Gekko Global Markets Announcement CHANGE IN COMPANY OWNERSHIP

[tar]

I recived this by email :

(( Dear Customer

We are delighted to inform you that as of the close of business on 7th August 2009, a letter of intent has been signed by SYCAP Group AB, the current 50% owner and the platform technology provider for Gekko Global Markets Ltd, to acquire 100% ownership of Gekko Global Markets Ltd's share capital, subject to the Financial Services Authority's approval.

The principal shareholder and the CEO of SYCAP Group AB is Mr John Rowe, who was formerly the 100% owner of London Capital Group Ltd, and its main trading brand Capital Spreads, between 1995 and 2005. Mr Rowe is also currently the CEO of Gekko Global Markets Ltd.

SYCAP Group AB was founded in 1998 and has a long tradition of being innovative on the technology front. Its principal business is to develop and license software for both the institutional and retail financial services industry. SYCAP Group develops all its proprietary software in-house.

We are excited about this change in company ownership and we look forward to providing you with an even better trading service under Mr Rowe's continuous leadership.

Yours truly
Gekko Global Markets Management ))

 

[Jack Hughes]

Perhaps now they could think of a better name for the company? Wonder if they have any customers left, though...

 

[PualoP]

Yeah, rumours going around that Van Der Moolen (previous owners) are about to go bust.....

 

[gle101]

Yes, hopefully we can look forward to better service and spread. I hope they will honor the colors of my country, now being 100% owned by a Swedish company.

 

[2be]

Yes, hopefully we can look forward to better service and spread. I hope they will honor the colors of my country, now being 100% owned by a Swedish company.

I thought that it has been owned by a Swedish bank to start with.
http://www.sycapgroup.com/history.aspx
Both entities have been working together already, and I wander what this change might mean. Hope it is not another Refco scenario.

 

[gle101]

I thought that it has been owned by a Swedish bank to start with.

Yes, that was before VDM came into the picture, it was owned 100 % by the Swedish company (Syscap Group AB) iflexsmarkets.com. I have never had any problem with them whatsoever.

 

[2be]

Yes, that was before VDM came into the picture, it was owned by the Swedish company (Syscap AB) iflexsmarkets.com. I have never had any problem with them whatsoever.

Is it likely that the service will improve.
I went with them, because I like Sweden and have many very good friends spread around this beautiful country.
They have been some serious delays in execution lately, resulting in some loss of potential profits, but one has to live with it, I suppose.
It would be great if the execution would become faster.

 

[gle101]

Is it likely that the service will improve.
I went with them, because I like Sweden and have many very good friends spread around this beautiful country.
They have been some serious delays in execution lately, resulting in some loss of potential profits, but one has to live with it, I suppose.
It would be great if the execution would become faster.

Very nice of you to promote my country.

The servers being located here in Sweden, the execution is very fast. I noticed from today they offer better spread on the DAX and FTSE. Hopefully, they will make it permanent.

 

[Jack Hughes]

Platform improvements and a less silly name would be welcome, but I've already given up on them, and the omens aren't good if the company is now in the control of CS's former boss! btw. the spreads look the same to me?

 

[gle101]

Mr John Rowe, being the former owner of Capitalspreads. I hope by he being the CEO of the company can avoid all the mistake done by Capitalspreads in the recent years.

 

[gle101]

Platform improvements and a less silly name would be welcome, but I've already given up on them, and the omens aren't good if the company is now in the control of CS's former boss! btw. the spreads look the same to me?

I see it the other way around, it is very good to have such a well known name in the company. I just double checked, the spread is definitely better on the DAX, also on the FTSE it seems to be slightly better.

 

[Jack Hughes]

I see it the other way around, it is very good to have such a well known name in the company. I just double checked, the spread is definitely better on the DAX, also on the FTSE it seems to be slightly better.

Doesn't matter about the spread you see if they always slip you.

 

[gle101]

Doesn't matter about the spread you see if they always slip you.

I have not had problems with slippage trading the indices, apprently this have been the case with some traders. Of course I am careful not trading on the news.

 

[gle101]

Doesn't matter about the spread you see if they always slip you.

You say they always slip you, what instrument do you trade? Could it be there is more problem with FX?

 

[Jack Hughes]

You say they always slip you, what instrument do you trade? Could it be there is more problem with FX?

No, I said, 'if'. My experience is that they were fine at first but have gradually introduced 'designer slippage', particularly on shares.

 

[Umbrella]

Just saw some old posts and realise this company used to run 1:1 match deposit offers? was it real cash you can take out?

 

[gle101]

No, I said, 'if'. My experience is that they were fine at first but have gradually introduced 'designer slippage', particularly on shares.

Yes this is a major difference. No really, we'll se if things get better trading with them from now on. They do not not give a re-quote, so this increases the chances of slippage. On the other hand they have a variable spread, at least on the indices, and should execute on the price given (real network latency an exception).

 

[2be]

New Terms and condition

The clause in section 22 is not acceptable to me, as there clearly is no guarantee for the deposited and earned money of a clients Account. This is how I do understand it. I cannot agree to take such risk in accordance with the 22.1.2 and 22.1.3 clause, described so imprecisely, with one thing being clear, that my funds may be kept by a bank or a third party outside of the UK or outside of EEA, offering no statutionary protection. ATM without agreeing to these terms, I cannot log in to my acc, yet I cannot agree to this term/s. As it stands my account with Gekko is not accesible, and it is likely to be closed.

 

[gle101]

The clause in section 22 is not acceptable to me, as there clearly is no guarantee for the deposited and earned money of a clients Account. This is how I do understand it. I cannot agree to take such risk in accordance with the 22.1.2 and 22.1.3 clause, described so imprecisely, with one thing being clear, that my funds may be kept by a bank or a third party outside of the UK or outside of EEA, offering no statutionary protection. ATM without agreeing to these terms, I cannot log in to my acc, yet I cannot agree to this term/s. As it stands my account with Gekko is not accesible, and it is likely to be closed.

I will have to look into it, but previously my account was segregated "ring fenced" in a Swedish bank. If this is still the case the funds are secure as they are under Swedish financial jurisdiction.

 

[Jack Hughes]

The clause in section 22 is not acceptable to me, as there clearly is no guarantee for the deposited and earned money of a clients Account. This is how I do understand it. I cannot agree to take such risk in accordance with the 22.1.2 and 22.1.3 clause, described so imprecisely, with one thing being clear, that my funds may be kept by a bank or a third party outside of the UK or outside of EEA, offering no statutionary protection. ATM without agreeing to these terms, I cannot log in to my acc, yet I cannot agree to this term/s. As it stands my account with Gekko is not accesible, and it is likely to be closed.

Click 'disagree' and you can still access your account.