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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GAIN Capital Holdings Inc | NYSE:GCAP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.04 | 0 | 01:00:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
20-4568600
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
Bedminster One
135 Route 202/206
Bedminster, New Jersey
|
|
07921
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
Trading Symbol
|
Name on each exchange on which registered
|
Common Stock, $0.00001 par value per share
|
GCAP
|
New York Stock Exchange
|
Large accelerated filer
|
|
¨
|
Accelerated filer
|
ý
|
Non-accelerated filer
|
|
¨
|
Smaller reporting company
|
ý
|
|
|
|
Emerging growth company
|
¨
|
|
|
|
|
||
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
|
|
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
293,302
|
|
|
$
|
190,072
|
|
Cash and securities held for customers
|
785,223
|
|
|
929,263
|
|
||
Receivables from brokers
|
53,053
|
|
|
112,296
|
|
||
Property and equipment, net
|
29,052
|
|
|
30,563
|
|
||
Intangible assets, net
|
21,153
|
|
|
24,163
|
|
||
Other assets
|
50,003
|
|
|
64,012
|
|
||
Total assets
|
$
|
1,231,786
|
|
|
$
|
1,350,369
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY:
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Payables to customers
|
$
|
785,223
|
|
|
$
|
929,263
|
|
Payables to brokers
|
5,895
|
|
|
—
|
|
||
Accrued compensation and benefits
|
6,439
|
|
|
5,462
|
|
||
Accrued expenses and other liabilities
|
44,969
|
|
|
43,129
|
|
||
Income tax payable
|
11,818
|
|
|
638
|
|
||
Convertible senior notes
|
80,334
|
|
|
137,178
|
|
||
Total liabilities
|
$
|
934,678
|
|
|
$
|
1,115,670
|
|
Commitments and contingent liabilities
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
||||
Common stock ($0.00001 par value; 120 million shares authorized; 55.6 million shares issued and 37.8 million shares outstanding as of March 31, 2020; 55.3 million shares issued and 37.5 million shares outstanding as of December 31, 2019)
|
$
|
—
|
|
|
$
|
—
|
|
Additional paid-in capital
|
251,107
|
|
|
249,111
|
|
||
Retained earnings
|
209,825
|
|
|
134,752
|
|
||
Accumulated other comprehensive loss
|
(36,307
|
)
|
|
(21,647
|
)
|
||
Treasury stock, at cost (17.8 million shares at March 31, 2020 and December 31, 2019)
|
(127,517
|
)
|
|
(127,517
|
)
|
||
Total shareholders’ equity
|
297,108
|
|
|
234,699
|
|
||
Total liabilities and shareholders’ equity
|
$
|
1,231,786
|
|
|
$
|
1,350,369
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
REVENUE:
|
|
|
|
||||
Retail revenue
|
$
|
173,070
|
|
|
$
|
24,279
|
|
Futures revenue
|
9,386
|
|
|
7,990
|
|
||
Other revenue
|
986
|
|
|
2,485
|
|
||
Total non-interest revenue
|
183,442
|
|
|
34,754
|
|
||
Interest revenue
|
2,740
|
|
|
4,294
|
|
||
Interest expense
|
484
|
|
|
613
|
|
||
Total net interest revenue
|
2,256
|
|
|
3,681
|
|
||
Net revenue
|
$
|
185,698
|
|
|
$
|
38,435
|
|
|
|
|
|
||||
EXPENSES:
|
|
|
|
||||
Employee compensation and benefits
|
$
|
24,166
|
|
|
$
|
20,255
|
|
Selling and marketing
|
7,112
|
|
|
10,224
|
|
||
Referral fees
|
12,497
|
|
|
7,098
|
|
||
Trading expenses
|
4,928
|
|
|
5,480
|
|
||
General and administrative
|
13,846
|
|
|
12,756
|
|
||
Depreciation and amortization
|
4,304
|
|
|
4,250
|
|
||
Purchased intangible amortization
|
1,808
|
|
|
3,329
|
|
||
Communications and technology
|
4,523
|
|
|
5,691
|
|
||
Bad debt provision
|
4,213
|
|
|
427
|
|
||
Restructuring expenses
|
1,420
|
|
|
—
|
|
||
Transaction costs
|
1,043
|
|
|
—
|
|
||
Total operating expenses
|
$
|
79,860
|
|
|
$
|
69,510
|
|
OPERATING PROFIT/(LOSS)
|
105,838
|
|
|
(31,075
|
)
|
||
Interest expense on long term borrowings
|
3,442
|
|
|
3,332
|
|
||
INCOME/(LOSS) BEFORE INCOME TAX
|
$
|
102,396
|
|
|
$
|
(34,407
|
)
|
Income tax expense/(benefit)
|
25,052
|
|
|
(6,053
|
)
|
||
NET INCOME/(LOSS)
|
$
|
77,344
|
|
|
$
|
(28,354
|
)
|
|
|
|
|
||||
Other comprehensive (loss)/income:
|
|
|
|
||||
Foreign currency translation adjustment
|
(14,660
|
)
|
|
4,846
|
|
||
COMPREHENSIVE INCOME/(LOSS)
|
$
|
62,684
|
|
|
$
|
(23,508
|
)
|
|
|
|
|
||||
Basic earnings/(loss) per share
|
$
|
2.06
|
|
|
$
|
(0.76
|
)
|
|
|
|
|
||||
Diluted earnings/(loss) per share
|
$
|
2.06
|
|
|
$
|
(0.76
|
)
|
|
|
|
|
||||
Basic weighted average common shares outstanding
|
37,554,579
|
|
|
37,525,073
|
|
||
Diluted weighted average common shares outstanding
|
37,585,806
|
|
|
37,525,073
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in Capital |
|
Retained Earnings
|
|
Accumulated
Other Comprehensive Loss |
|
Total
|
|||||||||||||||
|
Outstanding Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
BALANCE—January 1, 2020
|
37,484,276
|
|
|
$
|
—
|
|
|
$
|
(127,517
|
)
|
|
$
|
249,111
|
|
|
$
|
134,752
|
|
|
$
|
(21,647
|
)
|
|
$
|
234,699
|
|
Net income applicable to Gain Capital Holdings, Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77,344
|
|
|
—
|
|
|
77,344
|
|
||||||
Conversion of restricted stock into common stock
|
302,920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,996
|
|
|
—
|
|
|
—
|
|
|
1,996
|
|
||||||
Dividends ($0.06 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,271
|
)
|
|
—
|
|
|
(2,271
|
)
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,660
|
)
|
|
(14,660
|
)
|
||||||
BALANCE—March 31, 2020
|
37,787,196
|
|
|
$
|
—
|
|
|
$
|
(127,517
|
)
|
|
$
|
251,107
|
|
|
$
|
209,825
|
|
|
$
|
(36,307
|
)
|
|
$
|
297,108
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in Capital |
|
Retained Earnings
|
|
Accumulated
Other Comprehensive Loss |
|
Total
|
|||||||||||||||
|
Outstanding Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
BALANCE—January 1, 2019
|
37,821,686
|
|
|
$
|
—
|
|
|
$
|
(120,516
|
)
|
|
$
|
243,216
|
|
|
$
|
204,483
|
|
|
$
|
(29,410
|
)
|
|
$
|
297,773
|
|
Net loss applicable to Gain Capital Holdings, Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,354
|
)
|
|
—
|
|
|
(28,354
|
)
|
||||||
Conversion of restricted stock into common stock
|
182,443
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Purchase of treasury stock
|
(632,796
|
)
|
|
—
|
|
|
(4,201
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,201
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
1,685
|
|
|
—
|
|
|
—
|
|
|
1,685
|
|
||||||
Dividends ($0.06 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,254
|
)
|
|
—
|
|
|
(2,254
|
)
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,846
|
|
|
4,846
|
|
||||||
BALANCE—March 31, 2019
|
37,371,333
|
|
|
$
|
—
|
|
|
$
|
(124,717
|
)
|
|
$
|
244,901
|
|
|
$
|
173,875
|
|
|
$
|
(24,564
|
)
|
|
$
|
269,495
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income/(loss)
|
$
|
77,344
|
|
|
$
|
(28,354
|
)
|
Adjustments to reconcile net income/(loss) to cash provided by/(used in) operating activities
|
|
|
|
||||
Loss/(gain) on foreign currency exchange rates
|
674
|
|
|
(964
|
)
|
||
Depreciation and amortization
|
6,112
|
|
|
7,579
|
|
||
Deferred tax expense/(benefit)
|
8,131
|
|
|
(6,695
|
)
|
||
Amortization of deferred financing costs
|
149
|
|
|
149
|
|
||
Bad debt provision
|
4,213
|
|
|
427
|
|
||
Convertible senior notes discount amortization
|
1,547
|
|
|
1,422
|
|
||
Share-based compensation
|
1,996
|
|
|
1,685
|
|
||
Interest earned on investments
|
—
|
|
|
(629
|
)
|
||
Amortization of right of use asset
|
987
|
|
|
524
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables from brokers
|
57,655
|
|
|
(11,932
|
)
|
||
Other assets
|
(2,480
|
)
|
|
4,676
|
|
||
Payables to customers
|
(119,590
|
)
|
|
17,826
|
|
||
Payables to brokers
|
6,243
|
|
|
(1,635
|
)
|
||
Accrued compensation and benefits
|
1,188
|
|
|
(7,990
|
)
|
||
Accrued expenses and other liabilities
|
3,965
|
|
|
(4,641
|
)
|
||
Income tax payable
|
10,837
|
|
|
(4,025
|
)
|
||
Long term securities
|
1,043
|
|
|
10,363
|
|
||
Lease liabilities
|
(605
|
)
|
|
(705
|
)
|
||
Net cash provided by/(used in) operating activities
|
59,409
|
|
|
(22,919
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(4,238
|
)
|
|
(3,126
|
)
|
||
Purchase of minority interest
|
—
|
|
|
(2,422
|
)
|
||
Net cash used in investing activities
|
(4,238
|
)
|
|
(5,548
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Maturity and repurchase of convertible notes
|
(58,540
|
)
|
|
—
|
|
||
Purchase of treasury stock
|
—
|
|
|
(4,201
|
)
|
||
Dividend payments
|
(2,271
|
)
|
|
(2,254
|
)
|
||
Net cash used in financing activities
|
(60,811
|
)
|
|
(6,455
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(34,127
|
)
|
|
11,068
|
|
||
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
(39,767
|
)
|
|
(23,854
|
)
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period
|
1,112,793
|
|
|
1,016,616
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period
|
$
|
1,073,026
|
|
|
$
|
992,762
|
|
|
|
|
|
||||
Cash and cash equivalents
|
293,302
|
|
|
218,019
|
|
||
Cash and cash equivalents held for customers (see Note 1)
|
779,724
|
|
|
774,743
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period
|
$
|
1,073,026
|
|
|
$
|
992,762
|
|
|
|
|
|
||||
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
||||
|
|
|
|
||||
Cash paid for:
|
|
|
|
||||
Interest
|
$
|
3,913
|
|
|
$
|
2,856
|
|
Income taxes
|
$
|
553
|
|
|
$
|
5,507
|
|
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Cash and cash equivalents held for customers
|
$
|
779,724
|
|
|
$
|
774,743
|
|
Marketable securities held for customers
|
5,499
|
|
|
94,945
|
|
||
Cash and securities held for customers
|
$
|
785,223
|
|
|
$
|
869,688
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Lease cost
|
|
|
|
||||
Operating lease cost
|
$
|
1,302
|
|
|
$
|
796
|
|
Total lease cost
|
$
|
1,302
|
|
|
$
|
796
|
|
|
|
|
|
||||
Other information
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
909
|
|
|
$
|
866
|
|
Weighted-average remaining lease term - operating leases
|
4.3 years
|
|
|
|
|
||
Weighted-average discount rate - operating leases
|
7.5
|
%
|
|
|
For the nine months ending at December 31, 2020
|
$
|
3,316
|
|
For the year ended December 31, 2021
|
3,031
|
|
|
For the year ended December 31, 2022
|
2,565
|
|
|
For the year ended December 31, 2023
|
2,670
|
|
|
For the year ended December 31, 2024
|
2,064
|
|
|
For the year ended December 31, 2025
|
2,205
|
|
|
Thereafter
|
5,213
|
|
|
Total
|
21,064
|
|
|
Less: imputed interest
|
(4,507
|
)
|
|
Operating lease liabilities at March 31, 2020
|
$
|
16,557
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Futures
|
|
|
|
||||
Direct Customers (1)
|
$
|
3,526
|
|
|
$
|
2,556
|
|
Indirect Customers (2)
|
5,860
|
|
|
5,434
|
|
||
Other (3)
|
764
|
|
|
1,420
|
|
||
Net Futures Revenue
|
$
|
10,150
|
|
|
$
|
9,410
|
|
(1)
|
Direct customers are all customers not classified as indirect
|
(2)
|
Indirect customers are referred to the Company by introducing brokers
|
(3)
|
Other revenue comprises interest and fees
|
|
Fair Value Measurements on a Recurring Basis
as of March 31, 2020 |
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Financial Assets/(Liabilities):
|
|
|
|
|
|
|
|
||||||||
Cash and securities held for customers:
|
|
|
|
|
|
|
|
||||||||
US treasury bills
|
$
|
5,499
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,499
|
|
Receivable from brokers:
|
|
|
|
|
|
|
|
||||||||
Broker derivative contracts
|
—
|
|
|
(9,478
|
)
|
|
—
|
|
|
(9,478
|
)
|
||||
Other assets:
|
|
|
|
|
|
|
|
||||||||
Customer derivative contracts
|
—
|
|
|
2,698
|
|
|
—
|
|
|
2,698
|
|
Certificates of deposit
|
178
|
|
|
—
|
|
|
—
|
|
|
178
|
|
||||
Other
|
158
|
|
|
—
|
|
|
—
|
|
|
158
|
|
||||
Payables to customers:
|
|
|
|
|
|
|
|
||||||||
Customer derivative contracts
|
—
|
|
|
146,446
|
|
|
—
|
|
|
146,446
|
|
||||
Payables to brokers:
|
|
|
|
|
|
|
|
||||||||
Broker derivative contracts
|
—
|
|
|
(9,561
|
)
|
|
—
|
|
|
(9,561
|
)
|
||||
Total
|
$
|
5,835
|
|
|
$
|
130,105
|
|
|
$
|
—
|
|
|
$
|
135,940
|
|
|
Fair Value Measurements on a Recurring Basis
as of December 31, 2019 |
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Financial Assets/(Liabilities):
|
|
|
|
|
|
|
|
||||||||
Cash and securities held for customers:
|
|
|
|
|
|
|
|
||||||||
US treasury bills
|
$
|
6,542
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,542
|
|
Receivable from brokers:
|
|
|
|
|
|
|
|
||||||||
Broker derivative contracts
|
—
|
|
|
(5,949
|
)
|
|
—
|
|
|
(5,949
|
)
|
||||
Other assets:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
178
|
|
|
—
|
|
|
—
|
|
|
178
|
|
||||
Other
|
152
|
|
|
—
|
|
|
—
|
|
|
152
|
|
||||
Payables to customers:
|
|
|
|
|
|
|
|
||||||||
Customer derivative contracts
|
—
|
|
|
116,007
|
|
|
—
|
|
|
116,007
|
|
||||
Total
|
$
|
6,872
|
|
|
$
|
110,058
|
|
|
$
|
—
|
|
|
$
|
116,930
|
|
|
As of March 31, 2020
|
|
Fair Value Measurements using:
|
||||||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Receivables from brokers
|
$
|
62,531
|
|
|
$
|
62,531
|
|
|
$
|
—
|
|
|
$
|
62,531
|
|
|
$
|
—
|
|
Receivables from customers
|
$
|
703
|
|
|
$
|
703
|
|
|
$
|
—
|
|
|
$
|
703
|
|
|
$
|
—
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Payables to customers
|
$
|
931,669
|
|
|
$
|
931,669
|
|
|
$
|
—
|
|
|
$
|
931,669
|
|
|
$
|
—
|
|
Payables to brokers
|
$
|
(3,666
|
)
|
|
$
|
(3,666
|
)
|
|
$
|
—
|
|
|
$
|
(3,666
|
)
|
|
$
|
—
|
|
Convertible senior notes
|
$
|
80,334
|
|
|
$
|
89,240
|
|
|
$
|
—
|
|
|
$
|
89,240
|
|
|
$
|
—
|
|
|
As of December 31, 2019
|
|
Fair Value Measurements using:
|
||||||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Receivables from brokers
|
$
|
118,245
|
|
|
$
|
118,245
|
|
|
$
|
—
|
|
|
$
|
118,245
|
|
|
$
|
—
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Payables to customers
|
$
|
1,045,270
|
|
|
$
|
1,045,270
|
|
|
$
|
—
|
|
|
$
|
1,045,270
|
|
|
$
|
—
|
|
Convertible senior notes
|
$
|
137,148
|
|
|
$
|
141,501
|
|
|
$
|
—
|
|
|
$
|
141,501
|
|
|
$
|
—
|
|
|
March 31, 2020
|
||||||||||
|
Gross amounts of
assets for derivative open positions at fair value |
|
Gross amount of
(liabilities) for derivative open positions at fair value |
|
Net amounts of
assets/(liabilities) for derivative open positions at fair value |
||||||
Derivative Instruments:
|
|
|
|
|
|
||||||
Foreign currency exchange contracts
|
$
|
100,068
|
|
|
$
|
(43,099
|
)
|
|
$
|
56,969
|
|
CFD contracts
|
119,344
|
|
|
(50,475
|
)
|
|
68,869
|
|
|||
Metals contracts
|
6,483
|
|
|
(2,216
|
)
|
|
4,267
|
|
|||
Total
|
$
|
225,895
|
|
|
$
|
(95,790
|
)
|
|
$
|
130,105
|
|
|
|
|
|
|
|
||||||
|
March 31, 2020
|
||||||||||
|
Cash Collateral
|
|
Net amounts of
assets/(liabilities) for derivative open positions at fair value |
|
Net amounts of
assets/(liabilities) presented in the balance sheet |
||||||
Derivative Assets/(Liabilities):
|
|
|
|
|
|
||||||
Receivables from brokers
|
$
|
62,531
|
|
|
$
|
(9,478
|
)
|
|
$
|
53,053
|
|
Receivables from customers
|
$
|
703
|
|
|
$
|
2,698
|
|
|
$
|
3,401
|
|
Payables to customers
|
$
|
(931,669
|
)
|
|
$
|
146,446
|
|
|
$
|
(785,223
|
)
|
Payables to brokers
|
$
|
3,666
|
|
|
$
|
(9,561
|
)
|
|
$
|
(5,895
|
)
|
|
December 31, 2019
|
||||||||||
|
Gross amounts of
assets for derivative open positions at fair value |
|
Gross amount of
(liabilities) for derivative open positions at fair value |
|
Net amounts of
assets/(liabilities) for derivative open positions at fair value |
||||||
Derivative Instruments:
|
|
|
|
|
|
||||||
Foreign currency exchange contracts
|
$
|
97,075
|
|
|
$
|
(40,704
|
)
|
|
$
|
56,371
|
|
CFD contracts
|
90,666
|
|
|
(43,642
|
)
|
|
47,024
|
|
|||
Metals contracts
|
11,058
|
|
|
(4,395
|
)
|
|
6,663
|
|
|||
Total
|
$
|
198,799
|
|
|
$
|
(88,741
|
)
|
|
$
|
110,058
|
|
|
|
|
|
|
|
||||||
|
December 31, 2019
|
||||||||||
|
Cash Collateral
|
|
Net amounts of
assets/(liabilities) for derivative open positions at fair value |
|
Net amounts of
assets/(liabilities) presented in the balance sheet |
||||||
Derivative Assets/(Liabilities):
|
|
|
|
|
|
||||||
Receivables from brokers
|
$
|
118,245
|
|
|
$
|
(5,949
|
)
|
|
$
|
112,296
|
|
Payables to customers
|
$
|
(1,045,270
|
)
|
|
$
|
116,007
|
|
|
$
|
(929,263
|
)
|
|
March 31, 2020
|
||||
|
Total contracts in long positions
|
|
Total contracts in short positions
|
||
Derivative Instruments:
|
|
|
|
||
Foreign currency exchange contracts
|
3,193,529
|
|
|
2,980,498
|
|
CFD contracts
|
75,807
|
|
|
54,415
|
|
Metals contracts
|
187
|
|
|
126
|
|
Total
|
3,269,523
|
|
|
3,035,039
|
|
|
December 31, 2019
|
||||
|
Total contracts in long positions
|
|
Total contracts in short positions
|
||
Derivative Instruments:
|
|
|
|
||
Foreign currency exchange contracts
|
3,418,117
|
|
|
3,342,201
|
|
CFD contracts
|
115,527
|
|
|
23,320
|
|
Metals contracts
|
471
|
|
|
233
|
|
Total
|
3,534,115
|
|
|
3,365,754
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Derivative Instruments:
|
|
|
|
||||
Foreign currency exchange contracts
|
$
|
76,677
|
|
|
$
|
16,137
|
|
CFD contracts
|
83,543
|
|
|
5,938
|
|
||
Metals contracts
|
12,850
|
|
|
2,204
|
|
||
Total
|
$
|
173,070
|
|
|
$
|
24,279
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Required collateral
|
$
|
62,531
|
|
|
$
|
118,245
|
|
Open foreign exchange positions
|
(9,478
|
)
|
|
(5,949
|
)
|
||
Total
|
$
|
53,053
|
|
|
$
|
112,296
|
|
|
March 31, 2020
|
|
December 31, 2019
|
|||||||||||||||||||||
Intangibles
|
Weighted average remaining useful lives
|
Gross
|
|
Accumulated
Amortization |
|
Net
|
|
Gross
|
|
Accumulated
Amortization |
|
Net
|
||||||||||||
Customer lists
|
4.7 years
|
$
|
44,617
|
|
|
$
|
(31,977
|
)
|
|
$
|
12,640
|
|
|
$
|
46,576
|
|
|
$
|
(32,510
|
)
|
|
$
|
14,066
|
|
Technology
|
2.0 years
|
23,208
|
|
|
(16,649
|
)
|
|
6,559
|
|
|
24,626
|
|
|
(16,800
|
)
|
|
7,826
|
|
||||||
Trademarks
|
2.0 years
|
5,932
|
|
|
(4,341
|
)
|
|
1,591
|
|
|
6,298
|
|
|
(4,390
|
)
|
|
1,908
|
|
||||||
Total finite lived intangibles
|
|
73,757
|
|
|
(52,967
|
)
|
|
20,790
|
|
|
77,500
|
|
|
(53,700
|
)
|
|
23,800
|
|
||||||
Trademark not subject to amortization (1)
|
|
363
|
|
|
—
|
|
|
363
|
|
|
363
|
|
|
—
|
|
|
363
|
|
||||||
Total intangibles
|
|
$
|
74,120
|
|
|
$
|
(52,967
|
)
|
|
$
|
21,153
|
|
|
$
|
77,863
|
|
|
$
|
(53,700
|
)
|
|
$
|
24,163
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Liability component - principal
|
$
|
92,000
|
|
|
$
|
150,540
|
|
Deferred bond discount
|
(11,412
|
)
|
|
(13,081
|
)
|
||
Deferred financing cost
|
(254
|
)
|
|
(281
|
)
|
||
Liability component - net carrying value
|
$
|
80,334
|
|
|
$
|
137,178
|
|
|
|
|
|
||||
Additional paid in capital
|
$
|
39,554
|
|
|
$
|
39,554
|
|
Discount attributable to equity
|
(826
|
)
|
|
(826
|
)
|
||
Equity component
|
$
|
38,728
|
|
|
$
|
38,728
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Interest expense - stated coupon rate
|
$
|
1,746
|
|
|
$
|
1,761
|
|
Interest expense - amortization of deferred bond discount and costs
|
1,696
|
|
|
1,571
|
|
||
Total interest expense - convertible senior notes
|
$
|
3,442
|
|
|
$
|
3,332
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net income/(loss)
|
$
|
77,344
|
|
|
$
|
(28,354
|
)
|
|
|
|
|
||||
Weighted average common shares outstanding:
|
|
|
|
||||
Basic weighted average common shares outstanding
|
37,554,579
|
|
|
37,525,073
|
|
||
Effect of dilutive securities:
|
|
|
|
||||
Stock options
|
25,108
|
|
|
—
|
|
||
RSUs
|
6,119
|
|
|
—
|
|
||
Diluted weighted average common shares outstanding
|
37,585,806
|
|
|
37,525,073
|
|
||
|
|
|
|
||||
|
|
|
|
||||
Basic earnings/(loss) per share
|
$
|
2.06
|
|
|
$
|
(0.76
|
)
|
|
|
|
|
||||
Diluted earnings/(loss) per share
|
$
|
2.06
|
|
|
$
|
(0.76
|
)
|
|
|
Three months ended March 31, 2019
|
|
Stock options (1)
|
|
169,981
|
|
RSUs
|
|
90,520
|
|
Total securities excluded from diluted loss per share calculation
|
|
260,501
|
|
(1)
|
During the three months ended March 31, 2020 and 2019, 0.4 million stock options were out of the money and excluded from the computation of diluted loss or earnings per share.
|
Entity Name
|
Minimum
Regulatory Capital Requirements |
|
Capital
Levels Maintained |
|
Excess
Net Capital |
|
Percent of
Requirement Maintained |
|||||||
GAIN Capital Group, LLC
|
$
|
30.9
|
|
|
$
|
61.9
|
|
|
$
|
31.0
|
|
|
200
|
%
|
GAIN Capital Securities, Inc.
|
0.1
|
|
|
0.3
|
|
|
0.2
|
|
|
300
|
%
|
|||
GAIN Capital U.K., Ltd.
|
50.4
|
|
|
167.0
|
|
|
116.6
|
|
|
331
|
%
|
|||
GAIN Capital Japan Co., Ltd.
|
1.2
|
|
|
9.1
|
|
|
7.9
|
|
|
758
|
%
|
|||
GAIN Capital Australia, Pty. Ltd.
|
0.9
|
|
|
5.5
|
|
|
4.6
|
|
|
611
|
%
|
|||
GAIN Global Markets, Inc.
|
0.7
|
|
|
3.3
|
|
|
2.6
|
|
|
471
|
%
|
|||
GAIN Capital-Forex.com Canada, Ltd.
|
0.2
|
|
|
2.0
|
|
|
1.8
|
|
|
1,000
|
%
|
|||
GAIN Capital Singapore Pte., Ltd.
|
3.5
|
|
|
6.8
|
|
|
3.3
|
|
|
194
|
%
|
|||
Trade Facts, Ltd.
|
0.5
|
|
|
3.6
|
|
|
3.1
|
|
|
720
|
%
|
|||
Global Asset Advisors, LLC (1)
|
0.0
|
|
|
1.8
|
|
|
1.8
|
|
|
3,907
|
%
|
|||
Total
|
$
|
88.4
|
|
|
$
|
261.3
|
|
|
$
|
172.9
|
|
|
296
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Retail segment:
|
|
|
|
||||
Net revenue
|
$
|
176,279
|
|
|
$
|
28,159
|
|
|
|
|
|
||||
Employee compensation and benefits
|
14,385
|
|
|
12,992
|
|
||
Selling and marketing
|
6,876
|
|
|
9,953
|
|
||
Referral fees
|
9,450
|
|
|
4,390
|
|
||
Other operating expenses
|
22,123
|
|
|
18,228
|
|
||
Segment profit/(loss)
|
$
|
123,445
|
|
|
$
|
(17,404
|
)
|
|
|
||||||
Futures segment:
|
|
|
|
||||
Net revenue
|
$
|
10,150
|
|
|
$
|
9,410
|
|
|
|
|
|
||||
Employee compensation and benefits
|
2,864
|
|
|
2,164
|
|
||
Selling and marketing
|
236
|
|
|
260
|
|
||
Referral fees
|
3,047
|
|
|
2,708
|
|
||
Other operating expenses
|
3,149
|
|
|
3,221
|
|
||
Segment profit
|
$
|
854
|
|
|
$
|
1,057
|
|
|
|
||||||
Corporate and other:
|
|
|
|
||||
Other revenue
|
$
|
(731
|
)
|
|
$
|
866
|
|
|
|
|
|
||||
Employee compensation and benefits
|
6,917
|
|
|
5,099
|
|
||
Selling and marketing
|
—
|
|
|
11
|
|
||
Other operating expenses
|
2,238
|
|
|
2,905
|
|
||
Loss
|
$
|
(9,886
|
)
|
|
$
|
(7,149
|
)
|
TOTAL SEGMENT PROFIT/(LOSS)
|
$
|
114,413
|
|
|
$
|
(23,496
|
)
|
|
|
|
|
||||
Depreciation and amortization
|
$
|
4,304
|
|
|
$
|
4,250
|
|
Purchased intangible amortization
|
1,808
|
|
|
3,329
|
|
||
Restructuring expenses
|
1,420
|
|
|
—
|
|
||
Transaction costs
|
1,043
|
|
|
—
|
|
||
OPERATING PROFIT/(LOSS)
|
$
|
105,838
|
|
|
$
|
(31,075
|
)
|
Interest expense on long term borrowings
|
3,442
|
|
|
3,332
|
|
||
INCOME/(LOSS) BEFORE INCOME TAX
|
$
|
102,396
|
|
|
$
|
(34,407
|
)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Retail
|
|
|
|
||||
OTC Trading Volume (billions) (1)
|
$
|
748.7
|
|
|
$
|
487.3
|
|
OTC Average Daily Volume (billions)
|
$
|
11.7
|
|
|
$
|
7.7
|
|
12 Month Trailing Active OTC Accounts (2)
|
132,841
|
|
|
120,641
|
|
||
3 Month Trailing Active OTC Accounts (2)
|
87,349
|
|
|
70,051
|
|
||
Client Assets (millions)
|
$
|
597.1
|
|
|
$
|
652.6
|
|
|
|
|
|
||||
Futures
|
|
|
|
||||
Number of Futures Contracts (3)
|
2,042,824
|
|
|
1,755,873
|
|
||
Futures Average Daily Contracts
|
32,949
|
|
|
28,785
|
|
||
12 Month Trailing Active Futures Accounts (2)
|
7,146
|
|
|
7,387
|
|
||
Client Assets (millions)
|
$
|
188.1
|
|
|
$
|
217.1
|
|
(1)
|
US dollar equivalent of notional amounts traded
|
(2)
|
Accounts that executed a transaction during the relevant period
|
(3)
|
Futures contracts represent the total number of contracts transacted by customers of our futures business
|
•
|
overall economic conditions and outlook;
|
•
|
volatility of financial markets;
|
•
|
legislative changes; and
|
•
|
regulatory changes.
|
•
|
the effectiveness of our sales activities;
|
•
|
the competitiveness of our products and services;
|
•
|
the effectiveness of our customer service team; and
|
•
|
the effectiveness of our marketing activities.
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
REVENUE:
|
|
|
|
|
|
|
|
|||||||
Retail revenue
|
$
|
173,070
|
|
|
$
|
24,279
|
|
|
$
|
148,791
|
|
|
612.8
|
%
|
Futures revenue
|
9,386
|
|
|
7,990
|
|
|
1,396
|
|
|
17.5
|
%
|
|||
Other revenue
|
986
|
|
|
2,485
|
|
|
(1,499
|
)
|
|
(60.3
|
)%
|
|||
Total non-interest revenue
|
183,442
|
|
|
34,754
|
|
|
148,688
|
|
|
427.8
|
%
|
|||
Interest revenue
|
2,740
|
|
|
4,294
|
|
|
(1,554
|
)
|
|
(36.2
|
)%
|
|||
Interest expense
|
484
|
|
|
613
|
|
|
(129
|
)
|
|
(21.0
|
)%
|
|||
Total net interest revenue
|
2,256
|
|
|
3,681
|
|
|
(1,425
|
)
|
|
(38.7
|
)%
|
|||
Net revenue
|
$
|
185,698
|
|
|
$
|
38,435
|
|
|
$
|
147,263
|
|
|
383.1
|
%
|
EXPENSES:
|
|
|
|
|
|
|
|
|||||||
Employee compensation and benefits
|
$
|
24,166
|
|
|
$
|
20,255
|
|
|
$
|
3,911
|
|
|
19.3
|
%
|
Selling and marketing
|
7,112
|
|
|
10,224
|
|
|
(3,112
|
)
|
|
(30.4
|
)%
|
|||
Referral fees
|
12,497
|
|
|
7,098
|
|
|
5,399
|
|
|
76.1
|
%
|
|||
Trading expenses
|
4,928
|
|
|
5,480
|
|
|
(552
|
)
|
|
(10.1
|
)%
|
|||
General and administrative
|
13,846
|
|
|
12,756
|
|
|
1,090
|
|
|
8.5
|
%
|
|||
Depreciation and amortization
|
4,304
|
|
|
4,250
|
|
|
54
|
|
|
1.3
|
%
|
|||
Purchased intangible amortization
|
1,808
|
|
|
3,329
|
|
|
(1,521
|
)
|
|
(45.7
|
)%
|
|||
Communications and technology
|
4,523
|
|
|
5,691
|
|
|
(1,168
|
)
|
|
(20.5
|
)%
|
|||
Bad debt provision
|
4,213
|
|
|
427
|
|
|
3,786
|
|
|
n/m
|
|
|||
Restructuring expenses
|
1,420
|
|
|
—
|
|
|
1,420
|
|
|
100.0
|
%
|
|||
Transaction costs
|
1,043
|
|
|
—
|
|
|
1,043
|
|
|
100.0
|
%
|
|||
Total operating expenses
|
$
|
79,860
|
|
|
$
|
69,510
|
|
|
$
|
10,350
|
|
|
14.9
|
%
|
OPERATING PROFIT/(LOSS)
|
105,838
|
|
|
(31,075
|
)
|
|
136,913
|
|
|
440.6
|
%
|
|||
Interest expense on long term borrowings
|
3,442
|
|
|
3,332
|
|
|
110
|
|
|
3.3
|
%
|
|||
INCOME/(LOSS) BEFORE INCOME TAX
|
$
|
102,396
|
|
|
$
|
(34,407
|
)
|
|
$
|
136,803
|
|
|
397.6
|
%
|
Income tax expense/(benefit)
|
25,052
|
|
|
(6,053
|
)
|
|
31,105
|
|
|
513.9
|
%
|
|||
NET INCOME/(LOSS)
|
$
|
77,344
|
|
|
$
|
(28,354
|
)
|
|
$
|
105,698
|
|
|
372.8
|
%
|
|
Three Months Ended March 31,
|
|||||||||||||
|
(amounts in thousands)
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Net Revenue:
|
|
|
|
|
|
|
|
|||||||
Retail segment
|
$
|
176,279
|
|
|
$
|
28,159
|
|
|
$
|
148,120
|
|
|
526.0
|
%
|
Futures segment
|
10,150
|
|
|
9,410
|
|
|
740
|
|
|
7.9
|
%
|
|||
Corporate and other
|
(731
|
)
|
|
866
|
|
|
(1,597
|
)
|
|
(184.4
|
)%
|
|||
Net revenue
|
$
|
185,698
|
|
|
$
|
38,435
|
|
|
$
|
147,263
|
|
|
383.1
|
%
|
|
Three Months Ended March 31,
|
|||||||||||||
|
(amounts in thousands)
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Employee compensation and benefits
|
$
|
24,166
|
|
|
$
|
20,255
|
|
|
$
|
3,911
|
|
|
19.3
|
%
|
Selling and marketing
|
7,112
|
|
|
10,224
|
|
|
(3,112
|
)
|
|
(30.4
|
)%
|
|||
Referral fees
|
12,497
|
|
|
7,098
|
|
|
5,399
|
|
|
76.1
|
%
|
|||
Trading expenses
|
4,928
|
|
|
5,480
|
|
|
(552
|
)
|
|
(10.1
|
)%
|
|||
General and administrative
|
13,846
|
|
|
12,756
|
|
|
1,090
|
|
|
8.5
|
%
|
|||
Depreciation and amortization
|
4,304
|
|
|
4,250
|
|
|
54
|
|
|
1.3
|
%
|
|||
Purchased intangible amortization
|
1,808
|
|
|
3,329
|
|
|
(1,521
|
)
|
|
(45.7
|
)%
|
|||
Communications and technology
|
4,523
|
|
|
5,691
|
|
|
(1,168
|
)
|
|
(20.5
|
)%
|
|||
Bad debt provision
|
4,213
|
|
|
427
|
|
|
3,786
|
|
|
NM
|
|
|||
Restructuring expenses
|
1,420
|
|
|
—
|
|
|
1,420
|
|
|
100.0
|
%
|
|||
Transaction costs
|
1,043
|
|
|
—
|
|
|
1,043
|
|
|
100.0
|
%
|
|||
Total operating expenses
|
$
|
79,860
|
|
|
$
|
69,510
|
|
|
$
|
10,350
|
|
|
14.9
|
%
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Net revenue
|
$
|
176,279
|
|
|
$
|
28,159
|
|
|
$
|
148,120
|
|
|
526.0
|
%
|
|
|
|
|
|
|
|
|
|||||||
Employee compensation and benefits
|
14,385
|
|
|
12,992
|
|
|
1,393
|
|
|
10.7
|
%
|
|||
Selling and marketing
|
6,876
|
|
|
9,953
|
|
|
(3,077
|
)
|
|
(30.9
|
)%
|
|||
Referral fees
|
9,450
|
|
|
4,390
|
|
|
5,060
|
|
|
115.3
|
%
|
|||
Other operating expenses
|
22,123
|
|
|
18,228
|
|
|
3,895
|
|
|
21.4
|
%
|
|||
Segment profit
|
$
|
123,445
|
|
|
$
|
(17,404
|
)
|
|
$
|
140,849
|
|
|
(809.3
|
)%
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Net revenue
|
$
|
10,150
|
|
|
$
|
9,410
|
|
|
$
|
740
|
|
|
7.9
|
%
|
|
|
|
|
|
|
|
|
|||||||
Employee compensation and benefits
|
2,864
|
|
|
2,164
|
|
|
700
|
|
|
32.3
|
%
|
|||
Selling and marketing
|
236
|
|
|
260
|
|
|
(24
|
)
|
|
(9.2
|
)%
|
|||
Referral fees
|
3,047
|
|
|
2,708
|
|
|
339
|
|
|
12.5
|
%
|
|||
Other operating expenses
|
3,149
|
|
|
3,221
|
|
|
(72
|
)
|
|
(2.2
|
)%
|
|||
Segment profit
|
$
|
854
|
|
|
$
|
1,057
|
|
|
$
|
(203
|
)
|
|
(19.2
|
)%
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Other loss
|
$
|
(731
|
)
|
|
$
|
866
|
|
|
$
|
(1,597
|
)
|
|
(184.4
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Employee compensation and benefits
|
6,917
|
|
|
5,099
|
|
|
1,818
|
|
|
35.7
|
%
|
|||
Selling and marketing
|
—
|
|
|
11
|
|
|
(11
|
)
|
|
(100.0
|
)%
|
|||
Other operating expenses
|
2,238
|
|
|
2,905
|
|
|
(667
|
)
|
|
(23.0
|
)%
|
|||
Loss
|
$
|
(9,886
|
)
|
|
$
|
(7,149
|
)
|
|
$
|
(2,737
|
)
|
|
(38.3
|
)%
|
Entity Name
|
Minimum
Regulatory Capital Requirements |
|
Capital
Levels Maintained |
|
Excess
Net Capital |
||||||
GAIN Capital Group, LLC
|
$
|
30.9
|
|
|
$
|
61.9
|
|
|
$
|
31.0
|
|
GAIN Capital Securities, Inc.
|
0.1
|
|
|
0.3
|
|
|
0.2
|
|
|||
GAIN Capital U.K., Ltd.
|
50.4
|
|
|
167.0
|
|
|
116.6
|
|
|||
GAIN Capital Japan Co., Ltd.
|
1.2
|
|
|
9.1
|
|
|
7.9
|
|
|||
GAIN Capital Australia, Pty. Ltd.
|
0.9
|
|
|
5.5
|
|
|
4.6
|
|
|||
GAIN Global Markets, Inc.
|
0.7
|
|
|
3.3
|
|
|
2.6
|
|
|||
GAIN Capital-Forex.com Canada, Ltd.
|
0.2
|
|
|
2.0
|
|
|
1.8
|
|
|||
GAIN Capital Singapore Pte., Ltd.
|
3.5
|
|
|
6.8
|
|
|
3.3
|
|
|||
Trade Facts, Ltd.
|
0.5
|
|
|
3.6
|
|
|
3.1
|
|
|||
Global Asset Advisors, LLC (1)
|
0.0
|
|
|
1.8
|
|
|
1.8
|
|
|||
Total
|
$
|
88.4
|
|
|
$
|
261.3
|
|
|
$
|
172.9
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net cash provided by/(used in) operating activities
|
$
|
59,409
|
|
|
$
|
(22,919
|
)
|
Net cash used in investing activities
|
(4,238
|
)
|
|
(5,548
|
)
|
||
Net cash used in financing activities
|
(60,811
|
)
|
|
(6,455
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(34,127
|
)
|
|
11,068
|
|
||
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
$
|
(39,767
|
)
|
|
$
|
(23,854
|
)
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
Exhibit No.
|
Description
|
|||
2.1
|
Agreement and Plan of Merger by and among GAIN Capital Holdings, Inc., INTL FCStone Inc. and Golf Merger Sub I Inc., dated as of February 26, 2020 (incorporated herein by reference to Exhibit 2.1 of the registrants Current Report on Form 8-K filed on February 27, 2020, No. 001-35008)
|
|||
4.1
|
Amendment No. 3 to Rights Agreement by and between GAIN Capital Holdings, Inc. and Broadridge Corporate Issuer Solutions, Inc., dated as of February 26, 2020 (incorporated herein by reference to Exhibit 4.1 of the registrants Current Report on form 8-K filed on February 27, 2020, No. 001-35008).
|
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31.1
|
||||
31.2
|
||||
32.1
|
||||
32.2
|
||||
101.SCH
|
XBRL Taxonomy Extension Schema
|
|||
101.CAL
|
XBRL Taxonomy Extension Calculation
|
|||
101.DEF
|
XBRL Taxonomy Extension Definition
|
|||
101.LAB
|
XBRL Taxonomy Extension Labels
|
|||
101.PRE
|
XBRL Taxonomy Extension Presentation
|
*
|
Filed herewith.
|
|||
†
|
Compensation related contract.
|
|
|
GAIN Capital Holding, Inc.
|
|
|
|
Date: May 13, 2020
|
|
/s/ Glenn H. Stevens
|
|
|
Glenn H. Stevens
|
|
|
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
|
|
|
Date: May 13, 2020
|
|
/s/ Nigel Rose
|
|
|
Nigel Rose
|
|
|
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
1 Year GAIN Capital Chart |
1 Month GAIN Capital Chart |
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