NEW YORK and JOHANNESBURG, June 10 /PRNewswire/ -- Standard Bank Group Limited ("SBSA"), the largest South African banking group ranked by assets and earnings, and GAIN Capital Holdings, Inc., a leading global provider of online trading services, have partnered to launch a collateralized foreign exchange trading service, Standard FX Trader. Based on GAIN's award-winning retail trading technology, Standard FX Trader marks the first time a broad based retail forex offering will be made available by a South African bank.
Richard de Roos, Director & Head of Foreign Exchange, Global Markets, Standard Bank said:
"For over 140 years Standard Bank has played a key role in the development of the South African economy by providing banking and financial services for the community. We are delighted to be able to work with GAIN Capital to extend our existing suite of electronic forex offerings by providing a new offering to our retail customers – greater access to trade forex, the most liquid and actively traded market in the world."
Glenn Stevens, CEO at GAIN Capital added:
"We are especially pleased to announce our partnership with Standard Bank, which represents GAIN's first white label partnership with a major financial institution in the region. Together, we have brought to market what we feel is an exceptionally compelling offering, combining GAIN's proven trading technology and experience in retail FX with Standard Bank's leading position and expertise in trading in global markets as well as their solid reputation serving clients in South Africa, the African continent and other key emerging markets."
SBSA's offering is designed to offer forex traders in its countries of representation with a differentiating service from a trusted provider. It will provide 24-hour trading in 38 of the world's major currencies as well as spot gold and silver, advanced trading tools, and access to daily and weekly research from a global team of economists and technical analysts. For traders new to the forex market, Standard Bark will host complimentary educational seminars and will have online tutorials and other educational resources available on its new website.
For access to the new service go to: www.standardbank.co.za/standardfxtrader
About Standard Bank Group
Standard Bank Group is a global emerging markets bank with African roots, headquartered in South Africa with a December year-end. Ranked the largest bank in Africa by assets of approximately $181 billion at 31 December 2009 and employing more than 50 000 employees worldwide.
A full service bank established 147 years ago, with extensive operations in 17 African countries and 16 countries outside the African continent. Providing banking services in Personal & Business Banking, Corporate & Investment Banking and Wealth.
In recent years, Standard Bank has concluded a number of key acquisitions in Argentina, Kenya, Nigeria and Turkey and most recently a minority stake in Troika Dialog in Russia, to further consolidate our position in targeted geographic markets that are strategically important to our growth strategy.
The Industrial & Commercial Bank of China Ltd (ICBC) bought a 20% strategic shareholding in Standard Bank Group in March 2008 for $5,5 billion. The cooperation between Standard Bank and ICBC established a gateway between Africa and China, accelerating the Bank's International strategy and providing support for the bank's next phase of growth.
The bank's long-term ratings are: Moody's A3, Standard & Poor's BBBpi, Fitch Ratings BBB+. The South African sovereign ratings are: Moody's A3, Standard & Poor's BBB+, Fitch Ratings BBB+.
Standard Bank's growing global presence, strong capital base and client franchise in key emerging markets position the bank well for sustainable growth and returns.
About GAIN Capital
GAIN Capital Holdings, Inc. is a global provider of online trading services, specializing in foreign exchange (forex or FX) and contracts for difference (CFDs). Customers and trading partners in more than 140 countries have utilized the company's award-winning trading platform which transacts nearly $250 billion per month.
A pioneer in online trading services, GAIN Capital provides execution, clearing, custody and technology products and services to an institutional client base including asset managers, broker/dealers and other financial services firms. GAIN also operates FOREX.com, one of the largest and best-known brands in the retail forex industry.
With offices in New York City; Bedminster, New Jersey; London; Sydney; Hong Kong; Tokyo; and Seoul, GAIN Capital and its affiliates are regulated by the Commodity Futures Trading Commission (CFTC) in the United States, the Financial Services Authority (FSA) in the United Kingdom, the Financial Services Authority (FSA) in Japan, the Securities and Futures Commission (SFC) in Hong Kong, and the Australian Securities and Investments Commission (ASIC) in Australia.
GAIN's investor group includes private equity firms 3i, VantagePoint Venture Partners, Tudor Ventures, Edison Venture Fund and Cross Atlantic Capital Partners.
SOURCE GAIN Capital Holdings, Inc.