Davis Polk advised GAIN Capital Holdings, Inc. on its acquisition of certain assets of dbFX, Deutsche Bank AG’s retail foreign exchange trading business. GAIN Capital will make certain payments to Deutsche Bank based on contract volume generated by transferring customers, subject to a specified minimum payment. Deutsche Bank will also refer retail forex clients to GAIN Capital over a two-year period.

Bedminster, New Jersey-based GAIN Capital offers innovative trading technology and provides market access and highly automated trade execution services across multiple asset classes, including foreign exchange, contracts for difference and exchange-based products, to a diverse client base of retail and institutional investors. dbFX provides retail foreign exchange trading services, including pricing, research and execution to individuals and small institutions.

The Davis Polk corporate team included partner Leonard Kreynin and associate Tyler B. Carson. Partner Michael Mollerus provided tax advice. Partner Arnaud Pérès and associate Thomas Bourdeaut provided EU regulatory advice. Members of the Davis Polk team are based in the New York and Paris offices.