The number of Gain Capital Payments’ ordinary shares held by GAIN Capital Holdings Inc at July 15, 2017, is 1,050,001, compared to 500,001 a year earlier.
GAIN Capital Payments Ltd, a UK-based subsidiary of Gain Capital Holdings Inc (NYSE:GCAP), has earlier today submitted a confirmation statement with updates to UK Companies House.
The statement confirms that Gain Capital Holdings Inc is a person with significant control. The US-based company owns 75% or more of the shares and the voting rights in GAIN Capital Payments Ltd and has the right to appoint and remove directors.
At July 15, 2017, the number of ordinary shares held by GAIN Capital Holdings Inc in GAIN Capital Payments is 1,050,001, compared to 500,001 a year earlier.
FinanceFeeds has recently reported about the plans of GAIN Capital Payments, which provides international money transfer services via top-level domain ForeignExchange.com. The company aims to release its new core platform in mid-2017 reaching out to new markets in the EEA. The focus for 2017 will be to ensure completion of a robust core platform with the release of a pricing platform, new functionalities and complementary products to reach out to new customer segments and new markets within the EEA.
By the end of 2017, the company will have entered the micro-business market and should be well under way to enter non EEA markets in early 2018.
It is interesting to keep an eye on GAIN Capital’s business in the UK, as it undergoes some changes.
GAIN Capital-Forex.com U.K. Ltd. and GAIN Capital UK Limited are each registered in the United Kingdom and regulated by the Financial Conduct Authority as full scope €730k IFPRU Investment Firms. At March 31, 2017, GAIN Capital-Forex.com U.K. Ltd. maintained $16.2 million more than the minimum required regulatory capital for a total of 3.4 times the required capital.
Following the successful integration of City Index in the UK, GAIN Capital-Forex.com U.K. no longer has any clients and is no longer conducting any operational activities. It is currently in the process of deregistering its license with FCA. Until that time, it will maintain its regulatory capital in line with requirements.