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GAIN Capital's GTX updates rules of engagement for liquidity providers

New rules designed to increase quality of execution

LONDON and NEW YORK, Sept. 23, 2015 /PRNewswire/ -- GAIN Capital Holdings, Inc. (NYSE: GCAP), a global provider of online trading services, announced today that it is updating the rules of engagement for liquidity providers on GTX, its institutional electronic communication network (ECN). 

GAIN Capital Holdings, Inc. Logo.

"Refining the rules of engagement of our liquidity provision will deliver a superior trading experience to our customers," said Steve Reilly, Head of Liquidity at GTX. "These measures will improve the response time and fill ratios for our clients while reducing trade rejections."

The new rules focus on market makers who provide Reviewable Liquidity, defined as orders and quotes submitted to the GTX venue which must be accepted or declined prior to execution. These rules include:

  • 250 millisecond response times: market makers are required to accept or decline incoming orders within 250 milliseconds, instead of the previous 500 milliseconds
  • 80% to 85% Targeted Acceptance Rates: market makers are expected to adhere to an acceptance rate of no less than 80%-85% of the orders
  • Minimum quote sizes of $1 million: market makers must quote a minimum size of one million of base currency to assure a level playing field
  • Minimum average daily volume of $200 million: a market maker must maintain average daily volume (ADV) of $200 million or more, aggregated across all price feeds (including firm liquidity)

"The market has recognized our unique value proposition, which has resulted in strong volume growth for GTX," said John Miesner, Global Head of Sales at GTX. "This unique value proposition includes a commitment to delivering the highest standards of liquidity provision and execution, transparency around the rules of engagement and access to an increasing diverse range of participants through our prime of prime services." 

GTX's ECN volume increased 36% in the first half of 2015 compared to the prior year period. 

About GTX

GAIN Capital's GTX is an innovative venue for institutional FX trading used by banks, brokers, hedge funds, CTAs, and asset managers. Complementing its ECN technology, GTX also provides voice trading solutions to assist clients with complex liquidity sourcing and trade executions as well as a Prime of Prime offering for professional and HNW clients. To find out more, visit:  http://www.gaingtx.com/

About GAIN Capital

GAIN Capital (GCAP: NYSE) provides market access and trade execution services to a diverse client base of retail and institutional investors across a range of OTC and exchange traded markets. Founded in 1999, the company today supports customers in over 180 countries via several globally recognized brands, including FOREX.com, City Index and GTX.

GAIN Capital is headquartered in Bedminster, New Jersey, with a global presence across North America, Europe and the Asia Pacific regions. For further company information, visit www.gaincapital.com.

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gain-capitals-gtx-updates-rules-of-engagement-for-liquidity-providers-300147578.html

SOURCE GAIN Capital Holdings, Inc.

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