mark Galant This article is about the musical style. For the Mitsubishi automobile, see Mitsubishi Galant. In music, Galant was a term referring to a style, principally occurring in the third quarter of the 18th century, which featured a return to classical simplicity . GAIN Capital Group and FOREX.com are registered with the National Futures Association National Futures Association (NFA) The futures industry self-regulatory organization established in 1982. (NFA NFA - Finite State Machine ) as a Futures Commission Merchant Futures commission merchant (FCM) A firm or person engaged in soliciting or accepting and handling orders for the purchase or sale of futures contracts, subject to the rules of a futures exchange and, who, in connection with such solicitation or acceptance of orders, accepts any (NFA ID #0339826). RFXA clients will be given the option to open an account at either GAIN Capital (www.gaincapital.com) or at GAIN's retail division, FOREX.com (www.forex.com). On June 30, 2006, RFXA and GAIN announced they had reached a preliminary agreement whereby GAIN would acquire the RFXA retail customer account information and related assets, subject to Court approval. On July 26th, 2006, the two parties announced that the proposed Agreement had been jointly terminated because the parties were unable to reach terms on a final asset purchase agreement. On October 30, 2006, RFXA announced it had entered into an Agreement with Saxobank to purchase the customer list for $500,000, subject to higher and better offers. GAIN and Saxobank participated in an auction on November 9, 2006 with GAIN ultimately submitting the highest and best offer for the RFXA customer list. ABOUT GAIN CAPITAL GROUP GAIN Capital Group LLC is a leading provider of foreign exchange services, including direct-access trading and asset management. Founded in 1999 by Wall Street veterans, GAIN Capital Group is one of the largest, most respected firms in the online forex industry, servicing clients from more than 140 countries and supporting trade volume in excess of $100 billion per month. Headquartered in Bedminster, New Jersey, the company operates sales offices in New York and Shanghai. The company operates two full service web portals. FOREX.com (www.forex.com) services individual investors of all experience levels with a full-service trading platform, lower account minimums and extensive education and training. The company's flagship service, GAIN Capital (www.gaincapital.com) focuses on the needs of professional forex traders, including hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" and money managers. GAIN Capital Group and FOREX.com are registered with the National Futures Association (NFA) as a Futures Commission Merchant (NFA ID #0339826). |
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