About GFT: News Releases
GFT Purchases the Trading Accounts of an Undercapitalized Forex Broker: Customers Can Now Trade and Access Their Funds (starting August 6, 2008)
Ada, Mich., 4 August, 2008 — GFT, a world-leading provider of online currency trading services in the $4 trillion-a-day foreign-exchange market, announced today that it has purchased customer accounts (except for those based in Asia) from former forex broker Forex Liquidity LLC (FXLQ).
GFT will provide former FXLQ customers with the ability to recover 100 percent of their account balances as well as continued trading services as a GFT customer. The transfer was approved by United States District Court, Central District of California, and the customer accounts are scheduled to be transferred on August 6, 2008.
“We feel that this is a true win-win situation for both the customers and GFT,” said Gary L. Tilkin, president and CEO, GFT.
“Not only can these traders now access their accounts and begin to trade, it gives us an opportunity to show how we differentiate ourselves with our tools and services that we provide.”
GFT is a financially stable futures commission merchant (FCM) registered with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA). GFT has maintained net capital requirements of $65 million*, well beyond minimum requirements set forth by regulators in June 2008.
Due to GFT’s year over year growth, it has been ranked as one of the fast-growing technology companies by Deloitte’s Technology Fast 500 three years in a row (2007, 2006 and 2005). According to the Deloitte rankings, in 2007 GFT had the highest revenue of all listed companies within the forex industry.
GFT adheres to strict regulatory guidelines and principles of integrity. In the United States, GFT is a member of the National Futures Association (NFA) and is regulated by the Community Futures Trading Commission (CFTC). Globally, GFT is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Financial Services Agency (FSA) in Japan, and the Financial Services Authority (FSA) in the U.K.
Additional updates and information will be provided to former FXLQ customers from GFT via online at http://www.gftforex.com/trade as well as via a special toll-free hotline 1-888-694-0011.
“Our goal is to help these customers make a very smooth transition to GFT so that their trust may be restored and they can begin trading again,” said Tilkin.
* According the CFTC’s website, GFT’s average net capital was $68,769,761 between Dec 31, 2007 and May 31, 2008.
About GFT
Founded in 1997, GFT is a world-leading provider of real-time currency dealing, pricing and comprehensive services for retail and institutional foreign exchange traders. GFT has served a global customer base in more than 120 countries through its DealBook® 360, DealBook® WEB and DealBook® Mobile trading software and 24-hour dealing desk operation, 5.5 days a week. The company’s world headquarters is based in Ada, Mich., with global offices located in Chicago, New York, Tokyo, Sydney, Australia and London (London office operated through GFT Global Markets UK Ltd.). More information about GFT can be found at www.gftforex.com.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.
CONTACT:
Tim Gort
Manager of Marketing & Communications
Global Forex Trading
(616)942-3757 (tgort@gftforex.com)
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