GAIN Capital Holdings Announces Agreement to Acquire Open E Cry from optionsXpress Holdings
GAIN Capital Holdings, Inc. (NYSE: GCAP) today announced it has signed an agreement to acquire Open E Cry, LLC, an online futures broker, from optionsXpress Holdings, Inc. a subsidiary of The Charles Schwab Corporation.
Founded in 2002, OEC offers direct market access to global exchanges through its proprietary software platform, OEC Trader. This platform allows OEC's client base of high-volume traders to access the futures, options and forex markets all from a single interface.
"This acquisition represents a steady stream of fee-based revenue and is in keeping with our objective of broadening the range of products we offer to our retail and institutional customers," said Glenn Stevens, CEO of GAIN Capital. "Futures and related exchange-traded markets are a natural fit with GAIN's existing forex offering."
As of March 31, 2012, OEC held $98.3 million in customer assets, with approximately 7,856 open accounts. OEC's revenue was $13.6 million for the fiscal year ended December 31, 2011.
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