On October 8th CMS Forex notified all of their retail clients that they will no longer be servicing the accounts of their retail client base. All clients will be transferred to Gain Capital. Does this move signal the beginning consolidation in the Retail Forex Industry? The jury is still out on whether this is good or bad for the Forex industry but one thing is for sure, new regulations have shaken things up.
Letter sent to CMS Forex Clients:
OCTOBER 8, 2010 Dear XXXXX,
This letter is to notify you that Capital Market Services LLC (“CMS Forex”) will cease providing Foreign Exchange trading services to retail customers, effective October 15, 2010. In an effort to provide the highest quality of service to our existing customers, we have made arrangements to transfer the custody and clearing of your account to GAIN Capital Group, LLC (“FOREX.com”).