FX Solutions exits US retail foreign exchange market; sells clients to Gain Capital

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City Index Group's US affiliate, FX Solutions, is exiting the US retail foreign exchange market and transferring customer accounts to rival broker Gain Capital Holdings as of March 1. The broker said that the withdrawal will not affect retail traders in the other regions served by FX Solutions.

"City Index will refocus this investment into continuing to grow the FX Solutions brand globally, where it has seen tremendous success in the Middle East and Asia," said a statement from the company.

The decision is part of a global strategic review that will see City Index Group expand its operations in Europe, Middle East and Asia, following excellent performance and growth opportunities in these areas.

It also comes as regulation for retail foreign exchange brokers operating in the US becomes more strict. In recent years, brokers have had to hold increasing amounts of capital while also reducing the amount of leverage offered to clients.

Other brokers to exit the US retail market in recent months include GFT Forex, which again sold customer accounts to Gain Capital, Advanced Markets and Forex Club.

More details to follow.

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