We are writing to inform you that Deutsche Bank will no longer be providing dbFX, its foreign exchange trading product for individuals and small institutions. This will take effect on Friday, 13 May, 2011.
So that you can continue to trade FX without any interruption dbFX has made arrangements that will allow you to move your account to FOREX.com, one of the largest providers of retail foreign exchange in the market. FOREX.com is a division of GAIN Capital Holdings Inc (“GAIN Capital”), a publicly traded company listed on the New York Stock Exchange (NYSE: GCAP). By migrating your account to FOREX.com, you will continue to exclusively receive the market-leading research produced by Deutsche Bank for a period of one year. We have established a process for the migration of your trading account to FOREX.com. If you consent to the transfer, dbFX will arrange for your trading positions and account balances to be transferred on Friday 13 May 2011 so that there is no disruption to your trading activity. In order to consent to the transfer, you are required to click on the ‘I consent’ button below by 5:00 pm New York time on 6 May 2011.
Opening a new account with FOREX.com. By clicking on the button below you are consenting to:
1. dbFX closing any positions you have open at 4pm New York time on 13 May 2011 at the Bloomberg mid rate*
2. dbFX wire transferring your cash balances to GAIN Capital.
3. dbFX providing your account data, including open trade positions and information in your dbFX account application, to GAIN Capital for account opening purposes.
*Your positions will be netted and re-established at the Bloomberg mid-rate in the FOREX.com trading system to enable seamless trading. The resulting action will have no impact on the equity in your account. Any gains or losses on open positions will be realised when your positions are closed in the dbFX system**. In addition, open orders will need to be re-established on FOREX.com’s trading platform.
Please note your dbFX client agreement will not be transferred to FOREX.com. Upon clicking on the consent button you will be taken to FOREX.com’s website where you can complete the consent process by accepting FOREX.com’s terms and conditions.
FOREX.com and GAIN Capital are not divisions or affiliates of Deutsche Bank AG. In addition, Deutsche Bank does not guarantee the performance of FOREX.com’s or GAIN Capital’s obligations or warrant the performance of its trading platform.
If you do not consent to having your account transitioned to FOREX.com, you will not be able to trade after 4pm on Friday 13 May 2011 and your account will be closed. Any open positions will be closed at the applicable dbFX rate at that time. After your account has been closed you will be required to take the following steps:
1. Contact the dbFX client services team to request a Funds Withdrawal Form.
2. Complete the Funds Withdrawal Form including providing payment instructions (if these are different to those previously provided it will be necessary for us to verify these instructions).
3. Sign the Funds Withdrawal Form (physical signature required, electronic signatures are not accepted)
4. Fax the Funds Withdrawal Form to dbFX client services on 001-212-710-9001
Please visit our frequently asked questions page if you require additional information on this process.
The dbFX team
Email: email@example.com **For further information as regards the tax implications arising from migrating your account from the dbFX system to FOREX.com, you are advised to consult your own independent tax adviser. Nothing in this letter should be construed as tax advice provided by Deutsche Bank or any other party.
About GAIN Capital (FOREX.com UK)
GAIN Capital (FOREX.com UK) is authorized and regulated by the Financial Services Authority (FSA NO. 190864). For further information about GAIN Capital (FOREX.com UK), please contact:
FOREX.com UK Headquarters
23 College Hill, 3rd Floor
London EC4R 2RT
Int: +44 (0) 20 7429 7942
Freephone: 0800 032 1948
dbFX offers to provide assistance to customers for the account transfer to GAIN Capital (FOREX.com UK) at no cost to the customers. In doing so, GAIN Capital (FOREX.com UK) is not responsible for any losses, claims, liabilities, expenses, damages incurred in connection with the account transfer. Following the account transfer, Deutsche Bank AG, London will no longer be the counterparty to your trades and/or positions and will therefore no longer service your account. GAIN Capital (FOREX.com UK) will be the new counterparty to your trades and/or positions and will service your account going forward.