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Abstract
In an interview, Glenn Stevens, chief executive, Gain Capital, talked about the changing nature of retail foreign exchange, the advent of tighter leverage limits in the US and Japan, and Gain Capital's recent acquisition of dbFX from Deutsche Bank. He had worked in FX at Bankers' Trust and then in senior management roles across sales, options and money markets. In late 1999 he teamed up with others to get Gain Capital started and focus more on the growing retail FX market. As chief executive, part of his role is to keep his head out of the weeds to see what macro trends are occurring globally. The carry trade is what is hurt most by leverage cuts -- it will be challenged to some degree because a customer will no longer be able to achieve such a high return on their notional. FX is perfectly mated to a fluid dynamic like mobile trading.