GAIN Capital 10-K 16 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Mar. 09, 2020	Jun. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	GAIN Capital Holdings, Inc.
Entity Central Index Key	0001444363
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 93.4
Entity Common Stock, Shares Outstanding		37,505,756

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS:
Cash and cash equivalents	$ 190,072	$ 278,850
Cash and securities held for customers	929,263	842,478
Receivables from brokers	112,296	84,271
Property and equipment, net	30,563	30,579
Intangible assets, net	24,163	32,195
Goodwill	0	27,820
Other assets	64,012	36,355
Total assets	1,350,369	1,332,548
Liabilities
Payables to customers	929,263	842,478
Payables to brokers	0	1,635
Accrued compensation and benefits	5,462	11,227
Accrued expenses and other liabilities	43,129	41,562
Income tax payable	638	5,764
Convertible senior notes	137,178	132,109
Total liabilities	1,115,670	1,034,775
Commitments and contingent liabilities
Shareholders’ equity
Common stock ($0.00001 par value; 120 million shares authorized; 55.3 million shares issued and 37.5 million shares outstanding as of December 31, 2019; 54.5 million shares issued and 37.8 million shares outstanding as of December 31, 2018)	0	0
Additional paid-in capital	249,111	243,216
Treasury stock, at cost (17.8 million shares at December 31, 2019 and 16.7 million at December 31, 2018, respectively)	(127,517)	(120,516)
Retained earnings	134,752	204,483
Accumulated other comprehensive loss	(21,647)	(29,410)
Total shareholders’ equity	234,699	297,773
Total liabilities and shareholders’ equity	$ 1,350,369	$ 1,332,548

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	55,300,000	54,500,000
Common stock, shares outstanding (in shares)	37,500,000	37,800,000
Treasury stock, shares (in shares)	17,800,000	16,700,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
REVENUE:
Non-interest revenue	$ 219,659,000	$ 347,317,000
Interest revenue	16,598,000	12,503,000
Interest expense	2,325,000	1,863,000
Total net interest revenue	14,273,000	10,640,000
Net revenue	233,932,000	357,957,000
EXPENSES:
Employee compensation and benefits	78,126,000	89,070,000
Selling and marketing	38,395,000	36,460,000
Referral fees	29,305,000	40,026,000
Trading expenses	20,790,000	22,899,000
General and administrative	50,605,000	55,239,000
Depreciation and amortization	17,086,000	19,654,000
Purchased intangible amortization	8,811,000	14,171,000
Communications and technology	19,504,000	21,961,000
Bad debt provision	2,024,000	2,508,000
Restructuring expenses	1,274,000	762,000
Legal settlement	0	5,306,000
Goodwill impairment	28,098,000	0
Impairment of investment	0	(130,000)
Total operating expense	294,018,000	307,926,000
OPERATING (LOSS)/PROFIT	(60,086,000)	50,031,000
Interest expense on long term borrowings	13,544,000	13,540,000
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE	(73,630,000)	36,491,000
Income tax (benefit)/expense	(12,869,000)	8,514,000
NET (LOSS)/INCOME FROM CONTINUING OPERATIONS	(60,761,000)	27,977,000
Income from discontinued operations	0	65,649,000
NET (LOSS)/INCOME	(60,761,000)	93,626,000
Net income attributable to non-controlling interest	0	737,000
NET (LOSS)/INCOME APPLICABLE TO GAIN CAPITAL HOLDINGS, INC.	(60,761,000)	92,889,000
Other comprehensive income/(loss):
Foreign currency translation adjustment	7,763,000	(13,740,000)
COMPREHENSIVE (LOSS)/INCOME APPLICABLE TO GAIN CAPITAL HOLDINGS, INC.	$ (52,998,000)	$ 79,149,000
Basic (loss)/earnings from continuing operations per share (in dollars per share)	$ (1.63)	$ 0.60
Basic (loss)/earnings per share (in dollars per share)	(1.63)	2.11
Diluted (loss)/earnings from continuing operations per share (in dollars per share)	(1.63)	0.60
Diluted (loss)/earnings per share (in dollars per share)	$ (1.63)	$ 2.08
Basic weighted average common shares outstanding (in shares)	37,388,984	43,731,881
Diluted weighted average common shares outstanding (in shares)	37,388,984	44,189,324
Retail revenue
REVENUE:
Non-interest revenue	$ 177,727,000	$ 300,206,000
Futures revenue
REVENUE:
Non-interest revenue	34,791,000	39,705,000
Other revenue
REVENUE:
Non-interest revenue	$ 7,141,000	$ 7,406,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
BEGINNING BALANCE (in shares) at Dec. 31, 2017		45,152,299
BEGINNING BALANCE at Dec. 31, 2017	$ 285,748		$ (56,927)	$ 235,659	$ 122,686	$ (15,670)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss applicable to GAIN Capital Holdings, Inc.	92,889
Issuance of common stock for the employee stock purchase plan (in shares)		74,204
Adjustment to the redemption value of put options related to non-controlling interests	(816)
ENDING BALANCE (in shares) at Dec. 31, 2018		37,821,686
ENDING BALANCE at Dec. 31, 2018	297,773		(120,516)	243,216	204,483	(29,410)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss applicable to GAIN Capital Holdings, Inc.	$ (60,761)				(60,761)
Exercise of options (in shares)	73,000	73,442
Exercise of options	$ 281			281
Conversion of restricted stock into common stock (in shares)		617,790
Issuance of common stock for the employee stock purchase plan (in shares)		101,260
Issuance of common stock for the employee stock purchase plan	414			414
Purchase of treasury stock (in shares)		(1,129,902)
Purchase of treasury stock	(7,001)		(7,001)	0
Share-based compensation	5,052			5,052
Repurchase of convertible notes	148			148
Adjustment to the redemption value of put options related to non-controlling interests	0
Dividends declared	(8,970)				(8,970)
Foreign currency translation adjustment	7,763					7,763
ENDING BALANCE (in shares) at Dec. 31, 2019		37,484,276
ENDING BALANCE at Dec. 31, 2019	$ 234,699		$ (127,517)	$ 249,111	$ 134,752	$ (21,647)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (60,761,000)	$ 93,626,000
Adjustments to reconcile net (loss)/income to cash provided by/(used in) by operating activities
Loss on foreign currency exchange rates	272,000	2,362,000
Depreciation and amortization	25,897,000	35,107,000
Deferred tax benefit	(12,060,000)	(2,815,000)
Amortization of deferred financing costs	597,000	648,000
Bad debt provision	2,024,000	2,508,000
Convertible senior notes discount amortization	5,902,000	5,590,000
Share-based compensation	5,052,000	6,038,000
Goodwill impairment	28,098,000	0
Loss on disposal of fixed assets	0	1,332,000
Gain on sale of GTX	0	(69,292,000)
Amortization of right of use asset	2,914,000	0
Changes in operating assets and liabilities:
Securities held for customers	98,170,000	(103,781,000)
Receivables from brokers	(23,024,000)	(8,411,000)
Payables to brokers	(1,635,000)	(972,000)
Other assets	(497,000)	6,267,000
Payables to customers	77,879,000	(109,957,000)
Accrued compensation and benefits	(5,849,000)	(1,117,000)
Accrued expenses and other liabilities	(11,580,000)	7,548,000
Income tax payable	(3,886,000)	6,975,000
Lease liability	(2,747,000)	0
Net cash provided by/(used in) operating activities	124,766,000	(129,274,000)
Cash provided by/(used) in operating activities - continuing operations	124,766,000	(147,884,000)
Cash provided by operating activities - discontinued operations	0	18,610,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(16,235,000)	(14,745,000)
Purchase of partial interest of GAA/TT	2,422,000	2,906,000
Proceeds from sale of GTX	0	96,519,000
Net cash (used in)/provided by investing activities	(18,657,000)	78,868,000
Cash used in investing activities - continuing operations	(18,657,000)	(16,806,000)
Cash provided by investing activities - discontinued operations	0	95,674,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	281,000	1,004,000
Proceeds from employee stock purchase plan	414,000	515,000
Purchase of treasury stock	(7,001,000)	(63,589,000)
Dividend payments	(8,970,000)	(10,276,000)
Distributions to non-controlling interest holders	0	(634,000)
Maturity and repurchase of convertible notes	(1,299,000)	(6,350,000)
Net cash used in financing activities	(16,575,000)	(79,330,000)
Effect of exchange rate changes on cash and cash equivalents	6,643,000	(42,164,000)
NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	96,177,000	(171,900,000)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of year	1,016,616,000	1,188,516,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of year	1,112,793,000	1,016,616,000	$ 1,188,516,000
Cash and cash equivalents				$ 190,072,000	$ 278,850,000
Cash and cash equivalents held for customers				922,721,000	737,766,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of year	1,112,793,000	1,016,616,000	1,188,516,000	$ 1,112,793,000	$ 1,016,616,000
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
Interest	9,182,000	9,111,000
Income taxes	9,384,000	8,648,000
Adjustment to the redemption value of put options related to non-controlling interests	$ 0	$ (816,000)	$ (816,000)

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION GAIN Capital Holdings, Inc. (together with its subsidiaries, the “Company”), is a Delaware corporation formed and incorporated on March 24, 2006. The Company is a global provider of trading services and solutions, specializing in over-the-counter ("OTC"), and exchange-traded markets. The Company operates its business in two segments: retail and futures. Through its retail segment, the Company provides its customers around the world with access to a diverse range of global financial markets, including spot forex, precious metals, spread bets, and contracts for difference ("CFDs"), on currencies, commodities, indices, individual equities, cryptocurrencies, bonds and interest rate products, as well as OTC options. The Company’s futures segment offers execution and risk management services for exchange-traded products on major U.S. and European exchanges, including Bitcoin. For more information about the Company’s segments, please refer to Note 23 .

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation The Company's consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and other subsidiaries in which the Company holds a controlling financial interest. All intercompany transactions and balances are eliminated in consolidation. Sale of GTX ECN Business On June 29, 2018, the Company completed the sale of its GTX ECN business, which previously comprised the Company's institutional segment, to Deutsche Börse Group via its FX unit, 360T, for a total purchase price of $100 million less a working capital adjustment which amounted to a $0.2 million reduction in the purchase price. The Company determined that the institutional segment met the discontinued operations criteria set forth in Accounting Standards Codification (“ASC”) Subtopic 205-20-45, Presentation of Financial Statements , in the quarter ended June 30, 2018. As such, the institutional segment results have been classified as discontinued operations in the accompanying Consolidated Statement of Operations and Comprehensive Income for the year ended December 31, 2018. For more information relating to the discontinued operations of the Company's GTX ECN business, please see Note 3 . Use of Estimates Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, as well as the reported amounts of revenue and expenses during the reporting period. For the year ended December 31, 2019 , the Company revised its estimated fair value for Goodwill , resulting in the Company impairing the entire amount of Goodwill . Estimates, by their nature, are based on judgment and available information about current events and expectations about actions undertaken in the future. Actual results could differ materially from estimates. Revenue Recognition Revenue is recognized in accordance with guidance set forth in ASC 606, Revenues from Contracts with Customers . The Company primarily generates revenue through market making and by providing trading execution services for its clients. The Company categorizes revenue as Retail revenue , Futures revenue, Other revenue or Net interest revenue . Retail revenue is the Company’s largest source of revenue. Retail revenue comprises trading revenue from the retail OTC business and advisory business. OTC trading includes forex trading (“forex”), precious metals trading, CFDs and spread-betting (in markets which do not prohibit such transactions), as well as other financial products. Gains or losses are realized when customer transactions are liquidated. Unrealized gains or losses on trading positions are revalued at prevailing market rates at the date of the balance sheet and are included in Receivables from brokers, Payables to customers, and Payables to brokers on the Consolidated Balance Sheets. Changes in net unrealized gains or losses are recorded in Retail revenue on the Consolidated Statements of Operations and Comprehensive (Loss)/Income. Retail revenue is recorded on a trade date basis. Futures revenue consists of revenue from the Company’s futures business, which offers exchange-based trading execution services, focusing on the indices, agricultural hedging, and commodities sectors. Revenues in this business are generated through commissions, which are earned for executing customer trades. These revenues are booked on a trade date basis. The Company acts as an agent with respect to clearing trades, but is a principal with respect to fees paid to introducing brokers in its futures business. The Company does not assume any market risk with respect to customer trades in this business. Other revenue primarily comprises account management and transaction fees, inactivity, training fees charged to customer accounts, and receipt of class action settlements, as well as foreign currency transaction gains and losses. Net interest revenue consists primarily of the revenue generated by the Company's cash and customer cash held at banks, as well as funds on deposit as collateral with the Company's liquidity providers, less interest paid to the Company's customers. Interest revenue and interest expense are recorded when earned and incurred, respectively. Cash and cash equivalents The Company considers all highly liquid investments with maturity of 90 days or less at the time of acquisition to be cash equivalents. The Company’s cash equivalents consist of U.S. treasury bills and money market accounts, all of which are recorded at fair value. Cash and securities held for customers Cash and securities held for customers represents cash, and highly liquid assets held to fund customer liabilities in connection with trading positions and customer cash balances. Included in this balance are funds deposited by customers and funds accruing to customers as a result of trades or contracts. The Company records a corresponding liability in connection with this amount in Payables to customers on the Consolidated Balance Sheet. As of December 31, 2019 and December 31, 2018 , $6.5 million and $104.7 million , respectively, of total cash and securities held for customers are invested in U.S. government and agency securities. Such securities are carried at fair value, with unrealized and realized gains and losses included in interest revenue in the Consolidated Statement of Operations and Comprehensive (Loss)/Income, as appropriate. In addition, the Company holds certain customer funds in segregated or secured broker accounts. Legally segregated balances are not available for general use, in accordance with certain jurisdictional regulatory requirements. The table below further breaks out the Cash and securities held for customers on the Consolidated Balance Sheets: Year Ended December 31, 2019 2018 Cash and cash equivalents held for customers $ 922,721 $ 737,766 Marketable securities held for customers 6,542 104,712 Cash and securities held for customers $ 929,263 $ 842,478 Receivables from Brokers Receivables from brokers, recorded on the Consolidated Balance Sheets, include funds that the Company has posted with brokers as collateral required by agreements for holding retail hedging positions and funds required to collateralize customer futures trading. Receivables from brokers also include gains or losses realized on settled contracts, as well as unrealized gains or losses on open positions. Fair Value Measurements Certain financial assets and liabilities are measured at fair value in accordance with applicable accounting guidance, as discussed in Note 5 Fair Value Information. Other financial assets and liabilities are not measured at fair value on a recurring basis but nevertheless approximate fair value due to their short term maturities. Such financial assets and liabilities include: Receivables from brokers, Convertible senior notes, certain Other assets, Payables to customers, Payables to brokers, and Accrued expenses and other liabilities . The above referenced receivables and payables include open trading positions which are held at fair value which change in value as the price of the underlying product changes. Prices approximate the amounts at which the Company can settle the positions at the balance sheet date. Concentrations of Credit Risk The Company owns financial instruments that subject the Company to credit risk. These financial instruments are held primarily in Cash and cash equivalents as well as Cash and securities held for customers . The Company’s credit risk is managed by investing primarily in high-quality money market and U.S. Government instruments. The majority of the Company’s cash and cash equivalents are held at ten financial institutions. The Company also has credit risk related to receivables from brokers included in Receivables from brokers and Cash and cash equivalents . December 31, 2019 and 2018 , 12% and 34% , respectively, of the Company’s brokers receivables included in the Consolidated Balance Sheets were from one large, global financial institution. Property and Equipment and Other Long-Lived Assets Property and equipment is recorded at cost, net of accumulated depreciation. Identifiable improvements are capitalized and expenditures for maintenance and repairs are charged to expense as incurred. Property and equipment are depreciated on a straight-line basis over a three year useful life, except for leasehold improvements, which are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life. The Company accounts for costs incurred to develop its trading platforms and related software in accordance with ASC 350-40, Internal-Use Software . ASC 350-40 requires that such technology be capitalized in the application development stages. Costs related to training, administration and non-value-added maintenance are charged to expense as incurred. Capitalized software development costs are amortized over the useful life of the software, which the Company estimates at three years. In accordance with ASC 360-10, Property, Plant and Equipment , the Company periodically evaluates the carrying value of long-lived assets when events and circumstances warrant such review. The carrying value of a long-lived asset is considered impaired when the anticipated identifiable undiscounted cash flows from such an asset (or asset group) are less than carrying value. In that event, a loss is recognized in the amount by which the carrying value exceeds fair market value of the long-lived asset. This standard applies to assets held for use and not to assets held for sale. The Company has no assets held for sale. The Company has identified no such impairment indicators as of December 31, 2019 or 2018 . Foreign Currencies Each of the Company’s subsidiaries books and records are held using the currency of the primary economic environment in which the subsidiaries operate (the functional currency). The Company has determined that it’s reporting currency is U.S. dollars (USD), to which non-USD subsidiary books are translated. The Company’s Accumulated other comprehensive loss consists of foreign currency translation adjustments from subsidiaries not using USD as their functional currency. Foreign currency transactions are booked in functional currency using the exchange rate prevailing at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary assets and liabilities denominated in non-functional currencies at period end exchange rates are recognized in Other revenue on the Consolidated Statements of Operations and Comprehensive (Loss)/Income. The Company recorded a foreign exchange loss of $0.3 million and $2.4 million , for the years ended December 31, 2019 and 2018 , respectively. Intangible Assets GAAP addressing intangible assets requires purchased intangible assets other than goodwill to be amortized over their estimated useful lives unless their lives are determined to be indefinite. The Company has both definite and indefinite lived intangibles. If indefinite-lived assets are determined to have a finite life in the future, the Company will amortize the carrying value over the remaining estimated useful life at that time. The Company analyzes its business, legal and regulatory environment at least annually and on an interim basis when conditions indicate impairment may have occurred to determine whether its indefinite-lived intangible assets are likely to be impaired. This qualitative assessment indicated that it is more likely than not that the Company’s indefinite lived intangible assets are not impaired. Please refer to Note 9 for additional information. Goodwill The Company recognized goodwill as a result of the acquisitions of certain subsidiaries. Goodwill represents the excess of cost over fair market value of net assets acquired. In accordance with relevant GAAP, the Company tests goodwill for impairment on an annual basis, during the fourth quarter and on an interim basis when conditions indicate impairment may have occurred (please refer to Note 9 ). In performing these assessments, management relies on and considers a number of factors, including operating results, business plans, economic projections, anticipated future cash flows, comparable market transactions (to the extent available), other market data and the Company’s overall market capitalization. There are inherent uncertainties related to these factors which require judgment in applying them to the analysis of goodwill for impairment. When testing for goodwill impairment, the Company first assesses qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative fair value test is performed. Under the quantitative test, the fair value of each reporting unit is compared to its carrying value in order to identify potential impairment. If the fair value of a reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired and no further testing is required. If the carrying value of the net assets exceeds the fair value of a reporting unit, impairment is indicated at the reporting unit level and an impairment charge will be recorded. An impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. Derivatives Forex, metals, and CFDs allow for exchanging the difference in value of a particular asset such as a stock index, energy product, or gold contract, between the time at which a contract is opened and the time at which it is closed. The Company’s retail customer open positions and positions held with liquidity providers are considered derivatives under the accounting guidance in ASC 815, Derivatives and Hedging . Therefore, they are accounted for at fair value, and included in Receivables from brokers, Payables to customers, and Payables to brokers in the Consolidated Balance Sheets. The Company did not designate any of its derivatives as hedging instruments. Net gains and losses with respect to derivative instruments are reflected in Retail revenue in the accompanying Consolidated Statements of Operations and Comprehensive (Loss)/Income. Allowance for Doubtful Accounts The Company records an increase in the allowance for doubtful accounts when the prospect of collecting a specific customer account balance becomes doubtful. Management specifically analyzes accounts receivable and historical bad debt experience when evaluating the adequacy of the allowance for doubtful accounts. Changes in estimates are recognized in current year earnings. The customer receivables, net of allowance for doubtful accounts, are included in Other assets on the Consolidated Balance Sheets. The related expense is recorded in Bad debt provision on the Consolidated Statements of Operations and Comprehensive (Loss)/Income. Payables to Customers Payables to customers , included on the Consolidated Balance Sheets, include amounts due on cash and margin transactions. These transactions include deposits, commissions and realized gains or losses arising from settled trades. The payables balance also reflects unrealized gains or losses arising from open positions in customer accounts. The payables balance includes amounts deposited by white label partners for which the Company acts as a clearing broker. Payables to Brokers Payables to brokers comprise open trades, which are measured at fair value and the cash due to or from brokers, which is not measured at fair value but approximates fair value. These balances occur when the Company’s hedging trades produce losses and necessitate a margin call to re-capitalize positions or settle losses. Lease Obligations Effective January 1, 2019, the Company accounts for its leases under ASC 842, Leases . The Company determines if an arrangement is, or contains, a lease at inception. Right-of-use assets and the related liabilities result from operating leases which were included in Other assets and Accrued expenses and other liabilities , respectively, in the Consolidated Balance Sheet as of December 31, 2019. Operating lease assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses the estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities, and maintenance costs are expensed as incurred and not included in determining the present value of lease liabilities, which will include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease agreements with lease and non-lease components which are accounted for as a single lease component. As an accounting policy election, the Company excludes short-term leases having initial terms of 12 months or fewer. Lease expense is recognized on a straight-line basis over the lease term. Please see Note 11 for additional information on leases. The Company continues to account for leases in the prior period financial statements under ASC Topic 840. Referral fees Introducing brokers direct customers to the Company in return for a referral fee on each referred customer’s trading volume or a share of net revenue generated by each referred customer’s trading activity. White label partners offer the Company's trading services to their customers under their own brand. Like introducing brokers, White label partners charge referral fees for the trade flow brought to the Company. These fees are recorded in Referral Fees in the Consolidated Statements of Operations and Comprehensive (Loss)/Income. Trading Expenses Trading expenses consist of exchange fees paid to stock exchanges and other third-parties for exchange market data that the Company provides to its customers or uses to create its own derived data products, as well as fees for news services and clearing fees paid to prime brokers in connection with its futures segment. These costs are expensed as incurred. Advertising Expenses Advertising costs are expensed when incurred and are included in Selling and marketing expense in the accompanying Consolidated Statements of Operations and Comprehensive (Loss)/Income. Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded against deferred tax assets if it is more likely than not that such assets will not be realized. Contingent income tax liabilities are recorded when the criteria for loss recognition have been met. An uncertain tax position is recognized based on the determination of whether or not a tax position is more likely than not to be sustained upon examination based upon the technical merits of the position. If this recognition threshold is met, the tax benefit is then measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. As of December 31, 2019 , the Company asserts that the earnings of its foreign subsidiaries will be permanently reinvested in the working capital and other business needs of the subsidiaries to the extent that repatriation of these earnings would trigger additional capital gains tax, foreign withholding taxes, or material state income taxes. As such, amounts that can be brought back without triggering capital gains, foreign withholding taxes, or material state income taxes will not be considered permanently reinvested. Based on the Company's analysis, the Company does not believe that the potential impact of the unrecognized deferred tax liability associated with the repatriation of such earnings would be material to the financial statements. Share-Based Compensation Share-based compensation expense requires measurement of compensation cost for share-based awards at fair value and recognition of compensation cost over the vesting period, net of estimated forfeitures. For awards with service and performance conditions, the Company recognizes compensation cost on a straight-line basis over the requisite service period. The fair value of stock options granted is estimated using the Black-Scholes option-pricing model, which considers, among other factors, the expected term of the award and the expected volatility of the Company’s stock price. Although the Black-Scholes model meets the requirements of ASC 718, Compensation-Stock Compensation , the fair values generated by the model may not be indicative of the actual fair values of the underlying awards, as it does not consider other factors important to those share-based compensation awards, such as continued employment, periodic vesting requirements and limited transferability. The risk-free interest rate used in the Black-Scholes option-pricing model is based on the U.S. Treasury yield curve in effect at the time of grant. The expected option life is based on historical experience of employee exercise behavior. Expected volatility is based on historical volatility, implied volatility, price observations taken at regular intervals and other factors deemed appropriate. Expected dividend is based upon the current dividend rate. The fair value of restricted stock unit awards is based on the fair value of the Company’s common stock on the grant date. Treasury Shares In accordance with ASC 505-30 , Equity - Treasury Stock , the Company treats the cost of acquired shares purchased as a deduction from shareholders’ equity and as a reduction of the total shares outstanding when calculating earnings per share. Earnings Per Common Share Basic earnings per common share is calculated using the weighted average common shares outstanding during the year. Common equivalent shares from stock options and restricted stock awards, using the treasury stock method, are also included in the diluted per share calculations unless their effect of inclusion would be anti-dilutive. Please refer to Note 18 for discussion of the impact of the Company’s convertible notes and non-controlling interests on EPS. Recent Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , which amended the guidance on accounting for leases. The FASB issued this update to increase transparency and comparability among organizations. This update requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. The Company adopted the ASU effective January 1, 2019 using the additional (optional) approach, in accordance with ASU 2018-11 Leases (Topic 842): Targeted Improvements . The Company initially recorded a right of use asset and lease liability of $12.6 million and $14.9 million , in Other assets and Accrued expenses and other liabilities , respectively. There was no effect on opening retained earnings, and the Company continues to account for leases in the prior period financial statements under ASC Topic 840. In adopting the new lease standard, the Company elected the package of practical expedients permitted under the adoption of the new standard, which allowed the Company to account for existing leases under their current classification, as well as omit any new costs classified as initial direct costs, under the new standard. The Company also elected the practical expedient allowing an accounting policy election by class of underlying asset, to account for separate lease and nonlease components as a single lease component. Please see Note 11 for additional information on leases. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) , to address certain income tax effects in Accumulated Other Comprehensive Income ("AOCI") resulting from the tax reform enacted in 2017. The amended guidance provides an option to reclassify tax effects within AOCI to retained earnings in the period in which the effect of the tax reform is recorded. The amendments were effective for fiscal years beginning after December 15, 2018, including interim periods. The Company has adopted this ASU as of January 1, 2019, which did not have any impact on the Company's results of operations or financial condition as there were no balances in AOCI that are tax effected. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. In February 2020, the FASB issued ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) , which amends the effective date of the original pronouncement for smaller reporting companies. ASU 2016-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2022. The Company is currently assessing the impact of the adoption of this ASU on its financial statements. In August 2018, the FASB issued ASU No. 2018-13, Changes to Disclosure Requirements for Fair Value Measurements (Topic 820) , which improved the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements. The Company will adopt the new standard effective January 1, 2020 and does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On June 29, 2018, the Company completed the sale of its GTX ECN business, which previously comprised the Company's institutional segment, to Deutsche Börse via its FX unit, 360T, for a total purchase price of $100 million less a working capital adjustment which amounted to a $0.2 million reduction in purchase price. The Company recorded a gain of $69.3 million on the sale of the GTX business for the year ended December 31, 2018 . The Company determined that the sale of the GTX business qualifies as a discontinued operation under the criteria set forth in ASC 205-20-45, Presentation of Financial Statements and the Company does not have any significant continuing involvement in these operations. The results of operations from the discontinued segment for the years ended December 31, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2019 2018 REVENUE: Institutional revenue $ — $ 16,379 Other loss — (2 ) Total non-interest revenue — 16,377 Interest revenue — 103 Total net interest revenue — 103 Net revenue $ — $ 16,480 EXPENSES: Employee compensation and benefits $ — $ 5,973 Trading expenses — 5,439 Other expenses — 3,955 Total operating expense — 15,367 OPERATING PROFIT — 1,113 Gain on sale of discontinued operations — 69,292 INCOME BEFORE INCOME TAX EXPENSE — 70,405 Income tax expense — 4,756 NET INCOME FROM DISCONTINUED OPERATIONS $ — $ 65,649

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Under ASC Topic 606, revenues are recognized when control of the promised goods or services is transferred to customers in exchange for an amount that reflects the consideration the Company expects to be entitled to in return for transferring those goods or services. The following is a description of the Company’s revenue recognition policies for contracts with customers. Futures Revenue Futures revenue consists primarily of commissions and fees earned on futures and futures options trades that the Company executes on behalf of its customers. The Company is not exposed to any market risk from this activity. The Company’s performance obligation related to futures revenue is trade execution, which is satisfied on trade date. Accordingly, commission revenues are recorded on trade date. Disaggregation of Revenues The following table presents the Company’s futures revenue from contracts with customers disaggregated by customer and service type for the services described above, as it relates to the futures segment for the years ended December 31, 2019 and 2018 (amounts in thousands): Year Ended December 31, 2019 2018 Futures Direct Customers (1) $ 12,951 $ 14,549 Indirect Customers (2) 21,840 25,156 Other (3) 4,980 4,262 Net Futures Revenue $ 39,771 $ 43,967 (1) Direct customers are all customers not classified as indirect (2) Indirect customers are referred to the Company by introducing brokers (3) Other revenue comprises interest and fees Futures Contract Assets and Futures Contract Liabilities The timing of revenue recognition may differ from the timing of payment. The Company records an accrual when revenue is recognized prior to payment and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the service obligation is satisfied.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company’s contracts with its customers and its liquidity providers are deemed to be derivative instruments. The table below represents the fair values of the Company’s derivative instruments reported within Receivables from brokers, Payables to customers and Payables to brokers on the accompanying Consolidated Balance Sheets (amounts in thousands): December 31, 2019 Gross amounts of assets for derivative open positions at fair value Gross amount of (liabilities) for derivative open positions at fair value Net amounts of assets/(liabilities) for derivative open positions at fair value Derivative Instruments: Foreign currency exchange contracts $ 97,075 $ (40,704 ) $ 56,371 CFD contracts 90,666 (43,642 ) 47,024 Metals contracts 11,058 (4,395 ) 6,663 Total $ 198,799 $ (88,741 ) $ 110,058 December 31, 2019 Cash Collateral Net amounts of assets/(liabilities) for derivative open positions at fair value Net amounts of assets/(liabilities) presented in the balance sheet Derivative Assets/(Liabilities:) Receivables from brokers $ 118,245 $ (5,949 ) $ 112,296 Payables to customers $ (1,045,270 ) $ 116,007 $ (929,263 ) December 31, 2018 Gross amounts of Gross amount of Net amounts of Derivative Instruments: Foreign currency exchange contracts $ 100,158 $ (20,382 ) $ 79,776 CFD contracts 77,014 (21,220 ) 55,794 Metals contracts 6,438 (3,748 ) 2,690 Total $ 183,610 $ (45,350 ) $ 138,260 December 31, 2018 Cash Collateral Net amounts of Net amounts of Derivative Assets/(Liabilities): Receivables from brokers $ 91,908 $ (7,637 ) $ 84,271 Payables to customers $ (986,918 ) $ 144,440 $ (842,478 ) Payables to brokers $ (3,092 ) $ 1,457 $ (1,635 ) The Company’s derivatives include different underlyings which vary in price. Foreign exchange contracts typically have prices less than two dollars, while certain metals contracts and CFDs can have considerably higher prices. The amounts reported within Receivables from brokers, Payables to customers, and Payables to brokers on the Consolidated Balance Sheets are derived from the notional contract numbers below (amounts in thousands): December 31, 2019 Total contracts in long positions Total contracts in short positions Derivative Instruments: Foreign currency exchange contracts 3,418,117 3,342,201 CFD contracts 115,527 23,320 Metals contracts 471 233 Total 3,534,115 3,365,754 December 31, 2018 Total contracts in long positions Total contracts in short positions Derivative Instruments: Foreign currency exchange contracts 3,780,488 3,238,781 CFD contracts 98,840 134,546 Metals contracts 489 188 Total 3,879,817 3,373,515 The Company did not designate any of its derivatives as hedging instruments. Net gains with respect to derivative instruments reflected in Retail revenue in the accompanying Consolidated Statements of Operations and Comprehensive (Loss)/Income for the years ended December 31, 2019 and 2018 were as follows (amounts in thousands): For the Years Ended December 31, 2019 2018 Derivative Instruments: Foreign currency exchange contracts $ 102,974 $ 165,477 CFD contracts 61,644 112,640 Metals contracts 13,109 22,019 Total $ 177,727 $ 300,136

FAIR VALUE INFORMATION

FAIR VALUE INFORMATION	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE INFORMATION	FAIR VALUE INFORMATION GAAP defines fair value as the price that would be received in exchange for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three level hierarchy that ranks the quality and reliability of information used in developing fair value estimates for financial instruments. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument’s level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three levels of fair value hierarchy are summarized below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; and Level 3 - Valuations that require inputs that are both unobservable to a market participant and significant to the fair value measurement. For assets and liabilities that are transferred between levels during the period, fair values are ascribed as if the assets or liabilities had been transferred as of the beginning of the period. The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis during the reporting period and the related hierarchy levels (amounts in thousands): Fair Value Measurements on a Recurring Basis Level 1 Level 2 Level 3 Total Financial Assets/(Liabilities): Cash and securities held for customers: U.S. treasury bills $ 6,542 $ — $ — $ 6,542 Receivable from brokers: Broker derivative contracts — (5,949 ) — (5,949 ) Other assets: Certificates of deposit 178 — — 178 Other 152 — — 152 Payables to customers: Customer derivative contracts — 116,007 — 116,007 Total $ 6,872 $ 110,058 $ — $ 116,930 Fair Value Measurements on a Recurring Basis Level 1 Level 2 Level 3 Total Financial Assets/(Liabilities): Cash and securities held for customers: U.S. treasury bills $ 104,712 $ — $ — $ 104,712 Receivable from brokers: Broker derivative contracts — (7,637 ) — (7,637 ) Other assets: Certificates of deposit 176 — — 176 Other 128 — — 128 Payables to customers: Customer derivative contracts — 144,440 — 144,440 Payables to brokers: Broker derivative contracts — 1,457 — 1,457 Total $ 105,016 $ 138,260 $ — $ 243,276 The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the years ended December 31, 2019 and 2018, nor has there been any movement between levels during these respective periods. Level 1 Financial Assets The Company has U.S. Treasury bills and certificates of deposit that are Level 1 financial instruments that are recorded based upon listed or quoted market rates. The U.S. Treasury bills and money market accounts are recorded in Cash and cash equivalents and Cash and securities held for customers and the certificates of deposit are recorded in Other Assets . Level 2 Financial Assets and Liabilities The Company has customer derivative contracts that are Level 2 financial instruments recorded in Payables to customers. The Company has broker derivative contracts that are Level 2 financial instruments recorded in Receivables from brokers and Payables to brokers . The fair values of these Level 2 financial instruments are based upon directly observable values for underlying instruments. Level 3 Financial Liabilities The Company did not have any Level 3 Financial Assets or Liabilities on December 31, 2019 or 2018. Financial Instruments Not Measured at Fair Value The table below presents the carrying value, fair value, and fair value hierarchy category of certain financial instruments that are not measured at fair value in the consolidated balance sheets. Receivables from brokers comprise open trades, which are measured at fair value (disclosed above), and the Company’s posted funds with brokers that are required as collateral for holding trading positions. Collateral is not measured at fair value but approximates fair value, because the Company may withdraw it at its discretion. Settlement would be expected to occur within a relatively short period of time once a withdrawal is initiated. Payables to customers comprise open trades, which are measured at fair value (disclosed above), and customer deposits that the Company holds for its role as clearing broker. These deposits are not measured at fair value, but approximate fair value, because they are cash balances that the Company or its customers can settle at either party’s discretion. Such settlement would occur within a relatively short period of time once a withdrawal is initiated. Payables to brokers comprise open trades, which are measured at fair value (disclosed above) and the cash due to or from brokers. The cash within this balance is not measured at fair value but does approximate fair value, because it is immediately payable to the brokers. Settlement occurs as soon as a broker initiates a margin call. The carrying value of Convertible senior notes represents the notes’ principal amounts net of unamortized discount (please refer to Note 16 ). The Company assessed the notes’ fair value as determined by current Company-specific and risk free interest rates as of the balance sheet date. The table below represents the financial assets and liabilities at their carrying value and fair value (amounts in thousands) : As of December 31, 2019 Fair Value Measurements using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Receivables from brokers $ 118,245 $ 118,245 $ — $ 118,245 $ — Financial Liabilities: Payables to customers $ 1,045,270 $ 1,045,270 $ — $ 1,045,270 $ — Convertible senior notes $ 137,178 $ 141,501 $ — $ 141,501 $ — As of December 31, 2018 Fair Value Measurements using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Receivables from brokers $ 91,908 $ 91,908 $ — $ 91,908 $ — Financial Liabilities: Payables to customers $ 986,918 $ 986,918 $ — $ 986,918 $ — Payables to brokers $ 3,092 $ 3,092 $ — $ 3,092 $ — Convertible senior notes $ 132,109 $ 158,752 $ — $ 158,752 $ — Nonrecurring Fair Value Measurements As a result of the 2019 annual goodwill impairment analysis, the Company recorded an impairment charge of $28.1 million to reduce the carrying value of its reporting units to their fair value. This measurement was performed on a non-recurring basis using significant unobservable inputs (Level 3). See Note 9 for further information.

RECEIVABLES FROM BROKERS

RECEIVABLES FROM BROKERS	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
RECEIVABLES FROM BROKERS	RECEIVABLES FROM BROKERS The Company has posted funds with brokers as collateral required by agreements for holding trading positions. These amounts are reflected as Receivables from brokers on the Consolidated Balance Sheets. Amounts receivable from brokers consisted of the following as of (amounts in thousands): December 31, 2019 2018 Required collateral $ 118,245 $ 91,908 Open foreign exchange positions (5,949 ) (7,637 ) Total $ 112,296 $ 84,271

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment, including leasehold improvements and capitalized software development costs, consisted of the following as of (amounts in thousands): December 31, 2019 2018 Software $ 73,859 $ 60,218 Computer equipment 14,675 13,790 Leasehold improvements 10,663 10,814 Telephone equipment 547 646 Office equipment 1,877 1,948 Furniture and fixtures 3,122 3,294 Web site development costs 635 635 Gross property and equipment 105,378 91,345 Less: Accumulated depreciation and amortization (74,815 ) (60,766 ) Property and equipment, net $ 30,563 $ 30,579 Depreciation and amortization expense for property and equipment was $ 17.1 million and $19.7 million for the years ended December 31, 2019 and 2018 , respectively. The Company wrote off certain property and equipment that became obsolete for the years ended December 31, 2019 and 2018 , resulting in an additional charge of $0.3 million and $1.3 million , respectively. The additional charge was recorded in General and administrative expenses . The Company retired fully depreciated property and equipment of $3.3 million and $8.8 million for the years ended December 31, 2019 and 2018 , respectively.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL Intangible Assets The Company’s various intangible assets consisted of the following as of (amounts in thousands): December 31, 2019 December 31, 2018 Intangibles Weighted average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer list 5.0 years $ 46,576 $ (32,510 ) $ 14,066 $ 58,494 $ (40,208 ) $ 18,286 Technology 2.3 years 24,626 (16,800 ) 7,826 49,430 (38,555 ) 10,875 Trademark 2.2 years 6,298 (4,390 ) 1,908 7,308 (4,637 ) 2,671 Total finite lived intangibles $ 77,500 $ (53,700 ) $ 23,800 $ 115,232 $ (83,400 ) $ 31,832 Trademarks not subject to amortization (1) 363 — 363 363 — 363 Total intangibles assets $ 77,863 $ (53,700 ) $ 24,163 $ 115,595 $ (83,400 ) $ 32,195 (1) These indefinite-life trademarks relate to the Forex.com and foreignexchange.com domain names where management determined there was no legal, regulatory or technological limitation on their useful lives. The Company compares the recorded value of the indefinite-life intangible assets to fair value on an annual basis and whenever circumstances arise that indicate impairment may have occurred. During the year ended December 31, 2019, the Company retired $34.4 million of fully amortized intangible assets, which was an equal amount for both gross and accumulated amortization and did not have any impact on the results of operations or cash flows. Amortization expense for the purchased intangibles was $8.8 million and $14.2 million for the years ended December 31, 2019 and 2018 , respectively. Future annual estimated amortization expense is as follows (amounts in thousands): Years Ended December 31,: 2020 $ 7,219 2021 7,141 2022 3,925 2023 2,782 2024 2,200 Thereafter 533 Total $ 23,800 Goodwill Goodwill is evaluated for impairment on an annual basis during the fourth quarter and in interim periods when events or changes indicate the carrying value may not be recoverable. The Company operates under two reporting units: retail and futures. There were no additions to the carrying value of the Company’s goodwill during the year ended December 31, 2019 . On February 26, 2020 , the Company entered into an Agreement and Plan of Merger with INTL FCStone Inc. The sale is expected to be completed subsequent to the end of the second quarter of 2020. As a result of the expected transaction, the Company recorded an impairment charge of $28.1 million based on the agreed-upon sales price of $6.00 per share. The loss is recorded in Goodwill impairment on the Consolidated Statement of Operations and Comprehensive (Loss)/Income. See Note 24 for more information. No impairment charges for goodwill were recognized during the year ended December 31, 2018 or any previous year. The following represents the changes in the carrying amount of goodwill by segment for the year ended December 31, 2019 (amounts in thousands): Retail Futures Total Carrying amount of goodwill as of December 31, 2018 $ 25,435 $ 2,385 $ 27,820 Foreign currency translation adjustments 254 24 278 Impairment (25,689 ) (2,409 ) (28,098 ) Carrying amount of goodwill as of December 31, 2019 $ — $ — $ —

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consisted of the following (amounts in thousands): December 31, 2019 2018 Vendor and security deposits $ 3,795 $ 6,964 Income tax receivable 5,394 383 Deferred tax assets, net 25,306 13,217 Right of use asset 15,011 — Customer debit positions 5,423 4,146 Allowance on customer debit positions (4,125 ) (4,126 ) Prepaid assets 9,115 8,323 Miscellaneous receivables 3,969 7,111 Deferred commitment fees 124 337 Total other assets $ 64,012 $ 36,355 The allowance for doubtful accounts consisted of the following (amounts in thousands): Balance as of January 1, 2018 $ (1,959 ) Addition to provision (2,508 ) Amounts collected/written off 341 Balance as of December 31, 2018 $ (4,126 ) Addition to provision (2,024 ) Amounts collected/written off 2,025 Balance as of December 31, 2019 $ (4,125 )

LEASES LEASES

LEASES LEASES	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
LEASES	LEASES The Company leases office space under agreements classified as operating leases that have lease periods expiring between 2020 and 2029. The Company's leases do not require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Certain of the Company’s leases include renewal options and escalation clauses. Renewal options have not been included in the calculation of the lease liabilities and right of use assets as the Company is not reasonably certain to exercise the options. The Company does not act as a lessor or have any leases classified as financing leases. In June 2019, the Company exercised its right to terminate its office space lease in London. The Company accounted for this change in termination date as a modification and remeasured the value of the right of use asset and related lease liability on such date. This remeasurement resulted in a reduction of $3.7 million and $3.7 million to the right of use asset and related lease liability, respectively, during June 2019. In November 2019, the Company entered into a new office space lease in London (the "new London lease") commencing in November 2019 (the "commencement date"), with a ten year term expiring in November 2029. On the commencement date of the new London lease, the Company recorded an operating lease liability and a right of use asset, respectively, of $8.7 million . At December 31, 2019 , the Company had operating lease liabilities of $17.7 million and right of use assets of $15.0 million , which were included in Accrued expenses and other liabilities and Other assets , respectively, in the Consolidated Balance Sheet. The following summarizes quantitative information about the Company’s operating leases (amounts in thousands, except lease term and discount rate): Year Ended December 31, 2019 Lease cost Operating lease cost $ 3,749 Total lease cost $ 3,749 Other information Operating cash flows from operating leases $ 3,967 Weighted-average remaining lease term - operating leases 4.4 Weighted-average discount rate - operating leases 7.5 % Maturities of the Company's operating leases, excluding short-term leases, are as follows (amounts in thousands): For the year ended December 31, 2020 $ 4,308 For the year ended December 31, 2021 3,075 For the year ended December 31, 2022 2,660 For the year ended December 31, 2023 2,765 For the year ended December 31, 2024 2,119 Thereafter 7,833 Total 22,760 Less: imputed interest (5,046 ) Operating lease liabilities at December 31, 2019 $ 17,714

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Certain officers and directors of the Company have personal funds on deposit in separate customer accounts with the Company. These accounts are recorded in Payables to customers on the Consolidated Balance Sheets. The aggregate amount of these funds was $0.4 million and $0.4 million at December 31, 2019 and 2018, respectively. IPGL Limited, the majority selling shareholder in the acquisition of City Index, has a trading account with the Company which is recorded in Payables to customers on the Consolidated Balance Sheet. The aggregate amount of these funds was $19.9 million and $11.7 million at December 31, 2019 and 2018, respectively. The net revenue generated by any individual related party was not deemed to be material in the twelve months ended 2019 or 2018 , respectively.

RESTRUCTURING

RESTRUCTURING	12 Months Ended
	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING The Company incurred $1.3 million and $0.8 million of restructuring expenses for the years ended December 31, 2019 and 2018 , respectively. These expenses reflected the cost of reducing global headcount following strategic decisions in 2019 and 2018. They are recorded in Restructuring expenses in the Consolidated Statements of Operations and Comprehensive (Loss)/Income. All restructuring liabilities have been paid as of December 31, 2019 .

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS In March 2014, the Company acquired controlling interests in GAA and Top Third ("TT"). The Company purchased 55% of each entity, and the respective sellers maintained a 45% interest, subject to immediately exercisable call options for the Company to purchase the remaining interests, as well as put options for the sellers to sell their remaining interests in each entity to the Company that were to become exercisable in 2017. In December 2016, the Company acquired an additional 24% of each entity. In connection with the purchase of these additional interests, the Company and the respective sellers agreed that neither would exercise the call options or put options, respectively, with respect to the remaining interests prior to December 31, 2017. In December 2017, the Company and the sellers of TT extended their agreement that neither would exercise the relevant call options or put options through December 31, 2018. In February 2018, the minority owners of GAA notified the Company that they were exercising their put option with respect to their combined 21% ownership of GAA. In September 2018, the Company settled its purchase of the minority ownership interests in GAA for approximately $2.9 million . In December 2018, the minority owners of TT notified the Company that they were exercising their put option with respect to their combined 21% ownership of TT. The purchase of the minority ownership interest closed on February 1, 2019 for approximately $2.4 million. In accordance with ASC 480-10-S99-3A, Classification and Measurement of Redeemable Securities , non-controlling interests are classified outside of permanent equity as their redemption is not (i) mandatory, (ii) at fixed prices, and (iii) exclusively within the Company’s control. Prior to December 31, 2018 , the non-controlling interests were not classified as liabilities, because redemption was not mandatory or at fixed prices. The non-controlling interests also were not classified as equity because redemption was not exclusively in the Company’s control. Therefore, the non-controlling interests were held in temporary equity in the Consolidated Balance Sheets. The table below reflects the non-controlling interests effects on the Company’s financial statements: Redeemable non-controlling interests January 1, 2018 $ 4,411 Adjustment to the redemption value of non-controlling interests 816 Net income attributable to non-controlling interests 737 Distributions to non-controlling interest holders (634 ) Purchase of additional shares of non-controlling interest (2,906 ) Reclassification to liabilities (2,424 ) December 31, 2018 $ —

REVOLVING CREDIT ARRANGEMENT

REVOLVING CREDIT ARRANGEMENT	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
REVOLVING CREDIT ARRANGEMENT	REVOLVING CREDIT ARRANGEMENT On August 3, 2017 , the Company entered into a Credit Agreement, dated as of August 2, 2017 , for a three year $50.0 million senior secured first lien revolving credit facility that was maturing in August 2020 . On January 2, 2020, the Company delivered written notice to terminate the Credit Agreement effective as of January 13, 2020 ("termination date"). There were no amounts outstanding under the revolving line of credit as of the termination date nor as of December 31, 2019 . The Company did not incur any material early termination penalties as a result of the termination. CONVERTIBLE SENIOR NOTES Convertible Senior Notes due 2022 On August 22, 2017 , the Company issued $92.0 million aggregate principal amount of its 5.00% Convertible Senior Notes due 2022 (the "2022 Notes"), which amount includes the exercise in full of the over-allotment option granted to the initial purchasers of the 2022 Notes, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Notes bear interest at a fixed rate of 5.00% per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2018 . The 2022 Notes are convertible into cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election. The Company currently intends to settle the debt in cash. The 2022 Notes will mature on August 15, 2022 , unless earlier converted, redeemed or repurchased. The Company may not redeem the 2022 Notes prior to August 15, 2020 . The net proceeds from the Note Offering were approximately $89.0 million , after deducting discounts to the initial purchasers but prior to taking into account any estimated offering expenses payable by the Company. Prior to the close of business on the business day immediately preceding April 15, 2022 , the 2022 Notes may be converted only upon the occurrence of specified events set forth in the Indenture. On or after April 15, 2022 , until the close of business on the business day immediately preceding the maturity date, holders may convert their 2022 Notes at any time. Subject to the foregoing, the 2022 Notes are convertible at the option of the holders and will be settled, at the Company’s election, by the payment or delivery of cash, shares of the Company’s common stock, or a combination thereof. The conversion rate is initially 122.0107 shares of the Company’s common stock per $1,000 principal amount of 2022 Notes (equivalent to an initial conversion price of approximately $8.20 per share of common stock). The conversion rate and the corresponding conversion price have not changed since inception but will be subject to adjustment in some circumstances described in the Indenture. If the Company undergoes a fundamental change (as defined in the Indenture), holders may require the Company to repurchase for cash all or part of their 2022 Notes at a purchase price equal to 100% of the principal amount of the 2022 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, in certain circumstances, the Company may be required to increase the conversion rate for any 2022 Notes converted in connection with a make-whole fundamental change (as defined in the Indenture). The Company may not redeem the 2022 Notes prior to August 15, 2020 . On and after August 15, 2020 , and prior to the maturity date, the Company may redeem for cash all, but not less than all, of the 2022 Notes if the last reported sale price of its common stock equals or exceeds 130% of the applicable conversion price for at least 20 trading days, whether or not consecutive, during the 30 consecutive trading day period ending on the trading day immediately preceding the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the 2022 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, if the Company calls the 2022 Notes for redemption, a make-whole fundamental change will be deemed to occur. As a result, the Company will, in certain circumstances, increase the conversion rate for holders who convert their 2022 Notes after the Company delivers a notice of redemption and before the close of business on the business day immediately preceding the relevant redemption date. Convertible Senior Notes due 2020 On April 1, 2015 , as part of the City Index acquisition consideration, the Company issued to the sellers $60.0 million aggregate principal amount of 4.125% Convertible Senior Notes maturing on April 1, 2020 (the "2020 Notes"). These 2020 Notes pay interest semi-annually on April 1 and October 1 at a rate of 4.125% per year, which commenced on October 1, 2015 . During the fourth quarter of 2019, the Company repurchased approximately $1.5 million of the 2020 Notes, for an aggregate purchase price of $1.3 million . The Company currently intends to settle the remaining debt in cash. Prior to the date that is six months immediately preceding the maturity date, the 2020 Notes will be convertible only upon the occurrence of specified events set forth in the Note Indenture. Thereafter, until the close of business on the business day immediately preceding the maturity date, holders may convert their 2020 Notes at any time. The Company will settle conversions of the 2020 Notes by paying or delivering, as the case may be, cash, shares of Common Stock or a combination thereof, at its election. The conversion rate for the 2020 Notes will be equal to $1,000 , divided by the initial conversion price, rounded to the nearest 1/10,000th share of Common Stock. The initial conversion price will be equal to 125% of the arithmetic average of the daily volume-weighted average price for the Common Stock over the 20 consecutive trading day period ending on, and including, the trading day immediately preceding the closing date; provided that the initial conversion price shall not exceed the greater of (i) $9.25 and (ii) the last reported sale price of the Common Stock on the Closing Date; and shall not be less than $7.20 . As of December 31, 2019 , the conversion ratio is 104.7344 shares of the Company’s common stock per $1,000 principal amount of 2020 Notes (equivalent to a conversion price of approximately $9.55 per share of common stock). The conversion rate and the corresponding conversion price will be subject to customary anti-dilution adjustments, as described in the Note Indenture, including, but not limited to, Common Stock splits, Common Stock combinations, issuances of Common Stock as a dividend on the Common Stock, issuances of options rights, warrants or other securities of the Company as a dividend on the Common Stock, payment by the Company of any cash dividend in excess of $0.05 per quarter per share of Common Stock, and above-market tender offers or exchange offers by the Company or its subsidiaries for the Common Stock. In addition, in certain circumstances, the Company may be required to increase the conversion rate for any 2020 Notes converted in connection with a make-whole fundamental change as defined in the Note Indenture. If the Company undergoes a fundamental change, holders may require the Company to repurchase for cash all or part of their 2020 Notes at a purchase price equal to 100% of the principal amount of the 2020 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase. Prior to the date that is two years immediately preceding the maturity date, the Company will not have the right to redeem the 2020 Notes. During the two year period immediately preceding the maturity date, the Company may redeem for cash all, but not less than all, of the 2020 Notes if the last reported sale price of the Common Stock equals or exceeds 130% of the conversion price for the 2020 Notes for at least 20 trading days, whether or not consecutive, during the 30 consecutive trading day period ending on the trading day immediately preceding the date the Company delivers notice of redemption. If the Company elects to redeem the 2020 Notes, holders may convert their 2020 Notes at any time prior to the close of business on the business day immediately preceding the redemption date. The Indenture contains events of default customary for convertible debt securities (with customary grace periods, as applicable) and provides that, upon the occurrence of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding 2020 Notes will become due and payable immediately without further action or notice. If any other type of event of default occurs and is continuing, then the holders of at least 25% in aggregate principal amount of the then outstanding 2020 Notes or the trustee may declare all of the outstanding 2020 Notes to be due and payable immediately. The indentures for the 2022 Notes and the 2020 Notes generally describe a ‘fundamental change’ as (a) the consummation of a sale of all or substantially all of the assets of the Company, (b) an exchange of the Company’s common shares for the rights to receive securities, property, other assets or cash from a third party (excluding an exchange whereby the beneficial owners of the Company retain 50% of the outstanding voting power of the surviving corporation), (c) a shareholder-approved plan for liquidation or dissolution or (d) a delisting of the Company’s common shares. A ‘fundamental change’ is not considered to have occurred if at least 90% of the consideration received is common shares traded on the NYSE, The NASDAQ Global Market or the NASDAQ Global Select Market. An entity must separately account for the liability and equity components of a convertible debt instrument that may be settled entirely or partially in cash upon conversion. The separate accounting must reflect the issuer’s economic interest cost. The fair value of the equity component, net of pro-rata initial purchasers’ discounts, is included in the additional paid-in capital section of shareholders' equity in the Company’s Consolidated Balance Sheets. The principal amount of the 2022 Notes and the 2020 Notes is reduced by unamortized original issue discount, which reflects the fair value at inception date. The original issue discount will be amortized over the life of the 2022 Notes and 2020 Notes using the effective interest rate of 10.4% and 8.6% , respectively. As of December 31, 2019 and 2018 , the Company’s common stock had not met the convertibility criteria noted in the offering memorandum for either the 2022 Notes or the 2020 Notes and, therefore, the 2022 Notes and 2020 Notes were not dilutive as of December 31, 2019 or 2018 . The balances of the liability and equity components as of December 31, 2019 and 2018 were as follows (amounts in thousands): December 31, 2019 2018 Liability component - principal $ 150,540 $ 152,000 Deferred bond discount (13,081 ) (19,503 ) Deferred financing cost (281 ) (388 ) Liability component - net carrying value $ 137,178 $ 132,109 Additional paid in capital $ 39,554 $ 39,405 Discount attributable to equity (826 ) (826 ) Equity component $ 38,728 $ 38,579 Interest expense related to the Convertible Senior Notes, included in Interest expense on long term borrowings in the Consolidated Statements of Operations and Comprehensive (Loss)/Income, was as follows (amounts in thousands): Year Ended December 31, 2019 2018 Interest expense - stated coupon rate $ 7,045 $ 7,315 Interest expense - amortization of deferred bond discount and costs 6,499 6,225 Total interest expense - convertible notes $ 13,544 $ 13,540

CONVERTIBLE SENIOR NOTES

CONVERTIBLE SENIOR NOTES	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
CONVERTIBLE SENIOR NOTES	REVOLVING CREDIT ARRANGEMENT On August 3, 2017 , the Company entered into a Credit Agreement, dated as of August 2, 2017 , for a three year $50.0 million senior secured first lien revolving credit facility that was maturing in August 2020 . On January 2, 2020, the Company delivered written notice to terminate the Credit Agreement effective as of January 13, 2020 ("termination date"). There were no amounts outstanding under the revolving line of credit as of the termination date nor as of December 31, 2019 . The Company did not incur any material early termination penalties as a result of the termination. CONVERTIBLE SENIOR NOTES Convertible Senior Notes due 2022 On August 22, 2017 , the Company issued $92.0 million aggregate principal amount of its 5.00% Convertible Senior Notes due 2022 (the "2022 Notes"), which amount includes the exercise in full of the over-allotment option granted to the initial purchasers of the 2022 Notes, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Notes bear interest at a fixed rate of 5.00% per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2018 . The 2022 Notes are convertible into cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election. The Company currently intends to settle the debt in cash. The 2022 Notes will mature on August 15, 2022 , unless earlier converted, redeemed or repurchased. The Company may not redeem the 2022 Notes prior to August 15, 2020 . The net proceeds from the Note Offering were approximately $89.0 million , after deducting discounts to the initial purchasers but prior to taking into account any estimated offering expenses payable by the Company. Prior to the close of business on the business day immediately preceding April 15, 2022 , the 2022 Notes may be converted only upon the occurrence of specified events set forth in the Indenture. On or after April 15, 2022 , until the close of business on the business day immediately preceding the maturity date, holders may convert their 2022 Notes at any time. Subject to the foregoing, the 2022 Notes are convertible at the option of the holders and will be settled, at the Company’s election, by the payment or delivery of cash, shares of the Company’s common stock, or a combination thereof. The conversion rate is initially 122.0107 shares of the Company’s common stock per $1,000 principal amount of 2022 Notes (equivalent to an initial conversion price of approximately $8.20 per share of common stock). The conversion rate and the corresponding conversion price have not changed since inception but will be subject to adjustment in some circumstances described in the Indenture. If the Company undergoes a fundamental change (as defined in the Indenture), holders may require the Company to repurchase for cash all or part of their 2022 Notes at a purchase price equal to 100% of the principal amount of the 2022 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, in certain circumstances, the Company may be required to increase the conversion rate for any 2022 Notes converted in connection with a make-whole fundamental change (as defined in the Indenture). The Company may not redeem the 2022 Notes prior to August 15, 2020 . On and after August 15, 2020 , and prior to the maturity date, the Company may redeem for cash all, but not less than all, of the 2022 Notes if the last reported sale price of its common stock equals or exceeds 130% of the applicable conversion price for at least 20 trading days, whether or not consecutive, during the 30 consecutive trading day period ending on the trading day immediately preceding the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the 2022 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, if the Company calls the 2022 Notes for redemption, a make-whole fundamental change will be deemed to occur. As a result, the Company will, in certain circumstances, increase the conversion rate for holders who convert their 2022 Notes after the Company delivers a notice of redemption and before the close of business on the business day immediately preceding the relevant redemption date. Convertible Senior Notes due 2020 On April 1, 2015 , as part of the City Index acquisition consideration, the Company issued to the sellers $60.0 million aggregate principal amount of 4.125% Convertible Senior Notes maturing on April 1, 2020 (the "2020 Notes"). These 2020 Notes pay interest semi-annually on April 1 and October 1 at a rate of 4.125% per year, which commenced on October 1, 2015 . During the fourth quarter of 2019, the Company repurchased approximately $1.5 million of the 2020 Notes, for an aggregate purchase price of $1.3 million . The Company currently intends to settle the remaining debt in cash. Prior to the date that is six months immediately preceding the maturity date, the 2020 Notes will be convertible only upon the occurrence of specified events set forth in the Note Indenture. Thereafter, until the close of business on the business day immediately preceding the maturity date, holders may convert their 2020 Notes at any time. The Company will settle conversions of the 2020 Notes by paying or delivering, as the case may be, cash, shares of Common Stock or a combination thereof, at its election. The conversion rate for the 2020 Notes will be equal to $1,000 , divided by the initial conversion price, rounded to the nearest 1/10,000th share of Common Stock. The initial conversion price will be equal to 125% of the arithmetic average of the daily volume-weighted average price for the Common Stock over the 20 consecutive trading day period ending on, and including, the trading day immediately preceding the closing date; provided that the initial conversion price shall not exceed the greater of (i) $9.25 and (ii) the last reported sale price of the Common Stock on the Closing Date; and shall not be less than $7.20 . As of December 31, 2019 , the conversion ratio is 104.7344 shares of the Company’s common stock per $1,000 principal amount of 2020 Notes (equivalent to a conversion price of approximately $9.55 per share of common stock). The conversion rate and the corresponding conversion price will be subject to customary anti-dilution adjustments, as described in the Note Indenture, including, but not limited to, Common Stock splits, Common Stock combinations, issuances of Common Stock as a dividend on the Common Stock, issuances of options rights, warrants or other securities of the Company as a dividend on the Common Stock, payment by the Company of any cash dividend in excess of $0.05 per quarter per share of Common Stock, and above-market tender offers or exchange offers by the Company or its subsidiaries for the Common Stock. In addition, in certain circumstances, the Company may be required to increase the conversion rate for any 2020 Notes converted in connection with a make-whole fundamental change as defined in the Note Indenture. If the Company undergoes a fundamental change, holders may require the Company to repurchase for cash all or part of their 2020 Notes at a purchase price equal to 100% of the principal amount of the 2020 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase. Prior to the date that is two years immediately preceding the maturity date, the Company will not have the right to redeem the 2020 Notes. During the two year period immediately preceding the maturity date, the Company may redeem for cash all, but not less than all, of the 2020 Notes if the last reported sale price of the Common Stock equals or exceeds 130% of the conversion price for the 2020 Notes for at least 20 trading days, whether or not consecutive, during the 30 consecutive trading day period ending on the trading day immediately preceding the date the Company delivers notice of redemption. If the Company elects to redeem the 2020 Notes, holders may convert their 2020 Notes at any time prior to the close of business on the business day immediately preceding the redemption date. The Indenture contains events of default customary for convertible debt securities (with customary grace periods, as applicable) and provides that, upon the occurrence of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding 2020 Notes will become due and payable immediately without further action or notice. If any other type of event of default occurs and is continuing, then the holders of at least 25% in aggregate principal amount of the then outstanding 2020 Notes or the trustee may declare all of the outstanding 2020 Notes to be due and payable immediately. The indentures for the 2022 Notes and the 2020 Notes generally describe a ‘fundamental change’ as (a) the consummation of a sale of all or substantially all of the assets of the Company, (b) an exchange of the Company’s common shares for the rights to receive securities, property, other assets or cash from a third party (excluding an exchange whereby the beneficial owners of the Company retain 50% of the outstanding voting power of the surviving corporation), (c) a shareholder-approved plan for liquidation or dissolution or (d) a delisting of the Company’s common shares. A ‘fundamental change’ is not considered to have occurred if at least 90% of the consideration received is common shares traded on the NYSE, The NASDAQ Global Market or the NASDAQ Global Select Market. An entity must separately account for the liability and equity components of a convertible debt instrument that may be settled entirely or partially in cash upon conversion. The separate accounting must reflect the issuer’s economic interest cost. The fair value of the equity component, net of pro-rata initial purchasers’ discounts, is included in the additional paid-in capital section of shareholders' equity in the Company’s Consolidated Balance Sheets. The principal amount of the 2022 Notes and the 2020 Notes is reduced by unamortized original issue discount, which reflects the fair value at inception date. The original issue discount will be amortized over the life of the 2022 Notes and 2020 Notes using the effective interest rate of 10.4% and 8.6% , respectively. As of December 31, 2019 and 2018 , the Company’s common stock had not met the convertibility criteria noted in the offering memorandum for either the 2022 Notes or the 2020 Notes and, therefore, the 2022 Notes and 2020 Notes were not dilutive as of December 31, 2019 or 2018 . The balances of the liability and equity components as of December 31, 2019 and 2018 were as follows (amounts in thousands): December 31, 2019 2018 Liability component - principal $ 150,540 $ 152,000 Deferred bond discount (13,081 ) (19,503 ) Deferred financing cost (281 ) (388 ) Liability component - net carrying value $ 137,178 $ 132,109 Additional paid in capital $ 39,554 $ 39,405 Discount attributable to equity (826 ) (826 ) Equity component $ 38,728 $ 38,579 Interest expense related to the Convertible Senior Notes, included in Interest expense on long term borrowings in the Consolidated Statements of Operations and Comprehensive (Loss)/Income, was as follows (amounts in thousands): Year Ended December 31, 2019 2018 Interest expense - stated coupon rate $ 7,045 $ 7,315 Interest expense - amortization of deferred bond discount and costs 6,499 6,225 Total interest expense - convertible notes $ 13,544 $ 13,540

SHARE BASED PAYMENTS

SHARE BASED PAYMENTS	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE BASED PAYMENTS	SHARE BASED PAYMENTS Total share-based compensation expense recognized during the years ended December 31, 2019 and 2018 consisted of the following (amounts in thousands): For the Year Ended December 31, 2019 2018 Employee compensation and benefits $ 5,052 $ 6,038 On September 30, 2015 , the Company’s board of directors adopted the GAIN Capital Holdings, Inc. 2015 Omnibus Incentive Compensation Plan, (the "2015 Plan"), which became effective November 30, 2015 . The 2015 Plan replaced the GAIN Capital Holdings, Inc. 2010 Omnibus Incentive Compensation Plan, (the “2010 Plan”). The 2015 Plan has available 2.9 million shares for awards to employees, nonemployee directors, consultants, and advisors in the form of incentive stock options (“ISO”), nonqualified stock options (“NQSO"), restricted stock awards (“RSA”), time-based restricted stock units (“RSU”), performance-based restricted stock units (“PSU”), stock appreciation rights and other stock-based awards. The "evergreen" provision that allowed the Company to authorize additional shares to be issued under the 2010 plan was removed from the 2015 Plan. Accordingly, the maximum number of shares that can be issued will be fixed and cannot be increased in the future without shareholder approval. Under the 2015 Plan, the Compensation Committee of the Board of Directors (the “Compensation Committee”) will determine the exercise price of the options granted and may grant options to purchase shares of the Company’s common stock in amounts as determined by the Compensation Committee. The Compensation Committee may grant options that are intended to qualify as ISOs under Section 422 of the Internal Revenue Code, or NQSOs which are not intended to so qualify. ISOs may only be granted to employees. Anyone eligible to participate in the 2015 Plan may receive a grant of NQSOs. The exercise price of a stock option granted under the 2015 Plan cannot be less than the fair market value of a share of the Company’s common stock on the date the option is granted. All options granted under the 2015 Plan expire seven years from the date of grant. Stock Options The following table summarizes the stock option activity under all plans for the year ended December 31, 2019 (in thousands, except per share amounts): Options Outstanding Weighted Weighted Average Number of Average Remaining Aggregate Options Exercise Price Life (Years) Intrinsic Value Outstanding January 1, 2019 955 $ 6.05 2.32 $ 932 Granted — — 0.00 Exercised (73 ) 3.83 1.16 Forfeited/Expired (193 ) 6.42 0.95 Outstanding December 31, 2019 689 $ 6.19 1.66 $ 19 Vested and expected to vest options 362 $ 8.01 2.74 $ 19 Exercisable, December 31, 2019 635 $ 6.14 1.52 $ 19 Fair market value of common stock at exercise date $ 295 Cost to exercise 281 Net value of stock options exercised $ 14 The total intrinsic value of stock options exercised during the years ended December 31, 2019 and 2018 , respectively, was $0.0 million and $0.3 million . During 2019 , the Company had 0.1 million stock options vest. The Company received $0.3 million and $1.0 million from stock option exercises during the years ended December 31, 2019 and 2018 , respectively. The Company made no stock option grants during the years ended December 31, 2019 and 2018 . Restricted Stock Units and Restricted Stock Awards The 2015 Plan provides for the issuance of RSUs that are convertible on a 1 :1 basis into shares of the Company’s common stock. The Company maintains a restricted stock unit account for each grantee. RSU grants typically vest evenly over three or four years , with the relevant percentage vesting on each anniversary date of the grant. After the RSUs vest, the grantee shall receive payment in the form of cash, shares of the Company’s common stock, or a combination of the two, as determined by the Company. Payment of cash and issuance of shares shall be made upon the vesting date, upon a predetermined delivery date, upon a change in control of the Company, or upon the employee leaving the Company. The Company has historically settled these awards through the issuance of common stock to recipients and intends to continue to do so. RSUs are assigned the value of the Company’s common stock at date of grant issuance, and the grant date fair value is amortized over a three or four year period. In both 2019 and 2018 , the Company issued RSUs with performance-based vesting in addition to the time-based grants. The number of shares issuable upon vesting is determined by the Company's achievement relative to certain operating performance targets established by the Company. Vesting is contingent upon the recipient's continued service to the Company through the vesting period. A portion of these performance-based grants vest on the two year anniversary of the grant date, with the remainder vesting three years after the grant date. The Company recognized expense for these performance-based RSUs on the basis of the Company's best estimate of fair value as of December 31, 2019 . The Company granted 0.6 million time-based RSUs and 0.5 million performance-based RSUs in 2019 . In 2018 , the Company granted 0.5 million time-based RSUs and 0.4 million performance-based RSUs. A summary of the status of the Company’s non-vested shares of RSUs as of December 31, 2019 and changes during the year ended December 31, 2019 are presented below (in thousands, except per share amounts): Number Weighted Average Number Weighted Average of Time Grant Date of Performance Grant Date Non-Vested Shares Based RSUs Fair Value Based RSUs Fair Value Non-vested at January 1, 2019 1,343 $ 7.88 420 $ 7.91 Granted 599 5.97 529 6.54 Vested (628 ) 7.55 — — Forfeited (225 ) 7.55 (124 ) 7.33 Non-vested at December 31, 2019 1,089 $ 7.08 825 $ 7.12 The total grant-date fair value of time-based RSUs granted during the years ended December 31, 2019 and 2018 was $3.6 million and $3.9 million , respectively. The total grant-date fair value of performance-based RSUs granted during the year ended December 31, 2019 and 2018 was $3.5 million and $3.3 million respectively. As of December 31, 2019 , there was $7.5 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the 2015 Plan. The cost is expected to be recognized over a weighted-average period of approximately two years. Employee Stock Purchase Plan The 2011 Employee Stock Purchase Plan (“ESPP”) was adopted by the Company’s Board of Directors on November 22, 2010 . The ESPP became effective on January 1, 2011 . The ESPP permits eligible employees to purchase shares of the Company’s common stock at a 15% discount from the lesser of the fair market value per share of the Company’s common stock on the first day of the offering period or the fair market value of the Company’s common stock on the purchase date. Funds are collected from employees through after-tax payroll deductions. The total number of shares reserved for issuance under the ESPP was initially 500,000 . It is intended that the ESPP meet the requirements for an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. For the year ended December 31, 2019 and 2018 , 101,260 shares and 74,204 shares were issued under the ESPP, respectively. The discount on the ESPP of $0.1 million is recorded in Employee compensation and benefits i n the Consolidated Statement of Operations and Comprehensive (Loss)/Income.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Basic and diluted (loss)/earnings per common share is computed by dividing net (loss)/income by the weighted average number of common shares outstanding during the period. Diluted (loss)/earnings per share includes the determinants of basic net income per share and, in addition, gives effect to the potential dilution that would occur if securities or other contracts to issue common stock were exercised, vested or converted into common stock, unless they are anti-dilutive. Diluted weighted average common shares include vested, unvested stock options, and unvested restricted stock units. Diluted (loss)/earnings per share excludes any shares of Company common stock potentially issuable under the Company’s convertible senior notes, which are discussed in Note 16 . Based upon an assumed trading price of $10 for each share of the Company’s common stock, and if the relevant conditions under the indenture governing the 2020 , and 2022 convertible senior notes were satisfied, there would be an additional 0.3 million , and 2.0 million dilutive shares as of December 31, 2019 for the 2020 and 2022 notes, respectively. The following table sets forth the computation of (loss)/earnings per share (amounts in thousands except share and per share data): For the year ended December 31, 2019 2018 Net (loss)/income from continuing operations $ (60,761 ) $ 27,977 Less income attributable to non-controlling interests — 737 Net (loss)/income from continuing operations $ (60,761 ) $ 27,240 Adjustment (1) — (816 ) Net (loss)/income available to GAIN common shareholders from continuing operations $ (60,761 ) $ 26,424 Net income from discontinued operations — 65,649 Weighted average common shares outstanding: Basic weighted average common shares outstanding 37,388,984 43,731,881 Effect of dilutive securities: Stock options — 250,726 RSUs/RSAs — 206,717 Diluted weighted average common shares outstanding 37,388,984 44,189,324 Basic (loss)/earnings from continuing operations $ (1.63 ) $ 0.60 Basic earnings from discontinued operations $ — $ 1.50 Diluted (loss)/earnings from continuing operations $ (1.63 ) $ 0.60 Diluted earnings from discontinued operations $ — $ 1.49 (1) During the year ended December 31, 2018 , the Company concluded that the carrying value of the Company’s redeemable non-controlling interests was less than their redemption value, requiring that an adjustment to the carrying value be recorded for purposes of calculating earnings per common share. The adjustment to increase or reduce the carrying value will, respectively, reduce or increase earnings per common share by reducing or increasing net income available to common shareholders. For the year ended December 31, 2019 , all common stock equivalents were excluded from the computation of diluted loss per share, because the impact would have been anti-dilutive due to the Company's net loss during that period. The table below shows securities excluded from the dilution calculation under the treasury stock method. Year Ended December 31, 2019 Stock options (1) 70,639 RSUs 40,396 Total securities excluded from diluted loss per share calculation 111,035 (1) During the year ended December 31, 2019, 0.5 million stock options were out of the money and excluded from the computation of diluted loss or earnings per share from continuing operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Matters From time to time the Company becomes involved in legal proceedings and in each case the Company assesses the likely liability and/or the amount of damages as appropriate. Where available information indicates that it is probable a liability had been incurred at the date of the consolidated financial statements and the Company can reasonably estimate the amount of that loss, the Company accrues the estimated loss by a charge to income. In many proceedings, however, it is inherently difficult to determine whether any loss is probable, reasonably possible, or to estimate the amount of any loss. Even where loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is often not possible to reasonably estimate the size of the possible loss or range of loss. For certain legal proceedings, the Company can estimate possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued. For certain other legal proceedings, the Company cannot reasonably estimate such losses, if any, since the Company cannot predict if, how, or when such proceedings will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues must be developed, including the need to discover and determine important factual matters and the need to address novel or unsettled legal questions relevant to the proceedings in question, before a loss or additional loss or range of loss can be reasonably estimated for any proceeding. In November 2018, the Company settled on an ongoing contractual dispute with a service provider relating to the historical deployment of software supporting one of the Company's legacy trading platforms. Pursuant to the terms of the settlement, the Company agreed to make a one-time settlement payment of approximately $5.3 million in exchange for a full and final settlement of all claims.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The following table presents the U.S. and non-U.S. components of (loss)/income before income tax (benefit)/expense for the years ended December 31, 2019 and 2018 (amounts in thousands): Year Ended December 31, 2019 2018 U.S. $ (45,813 ) $ 3,158 Non-U.S. (27,817 ) 33,333 Total (loss)/income before tax (benefit)/expense $ (73,630 ) $ 36,491 Income tax (benefit)/expense consisted of (amounts in thousands): Year Ended December 31, 2019 2018 Current Federal $ 1,022 $ 2,102 State (389 ) 1,253 U.K. (3,134 ) 6,672 Japan 351 328 Australia 1,087 1,264 Other non-U.S. 254 90 Total current income tax (benefit)/expense (809 ) 11,709 Deferred Federal (9,041 ) (2,330 ) State (1,548 ) (711 ) U.K. (1,858 ) (599 ) Singapore 436 548 Japan 167 70 Other non-U.S. (216 ) (173 ) Total deferred tax benefit (12,060 ) (3,195 ) Total income tax (benefit)/expense $ (12,869 ) $ 8,514 Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The Company’s net deferred tax assets are included in Other assets on the Consolidated Balance Sheets. Significant components of the Company’s deferred tax assets and liabilities were as follows (amounts in thousands): December 31, 2019 2018 Deferred tax assets Net operating losses $ 12,359 $ 6,832 Share-based compensation 916 994 Intangible assets 9,683 4,291 Basis difference in property and equipment 4,462 4,262 Other 1,502 1,999 Total deferred tax assets 28,922 18,378 Valuation allowance (762 ) (904 ) Total deferred tax assets after valuation allowance 28,160 17,474 Deferred tax liabilities Discount on convertible note (2,854 ) (4,257 ) Total deferred liabilities (2,854 ) (4,257 ) Net deferred tax assets $ 25,306 $ 13,217 The Company has $61.7 million in net operating loss (“NOL”) carry forwards as of December 31, 2019 . As of December 31, 2019 , the Company has NOL’s in the following jurisdictions: $27.8 million in the U.K., $25.0 million in the U.S., $4.2 million in Singapore, $3.5 million in the Netherlands, tax affected $1.1 million in various U.S. states, and $0.1 million in various minor jurisdictions. These NOLs begin to expire in 2025 . The Company has a deferred tax asset of $12.4 million relating to these NOLs for which it has established a valuation allowance of $0.8 million . The net change in the valuation allowance is $0.1 million . The following table reconciles the effective tax rate to the U.S. federal statutory income tax rate: Year Ended December 31, 2019 2018 Federal income tax at statutory rate 21.00 % 21.00 % Increase/(decrease) in effective tax rate resulting from: State income tax 2.52 % 1.17 % Foreign rate differential (1.16 )% 0.07 % Goodwill impairment (5.14 )% — % GILTI — % 10.75 % Impact of non-controlling interests — % (0.42 )% 162 (m) (0.42 )% 1.32 % Uncertain tax positions — % (0.64 )% U.K. bank tax — % 1.28 % Rate changes 0.20 % — % Foreign tax credit — % (9.22 )% True-ups and deferred tax adjustments (0.77 )% (2.00 )% Other permanent differences 1.24 % 0.02 % Effective Tax Rate 17.47 % 23.33 % In December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No.118 (“SAB 118”). SAB 118 allowed for the recording of a provisional estimate to reflect the income tax impact of the Tax Act and provides a measurement period of up to one year from the enactment date. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company made reasonable estimates of the effects and recorded provisional amounts in the financial statements as of December 31, 2017. Specifically provisional amounts were recorded in respect of the provisions of the Tax Act that relate to mandatory deemed repatriation of untaxed foreign earnings, offset by current year losses and a foreign tax credit. In 2018, the Company completed its review of the Tax Act, taking into account guidance issued by the Internal Revenue Service (“IRS”) and made adjustments required to the provisional amount recorded as explained further below. In 2018 and 2019, the Company had a number of discrete tax items that impacted its effective tax rate: • In the fourth quarter of 2018, the Company completed its income tax accounting for its U.S. tax liability with respect to its untaxed foreign earnings, including the impact of foreign tax credits and state taxes, as a result of the Tax Cuts and Jobs Act, enacted on December 22, 2017 , within the measurement period. As a result, the Company recorded a tax benefit of $1.3 million during the year ended December 31, 2018. • In the fourth quarter of 2018, the Company elected to treat the new Global Intangible Low Tax Income (“GILTI”) inclusion, resulting from the enactment of the Tax Cuts and Jobs Act, as a period cost. In 2018, The Company recorded tax expense of $0.6 million as the impact of GILTI, net of applicable foreign tax credits. • In the fourth quarter of 2018, the Company received a favorable ruling from the U.S. competent authority in response to filings made by the Company challenging an IRS transfer pricing adjustment for 2012. As a result of the ruling, the Company increased its previously accrued benefit by an additional $0.2 million during the year ended December 31, 2018. • In fourth quarter of 2019, the Company impaired its goodwill, resulting in additional tax expense of $3.8 million . In 2019 , the IRS concluded an audit of the Company's 2015-2016 tax years with no audit adjustments. At December 31, 2019 , the Company asserts that the earnings of its foreign subsidiaries will be permanently reinvested in the working capital and other business needs of the subsidiaries to the extent that repatriation of these earnings would trigger additional capital gains tax, foreign withholding taxes, or material state income taxes. As such, amounts that can be brought back without triggering capital gains, foreign withholding taxes, or material state income taxes will not be considered permanently reinvested. Based on the Company's analysis, the Company does not believe that the potential impact of the unrecognized deferred tax liability associated with the repatriation of such earnings would be material to the financial statements. As of December 31, 2019 and 2018 , there were no gross unrecognized tax benefits from uncertain tax positions. There were no unrecognized tax benefits for the years ended December 31, 2019 and 2018 that would affect the effective tax rate. The Company’s open tax years range from 2017 through 2019 for its U.S. federal returns, from 2017 through 2019 for the U.K., from 2014 through 2019 for Japan, and from 2016 through 2019 for its major state jurisdictions. It is reasonably possible that the amount of liability for unrecognized tax benefits could change during the next 12 months. An estimate of the range of the possible change cannot be made until issues are further developed or examinations closed. There were no penalties and interest recorded for the years ended December 31, 2019 and 2018 , and as such, there are no amounts recorded in the Consolidated Statements of Operations and Comprehensive (Loss)/Income. As a result, there is no impact to uncertain tax positions when reconciling the federal income tax rate to the Company’s effective tax rate.

RETIREMENT PLANS

RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2019
Defined Contribution Plan [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS The Company sponsors a “Safe Harbor” 401(k) retirement plan which was put into effect as of January 1, 2011 . The plan provides for a 100% match by the Company on the first 3% of the employee’s salary contributed to the plan and 50% on the next 2% with immediate vesting on all employer contributions, subject to IRS limitations. Substantially all of the Company’s US employees are eligible to participate in the plan. The expense recorded to employee compensation and benefits on the Consolidated Statements of Operations and Comprehensive (Loss)/Income by the Company for its employees’ participation in 401k plans during the years ended December 31, 2019 and 2018 was $0.6 million and $0.9 million , respectively.

REGULATORY REQUIREMENTS

REGULATORY REQUIREMENTS	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
REGULATORY REQUIREMENTS	REGULATORY REQUIREMENTS The following table illustrates the minimum regulatory capital the Company's subsidiaries were required to maintain as of December 31, 2019 and the actual amounts of capital that were maintained (amounts in millions): Entity Name Minimum Capital Excess Percent of GAIN Capital Group, LLC $ 34.2 $ 61.3 $ 27.1 179 % GAIN Capital Securities, Inc. 0.1 0.3 0.2 300 % GAIN Capital U.K., Ltd. 58.9 177.8 118.9 302 % GAIN Capital Japan Co., Ltd. 1.0 11.7 10.7 1,170 % GAIN Capital Australia, Pty. Ltd. 0.9 5.5 4.6 611 % GAIN Global Markets, Inc. 0.4 3.4 3.0 850 % GAIN Capital-Forex.com Canada, Ltd. 0.2 2.3 2.1 1,150 % GAIN Capital Singapore Pte., Ltd. 3.7 11.8 8.1 319 % Trade Facts, Ltd. 0.5 3.8 3.3 760 % Global Assets Advisors, LLC (1) 0.0 1.2 1.2 2,667 % Total $ 99.9 $ 279.1 $ 179.2 279 % (1) The Global Asset Advisors, LLC minimum regulatory capital requirement is $45 thousand .

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION ASC 280, Disclosures about Segments of an Enterprise and Related Information , establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise which engage in business activities from which they may earn revenues and incur expenses and about which separate financial information is available that is evaluated regularly by the chief operating decision-maker, or decision making group, in deciding how to allocate resources and in assessing performance. Reportable segments are defined as operating segments that either (a) exceed 10% of revenue, or (b) report profit or loss in an absolute amount exceeding 10% of profit of all operating segments that did not report a loss or (c) exceed 10% of the combined assets of all operating segments. During the year ended December 31, 2018 , the Company completed its implementation of global support groups in the areas of finance, legal, human resources, and treasury. These groups are now centrally managed and support all business functions. Therefore, all costs related to these groups previously recorded within the retail segment are now classified in the corporate and other segment to better align the cost reporting. The change in segment reporting had no impact on the net profit or loss of the Company. Retail Segment Business in the retail segment is conducted primarily through the Company’s FOREX.com and City Index brands. The Company provides its retail customers around the world with access to over 15,000 global financial markets, including spot forex, precious metals and CFDs on commodities, indices, individual equities, cryptocurrencies, bonds and interest rate products, as well as OTC options on forex. In the U.K., the Company also offer spread bets, which are investment products similar to CFDs, but that offer more favorable tax treatment to residents of that country. Futures Segment The futures segment offers execution and related services for exchange-traded futures and futures options on major U.S. and European exchanges. The Company offers futures services through its subsidiaries, GAIN Capital Group, LLC, Global Asset Advisors, LLC, and Top Third Ag Marketing, LLC, under the GAIN Capital Futures brand. Corporate and other Corporate and other provides general corporate services to the Company’s segments. Corporate and other revenue primarily comprises foreign currency transaction gains and losses. Selected financial information by segment is presented in the following tables (amounts in thousands): Year Ended December 31, 2019 2018 Retail reportable segment: Net revenue $ 194,256 $ 310,984 Employee compensation and benefits 49,565 55,447 Selling and marketing 37,527 35,378 Referral fees 18,232 26,899 Other operating expenses 68,750 72,747 Segment profit $ 20,182 $ 120,513 Futures reportable segment: Net revenue $ 39,771 43,967 Employee compensation and benefits 9,531 9,868 Selling and marketing 865 811 Referral fees 11,073 13,127 Other operating expenses 12,567 13,989 Segment profit $ 5,735 $ 6,172 Corporate and other: Other loss $ (95 ) $ (2,392 ) Employee compensation and benefits 19,030 23,756 Selling and marketing 3 271 Other operating expenses 11,606 13,770 Loss $ (30,734 ) $ (40,189 ) TOTAL SEGMENT (LOSS)/PROFIT $ (4,817 ) $ 86,496 Depreciation and amortization 17,086 19,654 Purchased intangible amortization 8,811 14,171 Restructuring expenses 1,274 762 Goodwill impairment 28,098 — Impairment of investment — (130 ) Legal settlement — 5,306 Class action settlement — (5,398 ) Dutch auction fees — 768 PP&E write-off — 1,332 OPERATING (LOSS)/PROFIT $ (60,086 ) $ 50,031 Interest expense on long term borrowings 13,544 13,540 (LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE $ (73,630 ) $ 36,491 The following table presents net revenue by geographic area (amounts in thousands): Year Ended December 31, 2019 2018 Net Revenue (1) : North America (2) $ 178,549 $ 164,040 Europe (3) 47,843 129,807 Other 7,540 64,110 Total Net Revenue $ 233,932 $ 357,957 (1) - Net revenue is attributed to individual countries based on the jurisdiction of the formation of the reporting entity that records the transaction. (2) - Includes U.S. net revenue of $116.3 million and $143.6 million for the years ended December 31, 2019 and 2018 , respectively. (3) - Includes U.K. net revenue of $47.7 million and $129.7 million for the years ended December 31, 2019 and 2018 , respectively. The following table presents long-lived assets by geographic area (amounts in thousands): December 31, 2019 2018 Long-lived assets (1) : North America (2) $ 7,581 $ 8,875 Europe (3) 22,825 21,427 Other 157 277 Total long-lived assets $ 30,563 $ 30,579 (1) - Long-lived assets are comprised of property and equipment, net. They exclude goodwill, other intangible assets and other assets, which are not attributable to any one geographic location. (2) - Includes U.S. long-lived assets of $7.6 million and $8.9 million as of December 31, 2019 and 2018 , respectively. (3) - Includes U.K. long-lived assets of $22.3 million and $21.4 million as of December 31, 2019 and 2018 , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In February 2020 , the Company announced the payment of a $0.06 dividend per share of Common Stock payable on March 27, 2020 to stockholders of record on March 24, 2020 . On February 26, 2020 , the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with INTL FCStone Inc., a Delaware corporation (“INTL”) and Golf Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of INTL (“Merger Sub”), pursuant to which, among other things and subject to the satisfaction or waiver of specified conditions, Merger Sub will merge with and into the Company (the "Merger"). As a result of the Merger, Merger Sub will cease to exist, and the Company will survive as a wholly owned subsidiary of INTL. Subject to the terms and conditions of the Merger Agreement at the effective time of the Merger (the Effective Time"), each share of the Company's common stock issued and outstanding immediately prior to the Effective Time (other than dissenting shares) will be converted into the right to receive $6.00 per share in cash, without interest.

Schedule I - Consolidated Finan

Schedule I - Consolidated Financial Information of GAIN Capital Holdings, Inc. (Parent Company Only)	12 Months Ended
	Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Consolidated Financial Information of GAIN Capital Holdings, Inc. (Parent Company Only)	GAIN CAPITAL HOLDINGS, INC. (Parent Company Only) Condensed Balance Sheets (in thousands, except share data) December 31, 2019 December 31, 2018 ASSETS: Cash and cash equivalents $ 11,879 $ 6,507 Equity investments in subsidiaries 396,831 470,767 Receivables from affiliates 8,615 12,615 Income tax receivable 1,603 279 Deferred tax assets, net 18,222 7,632 Other assets 295 491 Total assets $ 437,445 $ 498,291 LIABILITIES AND SHAREHOLDERS’ EQUITY: Liabilities Accrued expenses and other liabilities $ 6,502 $ 7,182 Payable to affiliates 59,066 61,227 Convertible senior notes 137,178 132,109 Total liabilities 202,746 200,518 Commitments and contingent liabilities (refer to Note 3) Shareholders’ Equity Common stock ($0.00001 par value; 120 million shares authorized; 55.3 million shares issued and 37.5 million shares outstanding as of December 31, 2019; 54.5 million shares issued and 37.8 million shares outstanding as of December 31, 2018) — — Additional paid-in capital 249,111 243,216 Retained earnings 134,752 204,483 Accumulated other comprehensive loss (21,647 ) (29,410 ) Treasury stock, at cost (17.8 million shares at December 31, 2019 and 16.7 million at December 31, 2018, respectively) (127,517 ) (120,516 ) Total shareholders’ equity 234,699 297,773 Total liabilities and shareholders’ equity $ 437,445 $ 498,291 The accompanying notes are an integral part of these condensed financial statements. GAIN CAPITAL HOLDINGS, INC. (Parent Company Only) Condensed Statements of Operations and Comprehensive (Loss)/Income (in thousands) Year Ended December 31, 2019 2018 REVENUE: Dividends from subsidiaries $ 29,227 $ 146,416 Gain on legal settlements 471 5,398 Interest and other 215 556 Total revenue $ 29,913 $ 152,370 EXPENSES: Interest expense $ 496 $ 491 Employee compensation and benefits 697 957 Legal settlement — 5,260 General and administrative 3,819 6,156 Total operating expense $ 5,012 $ 12,864 Interest expense on long term borrowings 13,544 13,540 Income from discontinued operations — 2,589 INCOME BEFORE INCOME TAX EXPENSE $ 11,357 $ 123,377 Income tax (benefit)/expense (9,956 ) 5,067 NET INCOME BEFORE UNDISTRIBUTED EARNINGS OF SUBSIDIARIES $ 21,313 $ 118,310 Equity in loss of subsidiaries (82,074 ) (25,421 ) NET (LOSS)/INCOME (60,761 ) 92,889 Other comprehensive income/(loss): Foreign currency translation adjustment 7,763 (13,740 ) TOTAL COMPREHENSIVE (LOSS)/INCOME $ (52,998 ) $ 79,149 The accompanying notes are an integral part of these condensed financial statements. GAIN CAPITAL HOLDINGS, INC. (Parent Company Only) Condensed Statements of Cash Flows (in thousands) Year Ended December 31, 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss)/income $ (60,761 ) $ 92,889 Adjustments to reconcile net (loss)/income to cash provided by operating activities Equity in loss of subsidiaries 82,074 25,421 Gain on foreign currency exchange rates — (6 ) Deferred tax benefit (10,590 ) (2,661 ) Amortization of deferred financing costs 597 648 Non-Cash dividends received — (52,166 ) Share-based compensation 563 955 Convertible senior notes discount amortization 5,902 5,590 Changes in operating assets and liabilities: Receivables from affiliates 4,000 (12,615 ) Other assets 196 2,662 Income tax receivable (1,326 ) 1,583 Accrued expenses and other liabilities (680 ) 12 Payable to affiliates 2,346 10,145 Cash provided by operating activities 22,321 72,457 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in and funding of subsidiaries (374 ) 12,608 Cash (used in)/provided by investing activities (374 ) 12,608 CASH FLOWS FROM FINANCING ACTIVITIES: Maturity and repurchase of convertible notes (1,299 ) (6,350 ) Proceeds from exercise of stock options 281 1,004 Proceeds from employee stock purchase plan 414 515 Purchase of treasury stock (7,001 ) (63,589 ) Dividend payments (8,970 ) (10,276 ) Cash used in financing activities (16,575 ) (78,696 ) INCREASE IN CASH AND CASH EQUIVALENTS 5,372 6,369 CASH AND CASH EQUIVALENTS — Beginning of year 6,507 138 CASH AND CASH EQUIVALENTS — End of year $ 11,879 $ 6,507 SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for: Interest paid $ 7,354 $ 7,525 Tax (payments)/refunds $ (1,957 ) $ 6,150 The accompanying notes are an integral part of these condensed financial statements. 1. Basis of Presentation Basis of Financial Information — The accompanying condensed financial statements of GAIN Capital Holdings, Inc. (“Parent Company”), including the notes thereto, should be read in conjunction with the consolidated financial statements of GAIN Capital Holdings, Inc. and Subsidiaries (the “Company”) and the related notes. The condensed financial statements are prepared in accordance with accounting principles generally accepted in the U.S. which require the Company or Parent Company to make estimates and assumptions regarding valuations of certain financial instruments and other matters that affect the Parent Company Financial Statements and related disclosures. Actual results could differ from these estimates. The Company has several subsidiaries that are subjected to minimum net capital requirements as noted in Note 22 - Regulatory Requirements, in the accompanying consolidated financial statements. In accordance with SEC Rule § 210.12-04 Condensed financial information of registrant, the condensed financial information of the Parent Company is required to be presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the Parent Company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party such as the primary regulators of the Company’s operating subsidiaries. The Parent Company on a stand-alone basis, has accounted for majority-owned subsidiaries using the equity method of accounting. Transactions with Subsidiaries The Parent Company has transactions with its subsidiaries determined on an agreed upon basis. Cash dividends from subsidiaries were $29.2 million and $94.3 million for the years ended December 31, 2019 and 2018 , respectively. Commitments and Contingencies For a discussion of commitments and contingencies, please refer to Note 19 to the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Consolidation	Consolidation The Company's consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and other subsidiaries in which the Company holds a controlling financial interest. All intercompany transactions and balances are eliminated in consolidation.
Use of Estimates	Use of Estimates Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, as well as the reported amounts of revenue and expenses during the reporting period. For the year ended December 31, 2019 , the Company revised its estimated fair value for Goodwill , resulting in the Company impairing the entire amount of Goodwill . Estimates, by their nature, are based on judgment and available information about current events and expectations about actions undertaken in the future. Actual results could differ materially from estimates.
Revenues from Contracts with Customers	Revenue Recognition Revenue is recognized in accordance with guidance set forth in ASC 606, Revenues from Contracts with Customers . The Company primarily generates revenue through market making and by providing trading execution services for its clients. The Company categorizes revenue as Retail revenue , Futures revenue, Other revenue or Net interest revenue . Retail revenue is the Company’s largest source of revenue. Retail revenue comprises trading revenue from the retail OTC business and advisory business. OTC trading includes forex trading (“forex”), precious metals trading, CFDs and spread-betting (in markets which do not prohibit such transactions), as well as other financial products. Gains or losses are realized when customer transactions are liquidated. Unrealized gains or losses on trading positions are revalued at prevailing market rates at the date of the balance sheet and are included in Receivables from brokers, Payables to customers, and Payables to brokers on the Consolidated Balance Sheets. Changes in net unrealized gains or losses are recorded in Retail revenue on the Consolidated Statements of Operations and Comprehensive (Loss)/Income. Retail revenue is recorded on a trade date basis. Futures revenue consists of revenue from the Company’s futures business, which offers exchange-based trading execution services, focusing on the indices, agricultural hedging, and commodities sectors. Revenues in this business are generated through commissions, which are earned for executing customer trades. These revenues are booked on a trade date basis. The Company acts as an agent with respect to clearing trades, but is a principal with respect to fees paid to introducing brokers in its futures business. The Company does not assume any market risk with respect to customer trades in this business. Other revenue primarily comprises account management and transaction fees, inactivity, training fees charged to customer accounts, and receipt of class action settlements, as well as foreign currency transaction gains and losses. Net interest revenue consists primarily of the revenue generated by the Company's cash and customer cash held at banks, as well as funds on deposit as collateral with the Company's liquidity providers, less interest paid to the Company's customers. Interest revenue and interest expense are recorded when earned and incurred, respectively.
Net Interest Revenue	Net interest revenue consists primarily of the revenue generated by the Company's cash and customer cash held at banks, as well as funds on deposit as collateral with the Company's liquidity providers, less interest paid to the Company's customers. Interest revenue and interest expense are recorded when earned and incurred, respectively.
Cash and Cash Equivalents	Cash and cash equivalents The Company considers all highly liquid investments with maturity of 90 days or less at the time of acquisition to be cash equivalents. The Company’s cash equivalents consist of U.S. treasury bills and money market accounts, all of which are recorded at fair value.
Cash and Securities Held for Customers	Cash and securities held for customers Cash and securities held for customers represents cash, and highly liquid assets held to fund customer liabilities in connection with trading positions and customer cash balances. Included in this balance are funds deposited by customers and funds accruing to customers as a result of trades or contracts. The Company records a corresponding liability in connection with this amount in Payables to customers on the Consolidated Balance Sheet. As of December 31, 2019 and December 31, 2018 , $6.5 million and $104.7 million , respectively, of total cash and securities held for customers are invested in U.S. government and agency securities. Such securities are carried at fair value, with unrealized and realized gains and losses included in interest revenue in the Consolidated Statement of Operations and Comprehensive (Loss)/Income, as appropriate. In addition, the Company holds certain customer funds in segregated or secured broker accounts. Legally segregated balances are not available for general use, in accordance with certain jurisdictional regulatory requirements.
Receivables from Brokers	Receivables from Brokers Receivables from brokers, recorded on the Consolidated Balance Sheets, include funds that the Company has posted with brokers as collateral required by agreements for holding retail hedging positions and funds required to collateralize customer futures trading. Receivables from brokers also include gains or losses realized on settled contracts, as well as unrealized gains or losses on open positions.
Fair Value Measurements	Fair Value Measurements Certain financial assets and liabilities are measured at fair value in accordance with applicable accounting guidance, as discussed in Note 5 Fair Value Information. Other financial assets and liabilities are not measured at fair value on a recurring basis but nevertheless approximate fair value due to their short term maturities. Such financial assets and liabilities include: Receivables from brokers, Convertible senior notes, certain Other assets, Payables to customers, Payables to brokers, and Accrued expenses and other liabilities . The above referenced receivables and payables include open trading positions which are held at fair value which change in value as the price of the underlying product changes. Prices approximate the amounts at which the Company can settle the positions at the balance sheet date.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company owns financial instruments that subject the Company to credit risk. These financial instruments are held primarily in Cash and cash equivalents as well as Cash and securities held for customers . The Company’s credit risk is managed by investing primarily in high-quality money market and U.S. Government instruments. The majority of the Company’s cash and cash equivalents are held at ten financial institutions.
Property and Equipment and Other Long-Lived Assets	Property and Equipment and Other Long-Lived Assets Property and equipment is recorded at cost, net of accumulated depreciation. Identifiable improvements are capitalized and expenditures for maintenance and repairs are charged to expense as incurred. Property and equipment are depreciated on a straight-line basis over a three year useful life, except for leasehold improvements, which are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life. The Company accounts for costs incurred to develop its trading platforms and related software in accordance with ASC 350-40, Internal-Use Software . ASC 350-40 requires that such technology be capitalized in the application development stages. Costs related to training, administration and non-value-added maintenance are charged to expense as incurred. Capitalized software development costs are amortized over the useful life of the software, which the Company estimates at three years. In accordance with ASC 360-10, Property, Plant and Equipment , the Company periodically evaluates the carrying value of long-lived assets when events and circumstances warrant such review. The carrying value of a long-lived asset is considered impaired when the anticipated identifiable undiscounted cash flows from such an asset (or asset group) are less than carrying value. In that event, a loss is recognized in the amount by which the carrying value exceeds fair market value of the long-lived asset. This standard applies to assets held for use and not to assets held for sale.
Foreign Currencies	Foreign Currencies Each of the Company’s subsidiaries books and records are held using the currency of the primary economic environment in which the subsidiaries operate (the functional currency). The Company has determined that it’s reporting currency is U.S. dollars (USD), to which non-USD subsidiary books are translated. The Company’s Accumulated other comprehensive loss consists of foreign currency translation adjustments from subsidiaries not using USD as their functional currency. Foreign currency transactions are booked in functional currency using the exchange rate prevailing at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary assets and liabilities denominated in non-functional currencies at period end exchange rates are recognized in Other revenue on the Consolidated Statements of Operations and Comprehensive (Loss)/Income.
Intangible Assets	Intangible Assets GAAP addressing intangible assets requires purchased intangible assets other than goodwill to be amortized over their estimated useful lives unless their lives are determined to be indefinite. The Company has both definite and indefinite lived intangibles. If indefinite-lived assets are determined to have a finite life in the future, the Company will amortize the carrying value over the remaining estimated useful life at that time. The Company analyzes its business, legal and regulatory environment at least annually and on an interim basis when conditions indicate impairment may have occurred to determine whether its indefinite-lived intangible assets are likely to be impaired. This qualitative assessment indicated that it is more likely than not that the Company’s indefinite lived intangible assets are not impaired.
Goodwill	Goodwill The Company recognized goodwill as a result of the acquisitions of certain subsidiaries. Goodwill represents the excess of cost over fair market value of net assets acquired. In accordance with relevant GAAP, the Company tests goodwill for impairment on an annual basis, during the fourth quarter and on an interim basis when conditions indicate impairment may have occurred (please refer to Note 9 ). In performing these assessments, management relies on and considers a number of factors, including operating results, business plans, economic projections, anticipated future cash flows, comparable market transactions (to the extent available), other market data and the Company’s overall market capitalization. There are inherent uncertainties related to these factors which require judgment in applying them to the analysis of goodwill for impairment. When testing for goodwill impairment, the Company first assesses qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative fair value test is performed. Under the quantitative test, the fair value of each reporting unit is compared to its carrying value in order to identify potential impairment. If the fair value of a reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired and no further testing is required. If the carrying value of the net assets exceeds the fair value of a reporting unit, impairment is indicated at the reporting unit level and an impairment charge will be recorded. An impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit.
Derivatives	Derivatives Forex, metals, and CFDs allow for exchanging the difference in value of a particular asset such as a stock index, energy product, or gold contract, between the time at which a contract is opened and the time at which it is closed. The Company’s retail customer open positions and positions held with liquidity providers are considered derivatives under the accounting guidance in ASC 815, Derivatives and Hedging . Therefore, they are accounted for at fair value, and included in Receivables from brokers, Payables to customers, and Payables to brokers in the Consolidated Balance Sheets. The Company did not designate any of its derivatives as hedging instruments. Net gains and losses with respect to derivative instruments are reflected in Retail revenue in the accompanying Consolidated Statements of Operations and Comprehensive (Loss)/Income.
Allowance For Doubtful Accounts	Allowance for Doubtful Accounts The Company records an increase in the allowance for doubtful accounts when the prospect of collecting a specific customer account balance becomes doubtful. Management specifically analyzes accounts receivable and historical bad debt experience when evaluating the adequacy of the allowance for doubtful accounts. Changes in estimates are recognized in current year earnings. The customer receivables, net of allowance for doubtful accounts, are included in Other assets on the Consolidated Balance Sheets. The related expense is recorded in Bad debt provision on the Consolidated Statements of Operations and Comprehensive (Loss)/Income.
Payables to Customers and Payables to Brokers	Payables to Customers Payables to customers , included on the Consolidated Balance Sheets, include amounts due on cash and margin transactions. These transactions include deposits, commissions and realized gains or losses arising from settled trades. The payables balance also reflects unrealized gains or losses arising from open positions in customer accounts. The payables balance includes amounts deposited by white label partners for which the Company acts as a clearing broker. Payables to Brokers Payables to brokers comprise open trades, which are measured at fair value and the cash due to or from brokers, which is not measured at fair value but approximates fair value. These balances occur when the Company’s hedging trades produce losses and necessitate a margin call to re-capitalize positions or settle losses.
Lease Obligations	Lease Obligations Effective January 1, 2019, the Company accounts for its leases under ASC 842, Leases . The Company determines if an arrangement is, or contains, a lease at inception. Right-of-use assets and the related liabilities result from operating leases which were included in Other assets and Accrued expenses and other liabilities , respectively, in the Consolidated Balance Sheet as of December 31, 2019. Operating lease assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses the estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities, and maintenance costs are expensed as incurred and not included in determining the present value of lease liabilities, which will include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease agreements with lease and non-lease components which are accounted for as a single lease component. As an accounting policy election, the Company excludes short-term leases having initial terms of 12 months or fewer. Lease expense is recognized on a straight-line basis over the lease term. Please see Note 11 for additional information on leases. The Company continues to account for leases in the prior period financial statements under ASC Topic 840.
Referral Fees	Referral fees Introducing brokers direct customers to the Company in return for a referral fee on each referred customer’s trading volume or a share of net revenue generated by each referred customer’s trading activity. White label partners offer the Company's trading services to their customers under their own brand. Like introducing brokers, White label partners charge referral fees for the trade flow brought to the Company. These fees are recorded in Referral Fees in the Consolidated Statements of Operations and Comprehensive (Loss)/Income.
Trading Expenses	Trading Expenses Trading expenses consist of exchange fees paid to stock exchanges and other third-parties for exchange market data that the Company provides to its customers or uses to create its own derived data products, as well as fees for news services and clearing fees paid to prime brokers in connection with its futures segment. These costs are expensed as incurred.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded against deferred tax assets if it is more likely than not that such assets will not be realized. Contingent income tax liabilities are recorded when the criteria for loss recognition have been met. An uncertain tax position is recognized based on the determination of whether or not a tax position is more likely than not to be sustained upon examination based upon the technical merits of the position. If this recognition threshold is met, the tax benefit is then measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. As of December 31, 2019 , the Company asserts that the earnings of its foreign subsidiaries will be permanently reinvested in the working capital and other business needs of the subsidiaries to the extent that repatriation of these earnings would trigger additional capital gains tax, foreign withholding taxes, or material state income taxes. As such, amounts that can be brought back without triggering capital gains, foreign withholding taxes, or material state income taxes will not be considered permanently reinvested. Based on the Company's analysis, the Company does not believe that the potential impact of the unrecognized deferred tax liability associated with the repatriation of such earnings would be material to the financial statements.
Share Based Compensation	Share-Based Compensation Share-based compensation expense requires measurement of compensation cost for share-based awards at fair value and recognition of compensation cost over the vesting period, net of estimated forfeitures. For awards with service and performance conditions, the Company recognizes compensation cost on a straight-line basis over the requisite service period. The fair value of stock options granted is estimated using the Black-Scholes option-pricing model, which considers, among other factors, the expected term of the award and the expected volatility of the Company’s stock price. Although the Black-Scholes model meets the requirements of ASC 718, Compensation-Stock Compensation , the fair values generated by the model may not be indicative of the actual fair values of the underlying awards, as it does not consider other factors important to those share-based compensation awards, such as continued employment, periodic vesting requirements and limited transferability. The risk-free interest rate used in the Black-Scholes option-pricing model is based on the U.S. Treasury yield curve in effect at the time of grant. The expected option life is based on historical experience of employee exercise behavior. Expected volatility is based on historical volatility, implied volatility, price observations taken at regular intervals and other factors deemed appropriate. Expected dividend is based upon the current dividend rate. The fair value of restricted stock unit awards is based on the fair value of the Company’s common stock on the grant date.
Treasury Shares	Treasury Shares In accordance with ASC 505-30 , Equity - Treasury Stock , the Company treats the cost of acquired shares purchased as a deduction from shareholders’ equity and as a reduction of the total shares outstanding when calculating earnings per share.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is calculated using the weighted average common shares outstanding during the year. Common equivalent shares from stock options and restricted stock awards, using the treasury stock method, are also included in the diluted per share calculations unless their effect of inclusion would be anti-dilutive. Please refer to Note 18 for discussion of the impact of the Company’s convertible notes and non-controlling interests on EPS.
Recent Accounting Pronouncements Recently Adopted and Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) , which amended the guidance on accounting for leases. The FASB issued this update to increase transparency and comparability among organizations. This update requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. The Company adopted the ASU effective January 1, 2019 using the additional (optional) approach, in accordance with ASU 2018-11 Leases (Topic 842): Targeted Improvements . The Company initially recorded a right of use asset and lease liability of $12.6 million and $14.9 million , in Other assets and Accrued expenses and other liabilities , respectively. There was no effect on opening retained earnings, and the Company continues to account for leases in the prior period financial statements under ASC Topic 840. In adopting the new lease standard, the Company elected the package of practical expedients permitted under the adoption of the new standard, which allowed the Company to account for existing leases under their current classification, as well as omit any new costs classified as initial direct costs, under the new standard. The Company also elected the practical expedient allowing an accounting policy election by class of underlying asset, to account for separate lease and nonlease components as a single lease component. Please see Note 11 for additional information on leases. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) , to address certain income tax effects in Accumulated Other Comprehensive Income ("AOCI") resulting from the tax reform enacted in 2017. The amended guidance provides an option to reclassify tax effects within AOCI to retained earnings in the period in which the effect of the tax reform is recorded. The amendments were effective for fiscal years beginning after December 15, 2018, including interim periods. The Company has adopted this ASU as of January 1, 2019, which did not have any impact on the Company's results of operations or financial condition as there were no balances in AOCI that are tax effected. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. In February 2020, the FASB issued ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) , which amends the effective date of the original pronouncement for smaller reporting companies. ASU 2016-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2022. The Company is currently assessing the impact of the adoption of this ASU on its financial statements. In August 2018, the FASB issued ASU No. 2018-13, Changes to Disclosure Requirements for Fair Value Measurements (Topic 820) , which improved the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements. The Company will adopt the new standard effective January 1, 2020 and does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
Fair Value Information	evel 1 Financial Assets The Company has U.S. Treasury bills and certificates of deposit that are Level 1 financial instruments that are recorded based upon listed or quoted market rates. The U.S. Treasury bills and money market accounts are recorded in Cash and cash equivalents and Cash and securities held for customers and the certificates of deposit are recorded in Other Assets . Level 2 Financial Assets and Liabilities The Company has customer derivative contracts that are Level 2 financial instruments recorded in Payables to customers. The Company has broker derivative contracts that are Level 2 financial instruments recorded in Receivables from brokers and Payables to brokers . The fair values of these Level 2 financial instruments are based upon directly observable values for underlying instruments. FAIR VALUE INFORMATION GAAP defines fair value as the price that would be received in exchange for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three level hierarchy that ranks the quality and reliability of information used in developing fair value estimates for financial instruments. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument’s level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three levels of fair value hierarchy are summarized below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly; and Level 3 - Valuations that require inputs that are both unobservable to a market participant and significant to the fair value measurement. For assets and liabilities that are transferred between levels during the period, fair values are ascribed as if the assets or liabilities had been transferred as of the beginning of the period.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and Securities Held for Customers	The table below further breaks out the Cash and securities held for customers on the Consolidated Balance Sheets: Year Ended December 31, 2019 2018 Cash and cash equivalents held for customers $ 922,721 $ 737,766 Marketable securities held for customers 6,542 104,712 Cash and securities held for customers $ 929,263 $ 842,478

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Results of Operations from Discontinued Segments	The results of operations from the discontinued segment for the years ended December 31, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2019 2018 REVENUE: Institutional revenue $ — $ 16,379 Other loss — (2 ) Total non-interest revenue — 16,377 Interest revenue — 103 Total net interest revenue — 103 Net revenue $ — $ 16,480 EXPENSES: Employee compensation and benefits $ — $ 5,973 Trading expenses — 5,439 Other expenses — 3,955 Total operating expense — 15,367 OPERATING PROFIT — 1,113 Gain on sale of discontinued operations — 69,292 INCOME BEFORE INCOME TAX EXPENSE — 70,405 Income tax expense — 4,756 NET INCOME FROM DISCONTINUED OPERATIONS $ — $ 65,649

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company’s futures revenue from contracts with customers disaggregated by customer and service type for the services described above, as it relates to the futures segment for the years ended December 31, 2019 and 2018 (amounts in thousands): Year Ended December 31, 2019 2018 Futures Direct Customers (1) $ 12,951 $ 14,549 Indirect Customers (2) 21,840 25,156 Other (3) 4,980 4,262 Net Futures Revenue $ 39,771 $ 43,967 (1) Direct customers are all customers not classified as indirect (2) Indirect customers are referred to the Company by introducing brokers (3) Other revenue comprises interest and fees

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Values of Derivative Instruments	The table below represents the fair values of the Company’s derivative instruments reported within Receivables from brokers, Payables to customers and Payables to brokers on the accompanying Consolidated Balance Sheets (amounts in thousands): December 31, 2019 Gross amounts of assets for derivative open positions at fair value Gross amount of (liabilities) for derivative open positions at fair value Net amounts of assets/(liabilities) for derivative open positions at fair value Derivative Instruments: Foreign currency exchange contracts $ 97,075 $ (40,704 ) $ 56,371 CFD contracts 90,666 (43,642 ) 47,024 Metals contracts 11,058 (4,395 ) 6,663 Total $ 198,799 $ (88,741 ) $ 110,058 December 31, 2019 Cash Collateral Net amounts of assets/(liabilities) for derivative open positions at fair value Net amounts of assets/(liabilities) presented in the balance sheet Derivative Assets/(Liabilities:) Receivables from brokers $ 118,245 $ (5,949 ) $ 112,296 Payables to customers $ (1,045,270 ) $ 116,007 $ (929,263 ) December 31, 2018 Gross amounts of Gross amount of Net amounts of Derivative Instruments: Foreign currency exchange contracts $ 100,158 $ (20,382 ) $ 79,776 CFD contracts 77,014 (21,220 ) 55,794 Metals contracts 6,438 (3,748 ) 2,690 Total $ 183,610 $ (45,350 ) $ 138,260 December 31, 2018 Cash Collateral Net amounts of Net amounts of Derivative Assets/(Liabilities): Receivables from brokers $ 91,908 $ (7,637 ) $ 84,271 Payables to customers $ (986,918 ) $ 144,440 $ (842,478 ) Payables to brokers $ (3,092 ) $ 1,457 $ (1,635 )
Notional Values of Derivative Instruments	The amounts reported within Receivables from brokers, Payables to customers, and Payables to brokers on the Consolidated Balance Sheets are derived from the notional contract numbers below (amounts in thousands): December 31, 2019 Total contracts in long positions Total contracts in short positions Derivative Instruments: Foreign currency exchange contracts 3,418,117 3,342,201 CFD contracts 115,527 23,320 Metals contracts 471 233 Total 3,534,115 3,365,754 December 31, 2018 Total contracts in long positions Total contracts in short positions Derivative Instruments: Foreign currency exchange contracts 3,780,488 3,238,781 CFD contracts 98,840 134,546 Metals contracts 489 188 Total 3,879,817 3,373,515
Net Gains (Losses) With Respect to Derivative Instruments Which are Reflected in Trading Revenue	Net gains with respect to derivative instruments reflected in Retail revenue in the accompanying Consolidated Statements of Operations and Comprehensive (Loss)/Income for the years ended December 31, 2019 and 2018 were as follows (amounts in thousands): For the Years Ended December 31, 2019 2018 Derivative Instruments: Foreign currency exchange contracts $ 102,974 $ 165,477 CFD contracts 61,644 112,640 Metals contracts 13,109 22,019 Total $ 177,727 $ 300,136

FAIR VALUE INFORMATION (Tables)

FAIR VALUE INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis during the reporting period and the related hierarchy levels (amounts in thousands): Fair Value Measurements on a Recurring Basis Level 1 Level 2 Level 3 Total Financial Assets/(Liabilities): Cash and securities held for customers: U.S. treasury bills $ 6,542 $ — $ — $ 6,542 Receivable from brokers: Broker derivative contracts — (5,949 ) — (5,949 ) Other assets: Certificates of deposit 178 — — 178 Other 152 — — 152 Payables to customers: Customer derivative contracts — 116,007 — 116,007 Total $ 6,872 $ 110,058 $ — $ 116,930 Fair Value Measurements on a Recurring Basis Level 1 Level 2 Level 3 Total Financial Assets/(Liabilities): Cash and securities held for customers: U.S. treasury bills $ 104,712 $ — $ — $ 104,712 Receivable from brokers: Broker derivative contracts — (7,637 ) — (7,637 ) Other assets: Certificates of deposit 176 — — 176 Other 128 — — 128 Payables to customers: Customer derivative contracts — 144,440 — 144,440 Payables to brokers: Broker derivative contracts — 1,457 — 1,457 Total $ 105,016 $ 138,260 $ — $ 243,276
Carrying Value and Fair Value and Fair Value Hierarchy Category of Financial Instruments Not Measured at Fair Value in Condensed Consolidated Statements of Financial Condition	The table below presents the carrying value, fair value, and fair value hierarchy category of certain financial instruments that are not measured at fair value in the consolidated balance sheets. Receivables from brokers comprise open trades, which are measured at fair value (disclosed above), and the Company’s posted funds with brokers that are required as collateral for holding trading positions. Collateral is not measured at fair value but approximates fair value, because the Company may withdraw it at its discretion. Settlement would be expected to occur within a relatively short period of time once a withdrawal is initiated. Payables to customers comprise open trades, which are measured at fair value (disclosed above), and customer deposits that the Company holds for its role as clearing broker. These deposits are not measured at fair value, but approximate fair value, because they are cash balances that the Company or its customers can settle at either party’s discretion. Such settlement would occur within a relatively short period of time once a withdrawal is initiated. Payables to brokers comprise open trades, which are measured at fair value (disclosed above) and the cash due to or from brokers. The cash within this balance is not measured at fair value but does approximate fair value, because it is immediately payable to the brokers. Settlement occurs as soon as a broker initiates a margin call. The carrying value of Convertible senior notes represents the notes’ principal amounts net of unamortized discount (please refer to Note 16 ). The Company assessed the notes’ fair value as determined by current Company-specific and risk free interest rates as of the balance sheet date. The table below represents the financial assets and liabilities at their carrying value and fair value (amounts in thousands) : As of December 31, 2019 Fair Value Measurements using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Receivables from brokers $ 118,245 $ 118,245 $ — $ 118,245 $ — Financial Liabilities: Payables to customers $ 1,045,270 $ 1,045,270 $ — $ 1,045,270 $ — Convertible senior notes $ 137,178 $ 141,501 $ — $ 141,501 $ — As of December 31, 2018 Fair Value Measurements using: Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Receivables from brokers $ 91,908 $ 91,908 $ — $ 91,908 $ — Financial Liabilities: Payables to customers $ 986,918 $ 986,918 $ — $ 986,918 $ — Payables to brokers $ 3,092 $ 3,092 $ — $ 3,092 $ — Convertible senior notes $ 132,109 $ 158,752 $ — $ 158,752 $ —

RECEIVABLES FROM BROKERS (Table

RECEIVABLES FROM BROKERS (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Receivable from Brokers	Amounts receivable from brokers consisted of the following as of (amounts in thousands): December 31, 2019 2018 Required collateral $ 118,245 $ 91,908 Open foreign exchange positions (5,949 ) (7,637 ) Total $ 112,296 $ 84,271

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Composition of Property and Equipment	Property and equipment, including leasehold improvements and capitalized software development costs, consisted of the following as of (amounts in thousands): December 31, 2019 2018 Software $ 73,859 $ 60,218 Computer equipment 14,675 13,790 Leasehold improvements 10,663 10,814 Telephone equipment 547 646 Office equipment 1,877 1,948 Furniture and fixtures 3,122 3,294 Web site development costs 635 635 Gross property and equipment 105,378 91,345 Less: Accumulated depreciation and amortization (74,815 ) (60,766 ) Property and equipment, net $ 30,563 $ 30,579

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Composition of Intangible Assets	The Company’s various intangible assets consisted of the following as of (amounts in thousands): December 31, 2019 December 31, 2018 Intangibles Weighted average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer list 5.0 years $ 46,576 $ (32,510 ) $ 14,066 $ 58,494 $ (40,208 ) $ 18,286 Technology 2.3 years 24,626 (16,800 ) 7,826 49,430 (38,555 ) 10,875 Trademark 2.2 years 6,298 (4,390 ) 1,908 7,308 (4,637 ) 2,671 Total finite lived intangibles $ 77,500 $ (53,700 ) $ 23,800 $ 115,232 $ (83,400 ) $ 31,832 Trademarks not subject to amortization (1) 363 — 363 363 — 363 Total intangibles assets $ 77,863 $ (53,700 ) $ 24,163 $ 115,595 $ (83,400 ) $ 32,195 (1) These indefinite-life trademarks relate to the Forex.com and foreignexchange.com domain names where management determined there was no legal, regulatory or technological limitation on their useful lives. The Company compares the recorded value of the indefinite-life intangible assets to fair value on an annual basis and whenever circumstances arise that indicate impairment may have occurred.
Future Annual Estimated Amortization Expense	Future annual estimated amortization expense is as follows (amounts in thousands): Years Ended December 31,: 2020 $ 7,219 2021 7,141 2022 3,925 2023 2,782 2024 2,200 Thereafter 533 Total $ 23,800
Changes in the Carrying Amount of Goodwill	The following represents the changes in the carrying amount of goodwill by segment for the year ended December 31, 2019 (amounts in thousands): Retail Futures Total Carrying amount of goodwill as of December 31, 2018 $ 25,435 $ 2,385 $ 27,820 Foreign currency translation adjustments 254 24 278 Impairment (25,689 ) (2,409 ) (28,098 ) Carrying amount of goodwill as of December 31, 2019 $ — $ — $ —

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other assets consisted of the following (amounts in thousands): December 31, 2019 2018 Vendor and security deposits $ 3,795 $ 6,964 Income tax receivable 5,394 383 Deferred tax assets, net 25,306 13,217 Right of use asset 15,011 — Customer debit positions 5,423 4,146 Allowance on customer debit positions (4,125 ) (4,126 ) Prepaid assets 9,115 8,323 Miscellaneous receivables 3,969 7,111 Deferred commitment fees 124 337 Total other assets $ 64,012 $ 36,355
Allowance for Doubtful Accounts	The allowance for doubtful accounts consisted of the following (amounts in thousands): Balance as of January 1, 2018 $ (1,959 ) Addition to provision (2,508 ) Amounts collected/written off 341 Balance as of December 31, 2018 $ (4,126 ) Addition to provision (2,024 ) Amounts collected/written off 2,025 Balance as of December 31, 2019 $ (4,125 )

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Quantitative Information about Opreating Leases	The following summarizes quantitative information about the Company’s operating leases (amounts in thousands, except lease term and discount rate): Year Ended December 31, 2019 Lease cost Operating lease cost $ 3,749 Total lease cost $ 3,749 Other information Operating cash flows from operating leases $ 3,967 Weighted-average remaining lease term - operating leases 4.4 Weighted-average discount rate - operating leases 7.5 %
Maturities of Operating Leases	Maturities of the Company's operating leases, excluding short-term leases, are as follows (amounts in thousands): For the year ended December 31, 2020 $ 4,308 For the year ended December 31, 2021 3,075 For the year ended December 31, 2022 2,660 For the year ended December 31, 2023 2,765 For the year ended December 31, 2024 2,119 Thereafter 7,833 Total 22,760 Less: imputed interest (5,046 ) Operating lease liabilities at December 31, 2019 $ 17,714

NON-CONTROLLING INTERESTS (Tabl

NON-CONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Effect of Non-Controlling Interests on the Company's Financial Statements	The table below reflects the non-controlling interests effects on the Company’s financial statements: Redeemable non-controlling interests January 1, 2018 $ 4,411 Adjustment to the redemption value of non-controlling interests 816 Net income attributable to non-controlling interests 737 Distributions to non-controlling interest holders (634 ) Purchase of additional shares of non-controlling interest (2,906 ) Reclassification to liabilities (2,424 ) December 31, 2018 $ —

CONVERTIBLE SENIOR NOTES (Table

CONVERTIBLE SENIOR NOTES (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Liability and Equity Components of Convertible Debt	As of December 31, 2019 and 2018 , the Company’s common stock had not met the convertibility criteria noted in the offering mem
Schedule of Interest Expense	Interest expense related to the Convertible Senior Notes, included in Interest expense on long term borrowings in the Consolidated Statements of Operations and Comprehensive (Loss)/Income, was as follows (amounts in thousands): Year Ended December 31, 2019 2018 Interest expense - stated coupon rate $ 7,045 $ 7,315 Interest expense - amortization of deferred bond discount and costs 6,499 6,225 Total interest expense - convertible notes $ 13,544 $ 13,540

SHARE BASED PAYMENTS (Tables)

SHARE BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-Based Compensation Cost	Total share-based compensation expense recognized during the years ended December 31, 2019 and 2018 consisted of the following (amounts in thousands): For the Year Ended December 31, 2019 2018 Employee compensation and benefits $ 5,052 $ 6,038
Summary of Stock Option Activity Under All plans	The following table summarizes the stock option activity under all plans for the year ended December 31, 2019 (in thousands, except per share amounts): Options Outstanding Weighted Weighted Average Number of Average Remaining Aggregate Options Exercise Price Life (Years) Intrinsic Value Outstanding January 1, 2019 955 $ 6.05 2.32 $ 932 Granted — — 0.00 Exercised (73 ) 3.83 1.16 Forfeited/Expired (193 ) 6.42 0.95 Outstanding December 31, 2019 689 $ 6.19 1.66 $ 19 Vested and expected to vest options 362 $ 8.01 2.74 $ 19 Exercisable, December 31, 2019 635 $ 6.14 1.52 $ 19 Fair market value of common stock at exercise date $ 295 Cost to exercise 281 Net value of stock options exercised $ 14
Summary of Nonvested Shares of Restricted Stock Units and Restricted Stock Awards	A summary of the status of the Company’s non-vested shares of RSUs as of December 31, 2019 and changes during the year ended December 31, 2019 are presented below (in thousands, except per share amounts): Number Weighted Average Number Weighted Average of Time Grant Date of Performance Grant Date Non-Vested Shares Based RSUs Fair Value Based RSUs Fair Value Non-vested at January 1, 2019 1,343 $ 7.88 420 $ 7.91 Granted 599 5.97 529 6.54 Vested (628 ) 7.55 — — Forfeited (225 ) 7.55 (124 ) 7.33 Non-vested at December 31, 2019 1,089 $ 7.08 825 $ 7.12

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The following table sets forth the computation of (loss)/earnings per share (amounts in thousands except share and per share data): For the year ended December 31, 2019 2018 Net (loss)/income from continuing operations $ (60,761 ) $ 27,977 Less income attributable to non-controlling interests — 737 Net (loss)/income from continuing operations $ (60,761 ) $ 27,240 Adjustment (1) — (816 ) Net (loss)/income available to GAIN common shareholders from continuing operations $ (60,761 ) $ 26,424 Net income from discontinued operations — 65,649 Weighted average common shares outstanding: Basic weighted average common shares outstanding 37,388,984 43,731,881 Effect of dilutive securities: Stock options — 250,726 RSUs/RSAs — 206,717 Diluted weighted average common shares outstanding 37,388,984 44,189,324 Basic (loss)/earnings from continuing operations $ (1.63 ) $ 0.60 Basic earnings from discontinued operations $ — $ 1.50 Diluted (loss)/earnings from continuing operations $ (1.63 ) $ 0.60 Diluted earnings from discontinued operations $ — $ 1.49 (1) During the year ended December 31, 2018 , the Company concluded that the carrying value of the Company’s redeemable non-controlling interests was less than their redemption value, requiring that an adjustment to the carrying value be recorded for purposes of calculating earnings per common share. The adjustment to increase or reduce the carrying value will, respectively, reduce or increase earnings per common share by reducing or increasing net income available to common shareholders.
Securities Excluded from the Dilution Calculation	The table below shows securities excluded from the dilution calculation under the treasury stock method. Year Ended December 31, 2019 Stock options (1) 70,639 RSUs 40,396 Total securities excluded from diluted loss per share calculation 111,035 (1) During the year ended December 31, 2019, 0.5 million stock options were out of the money and excluded from the computation of diluted loss or earnings per share from continuing operations.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Components of Income from Continuing Operations Before Income Tax Expense	The following table presents the U.S. and non-U.S. components of (loss)/income before income tax (benefit)/expense for the years ended December 31, 2019 and 2018 (amounts in thousands): Year Ended December 31, 2019 2018 U.S. $ (45,813 ) $ 3,158 Non-U.S. (27,817 ) 33,333 Total (loss)/income before tax (benefit)/expense $ (73,630 ) $ 36,491
Income Tax (Benefit) / Expense	ncome tax (benefit)/expense consisted of (amounts in thousands): Year Ended December 31, 2019 2018 Current Federal $ 1,022 $ 2,102 State (389 ) 1,253 U.K. (3,134 ) 6,672 Japan 351 328 Australia 1,087 1,264 Other non-U.S. 254 90 Total current income tax (benefit)/expense (809 ) 11,709 Deferred Federal (9,041 ) (2,330 ) State (1,548 ) (711 ) U.K. (1,858 ) (599 ) Singapore 436 548 Japan 167 70 Other non-U.S. (216 ) (173 ) Total deferred tax benefit (12,060 ) (3,195 ) Total income tax (benefit)/expense $ (12,869 ) $ 8,514
Components of Company Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities were as follows (amounts in thousands): December 31, 2019 2018 Deferred tax assets Net operating losses $ 12,359 $ 6,832 Share-based compensation 916 994 Intangible assets 9,683 4,291 Basis difference in property and equipment 4,462 4,262 Other 1,502 1,999 Total deferred tax assets 28,922 18,378 Valuation allowance (762 ) (904 ) Total deferred tax assets after valuation allowance 28,160 17,474 Deferred tax liabilities Discount on convertible note (2,854 ) (4,257 ) Total deferred liabilities (2,854 ) (4,257 ) Net deferred tax assets $ 25,306 $ 13,217
Reconciles Provision to United States Federal Statutory Income Tax Rate	The following table reconciles the effective tax rate to the U.S. federal statutory income tax rate: Year Ended December 31, 2019 2018 Federal income tax at statutory rate 21.00 % 21.00 % Increase/(decrease) in effective tax rate resulting from: State income tax 2.52 % 1.17 % Foreign rate differential (1.16 )% 0.07 % Goodwill impairment (5.14 )% — % GILTI — % 10.75 % Impact of non-controlling interests — % (0.42 )% 162 (m) (0.42 )% 1.32 % Uncertain tax positions — % (0.64 )% U.K. bank tax — % 1.28 % Rate changes 0.20 % — % Foreign tax credit — % (9.22 )% True-ups and deferred tax adjustments (0.77 )% (2.00 )% Other permanent differences 1.24 % 0.02 % Effective Tax Rate 17.47 % 23.33 %

REGULATORY REQUIREMENTS (Tables

REGULATORY REQUIREMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Banking and Thrift [Abstract]
Minimum Regulatory Capital Subsidiaries Required to Maintain	The following table illustrates the minimum regulatory capital the Company's subsidiaries were required to maintain as of December 31, 2019 and the actual amounts of capital that were maintained (amounts in millions): Entity Name Minimum Capital Excess Percent of GAIN Capital Group, LLC $ 34.2 $ 61.3 $ 27.1 179 % GAIN Capital Securities, Inc. 0.1 0.3 0.2 300 % GAIN Capital U.K., Ltd. 58.9 177.8 118.9 302 % GAIN Capital Japan Co., Ltd. 1.0 11.7 10.7 1,170 % GAIN Capital Australia, Pty. Ltd. 0.9 5.5 4.6 611 % GAIN Global Markets, Inc. 0.4 3.4 3.0 850 % GAIN Capital-Forex.com Canada, Ltd. 0.2 2.3 2.1 1,150 % GAIN Capital Singapore Pte., Ltd. 3.7 11.8 8.1 319 % Trade Facts, Ltd. 0.5 3.8 3.3 760 % Global Assets Advisors, LLC (1) 0.0 1.2 1.2 2,667 % Total $ 99.9 $ 279.1 $ 179.2 279 %

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Selected financial information by segment is presented in the following tables (amounts in thousands): Year Ended December 31, 2019 2018 Retail reportable segment: Net revenue $ 194,256 $ 310,984 Employee compensation and benefits 49,565 55,447 Selling and marketing 37,527 35,378 Referral fees 18,232 26,899 Other operating expenses 68,750 72,747 Segment profit $ 20,182 $ 120,513 Futures reportable segment: Net revenue $ 39,771 43,967 Employee compensation and benefits 9,531 9,868 Selling and marketing 865 811 Referral fees 11,073 13,127 Other operating expenses 12,567 13,989 Segment profit $ 5,735 $ 6,172 Corporate and other: Other loss $ (95 ) $ (2,392 ) Employee compensation and benefits 19,030 23,756 Selling and marketing 3 271 Other operating expenses 11,606 13,770 Loss $ (30,734 ) $ (40,189 ) TOTAL SEGMENT (LOSS)/PROFIT $ (4,817 ) $ 86,496 Depreciation and amortization 17,086 19,654 Purchased intangible amortization 8,811 14,171 Restructuring expenses 1,274 762 Goodwill impairment 28,098 — Impairment of investment — (130 ) Legal settlement — 5,306 Class action settlement — (5,398 ) Dutch auction fees — 768 PP&E write-off — 1,332 OPERATING (LOSS)/PROFIT $ (60,086 ) $ 50,031 Interest expense on long term borrowings 13,544 13,540 (LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE $ (73,630 ) $ 36,491
Net Revenue (Loss) by Geographic Area	The following table presents net revenue by geographic area (amounts in thousands): Year Ended December 31, 2019 2018 Net Revenue (1) : North America (2) $ 178,549 $ 164,040 Europe (3) 47,843 129,807 Other 7,540 64,110 Total Net Revenue $ 233,932 $ 357,957 (1) - Net revenue is attributed to individual countries based on the jurisdiction of the formation of the reporting entity that records the transaction. (2) - Includes U.S. net revenue of $116.3 million and $143.6 million for the years ended December 31, 2019 and 2018 , respectively. (3) - Includes U.K. net revenue of $47.7 million and $129.7 million for the years ended December 31, 2019 and 2018 , respectively.
Long-lived Assets by Geographic Area	ong-lived assets by geographic area (amounts in thousands): December 31, 2019 2018 Long-lived assets (1) : North America (2) $ 7,581 $ 8,875 Europe (3) 22,825 21,427 Other 157 277 Total long-lived assets $ 30,563 $ 30,579 (1) - Long-lived assets are comprised of property and equipment, net. They exclude goodwill, other intangible assets and other assets, which are not attributable to any one geographic location. (2) - Includes U.S. long-lived assets of $7.6 million and $8.9 million as of December 31, 2019 and 2018 , respectively. (3) - Includes U.K. long-lived assets of $22.3 million and $21.4 million as of December 31, 2019 and 2018 , respectively.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Securities Held for Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents held for customers	$ 922,721	$ 737,766
Marketable securities held for customers	6,542	104,712
Cash and securities held for customers	$ 929,263	$ 842,478

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)financial_institution	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Jun. 29, 2018USD ($)
Accounting Policies [Line Items]
Cash and cash equivalents held for customers	$ 922,721,000	$ 737,766,000
Estimated useful lives	3 years
Assets held for sale	$ 0
Impairment of property plant and equipment	0
Loss on foreign currency exchange rates	272,000	$ 2,362,000
Right of use asset	15,011,000
Operating liabilities	$ 17,714,000
Accounting Standards Update 2016-02
Accounting Policies [Line Items]
Right of use asset			$ 12,600,000
Operating liabilities			$ 14,900,000
Software Development
Accounting Policies [Line Items]
Estimated useful lives	3 years
U.S. Government and Agency Securities
Accounting Policies [Line Items]
Cash and cash equivalents held for customers	$ 6,500,000
Cash and Cash Equivalents | Credit Concentration Risk
Accounting Policies [Line Items]
Number of financial institutions | financial_institution	10
Accounts Receivable | Credit Concentration Risk
Accounting Policies [Line Items]
Concentration risk percentage	12.00%	34.00%
GTX ECN | Discontinued Operations, Disposed of by Sale
Accounting Policies [Line Items]
Purchase price				$ 100,000,000
Working capital adjustment				$ 200,000

DISCONTINUED OPERATIONS - Resul

DISCONTINUED OPERATIONS - Results of Operations from Discontinued Segments (Details) - USD ($) $ in Thousands	Jun. 29, 2018	Dec. 31, 2019	Dec. 31, 2018
EXPENSES:
NET INCOME FROM DISCONTINUED OPERATIONS		$ 0	$ 65,649
GTX ECN | Discontinued Operations, Disposed of by Sale
REVENUE:
Total non-interest revenue		0	16,377
Interest revenue		0	103
Total net interest revenue		0	103
Net revenue		0	16,480
EXPENSES:
Employee compensation and benefits		0	5,973
Trading expenses		0	5,439
Other expenses		0	3,955
Total operating expense		0	15,367
OPERATING PROFIT		0	1,113
Gain on sale of discontinued operations	$ 69,300	0	69,292
INCOME BEFORE INCOME TAX EXPENSE		0	70,405
Income tax expense		0	4,756
NET INCOME FROM DISCONTINUED OPERATIONS		0	65,649
GTX ECN | Discontinued Operations, Disposed of by Sale | Institutional revenue
REVENUE:
Total non-interest revenue		0	16,379
GTX ECN | Discontinued Operations, Disposed of by Sale | Other loss
REVENUE:
Total non-interest revenue		$ 0	$ (2)

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - GTX ECN - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	Jun. 29, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price	$ 100,000
Working capital adjustment	200
Gain on sale of discontinued operations	$ 69,300	$ 0	$ 69,292

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - Futures - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 39,771	$ 43,967
Direct Customers
Disaggregation of Revenue [Line Items]
Revenue	12,951	14,549
Indirect Customers
Disaggregation of Revenue [Line Items]
Revenue	21,840	25,156
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 4,980	$ 4,262

DERIVATIVES - Fair Values of De

DERIVATIVES - Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Gross amounts of assets for derivative open positions at fair value	$ 198,799	$ 183,610
Gross amount of (liabilities) for derivative open positions at fair value	(88,741)	(45,350)
Net amounts of assets/(liabilities) for derivative open positions at fair value	110,058	138,260
Receivable from brokers	112,296	84,271
Payables to customers	(929,263)	(842,478)
Payables to brokers	0	(1,635)
Derivative Assets
Derivatives, Fair Value [Line Items]
Receivable from brokers	118,245	91,908
Net amounts of assets/(liabilities) for derivative open positions at fair value	(5,949)	(7,637)
Derivative Liabilities
Derivatives, Fair Value [Line Items]
Payables to customers	(1,045,270)	(986,918)
Net amounts of assets/(liabilities) for derivative open positions at fair value	116,007	144,440
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Gross amounts of assets for derivative open positions at fair value	97,075	100,158
Gross amount of (liabilities) for derivative open positions at fair value	(40,704)	(20,382)
Net amounts of assets/(liabilities) for derivative open positions at fair value	56,371	79,776
CFD contracts
Derivatives, Fair Value [Line Items]
Gross amounts of assets for derivative open positions at fair value	90,666	77,014
Gross amount of (liabilities) for derivative open positions at fair value	(43,642)	(21,220)
Net amounts of assets/(liabilities) for derivative open positions at fair value	47,024	55,794
Metals contracts
Derivatives, Fair Value [Line Items]
Gross amounts of assets for derivative open positions at fair value	11,058	6,438
Gross amount of (liabilities) for derivative open positions at fair value	(4,395)	(3,748)
Net amounts of assets/(liabilities) for derivative open positions at fair value	$ 6,663	2,690
Broker derivative contracts
Derivatives, Fair Value [Line Items]
Payables to brokers		(1,635)
Broker derivative contracts | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Payables to customers		3,092
Net amounts of assets/(liabilities) for derivative open positions at fair value		$ 1,457

FAIR VALUE INFORMATION - Assets

FAIR VALUE INFORMATION - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 116,930	$ 243,276
U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities held for customers	6,542	104,712
Broker derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable from brokers	(5,949)	(7,637)
Payables to brokers		1,457
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	178	176
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	152	128
Customer derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payables to customers	116,007	144,440
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	6,872	105,016
Level 1 | U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities held for customers	6,542	104,712
Level 1 | Broker derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable from brokers	0	0
Payables to brokers		0
Level 1 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	178	176
Level 1 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	152	128
Level 1 | Customer derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payables to customers	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	110,058	138,260
Level 2 | U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities held for customers	0	0
Level 2 | Broker derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable from brokers	(5,949)	(7,637)
Payables to brokers		1,457
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Level 2 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Level 2 | Customer derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payables to customers	116,007	144,440
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3 | U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities held for customers	0	0
Level 3 | Broker derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivable from brokers	0	0
Payables to brokers		0
Level 3 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Level 3 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Level 3 | Customer derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payables to customers	$ 0	$ 0

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details)	Dec. 31, 2019$ / contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign exchange contract price (less than)	2

FAIR VALUE INFORMATION - Carryi

FAIR VALUE INFORMATION - Carrying Value and Fair Value and Fair Value Hierarchy Category of Financial Instruments Not Measured at Fair Value in Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Assets:
Receivable from brokers	$ 112,296	$ 84,271
Payables to brokers	0	1,635
Financial Liabilities:
Payables to brokers	0	1,635
Convertible senior notes	137,178	132,109
Derivative Assets | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets:
Receivable from brokers	0	0
Derivative Assets | Significant Observable Inputs (Level 2)
Financial Assets:
Receivable from brokers	118,245	91,908
Derivative Assets | Significant Unobservable Inputs (Level 3)
Financial Assets:
Receivable from brokers	0	0
Derivative Assets | Carrying Value
Financial Assets:
Receivable from brokers	118,245	91,908
Derivative Assets | Fair Value
Financial Assets:
Receivable from brokers	118,245	91,908
Derivative Liabilities
Financial Liabilities:
Payables to customers	(1,045,270)	(986,918)
Derivative Liabilities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets:
Payables to brokers	0	0
Financial Liabilities:
Payables to customers	0	0
Payables to brokers	0	0
Convertible senior notes		0
Derivative Liabilities | Significant Observable Inputs (Level 2)
Financial Assets:
Payables to brokers	141,501	3,092
Financial Liabilities:
Payables to customers	(1,045,270)	(986,918)
Payables to brokers	141,501	3,092
Convertible senior notes		158,752
Derivative Liabilities | Significant Unobservable Inputs (Level 3)
Financial Assets:
Payables to brokers	0	0
Financial Liabilities:
Payables to customers	0	0
Payables to brokers	0	0
Convertible senior notes		0
Derivative Liabilities | Carrying Value
Financial Assets:
Payables to brokers	137,178	3,092
Financial Liabilities:
Payables to customers	(1,045,270)	(986,918)
Payables to brokers	137,178	3,092
Convertible senior notes		132,109
Derivative Liabilities | Fair Value
Financial Assets:
Payables to brokers	141,501	3,092
Financial Liabilities:
Payables to customers	(1,045,270)	(986,918)
Payables to brokers	$ 141,501	3,092
Convertible senior notes		$ 158,752

DERIVATIVES - Notional Value of

DERIVATIVES - Notional Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Notional amounts of derivative open long positions
Derivative [Line Items]
Notional amounts of derivatives	$ 3,534,115	$ 3,879,817
Notional amounts of derivative open long positions | Foreign currency exchange contracts
Derivative [Line Items]
Notional amounts of derivatives	3,418,117	3,780,488
Notional amounts of derivative open long positions | CFD contracts
Derivative [Line Items]
Notional amounts of derivatives	115,527	98,840
Notional amounts of derivative open long positions | Metal contracts
Derivative [Line Items]
Notional amounts of derivatives	471	489
Notional amounts of derivative open short positions
Derivative [Line Items]
Notional amounts of derivatives	3,365,754	3,373,515
Notional amounts of derivative open short positions | Foreign currency exchange contracts
Derivative [Line Items]
Notional amounts of derivatives	3,342,201	3,238,781
Notional amounts of derivative open short positions | CFD contracts
Derivative [Line Items]
Notional amounts of derivatives	23,320	134,546
Notional amounts of derivative open short positions | Metal contracts
Derivative [Line Items]
Notional amounts of derivatives	$ 233	$ 188

FAIR VALUE INFORMATION - Narrat

FAIR VALUE INFORMATION - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Goodwill impairment	$ 28,098,000	$ 0

DERIVATIVES - Net Gains (Losses

DERIVATIVES - Net Gains (Losses) with Respect to Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Net gains (losses) on derivative instruments, total	$ 177,727	$ 300,136
Foreign currency exchange contracts
Derivative [Line Items]
Net gains (losses) on derivative instruments	102,974	165,477
CFD contracts
Derivative [Line Items]
Net gains (losses) on derivative instruments	61,644	112,640
Metal contracts
Derivative [Line Items]
Net gains (losses) on derivative instruments	$ 13,109	$ 22,019

RECEIVABLES FROM BROKERS (Detai

RECEIVABLES FROM BROKERS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables from Brokerage Clients [Line Items]
Receivable from brokers	$ 112,296	$ 84,271
Required collateral
Receivables from Brokerage Clients [Line Items]
Receivable from brokers	118,245	91,908
Open foreign exchange positions
Receivables from Brokerage Clients [Line Items]
Receivable from brokers	$ (5,949)	$ (7,637)

PROPERTY AND EQUIPMENT - Compos

PROPERTY AND EQUIPMENT - Composition of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 105,378	$ 91,345
Less: Accumulated depreciation and amortization	(74,815)	(60,766)
Property and equipment, net	30,563	30,579
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	73,859	60,218
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,675	13,790
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,663	10,814
Telephone equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	547	646
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,877	1,948
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,122	3,294
Web site development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 635	$ 635

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 17,086	$ 19,654
Fully depreciated property retired	3,300	8,800
City Index
Property, Plant and Equipment [Line Items]
Integration costs related to property and equipment	$ 300	$ 1,300

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite lived intangibles
Gross	$ 77,500	$ 115,232
Accumulated Amortization	(53,700)	(83,400)
Net	23,800	31,832
Total intangibles assets
Gross	77,863	115,595
Accumulated Amortization	(53,700)	(83,400)
Net	24,163	32,195
Trademark
Intangibles not subject to amortization
Gross	$ 363	363
Customer list
Finite lived intangibles
Weighted average remaining useful lives	5 years
Gross	$ 46,576	58,494
Accumulated Amortization	(32,510)	(40,208)
Net	14,066	18,286
Total intangibles assets
Accumulated Amortization	$ (32,510)	(40,208)
Technology
Finite lived intangibles
Weighted average remaining useful lives	2 years 3 months 18 days
Gross	$ 24,626	49,430
Accumulated Amortization	(16,800)	(38,555)
Net	7,826	10,875
Total intangibles assets
Accumulated Amortization	$ (16,800)	(38,555)
Trademark
Finite lived intangibles
Weighted average remaining useful lives	2 years 2 months 12 days
Gross	$ 6,298	7,308
Accumulated Amortization	(4,390)	(4,637)
Net	1,908	2,671
Total intangibles assets
Accumulated Amortization	$ (4,390)	$ (4,637)

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details)	Feb. 26, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)reporting_unit	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Write-off of fully amortized intangible assets		$ 34,400,000
Purchased intangible amortization		$ 8,811,000	$ 14,171,000
Number of reporting units | reporting_unit		2
Goodwill additions		$ 0
Goodwill impairment		$ 28,098,000	$ 0
Subsequent Event
Business Acquisition [Line Items]
Goodwill impairment	$ 28,100,000
Gain Capital Holdings, Inc. | INTL FCStone, Inc. | Subsequent Event
Business Acquisition [Line Items]
Agreed-upon sales price (in dollars per share) | $ / shares	$ 6

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Future Annual Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Years Ended December 31,:
2020	$ 7,219
2021	7,141
2022	3,925
2023	2,782
2024	2,200
Thereafter	533
Net	$ 23,800	$ 31,832

INTANGIBLE ASSETS AND GOODWIL_5

INTANGIBLE ASSETS AND GOODWILL - Changes in the Carrying Amount of Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill	$ 27,820,000
Foreign currency translation adjustments	278,000
Impairment	(28,098,000)	$ 0
Goodwill	0	27,820,000
Retail
Goodwill [Roll Forward]
Goodwill	25,435,000
Foreign currency translation adjustments	254,000
Impairment	(25,689,000)
Goodwill	0	25,435,000
Futures
Goodwill [Roll Forward]
Goodwill	2,385,000
Foreign currency translation adjustments	24,000
Impairment	(2,409,000)
Goodwill	$ 0	$ 2,385,000

OTHER ASSETS - Other Assets (De

OTHER ASSETS - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Vendor and security deposits	$ 3,795	$ 6,964
Income tax receivable	5,394	383
Deferred tax assets, net	25,306	13,217
Right of use asset	15,011
Customer debit positions	5,423	4,146
Allowance on customer debit positions	(4,125)	(4,126)	$ (1,959)
Prepaid assets	9,115	8,323
Miscellaneous receivables	3,969	7,111
Deferred commitment fees	124	337
Total other assets	$ 64,012	$ 36,355

OTHER ASSETS - Allowance for Do

OTHER ASSETS - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance as of beginning of period	$ (4,126)	$ (1,959)
Addition to provision	(2,024)	(2,508)
Amounts collected/written off	2,025	341
Balance as of end of period	$ (4,125)	$ (4,126)

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Nov. 30, 2019	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Operating lease right of use assets	$ 15,011
Operating lease liabilities	17,714
Accrued Expenses and Other Liabilities
Lessee, Lease, Description [Line Items]
Operating lease right of use assets	17,700
Other Assets
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 15,000
London Lease Terminated in June 2019
Lessee, Lease, Description [Line Items]
Reduction of right of use asset upon lease termination			$ (3,700)
Reduction of lease liability upon lease termination			$ (3,700)
London Lease Expiring in November 2029
Lessee, Lease, Description [Line Items]
Term of operating lease		10 years
Operating lease right of use assets		$ 8,700
Operating lease liabilities		$ 8,700

LEASES - Quantitative Informati

LEASES - Quantitative Information about Opreating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Lease cost
Operating lease cost	$ 3,749
Total lease cost	3,749
Other information
Operating cash flows from operating leases	$ 3,967
Weighted-average remaining lease term - operating leases	4 years 4 months 24 days
Weighted-average discount rate - operating leases	7.50%

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Leases (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
For the year ended December 31, 2020	$ 4,308
For the year ended December 31, 2021	3,075
For the year ended December 31, 2022	2,660
For the year ended December 31, 2023	2,765
For the year ended December 31, 2024	2,119
Thereafter	7,833
Total	22,760
Less: imputed interest	(5,046)
Operating lease liabilities at December 31, 2019	$ 17,714

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Payables to customers	$ 929,263	$ 842,478
Management
Related Party Transaction [Line Items]
Payables to customers	400	400
IPGL Limited
Related Party Transaction [Line Items]
Payables to customers	$ 19,900	$ 11,700

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring expenses	$ 1,274	$ 762

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Feb. 01, 2019	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Feb. 28, 2018	Mar. 31, 2014
Noncontrolling Interest [Line Items]
Purchase of partial interest of GAA/TT			$ 2,422	$ 2,906
GAA
Noncontrolling Interest [Line Items]
Ownership percentage held by parent				24.00%		55.00%
Ownership percentage by non-controlling owners					21.00%	45.00%
Top Third
Noncontrolling Interest [Line Items]
Ownership percentage held by parent			24.00%			55.00%
Ownership percentage by non-controlling owners			21.00%			45.00%
Purchase of partial interest of GAA/TT	$ 2,400
GAA
Noncontrolling Interest [Line Items]
Purchase of partial interest of GAA/TT		$ 2,900

NON-CONTROLLING INTERESTS - Eff

NON-CONTROLLING INTERESTS - Effect of Non-Controlling Interests on the Company's Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (decrease) in non-controlling interests
Beginning balance	$ 0	$ 4,411
Adjustment to the redemption value of non-controlling interests	0	816	$ 816
Net income attributable to non-controlling interest	0	737
Distributions to non-controlling interest holders	(634)
Purchase of additional shares of non-controlling interest	(2,906)
Reclassification to liabilities	$ (2,424)
Ending balance		$ 0	$ 4,411

REVOLVING CREDIT ARRANGEMENT (D

REVOLVING CREDIT ARRANGEMENT (Details) - Revolving Credit Facility - USD ($)	Aug. 03, 2017	Dec. 31, 2019
Debt Instrument [Line Items]
Maximum amount under facility	$ 50,000,000
Line of credit outstanding		$ 0
Line of Credit
Debt Instrument [Line Items]
Term of credit facility	3 years

CONVERTIBLE SENIOR NOTES - Narr

CONVERTIBLE SENIOR NOTES - Narrative (Details) - Convertible Debt	Aug. 22, 2017USD ($)day$ / shares	Apr. 01, 2015USD ($)day$ / sharesshares	Dec. 31, 2019USD ($)
Convertible Notes Due 2022
Debt Instrument [Line Items]
Aggregate principal amount	$ 92,000,000
Interest rate	5.00%
Net proceeds from note offering	$ 89,000,000
Conversion ratio	122.0107
Incremental principal convertible	$ 1,000
Conversion price (in dollars per share) | $ / shares	$ 8.20
Redemption price percentage	100.00%
Threshold percentage of stock price trigger (as percent)	130.00%
Threshold trading days	20 days
Threshold consecutive trading days | day	30
Effective interest rate			10.40%
Convertible Notes Due 2020
Debt Instrument [Line Items]
Aggregate principal amount		$ 60,000,000
Interest rate		4.125%
Conversion ratio		104.7344
Conversion price (in dollars per share) | $ / shares		$ 9.55
Redemption price percentage		100.00%
Threshold percentage of stock price trigger (as percent)		130.00%
Threshold trading days		20 days
Threshold consecutive trading days | day		30
Amount of debt repurchased			$ 1,500,000
Aggregate debt purchase price			$ 1,300,000
Conversion period, term preceding maturity date		6 months
Conversion rate price		$ 1,000
Conversion rate, shares (in shares) | shares		0.0001
Conversion price percentage		125.00%
Dividend threshold (in dollars per share) | $ / shares		$ 0.05
Term preceding maturity date before which instrument may not be converted		2 years
Ownership threshold percentage		25.00%
Effective interest rate			8.60%
Convertible Notes Due 2020 | Maximum
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 9.25
Convertible Notes Due 2020 | Minimum
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares		$ 7.20

SHARE BASED PAYMENTS - Schedule

SHARE BASED PAYMENTS - Schedule of Share-Based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee compensation and benefits	$ 5,052	$ 6,038

CONVERTIBLE SENIOR NOTES - Sche

CONVERTIBLE SENIOR NOTES - Schedule of Liability and Equity Components (Details) - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Liability component - principal	$ 150,540	$ 152,000
Deferred bond discount	(13,081)	(19,503)
Deferred financing cost	(281)	(388)
Liability component - net carrying value	137,178	132,109
Additional paid in capital	39,554	39,405
Discount attributable to equity	(826)	(826)
Equity component	$ 38,728	$ 38,579

SHARE BASED PAYMENTS - Narrativ

SHARE BASED PAYMENTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Nov. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, number of shares available for issuance (in shares) | shares			2,900,000
Share based compensation, grants expiry period	7 years
Total intrinsic value of stock options exercised | $	$ 14	$ 300
Stock options vested (in shares) | shares	100,000
Proceeds from exercise of stock options | $	$ 281	$ 1,004
Stock options granted (in shares) | shares	0
Total unrecognized compensation cost related to non-vested share-based compensation | $	$ 7,500
Total unrecognized compensation cost related to non-vested share-based compensation, recognition period	2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio to shares of common stock	1
Restricted stock, shares granted (in shares) | shares	599,000	500,000
Total grant-date fair value of RSUs granted | $	$ 3,600	$ 3,900
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, shares granted (in shares) | shares	529,000	400,000
PSU Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised | $		$ 3,300
Total grant-date fair value of RSUs granted | $	$ 3,500
Employee Stock Purchase Plan 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Stock Purchase Plan, employee discount rate to purchase shares (as percent)	15.00%
Shares reserved for issuance under employee Stock Purchase Plan (in shares) | shares	500,000
Employee Stock Purchase Plan, discount | $	$ 100
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under employee stock purchase plan (in shares) | shares	101,260	74,204
Minimum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Two year anniversary | PSU Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Three years after grant date | PSU Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

CONVERTIBLE SENIOR NOTES - Sc_2

CONVERTIBLE SENIOR NOTES - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense - amortization of deferred bond discount and costs	$ 597	$ 648
Convertible Debt
Debt Instrument [Line Items]
Interest expense - stated coupon rate	7,045	7,315
Interest expense - amortization of deferred bond discount and costs	6,499	6,225
Total interest expense - convertible note	$ 13,544	$ 13,540

SHARE BASED PAYMENTS - Summary

SHARE BASED PAYMENTS - Summary of Stock Option Activity Under All Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Beginning balance (in shares)	955,000
Granted (in shares)	0
Exercised (in shares)	(73,000)
Forfeited (in shares)	(193,000)
Ending balance (in shares)	689,000	955,000
Vested and expected to vest options (in shares)	362,000
Number of Options Exercisable (in shares)	635,000
Fair market value of common stock at exercise date	$ 295
Cost to exercise	281
Total intrinsic value of stock options exercised	$ 14	$ 300
Weighted average exercise price
Beginning balance (in dollars per share)	$ 6.05
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.83
Forfeited (in dollars per share)	6.42
Ending balance (in dollars per share)	6.19	$ 6.05
Vested and expected to vest options (in dollars per share)	8.01
Exercisable, end of period (in dollars per share)	$ 6.14
Weighted average remaining contractual term
Weighted average remaining contractual life	1 year 7 months 28 days	2 years 3 months 26 days
Granted	0 years
Exercised	1 year 1 month 28 days
Forfeited	11 months 12 days
Vested and expected to vest options	2 years 8 months 27 days
Exercisable, end of period	1 year 6 months 7 days
Aggregate intrinsic value
Outstanding, end of period	$ 19	$ 932
Vested and expected to vest options	19
Exercisable, end of period	$ 19

SHARE BASED PAYMENTS - Summar_2

SHARE BASED PAYMENTS - Summary of Nonvested Shares of Restricted Stock Units and Restricted Stock Awards (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units (RSUs)
Number of Shares
Non-vested, beginning balance (in shares)	1,343
Granted (in shares)	599	500
Vested (in shares)	(628)
Forfeited (in shares)	(225)
Non-vested, ending balance (in shares)	1,089	1,343
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share)	$ 7.88
Granted (in dollars per share)	5.97
Vested (in dollars per share)	7.55
Forfeited (in dollars per share)	7.55
Non-vested, ending balance (in dollars per share)	$ 7.08	$ 7.88
Restricted Stock Awards
Number of Shares
Non-vested, beginning balance (in shares)	420
Granted (in shares)	529	400
Vested (in shares)	0
Forfeited (in shares)	(124)
Non-vested, ending balance (in shares)	825	420
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share)	$ 7.91
Granted (in dollars per share)	6.54
Vested (in dollars per share)	0
Forfeited (in dollars per share)	7.33
Non-vested, ending balance (in dollars per share)	$ 7.12	$ 7.91

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / shares
Debt Instrument [Line Items]
Common stock threshold (in dollars per share) | $ / shares	$ 10
Convertible Notes Due 2020
Debt Instrument [Line Items]
Dilutive securities, effect on basic earnings per share, dilutive convertible securities (in shares)	$ 0.3
Convertible Notes Due 2022
Debt Instrument [Line Items]
Dilutive securities, effect on basic earnings per share, dilutive convertible securities (in shares)	$ 2

EARNINGS PER COMMON SHARE - Com

EARNINGS PER COMMON SHARE - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net (loss)/income from continuing operations	$ (60,761)	$ 27,977
Less income attributable to non-controlling interests	0	737
Net (loss)/income from continuing operations	(60,761)	27,240
Adjustment	0	(816)	$ (816)
Net (loss)/income available to GAIN common shareholders from continuing operations	(60,761)	26,424
Net income from discontinued operations	$ 0	$ 65,649
Weighted average common shares outstanding:
Basic weighted average common shares outstanding (in shares)	37,388,984	43,731,881
Effect of dilutive securities:
Stock options (in shares)	0	250,726
RSUs/RSAs (in shares)	0	206,717
Diluted weighted average common shares outstanding (in shares)	37,388,984	44,189,324
Basic (loss)/earnings from continuing operations per share (in dollars per share)	$ (1.63)	$ 0.60
Basic earnings from discontinued operations (in dollars per share)	0	1.50
Diluted earnings/(loss) from continuing operations (in dollars per share)	(1.63)	0.60
Diluted earnings from discontinued operations (in dollars per share)	$ 0	$ 1.49

EARNINGS PER COMMON SHARE - Sec

EARNINGS PER COMMON SHARE - Securities Excluded from the Dilution Calculation (Details)	12 Months Ended
	Dec. 31, 2019shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from diluted loss per share calculation (in shares)	111,035
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from diluted loss per share calculation (in shares)	70,639
Out of the Money Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from diluted loss per share calculation (in shares)	500,000
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from diluted loss per share calculation (in shares)	40,396

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal settlement	$ 5,300	$ 0	$ 5,306

INCOME TAXES - Components of In

INCOME TAXES - Components of Income from Before Income Tax (Benefit) / Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S.	$ (45,813)	$ 3,158
Non-U.S.	(27,817)	33,333
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE	$ (73,630)	$ 36,491

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Tax Expense Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current
Federal	$ 1,022	$ 2,102
State	(389)	1,253
Total current income tax (benefit)/expense	(809)	11,709
Deferred
Federal	(9,041)	(2,330)
State	(1,548)	(711)
Total deferred tax benefit	(12,060)	(3,195)
Total income tax (benefit) / expense	(12,869)	8,514
U.K.
Current
Foreign	(3,134)	6,672
Deferred
Foreign	(1,858)	(599)
Singapore
Deferred
Foreign	436	548
Japan
Current
Foreign	351	328
Deferred
Foreign	167	70
Australia
Current
Foreign	1,087	1,264
Other non-U.S.
Current
Foreign	254	90
Deferred
Foreign	$ (216)	$ (173)

INCOME TAXES - Components of Co

INCOME TAXES - Components of Company Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Net operating losses	$ 12,359	$ 6,832
Share-based compensation	916	994
Intangible assets	9,683	4,291
Basis difference in property and equipment	4,462	4,262
Other	1,502	1,999
Total deferred tax assets	28,922	18,378
Valuation allowance	(762)	(904)
Total deferred tax assets after valuation allowance	28,160	17,474
Deferred tax liabilities
Discount on convertible note	(2,854)	(4,257)
Total deferred liabilities	(2,854)	(4,257)
Net deferred tax assets	$ 25,306	$ 13,217

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Foreign net operating loss carryforwards	$ 12,359,000	$ 12,359,000	$ 6,832,000
Deferred tax assets, valuation allowance	800,000	800,000
Net change in the valuation allowance		100,000
Tax benefit during measurement period			1,300,000
Impact of GILTI		600,000
Increase in previously accrued benefit	200,000	200,000
Tax related to goodwill impairment	3,800,000
Gross unrecognized tax benefits from uncertain tax positions	0	0	0
Penalties and interest on uncertain tax positions		0	$ 0
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	61,700,000	61,700,000
Foreign | UK
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	27,800,000	27,800,000
Foreign | Singapore
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	4,200,000	4,200,000
Foreign | Netherlands
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	3,500,000	3,500,000
Domestic | US
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	25,000,000	25,000,000
US States
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,100,000	1,100,000
Various minor jurisdictions
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 100,000	$ 100,000

INCOME TAXES - U.S. Federal Sta

INCOME TAXES - U.S. Federal Statutory Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income tax at statutory rate	21.00%	21.00%
Increase/(decrease) in effective tax rate resulting from:
State income tax	2.52%	1.17%
Foreign rate differential	(1.16%)	0.07%
Goodwill impairment	(5.14%)	0.00%
GILTI	0.00%	10.75%
Impact of non-controlling interests	(0.00%)	(0.42%)
162 (m)	(0.42%)	1.32%
Uncertain tax positions	0.00%	(0.64%)
U.K. bank tax	0.00%	1.28%
Rate changes	0.20%	0.00%
Foreign tax credit	(0.00%)	(9.22%)
True-ups and deferred tax adjustments	(0.77%)	(2.00%)
Other permanent differences	1.24%	0.02%
Effective Tax Rate	17.47%	23.33%

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Expense recorded to employee compensation and benefits	$ 0.6	$ 0.9
First Contributions
Defined Benefit Plan Disclosure [Line Items]
Employer's matching contribution percentage (as percent)	100.00%
Employer's contribution percentage (as percent)	3.00%
Next Contributions
Defined Benefit Plan Disclosure [Line Items]
Employer's matching contribution percentage (as percent)	50.00%
Employer's contribution percentage (as percent)	2.00%

REGULATORY REQUIREMENTS (Detail

REGULATORY REQUIREMENTS (Details) $ in Thousands	Dec. 31, 2019USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 99,900
Capital Levels Maintained	279,100
Excess Net Capital	$ 179,200
Percent of Requirement Maintained	279.00%
GAIN Capital Group, LLC
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 34,200
Capital Levels Maintained	61,300
Excess Net Capital	$ 27,100
Percent of Requirement Maintained	179.00%
GAIN Capital Securities, Inc.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 100
Capital Levels Maintained	300
Excess Net Capital	$ 200
Percent of Requirement Maintained	300.00%
GAIN Capital U.K., Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 58,900
Capital Levels Maintained	177,800
Excess Net Capital	$ 118,900
Percent of Requirement Maintained	302.00%
GAIN Capital Japan Co., Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 1,000
Capital Levels Maintained	11,700
Excess Net Capital	$ 10,700
Percent of Requirement Maintained	1170.00%
GAIN Capital Australia, Pty. Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 900
Capital Levels Maintained	5,500
Excess Net Capital	$ 4,600
Percent of Requirement Maintained	611.00%
GAIN Global Markets, Inc.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 400
Capital Levels Maintained	3,400
Excess Net Capital	$ 3,000
Percent of Requirement Maintained	850.00%
GAIN Capital-Forex.com Canada, Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 200
Capital Levels Maintained	2,300
Excess Net Capital	$ 2,100
Percent of Requirement Maintained	1150.00%
GAIN Capital Singapore Pte., Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 3,700
Capital Levels Maintained	11,800
Excess Net Capital	$ 8,100
Percent of Requirement Maintained	319.00%
Trade Facts, Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 500
Capital Levels Maintained	3,800
Excess Net Capital	$ 3,300
Percent of Requirement Maintained	760.00%
Global Assets Advisors, LLC
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 0
Capital Levels Maintained	1,200
Excess Net Capital	$ 1,200
Percent of Requirement Maintained	2667.00%
Minimum Regulatory Capital Requirements	$ 45

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) market in Thousands	12 Months Ended
	Dec. 31, 2019market
Segment Reporting [Abstract]
Number of accessible global financial markets (more than)	15

SEGMENT INFORMATION - Selected

SEGMENT INFORMATION - Selected Financial Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net revenue		$ 233,932,000	$ 357,957,000
Employee compensation and benefits		78,126,000	89,070,000
Selling and marketing		38,395,000	36,460,000
Referral fees		29,305,000	40,026,000
Segment profit (loss)		(4,817,000)	86,496,000
Depreciation and amortization		17,086,000	19,654,000
Purchased intangible amortization		8,811,000	14,171,000
Restructuring expenses		1,274,000	762,000
Legal settlement	$ (5,300,000)	0	(5,306,000)
Impairment of investment		0	(130,000)
Goodwill impairment		28,098,000	0
Class action settlement		0	(5,398,000)
Dutch auction fees		0	768,000
Loss on disposal of fixed assets		0	1,332,000
OPERATING (LOSS)/PROFIT		(60,086,000)	50,031,000
Interest expense on long term borrowings		13,544,000	13,540,000
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE		(73,630,000)	36,491,000
Retail Reportable Segment
Segment Reporting Information [Line Items]
Goodwill impairment		25,689,000
Futures Reportable Segment
Segment Reporting Information [Line Items]
Goodwill impairment		2,409,000
Operating Segments | Retail Reportable Segment
Segment Reporting Information [Line Items]
Net revenue		194,256,000	310,984,000
Employee compensation and benefits		49,565,000	55,447,000
Selling and marketing		37,527,000	35,378,000
Referral fees		18,232,000	26,899,000
Other operating expenses		68,750,000	72,747,000
Segment profit (loss)		20,182,000	120,513,000
Operating Segments | Futures Reportable Segment
Segment Reporting Information [Line Items]
Net revenue		39,771,000	43,967,000
Employee compensation and benefits		9,531,000	9,868,000
Selling and marketing		865,000	811,000
Referral fees		11,073,000	13,127,000
Other operating expenses		12,567,000	13,989,000
Segment profit (loss)		5,735,000	6,172,000
Corporate and Other
Segment Reporting Information [Line Items]
Net revenue		(95,000)	(2,392,000)
Employee compensation and benefits		19,030,000	23,756,000
Selling and marketing		3,000	271,000
Other operating expenses		11,606,000	13,770,000
Segment profit (loss)		$ (30,734,000)	$ (40,189,000)

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Segment Profit (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
SEGMENT PROFIT		$ (4,817)	$ 86,496
Depreciation and amortization		17,086	19,654
Purchased intangible amortization		8,811	14,171
Restructuring expenses		1,274	762
Impairment of investment		0	(130)
Legal settlement	$ 5,300	0	5,306
Class action settlement		0	(5,398)
Dutch auction fees		0	768
PP&E write-off		0	1,332
OPERATING (LOSS)/PROFIT		(60,086)	50,031
Interest expense on long term borrowings		13,544	13,540
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE		(73,630)	36,491
Operating Segments | Retail
Segment Reporting Information [Line Items]
SEGMENT PROFIT		20,182	120,513
Other operating expenses		68,750	72,747
Operating Segments | Futures segment
Segment Reporting Information [Line Items]
SEGMENT PROFIT		5,735	6,172
Other operating expenses		12,567	13,989
Corporate and other
Segment Reporting Information [Line Items]
SEGMENT PROFIT		(30,734)	(40,189)
Other operating expenses		$ 11,606	$ 13,770

SEGMENT INFORMATION - Net Reven

SEGMENT INFORMATION - Net Revenue and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Net Revenue	$ 233,932	$ 357,957
Total long-lived assets	30,563	30,579
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Net Revenue	178,549	164,040
Total long-lived assets	7,581	8,875
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Net Revenue	47,843	129,807
Total long-lived assets	22,825	21,427
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Net Revenue	7,540	64,110
Total long-lived assets	157	277
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Net Revenue	116,300	143,600
Total long-lived assets	7,600	8,900
U.K.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Net Revenue	47,700	129,700
Total long-lived assets	$ 22,300	$ 21,400

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - $ / shares	1 Months Ended
	Feb. 29, 2020	Feb. 26, 2020
Subsequent Event [Line Items]
Common stock, dividend declared (usd per share)	$ 0.06
Gain Capital Holdings, Inc. | INTL FCStone, Inc.
Subsequent Event [Line Items]
Sales price (in dollars per share)		$ 6

Schedule I - Consolidated Fin_2

Schedule I - Consolidated Financial Information of GAIN Capital Holdings, Inc. (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015
ASSETS:
Cash and cash equivalents	$ 190,072	$ 278,850
Other assets	64,012	36,355
Total assets	1,350,369	1,332,548
Liabilities
Accrued expenses and other liabilities	43,129	41,562
Convertible senior notes	137,178	132,109
Total liabilities	1,115,670	1,034,775
Commitments and contingent liabilities (refer to Note 3)
Shareholders’ Equity
Common stock ($0.00001 par value; 120 million shares authorized; 55.3 million shares issued and 37.5 million shares outstanding as of December 31, 2019; 54.5 million shares issued and 37.8 million shares outstanding as of December 31, 2018)	0	0
Additional paid-in capital	249,111	243,216
Retained earnings	134,752	204,483
Accumulated other comprehensive loss	(21,647)	(29,410)
Treasury stock, at cost (17.8 million shares at December 31, 2019 and 16.7 million at December 31, 2018, respectively)	(127,517)	(120,516)
Total shareholders’ equity	234,699	297,773	$ 285,748
Total liabilities and shareholders’ equity	$ 1,350,369	$ 1,332,548
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	55,300,000	54,500,000
Common stock, shares outstanding (in shares)	37,500,000	37,800,000
Treasury stock, shares (in shares)	17,800,000	16,700,000
Parent Company
ASSETS:
Cash and cash equivalents	$ 11,879	$ 6,507		$ 138
Equity investments in subsidiaries	396,831	470,767
Receivables from affiliates	8,615	12,615
Income tax receivable	1,603	279
Deferred tax assets, net	18,222	7,632
Other assets	295	491
Total assets	437,445	498,291
Liabilities
Accrued expenses and other liabilities	6,502	7,182
Payable to affiliates	59,066	61,227
Convertible senior notes	137,178	132,109
Total liabilities	202,746	200,518
Commitments and contingent liabilities (refer to Note 3)
Shareholders’ Equity
Common stock ($0.00001 par value; 120 million shares authorized; 55.3 million shares issued and 37.5 million shares outstanding as of December 31, 2019; 54.5 million shares issued and 37.8 million shares outstanding as of December 31, 2018)	0	0
Additional paid-in capital	249,111	243,216
Retained earnings	134,752	204,483
Accumulated other comprehensive loss	(21,647)	(29,410)
Treasury stock, at cost (17.8 million shares at December 31, 2019 and 16.7 million at December 31, 2018, respectively)	(127,517)	(120,516)
Total shareholders’ equity	234,699	297,773
Total liabilities and shareholders’ equity	$ 437,445	$ 498,291
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	55,300,000	54,500,000
Common stock, shares outstanding (in shares)	37,500,000	37,800,000
Treasury stock, shares (in shares)	17,800,000	16,700,000

Schedule I - Consolidated Fin_3

Schedule I - Consolidated Financial Information of GAIN Capital Holdings, Inc. (Parent Company Only) - Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
REVENUE:
Legal settlement	$ (5,300)	$ 0	$ (5,306)
EXPENSES:
Interest expense		2,325	1,863
Employee compensation and benefits		78,126	89,070
General and administrative		50,605	55,239
Interest expense on long term borrowings		13,544	13,540
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE		(73,630)	36,491
Income tax (benefit)/expense		(12,869)	8,514
NET (LOSS)/INCOME		(60,761)	93,626
Other comprehensive income/(loss):
Foreign currency translation adjustment		7,763	(13,740)
COMPREHENSIVE (LOSS)/INCOME APPLICABLE TO GAIN CAPITAL HOLDINGS, INC.		(52,998)	79,149
Parent Company
REVENUE:
Dividends from subsidiaries		29,227	146,416
Legal settlement		471	5,398
Interest and other		215	556
Total revenue		29,913	152,370
EXPENSES:
Interest expense		496	491
Employee compensation and benefits		697	957
Legal settlement		0	5,260
General and administrative		3,819	6,156
Total operating expense		5,012	12,864
Interest expense on long term borrowings		13,544	13,540
Income from discontinued operations		0	2,589
(LOSS)/INCOME BEFORE INCOME TAX (BENEFIT)/EXPENSE		11,357	123,377
Income tax (benefit)/expense		(9,956)	5,067
NET INCOME BEFORE UNDISTRIBUTED EARNINGS OF SUBSIDIARIES		21,313	118,310
Equity in loss of subsidiaries		(82,074)	(25,421)
NET (LOSS)/INCOME		(60,761)	92,889
Other comprehensive income/(loss):
Foreign currency translation adjustment		7,763	(13,740)
COMPREHENSIVE (LOSS)/INCOME APPLICABLE TO GAIN CAPITAL HOLDINGS, INC.		$ (52,998)	$ 79,149

Schedule I - Consolidated Fin_4

Schedule I - Consolidated Financial Information of GAIN Capital Holdings, Inc. (Parent Company Only) - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (60,761)	$ 93,626
Adjustments to reconcile net (loss)/income to cash provided by/(used in) by operating activities
Gain on foreign currency exchange rates	272	2,362
Deferred tax benefit	(12,060)	(2,815)
Amortization of deferred financing costs	597	648
Convertible senior notes discount amortization	5,902	5,590
Changes in operating assets and liabilities:
Other assets	(497)	6,267
Accrued expenses and other liabilities	(11,580)	7,548
Net cash provided by/(used in) operating activities	124,766	(129,274)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in)/provided by investing activities	(18,657)	78,868
CASH FLOWS FROM FINANCING ACTIVITIES:
Maturity and repurchase of convertible notes	(1,299)	(6,350)
Proceeds from exercise of stock options	281	1,004
Proceeds from employee stock purchase plan	414	515
Purchase of treasury stock	(7,001)	(63,589)
Dividend payments	(8,970)	(10,276)
Net cash used in financing activities	(16,575)	(79,330)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of year	278,850
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of year	190,072	278,850
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	9,182	9,111
Tax (payments)/refunds	9,384	8,648
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	(60,761)	92,889
Adjustments to reconcile net (loss)/income to cash provided by/(used in) by operating activities
Equity in loss of subsidiaries	82,074	25,421
Gain on foreign currency exchange rates	0	(6)
Deferred tax benefit	(10,590)	(2,661)
Amortization of deferred financing costs	597	648
Non-Cash dividends received	0	(52,166)
Share-based compensation	563	955
Convertible senior notes discount amortization	5,902	5,590
Changes in operating assets and liabilities:
Receivables from affiliates	4,000	(12,615)
Other assets	196	2,662
Income tax payable	(1,326)	1,583
Accrued expenses and other liabilities	(680)	12
Payable to affiliates	2,346	10,145
Net cash provided by/(used in) operating activities	22,321	72,457
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in and funding of subsidiaries	(374)	12,608
Net cash (used in)/provided by investing activities	(374)	12,608
CASH FLOWS FROM FINANCING ACTIVITIES:
Maturity and repurchase of convertible notes	(1,299)	(6,350)
Proceeds from exercise of stock options	281	1,004
Proceeds from employee stock purchase plan	414	515
Purchase of treasury stock	(7,001)	(63,589)
Dividend payments	(8,970)	(10,276)
Net cash used in financing activities	(16,575)	(78,696)
NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	5,372	6,369
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of year	6,507
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of year	11,879	6,507
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	7,354	7,525
Tax (payments)/refunds	$ (1,957)	$ 6,150

Schedule I - Consolidated Fin_5

Schedule I - Consolidated Financial Information of GAIN Capital Holdings, Inc. (Parent Company Only) - Transactions with Subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Parent Company
Condensed Financial Statements, Captions [Line Items]
Cash dividends from subsidiaries	$ 29.2	$ 94.3

Uncategorized Items - gcap-2019

Label	Element	Value
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	$ 75,000
Stock Issued During Period, Value, Employee Stock Purchase Plan	us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	515,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	1,004,000
Dividends, Cash	us-gaap_DividendsCash	10,276,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	6,038,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	(13,740,000)
Treasury Stock, Value, Acquired, Cost Method	us-gaap_TreasuryStockValueAcquiredCostMethod	$ 63,514,000
Common Stock [Member]
Shares Paid for Tax Withholding for Share Based Compensation	us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation	9,404
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised	169,695
Stock Issued During Period, Shares, Conversion of Convertible Securities	us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities	651,503
Treasury Stock, Shares, Acquired	us-gaap_TreasuryStockSharesAcquired	8,216,611
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Employee Stock Purchase Plan	us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	$ 515,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	1,004,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	6,038,000
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	(13,740,000)
Retained Earnings [Member]
Noncontrolling Interest, Change in Redemption Value	us-gaap_MinorityInterestChangeInRedemptionValue	(816,000)
Dividends, Cash	us-gaap_DividendsCash	10,276,000
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	92,889,000
Treasury Stock [Member]
Adjustments Related to Tax Withholding for Share-based Compensation	us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation	75,000
Treasury Stock, Value, Acquired, Cost Method	us-gaap_TreasuryStockValueAcquiredCostMethod	$ 63,514,000