GAIN Capital 10-Q 13 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Document Documentand Entity Information [Abstract]
Entity Registrant Name	GAIN Capital Holdings, Inc.
Entity Central Index Key	0001444363
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		37,803,800

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS:
Cash and cash equivalents	$ 293,302	$ 190,072
Cash and securities held for customers	785,223	929,263
Receivables from brokers	53,053	112,296
Property and equipment, net	29,052	30,563
Intangible assets, net	21,153	24,163
Other assets	50,003	64,012
Total assets	1,231,786	1,350,369
Liabilities
Payables to customers	785,223	929,263
Payables to brokers	5,895	0
Accrued compensation and benefits	6,439	5,462
Accrued expenses and other liabilities	44,969	43,129
Income tax payable	11,818	638
Convertible senior notes	80,334	137,178
Total liabilities	934,678	1,115,670
Commitments and contingent liabilities
Shareholders’ equity
Common stock ($0.00001 par value; 120 million shares authorized; 55.6 million shares issued and 37.8 million shares outstanding as of March 31, 2020; 55.3 million shares issued and 37.5 million shares outstanding as of December 31, 2019)	0	0
Additional paid-in capital	251,107	249,111
Retained earnings	209,825	134,752
Accumulated other comprehensive loss	(36,307)	(21,647)
Treasury stock, at cost (17.8 million shares at March 31, 2020 and December 31, 2019)	(127,517)	(127,517)
Total shareholders’ equity	297,108	234,699
Total liabilities and shareholders’ equity	$ 1,231,786	$ 1,350,369

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	55,600,000	55,300,000
Common stock, shares outstanding (in shares)	37,800,000	37,500,000
Treasury stock, shares (in shares)	17,800,000	17,800,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUE:
Total non-interest revenue	$ 183,442,000	$ 34,754,000
Interest revenue	2,740,000	4,294,000
Interest expense	484,000	613,000
Total net interest revenue	2,256,000	3,681,000
Net revenue	185,698,000	38,435,000
EXPENSES:
Employee compensation and benefits	24,166,000	20,255,000
Selling and marketing	7,112,000	10,224,000
Referral fees	12,497,000	7,098,000
Trading expenses	4,928,000	5,480,000
General and administrative	13,846,000	12,756,000
Depreciation and amortization	4,304,000	4,250,000
Purchased intangible amortization	1,808,000	3,329,000
Communications and technology	4,523,000	5,691,000
Bad debt provision	4,213,000	427,000
Restructuring expenses	1,420,000	0
Transaction costs	1,043,000	0
Total operating expenses	79,860,000	69,510,000
OPERATING PROFIT/(LOSS)	105,838,000	(31,075,000)
Interest expense on long term borrowings	3,442,000	3,332,000
INCOME/(LOSS) BEFORE INCOME TAX	102,396,000	(34,407,000)
Income tax expense/(benefit)	25,052,000	(6,053,000)
NET INCOME/(LOSS)	77,344,000	(28,354,000)
Other comprehensive income/(loss):
Foreign currency translation adjustment	(14,660,000)	4,846,000
COMPREHENSIVE INCOME/(LOSS)	$ 62,684,000	$ (23,508,000)
Basic earnings/(loss) from continuing operations (usd per share)	$ 2.06	$ (0.76)
Diluted earnings/(loss) from continuing operations (usd per share)	$ 2.06	$ (0.76)
Basic weighted average common shares outstanding	37,554,579	37,525,073
Diluted weighted average common shares outstanding	37,585,806	37,525,073
Retail revenue
REVENUE:
Total non-interest revenue	$ 173,070,000	$ 24,279,000
Futures revenue
REVENUE:
Total non-interest revenue	9,386,000	7,990,000
Other revenue
REVENUE:
Total non-interest revenue	$ 986,000	$ 2,485,000

Condensed Consolidated Statem_2

Condensed 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, 2018		37,821,686
BEGINNING BALANCE at Dec. 31, 2018	$ 297,773	$ 0	$ (120,516)	$ 243,216	$ 204,483	$ (29,410)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) applicable to Gain Capital Holdings, Inc.	(28,354)				(28,354)
Conversion of restricted stock into common stock (in shares)		182,443
Purchase of treasury stock (in shares)		(632,796)
Purchase of treasury stock	(4,201)		(4,201)
Share-based compensation	1,685			1,685
Dividends ($0.06 per share)	(2,254)				(2,254)
Foreign currency translation adjustment	4,846					4,846
ENDING BALANCE (in shares) at Mar. 31, 2019		37,371,333
ENDING BALANCE at Mar. 31, 2019	269,495	$ 0	(124,717)	244,901	173,875	(24,564)
BEGINNING BALANCE (in shares) at Dec. 31, 2019		37,484,276
BEGINNING BALANCE at Dec. 31, 2019	234,699	$ 0	(127,517)	249,111	134,752	(21,647)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) applicable to Gain Capital Holdings, Inc.	77,344				77,344
Conversion of restricted stock into common stock (in shares)		302,920
Share-based compensation	1,996			1,996
Dividends ($0.06 per share)	(2,271)				(2,271)
Foreign currency translation adjustment	(14,660)					(14,660)
ENDING BALANCE (in shares) at Mar. 31, 2020		37,787,196
ENDING BALANCE at Mar. 31, 2020	$ 297,108	$ 0	$ (127,517)	$ 251,107	$ 209,825	$ (36,307)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (usd per share)	$ 0.06	$ 0.06

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 77,344	$ (28,354)
Adjustments to reconcile net income/(loss) to cash provided by/(used in) operating activities
Loss/(gain) on foreign currency exchange rates	674	(964)
Depreciation and amortization	6,112	7,579
Deferred tax expense/(benefit)	8,131	(6,695)
Amortization of deferred financing costs	149	149
Bad debt provision	4,213	427
Convertible senior notes discount amortization	1,547	1,422
Share-based compensation	1,996	1,685
Interest earned on investments	0	(629)
Amortization of right of use asset	987	524
Changes in operating assets and liabilities:
Receivables from brokers	57,655	(11,932)
Other assets	(2,480)	4,676
Payables to customers	(119,590)	17,826
Payables to brokers	6,243	(1,635)
Accrued compensation and benefits	1,188	(7,990)
Accrued expenses and other liabilities	3,965	(4,641)
Income tax payable	10,837	(4,025)
Long term securities	1,043	10,363
Lease liabilities	(605)	(705)
Net cash provided by/(used in) operating activities	59,409	(22,919)
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturity and repurchase of convertible notes	(58,540)	0
Purchases of property and equipment	(4,238)	(3,126)
Purchase of minority interest	0	(2,422)
Net cash used in investing activities	(4,238)	(5,548)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock	0	(4,201)
Dividend payments	(2,271)	(2,254)
Net cash used in financing activities	(60,811)	(6,455)
Effect of exchange rate changes on cash and cash equivalents	(34,127)	11,068
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(39,767)	(23,854)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	1,112,793	1,016,616
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	1,073,026	992,762
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	1,073,026	992,762
Cash paid for:
Interest	3,913	2,856
Income taxes	$ 553	$ 5,507

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business 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. The retail segment provides customers around the world with access to 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 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 see Note 17 . Basis of Presentation and Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments that, in management's opinion, are necessary to fairly present the financial statements for the interim periods. The Condensed Consolidated Financial Statements are presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and have been prepared in accordance with the regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In accordance with SEC rules, interim financial statements omit or condense certain information and footnote disclosures. Results for the interim periods are not necessarily indicative of results to be expected for any other interim period or full year. These financial statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2019 , filed with the SEC on March 16, 2020. 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 at the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. 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. 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 Condensed Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019 , $5.5 million and $6.5 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 and Other revenue in the Condensed Consolidated Statement of Operations and Comprehensive Income/(Loss), 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 Condensed Consolidated Balance Sheets (amounts in thousands): March 31, 2020 2019 Cash and cash equivalents held for customers $ 779,724 $ 774,743 Marketable securities held for customers 5,499 94,945 Cash and securities held for customers $ 785,223 $ 869,688 Non-Controlling Interest In December 2018, the minority owners of Top Third Ag Marketing, LLC ("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 . Sale to INTL FCStone, Inc. 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. During the three months ended March 31, 2020 , the Company incurred $1.0 million of transaction costs associated with the Merger Agreement. They are recorded in Transaction costs in the Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss). COVID-19 On March 11, 2020, the World Health Organization declared the novel coronavirus ("COVID-19") a global pandemic. Concern over the economic impact this would cause drove volatility to extraordinary levels, resulting in significant increases to average daily retail trading volumes and retail revenue capture. These led to standout financial results during the first quarter, including record levels of both net revenue and net income. The Company does not believe that there is any significant negative impact of the COVID-19 pandemic to the Condensed Consolidated Financial Statements as of March 31, 2020. The Company is continuing to monitor developments relating to COVID-19 and is coordinating its operational response based on existing business continuity plans and on guidance from global health organizations, relevant governments, and general pandemic response best practices. CARES Act On March 27, 2020, President Trump signed into law P.L. 116-136, the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. It also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19.

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Recently Adopted 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 adopted the new standard effective January 1, 2020 with no impact on our consolidated financial statements. 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 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.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	LEASES The Company leases office space under agreements classified as operating leases, with 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 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. As of March 31, 2020 , the Company had operating lease liabilities of $16.6 million and right of use assets of $13.5 million , which were included in Accrued expenses and other liabilities and Other assets , respectively, on the Condensed Consolidated Balance Sheet. The following summarizes quantitative information about the Company’s operating leases (amounts in thousands, except lease term and discount rate): Three Months Ended March 31, 2020 2019 Lease cost Operating lease cost $ 1,302 $ 796 Total lease cost $ 1,302 $ 796 Other information Operating cash flows from operating leases $ 909 $ 866 Weighted-average remaining lease term - operating leases 4.3 years 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 nine months ending at December 31, 2020 $ 3,316 For the year ended December 31, 2021 3,031 For the year ended December 31, 2022 2,565 For the year ended December 31, 2023 2,670 For the year ended December 31, 2024 2,064 For the year ended December 31, 2025 2,205 Thereafter 5,213 Total 21,064 Less: imputed interest (4,507 ) Operating lease liabilities at March 31, 2020 $ 16,557

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION 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 Futures 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 three months ended March 31, 2020 and 2019 (amounts in thousands): Three Months Ended March 31, 2020 2019 Futures Direct Customers (1) $ 3,526 $ 2,556 Indirect Customers (2) 5,860 5,434 Other (3) 764 1,420 Net Futures Revenue $ 10,150 $ 9,410 (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.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	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: US treasury bills $ 5,499 $ — $ — $ 5,499 Receivable from brokers: Broker derivative contracts — (9,478 ) — (9,478 ) Other assets: Customer derivative contracts — 2,698 — 2,698 Certificates of deposit 178 — — 178 Other 158 — — 158 Payables to customers: Customer derivative contracts — 146,446 — 146,446 Payables to brokers: Broker derivative contracts — (9,561 ) — (9,561 ) Total $ 5,835 $ 130,105 $ — $ 135,940 Fair Value Measurements on a Recurring Basis Level 1 Level 2 Level 3 Total Financial Assets/(Liabilities): Cash and securities held for customers: US 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 The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the three months ended March 31, 2020 , nor has there been any movement between levels during the period. 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 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 and Other assets. 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 as of March 31, 2020 or December 31, 2019 . 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 on the Condensed Consolidated Balance Sheets (amounts in thousands). Receivables from brokers comprise open trades, which are measured at fair value, and the Company’s posted funds with brokers that are required as collateral for holding trading positions, which are not measured at fair value but approximate fair value, because they are cash balances that the Company may withdraw at its discretion. Settlement would be expected to occur within a relatively short period of time once a withdrawal is initiated. Other assets includes receivables from certain customers. Some of these customers maintain open trades, which are measured at fair value, along with accumulated losses that result in the receivable balances. These accumulated losses are not measured at fair value, but approximate fair value, because they are balances that the Company expects its customers to recover through their trading activities or by funding activities in a relatively short period of time. Payables to customers comprise open trades, which are measured at fair value, 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 and the cash due to 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 with brokers generally 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 12 ). The Company assessed the notes’ fair value as determined by current Company-specific and risk free interest rates as of the balance sheet date. As of March 31, 2020 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 $ 62,531 $ 62,531 $ — $ 62,531 $ — Receivables from customers $ 703 $ 703 $ — $ 703 $ — Financial Liabilities: Payables to customers $ 931,669 $ 931,669 $ — $ 931,669 $ — Payables to brokers $ (3,666 ) $ (3,666 ) $ — $ (3,666 ) $ — Convertible senior notes $ 80,334 $ 89,240 $ — $ 89,240 $ — 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 $ 137,148 $ 141,501 $ — $ 141,501 $ —

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2020
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, Other assets, Payables to customers, and Payables to brokers on the accompanying Condensed Consolidated Balance Sheets (amounts in thousands): March 31, 2020 Gross amounts of Gross amount of Net amounts of Derivative Instruments: Foreign currency exchange contracts $ 100,068 $ (43,099 ) $ 56,969 CFD contracts 119,344 (50,475 ) 68,869 Metals contracts 6,483 (2,216 ) 4,267 Total $ 225,895 $ (95,790 ) $ 130,105 March 31, 2020 Cash Collateral Net amounts of Net amounts of Derivative Assets/(Liabilities): Receivables from brokers $ 62,531 $ (9,478 ) $ 53,053 Receivables from customers $ 703 $ 2,698 $ 3,401 Payables to customers $ (931,669 ) $ 146,446 $ (785,223 ) Payables to brokers $ 3,666 $ (9,561 ) $ (5,895 ) December 31, 2019 Gross amounts of Gross amount of Net amounts of 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 Net amounts of Derivative Assets/(Liabilities): Receivables from brokers $ 118,245 $ (5,949 ) $ 112,296 Payables to customers $ (1,045,270 ) $ 116,007 $ (929,263 ) 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, Other assets, Payables to customers, and Payables to brokers on the Condensed Consolidated Balance Sheets are derived from the number of contracts below (amounts in thousands): March 31, 2020 Total contracts in long positions Total contracts in short positions Derivative Instruments: Foreign currency exchange contracts 3,193,529 2,980,498 CFD contracts 75,807 54,415 Metals contracts 187 126 Total 3,269,523 3,035,039 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 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 Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) for the three months ended March 31, 2020 and 2019 were as follows (amounts in thousands): Three Months Ended March 31, 2020 2019 Derivative Instruments: Foreign currency exchange contracts $ 76,677 $ 16,137 CFD contracts 83,543 5,938 Metals contracts 12,850 2,204 Total $ 173,070 $ 24,279

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The Company’s various intangible assets consisted of the following as of (amounts in thousands): March 31, 2020 December 31, 2019 Intangibles Weighted average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer lists 4.7 years $ 44,617 $ (31,977 ) $ 12,640 $ 46,576 $ (32,510 ) $ 14,066 Technology 2.0 years 23,208 (16,649 ) 6,559 24,626 (16,800 ) 7,826 Trademarks 2.0 years 5,932 (4,341 ) 1,591 6,298 (4,390 ) 1,908 Total finite lived intangibles 73,757 (52,967 ) 20,790 77,500 (53,700 ) 23,800 Trademark not subject to amortization (1) 363 — 363 363 — 363 Total intangibles $ 74,120 $ (52,967 ) $ 21,153 $ 77,863 $ (53,700 ) $ 24,163 (1) These indefinite-lived trademarks relate to the forex.com and foreignexchange.com domain names, which have no legal, regulatory or technological limitation on their useful lives. The Company compares the recorded value of the indefinite-life intangible assets to their fair value on an annual basis and whenever circumstances arise that indicate that impairment may have occurred. As of March 31, 2020, future annual estimated amortization expense for the unamortized intangible assets is as follows (amounts in thousands): For the nine months ending at December 31, 2020 $ 5,068 For the year ended December 31, 2021 6,758 For the year ended December 31, 2022 3,774 For the year ended December 31, 2023 2,653 For the year ended December 31, 2024 2,075 For the year ended December 31, 2025 462 Total $ 20,790

RECEIVABLES FROM BROKERS

RECEIVABLES FROM BROKERS	3 Months Ended
	Mar. 31, 2020
Brokers and Dealers [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 Condensed Consolidated Balance Sheets. Amounts receivable from brokers consisted of the following as of (amounts in thousands): March 31, 2020 December 31, 2019 Required collateral $ 62,531 $ 118,245 Open foreign exchange positions (9,478 ) (5,949 ) Total $ 53,053 $ 112,296

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
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 Condensed Consolidated Balance Sheets. The aggregate amount of these funds was $0.4 million and $0.4 million as of March 31, 2020 and December 31, 2019 , 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 Condensed Consolidated Balance Sheets. The aggregate amount of these funds was $19.9 million and $19.9 million as of March 31, 2020 and December 31, 2019 , respectively. The net revenue generated by any single individual related party was not deemed to be material in any period. At March 31, 2020 , the Company had receivables of $0.2 million in the aggregate due from certain officers of the Company for taxes paid on equity vestings. The Company recorded these receivables in Other assets on the Condensed Consolidated Balance Sheets. There were no receivables due from the Company's officers as of December 31, 2019 .

RESTRUCTURING (Notes)

RESTRUCTURING (Notes)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring	RESTRUCTURING The Company incurred $1.4 million of restructuring expenses for the three months ended March 31, 2020 . These expenses reflected the cost of reducing global headcount following strategic decisions in 2019. They are recorded in Restructuring expenses in the Consolidated Statements of Operations and Comprehensive Income/(Loss). All restructuring liabilities have been paid as of March 31, 2020 . The Company did no t incur any restructuring expenses for the three months ended March 31, 2019 .

REVOLVING CREDIT ARRANGEMENT

REVOLVING CREDIT ARRANGEMENT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
REVOLVING CREDIT ARRANGEMENT	REVOLVING CREDIT ARRANGEMENT

CONVERTIBLE SENIOR NOTES

CONVERTIBLE SENIOR NOTES	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
CONVERTIBLE SENIOR NOTES	CONVERTIBLE SENIOR NOTES On August 22, 2017, the Company issued $92.0 million aggregate principal amount of its 5.00% Convertible Senior Notes, due August 15, 2022 (the "2022 Notes"), and on April 1, 2015, the Company issued $60.0 million aggregate principal amount of its 4.125% Convertible Senior Notes, due April 1, 2020 (collectively the "Convertible Senior Notes"). During the first quarter of 2020, the Company settled all remaining $58.5 million in principal amount of the convertible senior notes due in 2020, for an aggregate purchase price of $58.5 million . The balances of the liability and equity components of the Convertible Senior Notes as of March 31, 2020 and December 31, 2019 were as follows (amounts in thousands): March 31, 2020 December 31, 2019 Liability component - principal $ 92,000 $ 150,540 Deferred bond discount (11,412 ) (13,081 ) Deferred financing cost (254 ) (281 ) Liability component - net carrying value $ 80,334 $ 137,178 Additional paid in capital $ 39,554 $ 39,554 Discount attributable to equity (826 ) (826 ) Equity component $ 38,728 $ 38,728 Interest expense related to the Convertible Senior Notes, included in Interest expense on long term borrowings in the Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) , was as follows (amounts in thousands): For the Three Months Ended March 31, 2020 2019 Interest expense - stated coupon rate $ 1,746 $ 1,761 Interest expense - amortization of deferred bond discount and costs 1,696 1,571 Total interest expense - convertible senior notes $ 3,442 $ 3,332

(LOSS)_EARNINGS PER COMMON SHAR

(LOSS)/EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
(LOSS)/EARNINGS PER COMMON SHARE	PER COMMON SHARE Basic and diluted earnings/(loss) per common share are computed by dividing net income/(loss) by the weighted average number of common shares outstanding during the period. Diluted earnings/(loss) 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 and unvested stock options and unvested restricted stock units. Diluted earnings/(loss) per share excludes any shares of Company common stock potentially issuable under the Company’s convertible senior notes, which are discussed in Note 12 . 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 2022 Notes were satisfied, there would be 2.0 million dilutive shares as of March 31, 2020 , for the 2022 Notes. The following table sets forth the computation of earnings/(loss) per share (amounts in thousands except share and per share data): For the Three Months Ended March 31, 2020 2019 Net income/(loss) $ 77,344 $ (28,354 ) Weighted average common shares outstanding: Basic weighted average common shares outstanding 37,554,579 37,525,073 Effect of dilutive securities: Stock options 25,108 — RSUs 6,119 — Diluted weighted average common shares outstanding 37,585,806 37,525,073 Basic earnings/(loss) per share $ 2.06 $ (0.76 ) Diluted earnings/(loss) per share $ 2.06 $ (0.76 ) For the three months ended March 31, 2019 , all common stock equivalents are excluded from the computation of diluted loss per share, because the Company's net loss during the period, resulting in those being anti-dilutive. The table below shows securities excluded from the dilution calculation, under the treasury stock method, during the three months ended March 31, 2019 . Three months ended March 31, 2019 Stock options (1) 169,981 RSUs 90,520 Total securities excluded from diluted loss per share calculation 260,501 (1) During the three months ended March 31, 2020 and 2019 , 0.4 million stock options were out of the money and excluded from the computation of diluted loss or earnings per share.

COMMITMENT AND CONTINGENCIES

COMMITMENT AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Matters The Company records accruals for loss contingencies associated with legal matters when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. If the Company determines that a loss is reasonably possible, the Company discloses the matter, and, if estimable, the amount or range of the possible loss in the Condensed Consolidated Financial Statements or notes. From time to time the Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of business. Although the results of such litigation and claims cannot be predicted with certainty, the Company believes that the final outcome of these ordinary course matters will not have a material adverse effect on the Company's business, operating results, financial condition or cash flows.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded an expense /( benefit ) for income taxes of approximately $25.1 million and $(6.1) million for the three months ended March 31, 2020 and 2019 . These amounts reflect the Company's estimate of the annual effective tax rates of 24.5% and 17.6% , for the three months ended March 31, 2020 and 2019 , respectively, reflect the Company's estimate of the annual effective tax rate adjusted for certain discrete items, primarily the tax benefit resulting from the CARES Act in 2020. Changes in the Company's effective tax rate arise primarily from changes in the geographic mix of revenues and expenses, as well as changes to statutory tax rates. Deferred income taxes 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. Certain net deferred tax assets of the Company are included in Other assets on the Condensed Consolidated Balance Sheets.

REGULATORY REQUIREMENTS

REGULATORY REQUIREMENTS	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and the actual amounts of capital that were maintained (amounts in millions): Entity Name Minimum Capital Excess Percent of GAIN Capital Group, LLC $ 30.9 $ 61.9 $ 31.0 200 % GAIN Capital Securities, Inc. 0.1 0.3 0.2 300 % GAIN Capital U.K., Ltd. 50.4 167.0 116.6 331 % GAIN Capital Japan Co., Ltd. 1.2 9.1 7.9 758 % GAIN Capital Australia, Pty. Ltd. 0.9 5.5 4.6 611 % GAIN Global Markets, Inc. 0.7 3.3 2.6 471 % GAIN Capital-Forex.com Canada, Ltd. 0.2 2.0 1.8 1,000 % GAIN Capital Singapore Pte., Ltd. 3.5 6.8 3.3 194 % Trade Facts, Ltd. 0.5 3.6 3.1 720 % Global Asset Advisors, LLC (1) 0.0 1.8 1.8 3,907 % Total $ 88.4 $ 261.3 $ 172.9 296 % (1) The Global Asset Advisors, LLC minimum regulatory capital requirement is $45 thousand .

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION ASC Topic 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) the reported profit or loss in absolute amount of which exceed 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. 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 offers spread bets, which are investment products similar to CFDs, but with more favorable tax treatment for U.K. residents. 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 and Global Asset Advisors, LLC, under various brands. 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): Three Months Ended March 31, 2020 2019 Retail segment: Net revenue $ 176,279 $ 28,159 Employee compensation and benefits 14,385 12,992 Selling and marketing 6,876 9,953 Referral fees 9,450 4,390 Other operating expenses 22,123 18,228 Segment profit/(loss) $ 123,445 $ (17,404 ) Futures segment: Net revenue $ 10,150 $ 9,410 Employee compensation and benefits 2,864 2,164 Selling and marketing 236 260 Referral fees 3,047 2,708 Other operating expenses 3,149 3,221 Segment profit $ 854 $ 1,057 Corporate and other: Other revenue $ (731 ) $ 866 Employee compensation and benefits 6,917 5,099 Selling and marketing — 11 Other operating expenses 2,238 2,905 Loss $ (9,886 ) $ (7,149 ) TOTAL SEGMENT PROFIT/(LOSS) $ 114,413 $ (23,496 ) Depreciation and amortization $ 4,304 $ 4,250 Purchased intangible amortization 1,808 3,329 Restructuring expenses 1,420 — Transaction costs 1,043 — OPERATING PROFIT/(LOSS) $ 105,838 $ (31,075 ) Interest expense on long term borrowings 3,442 3,332 INCOME/(LOSS) BEFORE INCOME TAX $ 102,396 $ (34,407 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 23, 2020 , the Company declared a $0.06 dividend per share of Common Stock payable on June 26, 2020 to stockholders of record on June 23, 2020 .

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	The accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments that, in management's opinion, are necessary to fairly present the financial statements for the interim periods. The Condensed Consolidated Financial Statements are presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and have been prepared in accordance with the regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In accordance with SEC rules, interim financial statements omit or condense certain information and footnote disclosures. Results for the interim periods are not necessarily indicative of results to be expected for any other interim period or full year. These financial statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2019 , filed with the SEC on March 16, 2020. 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 at the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenue and expenses during the reporting period. 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.
Recently Adopted and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted 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 adopted the new standard effective January 1, 2020 with no impact on our consolidated financial statements. 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 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.
Revenue Recognition	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.

DESCRIPTION OF BUSINESS AND B_3

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Cash and Securities Held for Customers	The table below further breaks out the Cash and securities held for customers on the Condensed Consolidated Balance Sheets (amounts in thousands): March 31, 2020 2019 Cash and cash equivalents held for customers $ 779,724 $ 774,743 Marketable securities held for customers 5,499 94,945 Cash and securities held for customers $ 785,223 $ 869,688

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Quantitative Information About Operating Leases	The following summarizes quantitative information about the Company’s operating leases (amounts in thousands, except lease term and discount rate): Three Months Ended March 31, 2020 2019 Lease cost Operating lease cost $ 1,302 $ 796 Total lease cost $ 1,302 $ 796 Other information Operating cash flows from operating leases $ 909 $ 866 Weighted-average remaining lease term - operating leases 4.3 years 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 nine months ending at December 31, 2020 $ 3,316 For the year ended December 31, 2021 3,031 For the year ended December 31, 2022 2,565 For the year ended December 31, 2023 2,670 For the year ended December 31, 2024 2,064 For the year ended December 31, 2025 2,205 Thereafter 5,213 Total 21,064 Less: imputed interest (4,507 ) Operating lease liabilities at March 31, 2020 $ 16,557

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019 (amounts in thousands): Three Months Ended March 31, 2020 2019 Futures Direct Customers (1) $ 3,526 $ 2,556 Indirect Customers (2) 5,860 5,434 Other (3) 764 1,420 Net Futures Revenue $ 10,150 $ 9,410 (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

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2020
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: US treasury bills $ 5,499 $ — $ — $ 5,499 Receivable from brokers: Broker derivative contracts — (9,478 ) — (9,478 ) Other assets: Customer derivative contracts — 2,698 — 2,698 Certificates of deposit 178 — — 178 Other 158 — — 158 Payables to customers: Customer derivative contracts — 146,446 — 146,446 Payables to brokers: Broker derivative contracts — (9,561 ) — (9,561 ) Total $ 5,835 $ 130,105 $ — $ 135,940 Fair Value Measurements on a Recurring Basis Level 1 Level 2 Level 3 Total Financial Assets/(Liabilities): Cash and securities held for customers: US 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
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 carrying value of Convertible senior notes represents the notes’ principal amounts net of unamortized discount (please refer to Note 12 ). The Company assessed the notes’ fair value as determined by current Company-specific and risk free interest rates as of the balance sheet date. As of March 31, 2020 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 $ 62,531 $ 62,531 $ — $ 62,531 $ — Receivables from customers $ 703 $ 703 $ — $ 703 $ — Financial Liabilities: Payables to customers $ 931,669 $ 931,669 $ — $ 931,669 $ — Payables to brokers $ (3,666 ) $ (3,666 ) $ — $ (3,666 ) $ — Convertible senior notes $ 80,334 $ 89,240 $ — $ 89,240 $ — 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 $ 137,148 $ 141,501 $ — $ 141,501 $ —

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2020
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, Other assets, Payables to customers, and Payables to brokers on the accompanying Condensed Consolidated Balance Sheets (amounts in thousands): March 31, 2020 Gross amounts of Gross amount of Net amounts of Derivative Instruments: Foreign currency exchange contracts $ 100,068 $ (43,099 ) $ 56,969 CFD contracts 119,344 (50,475 ) 68,869 Metals contracts 6,483 (2,216 ) 4,267 Total $ 225,895 $ (95,790 ) $ 130,105 March 31, 2020 Cash Collateral Net amounts of Net amounts of Derivative Assets/(Liabilities): Receivables from brokers $ 62,531 $ (9,478 ) $ 53,053 Receivables from customers $ 703 $ 2,698 $ 3,401 Payables to customers $ (931,669 ) $ 146,446 $ (785,223 ) Payables to brokers $ 3,666 $ (9,561 ) $ (5,895 ) December 31, 2019 Gross amounts of Gross amount of Net amounts of 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 Net amounts of Derivative Assets/(Liabilities): Receivables from brokers $ 118,245 $ (5,949 ) $ 112,296 Payables to customers $ (1,045,270 ) $ 116,007 $ (929,263 )
Notional Values of Derivative Instruments	The amounts reported within Receivables from brokers, Other assets, Payables to customers, and Payables to brokers on the Condensed Consolidated Balance Sheets are derived from the number of contracts below (amounts in thousands): March 31, 2020 Total contracts in long positions Total contracts in short positions Derivative Instruments: Foreign currency exchange contracts 3,193,529 2,980,498 CFD contracts 75,807 54,415 Metals contracts 187 126 Total 3,269,523 3,035,039 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
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 Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) for the three months ended March 31, 2020 and 2019 were as follows (amounts in thousands): Three Months Ended March 31, 2020 2019 Derivative Instruments: Foreign currency exchange contracts $ 76,677 $ 16,137 CFD contracts 83,543 5,938 Metals contracts 12,850 2,204 Total $ 173,070 $ 24,279

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The Company’s various intangible assets consisted of the following as of (amounts in thousands): March 31, 2020 December 31, 2019 Intangibles Weighted average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer lists 4.7 years $ 44,617 $ (31,977 ) $ 12,640 $ 46,576 $ (32,510 ) $ 14,066 Technology 2.0 years 23,208 (16,649 ) 6,559 24,626 (16,800 ) 7,826 Trademarks 2.0 years 5,932 (4,341 ) 1,591 6,298 (4,390 ) 1,908 Total finite lived intangibles 73,757 (52,967 ) 20,790 77,500 (53,700 ) 23,800 Trademark not subject to amortization (1) 363 — 363 363 — 363 Total intangibles $ 74,120 $ (52,967 ) $ 21,153 $ 77,863 $ (53,700 ) $ 24,163 (1) These indefinite-lived trademarks relate to the forex.com and foreignexchange.com domain names, which have no legal, regulatory or technological limitation on their useful lives. The Company compares the recorded value of the indefinite-life intangible assets to their fair value on an annual basis and whenever circumstances arise that indicate that impairment may have occurred.
Schedule of Future Annual Estimated Amortization Expense for Unamortized Intangible Assets	As of March 31, 2020, future annual estimated amortization expense for the unamortized intangible assets is as follows (amounts in thousands): For the nine months ending at December 31, 2020 $ 5,068 For the year ended December 31, 2021 6,758 For the year ended December 31, 2022 3,774 For the year ended December 31, 2023 2,653 For the year ended December 31, 2024 2,075 For the year ended December 31, 2025 462 Total $ 20,790

RECEIVABLES FROM BROKERS (Table

RECEIVABLES FROM BROKERS (Tables)	3 Months Ended
	Mar. 31, 2020
Brokers and Dealers [Abstract]
Schedule of Receivable from Brokers	Amounts receivable from brokers consisted of the following as of (amounts in thousands): March 31, 2020 December 31, 2019 Required collateral $ 62,531 $ 118,245 Open foreign exchange positions (9,478 ) (5,949 ) Total $ 53,053 $ 112,296

CONVERTIBLE SENIOR NOTES (Table

CONVERTIBLE SENIOR NOTES (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Liability and Equity Components of Convertible Debt	The balances of the liability and equity components of the Convertible Senior Notes as of March 31, 2020 and December 31, 2019 were as follows (amounts in thousands): March 31, 2020 December 31, 2019 Liability component - principal $ 92,000 $ 150,540 Deferred bond discount (11,412 ) (13,081 ) Deferred financing cost (254 ) (281 ) Liability component - net carrying value $ 80,334 $ 137,178 Additional paid in capital $ 39,554 $ 39,554 Discount attributable to equity (826 ) (826 ) Equity component $ 38,728 $ 38,728
Schedule of Interest Expense	Interest expense related to the Convertible Senior Notes, included in Interest expense on long term borrowings in the Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) , was as follows (amounts in thousands): For the Three Months Ended March 31, 2020 2019 Interest expense - stated coupon rate $ 1,746 $ 1,761 Interest expense - amortization of deferred bond discount and costs 1,696 1,571 Total interest expense - convertible senior notes $ 3,442 $ 3,332

(LOSS)_EARNINGS PER COMMON SH_2

(LOSS)/EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Earnings Per Share	For the Three Months Ended March 31, 2020 2019 Net income/(loss) $ 77,344 $ (28,354 ) Weighted average common shares outstanding: Basic weighted average common shares outstanding 37,554,579 37,525,073 Effect of dilutive securities: Stock options 25,108 — RSUs 6,119 — Diluted weighted average common shares outstanding 37,585,806 37,525,073 Basic earnings/(loss) per share $ 2.06 $ (0.76 ) Diluted earnings/(loss) per share $ 2.06 $ (0.76 ) For the three months ended March 31, 2019 , all common stock equivalents are excluded from the computation of diluted loss per share, because the Company's net loss during the period, resulting in those being anti-dilutive. The table below shows securities excluded from the dilution calculation, under the treasury stock method, during the three months ended March 31, 2019 . Three months ended March 31, 2019 Stock options (1) 169,981 RSUs 90,520 Total securities excluded from diluted loss per share calculation 260,501 (1) During the three months ended March 31, 2020 and 2019 , 0.4 million stock options were out of the money and excluded from the computation of diluted loss or earnings per share.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The table below shows securities excluded from the dilution calculation, under the treasury stock method, during the three months ended March 31, 2019 . Three months ended March 31, 2019 Stock options (1) 169,981 RSUs 90,520 Total securities excluded from diluted loss per share calculation 260,501 (1) During the three months ended March 31, 2020 and 2019 , 0.4 million stock options were out of the money and excluded from the computation of diluted loss or earnings per share.

REGULATORY REQUIREMENTS (Tables

REGULATORY REQUIREMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Banking and Thrift [Abstract]
Regulatory Capital Subsidiaries Required to Maintain	The following table illustrates the minimum regulatory capital the Company's subsidiaries were required to maintain as of March 31, 2020 and the actual amounts of capital that were maintained (amounts in millions): Entity Name Minimum Capital Excess Percent of GAIN Capital Group, LLC $ 30.9 $ 61.9 $ 31.0 200 % GAIN Capital Securities, Inc. 0.1 0.3 0.2 300 % GAIN Capital U.K., Ltd. 50.4 167.0 116.6 331 % GAIN Capital Japan Co., Ltd. 1.2 9.1 7.9 758 % GAIN Capital Australia, Pty. Ltd. 0.9 5.5 4.6 611 % GAIN Global Markets, Inc. 0.7 3.3 2.6 471 % GAIN Capital-Forex.com Canada, Ltd. 0.2 2.0 1.8 1,000 % GAIN Capital Singapore Pte., Ltd. 3.5 6.8 3.3 194 % Trade Facts, Ltd. 0.5 3.6 3.1 720 % Global Asset Advisors, LLC (1) 0.0 1.8 1.8 3,907 % Total $ 88.4 $ 261.3 $ 172.9 296 % (1) The Global Asset Advisors, LLC minimum regulatory capital requirement is $45 thousand .

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Selected Financial Information by Segment	Three Months Ended March 31, 2020 2019 Retail segment: Net revenue $ 176,279 $ 28,159 Employee compensation and benefits 14,385 12,992 Selling and marketing 6,876 9,953 Referral fees 9,450 4,390 Other operating expenses 22,123 18,228 Segment profit/(loss) $ 123,445 $ (17,404 ) Futures segment: Net revenue $ 10,150 $ 9,410 Employee compensation and benefits 2,864 2,164 Selling and marketing 236 260 Referral fees 3,047 2,708 Other operating expenses 3,149 3,221 Segment profit $ 854 $ 1,057 Corporate and other: Other revenue $ (731 ) $ 866 Employee compensation and benefits 6,917 5,099 Selling and marketing — 11 Other operating expenses 2,238 2,905 Loss $ (9,886 ) $ (7,149 ) TOTAL SEGMENT PROFIT/(LOSS) $ 114,413 $ (23,496 ) Depreciation and amortization $ 4,304 $ 4,250 Purchased intangible amortization 1,808 3,329 Restructuring expenses 1,420 — Transaction costs 1,043 — OPERATING PROFIT/(LOSS) $ 105,838 $ (31,075 ) Interest expense on long term borrowings 3,442 3,332 INCOME/(LOSS) BEFORE INCOME TAX $ 102,396 $ (34,407 )

DESCRIPTION OF BUSINESS AND B_4

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details) $ / shares in Units, $ in Thousands	Feb. 01, 2019USD ($)	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)	Apr. 26, 2020$ / shares	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Number of operating segments | segment		2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and securities held for customers		$ 779,724	$ 774,743
Purchase of minority ownership interests		0	2,422
Transaction costs		1,043	$ 0
Top Third Ag Marketing, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase of minority ownership interests	$ 2,400
US Government Corporations and Agencies Securities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and securities held for customers		$ 5,500			$ 6,500
Top Third Ag Marketing, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest by seller (as percent)					21.00%
Forecast | GAIN Capital Holdings, Inc. | INTL FCS Stone, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Share price (in usd per share) | $ / shares				$ 6

DESCRIPTION OF BUSINESS AND B_5

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Cash and Securities Held for Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Accounting Policies [Abstract]
Cash and securities held for customers	$ 779,724		$ 774,743
Marketable securities held for customers	5,499		94,945
Cash and securities held for customers	$ 785,223	$ 929,263	$ 869,688

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
Right of use asset	$ 13,500
Operating lease liabilities	$ 16,557

LEASES - Quantitative Informati

LEASES - Quantitative Information About Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease cost
Operating lease cost	$ 1,302	$ 796
Total lease cost	1,302	796
Other information
Operating cash flows from operating leases	$ 909	$ 866
Weighted-average remaining lease term - operating leases	4 years 3 months 12 days
Weighted-average discount rate - operating leases	7.50%

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Leases (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
For the nine months ending at December 31, 2020	$ 3,316
For the year ended December 31, 2021	3,031
For the year ended December 31, 2022	2,565
For the year ended December 31, 2023	2,670
For the year ended December 31, 2024	2,064
For the year ended December 31, 2025	2,205
Thereafter	5,213
Total	21,064
Less: imputed interest	(4,507)
Operating lease liabilities at March 31, 2020	$ 16,557

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total non-interest revenue	$ 183,442	$ 34,754
Futures
Disaggregation of Revenue [Line Items]
Total non-interest revenue	10,150	9,410
Direct Customers | Futures
Disaggregation of Revenue [Line Items]
Total non-interest revenue	3,526	2,556
Indirect Customers | Futures
Disaggregation of Revenue [Line Items]
Total non-interest revenue	5,860	5,434
Other | Futures
Disaggregation of Revenue [Line Items]
Total non-interest revenue	$ 764	$ 1,420

FAIR VALUE MEASUREMENT - Assets

FAIR VALUE MEASUREMENT - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open foreign exchange positions	$ (9,478)	$ (5,949)
Payables to customers	785,223	929,263
Payables to brokers	5,895	0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open foreign exchange positions	(9,478)	(5,949)
Payables to customers	146,446	116,007
Payables to brokers	(9,561)
Total	135,940	116,930
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open foreign exchange positions	0	0
Payables to customers	0	0
Payables to brokers	0
Total	5,835	6,872
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open foreign exchange positions	(9,478)	(5,949)
Payables to customers	146,446	116,007
Payables to brokers	(9,561)
Total	130,105	110,058
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open foreign exchange positions	0	0
Payables to customers	0	0
Payables to brokers	0
Total	0	0
US treasury bills | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities held for customers - long term	5,499	6,542
US treasury bills | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities held for customers - long term	5,499	6,542
US treasury bills | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities held for customers - long term	0	0
US treasury bills | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities held for customers - long term	0	0
Customer derivative contracts | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	2,698
Customer derivative contracts | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0
Customer derivative contracts | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	2,698
Customer derivative contracts | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	178	178
Certificates of deposit | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	178	178
Certificates of deposit | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Certificates of deposit | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Other | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	158	152
Other | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	158	152
Other | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	0	0
Other | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets	$ 0	$ 0

FAIR VALUE MEASUREMENT - Carryi

FAIR VALUE MEASUREMENT - Carrying Value and Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Assets:
Receivables from brokers	$ 53,053	$ 112,296
Financial Liabilities:
Payables to brokers	5,895	0
Convertible senior notes	80,334	137,178
Derivative Assets | Level 1
Financial Assets:
Receivables from brokers	0	0
Financial Liabilities:	0
Derivative Assets | Level 2
Financial Assets:
Receivables from brokers	62,531	118,245
Financial Liabilities:	703
Derivative Assets | Level 3
Financial Assets:
Receivables from brokers	0	0
Financial Liabilities:	0
Derivative Assets | Carrying Value
Financial Assets:
Receivables from brokers	62,531	118,245
Derivative Assets | Fair Value
Financial Assets:
Receivables from brokers	62,531	118,245
Financial Liabilities:	703
Derivative Liabilities | Level 1
Financial Liabilities:
Payables to customers	0	0
Payables to brokers	0
Convertible senior notes	0	0
Derivative Liabilities | Level 2
Financial Liabilities:
Payables to customers	931,669	1,045,270
Payables to brokers	(3,666)
Convertible senior notes	89,240	141,501
Derivative Liabilities | Level 3
Financial Liabilities:
Payables to customers	0	0
Payables to brokers	0
Convertible senior notes	0	0
Derivative Liabilities | Carrying Value
Financial Liabilities:
Payables to customers	931,669	1,045,270
Payables to brokers	(3,666)
Convertible senior notes	80,334	137,148
Derivative Liabilities | Fair Value
Financial Liabilities:
Payables to customers	931,669	1,045,270
Payables to brokers	(3,666)
Convertible senior notes	$ 89,240	$ 141,501

DERIVATIVES - Fair Value of Der

DERIVATIVES - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Gross amounts of assets for derivative open positions at fair value	$ 225,895	$ 198,799
Gross amount of (liabilities) for derivative open positions at fair value	(95,790)	(88,741)
Net amounts of assets/(liabilities) for derivative open positions at fair value	130,105	110,058
Receivables from brokers
Derivatives, Fair Value [Line Items]
Net amounts of assets/(liabilities) presented in the balance sheet	53,053	112,296
Receivables from brokers | Derivative Assets
Derivatives, Fair Value [Line Items]
Cash Collateral	62,531	118,245
Net amounts of assets/(liabilities) for derivative open positions at fair value	(9,478)	(5,949)
Receivables from customers | Derivative Assets
Derivatives, Fair Value [Line Items]
Cash Collateral	703
Net amounts of assets/(liabilities) for derivative open positions at fair value	2,698
Net amounts of assets/(liabilities) presented in the balance sheet	3,401
Payables to customers
Derivatives, Fair Value [Line Items]
Net amounts of assets/(liabilities) presented in the balance sheet	785,223	929,263
Payables to customers | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Cash Collateral	(931,669)	(1,045,270)
Net amounts of assets/(liabilities) for derivative open positions at fair value	146,446	116,007
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Gross amounts of assets for derivative open positions at fair value	100,068	97,075
Gross amount of (liabilities) for derivative open positions at fair value	(43,099)	(40,704)
Net amounts of assets/(liabilities) for derivative open positions at fair value	56,969	56,371
CFD contracts
Derivatives, Fair Value [Line Items]
Gross amounts of assets for derivative open positions at fair value	119,344	90,666
Gross amount of (liabilities) for derivative open positions at fair value	(50,475)	(43,642)
Net amounts of assets/(liabilities) for derivative open positions at fair value	68,869	47,024
Metals contracts
Derivatives, Fair Value [Line Items]
Gross amounts of assets for derivative open positions at fair value	6,483	11,058
Gross amount of (liabilities) for derivative open positions at fair value	(2,216)	(4,395)
Net amounts of assets/(liabilities) for derivative open positions at fair value	4,267	$ 6,663
Broker derivative contracts
Derivatives, Fair Value [Line Items]
Net amounts of assets/(liabilities) presented in the balance sheet	5,895
Broker derivative contracts | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Cash Collateral	3,666
Net amounts of assets/(liabilities) for derivative open positions at fair value	$ (9,561)

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details)	Mar. 31, 2020$ / contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign exchange contract price (less than)	2

DERIVATIVES - Notional Values o

DERIVATIVES - Notional Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Total contracts in long positions
Derivative [Line Items]
Notional amounts of derivative	$ 3,269,523	$ 3,534,115
Total contracts in long positions | Foreign currency exchange contracts
Derivative [Line Items]
Notional amounts of derivative	3,193,529	3,418,117
Total contracts in long positions | CFD contracts
Derivative [Line Items]
Notional amounts of derivative	75,807	115,527
Total contracts in long positions | Metal contracts
Derivative [Line Items]
Notional amounts of derivative	187	471
Total contracts in short positions
Derivative [Line Items]
Notional amounts of derivative	3,035,039	3,365,754
Total contracts in short positions | Foreign currency exchange contracts
Derivative [Line Items]
Notional amounts of derivative	2,980,498	3,342,201
Total contracts in short positions | CFD contracts
Derivative [Line Items]
Notional amounts of derivative	54,415	23,320
Total contracts in short positions | Metal contracts
Derivative [Line Items]
Notional amounts of derivative	$ 126	$ 233

DERIVATIVES - Net Gains (Losses

DERIVATIVES - Net Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Net gains (losses) on derivative instruments, total	$ 173,070	$ 24,279
Foreign currency exchange contracts
Derivative [Line Items]
Net gains (losses) on derivative instruments	76,677	16,137
CFD contracts
Derivative [Line Items]
Net gains (losses) on derivative instruments	83,543	5,938
Metal contracts
Derivative [Line Items]
Net gains (losses) on derivative instruments	$ 12,850	$ 2,204

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Intangible Assets by Major Class [Line Items]
Gross finite-lived intangibles	$ 73,757		$ 77,500
Accumulated amortization of finite-lived intangibles	(52,967)		(53,700)
Total	20,790		23,800
Gross intangibles	74,120		77,863
Net intangibles	21,153		24,163
Purchased intangible amortization	1,808	$ 3,329
Trademarks
Intangible Assets by Major Class [Line Items]
Indefinite-lived intangibles	$ 363		363
Customer lists
Intangible Assets by Major Class [Line Items]
Weighted average remaining useful lives	4 years 8 months 12 days
Gross finite-lived intangibles	$ 44,617		46,576
Accumulated amortization of finite-lived intangibles	(31,977)		(32,510)
Total	$ 12,640		14,066
Technology
Intangible Assets by Major Class [Line Items]
Weighted average remaining useful lives	2 years
Gross finite-lived intangibles	$ 23,208		24,626
Accumulated amortization of finite-lived intangibles	(16,649)		(16,800)
Total	$ 6,559		7,826
Trademarks
Intangible Assets by Major Class [Line Items]
Weighted average remaining useful lives	2 years
Gross finite-lived intangibles	$ 5,932		6,298
Accumulated amortization of finite-lived intangibles	(4,341)		(4,390)
Total	$ 1,591		$ 1,908

RECEIVABLES FROM BROKERS (Detai

RECEIVABLES FROM BROKERS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Brokers and Dealers [Abstract]
Required collateral	$ 62,531	$ 118,245
Open foreign exchange positions	(9,478)	(5,949)
Receivables from brokers	$ 53,053	$ 112,296

INTANGIBLE ASSETS - Schedule _2

INTANGIBLE ASSETS - Schedule of Future Annual Estimated Amortization Expense for Unamortized Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
For the nine months ending at December 31, 2020	$ 5,068
For the year ended December 31, 2021	6,758
For the year ended December 31, 2022	3,774
For the year ended December 31, 2023	2,653
For the year ended December 31, 2024	2,075
For the year ended December 31, 2025	462
Total	$ 20,790	$ 23,800

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Payables to customers	$ 785,223,000	$ 929,263,000
Management
Related Party Transaction [Line Items]
Payables to customers	400,000	400,000
IPGL Limited
Related Party Transaction [Line Items]
Payables to customers	19,900,000	19,900,000
Officer
Related Party Transaction [Line Items]
Due from related parties	$ 200,000	$ 0

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring expenses	$ 1,420,000	$ 0

REVOLVING CREDIT ARRANGEMENT (D

REVOLVING CREDIT ARRANGEMENT (Details) - Revolving Credit Facility - USD ($)	Aug. 03, 2017	Jan. 02, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Term of credit facility	3 years
Maximum amount under facility	$ 50,000,000
Line of credit outstanding		$ 0	$ 0

CONVERTIBLE SENIOR NOTES - Narr

CONVERTIBLE SENIOR NOTES - Narrative (Details) - Convertible Debt - USD ($)	3 Months Ended
	Mar. 31, 2020	Aug. 22, 2017	Apr. 01, 2015
Convertible Notes Due 2022
Debt Instrument [Line Items]
Aggregate principal amount		$ 92,000,000
Interest rate		5.00%
Convertible Notes Due 2020
Debt Instrument [Line Items]
Aggregate principal amount			$ 60,000,000
Interest rate			4.125%
Extinguishment of debt	$ 58,500,000
Repayments of long-term debt	$ 58,500,000

CONVERTIBLE SENIOR NOTES - Sche

CONVERTIBLE SENIOR NOTES - Schedule of Liability and Equity Components (Details) - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Liability component - principal	$ 92,000	$ 150,540
Deferred bond discount	(11,412)	(13,081)
Deferred financing cost	(254)	(281)
Liability component - net carrying value	80,334	137,178
Additional paid in capital	39,554	39,554
Discount attributable to equity	(826)	(826)
Equity component	$ 38,728	$ 38,728

CONVERTIBLE SENIOR NOTES - Sc_2

CONVERTIBLE SENIOR NOTES - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Interest expense - amortization of deferred bond discount and costs	$ 149	$ 149
Convertible Debt
Debt Instrument [Line Items]
Interest expense - stated coupon rate	1,746	1,761
Interest expense - amortization of deferred bond discount and costs	1,696	1,571
Total interest expense - convertible senior notes	$ 3,442	$ 3,332

(LOSS)_EARNINGS PER COMMON SH_3

(LOSS)/EARNINGS PER COMMON SHARE - Narrative (Detail) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities excluded from diluted loss per share calculation (in shares) | shares	260,501
Common stock threshold for additional dilutive shares (in dollars per share) | $ / shares	$ 10
Convertible Notes Due 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities, effect on basic earnings per share, dilutive convertible securities | $	$ 2

(LOSS)_EARNINGS PER COMMON SH_4

(LOSS)/EARNINGS PER COMMON SHARE - Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net (loss)/income from continuing operations	$ 77,344	$ (28,354)
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	37,554,579	37,525,073
Effect of dilutive securities:
Stock options (in shares)	25,108	0
RSUs/RSAs (in shares)	6,119	0
Diluted weighted average common shares outstanding	37,585,806	37,525,073
Earnings/(loss) per common share:
Basic (loss) earnings from continuing operations (usd per share)	$ 2.06	$ (0.76)
Diluted (loss) earnings from continuing operations (usd per share)	$ 2.06	$ (0.76)

(LOSS)_EARNINGS PER COMMON SH_5

(LOSS)/EARNINGS PER COMMON SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	3 Months Ended
	Mar. 31, 2020shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities excluded from diluted loss per share calculation (in shares)	260,501
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities excluded from diluted loss per share calculation (in shares)	169,981
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities excluded from diluted loss per share calculation (in shares)	90,520
Stock options, out of the money
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities excluded from diluted loss per share calculation (in shares)	400,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 25,052	$ (6,053)
Effective income tax rates (as percent)	24.50%	17.60%

REGULATORY REQUIREMENTS (Detail

REGULATORY REQUIREMENTS (Details) $ in Thousands	Mar. 31, 2020USD ($)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 88,400
Capital Levels Maintained	261,300
Excess Net Capital	$ 172,900
Percent of Requirement Maintained	296.00%
GAIN Capital Group, LLC
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 30,900
Capital Levels Maintained	61,900
Excess Net Capital	$ 31,000
Percent of Requirement Maintained	200.00%
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	$ 50,400
Capital Levels Maintained	167,000
Excess Net Capital	$ 116,600
Percent of Requirement Maintained	331.00%
GAIN Capital Japan Co., Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 1,200
Capital Levels Maintained	9,100
Excess Net Capital	$ 7,900
Percent of Requirement Maintained	758.00%
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	$ 700
Capital Levels Maintained	3,300
Excess Net Capital	$ 2,600
Percent of Requirement Maintained	471.00%
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	2,000
Excess Net Capital	$ 1,800
Percent of Requirement Maintained	1000.00%
GAIN Capital Singapore Pte., Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 3,500
Capital Levels Maintained	6,800
Excess Net Capital	$ 3,300
Percent of Requirement Maintained	194.00%
Trade Facts, Ltd.
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 500
Capital Levels Maintained	3,600
Excess Net Capital	$ 3,100
Percent of Requirement Maintained	720.00%
Global Asset Advisors, LLC (1)
Schedule Of Compliance With Regulatory Capital Requirements For Broker Dealer [Line Items]
Minimum Regulatory Capital Requirements	$ 45
Capital Levels Maintained	1,800
Excess Net Capital	$ 1,800
Percent of Requirement Maintained	3907.00%

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) market in Thousands	3 Months Ended
	Mar. 31, 2020market
Segment Reporting [Abstract]
Number of accessible global financial markets (more than)	15

SEGMENT INFORMATION - Selected

SEGMENT INFORMATION - Selected Financial Information by Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Employee compensation and benefits	$ 24,166,000	$ 20,255,000
Selling and marketing	7,112,000	10,224,000
Referral fees	12,497,000	7,098,000
TOTAL SEGMENT PROFIT/(LOSS)	114,413,000	(23,496,000)
Depreciation and amortization	4,304,000	4,250,000
Purchased intangible amortization	1,808,000	3,329,000
Restructuring expenses	1,420,000	0
Transaction costs	1,043,000	0
OPERATING PROFIT/(LOSS)	105,838,000	(31,075,000)
Interest expense on long term borrowings	3,442,000	3,332,000
INCOME/(LOSS) BEFORE INCOME TAX	102,396,000	(34,407,000)
Operating Segments | Retail
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	176,279,000	28,159,000
Employee compensation and benefits	14,385,000	12,992,000
Selling and marketing	6,876,000	9,953,000
Referral fees	9,450,000	4,390,000
Other operating expenses	22,123,000	18,228,000
TOTAL SEGMENT PROFIT/(LOSS)	123,445,000	(17,404,000)
Operating Segments | Futures
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	10,150,000	9,410,000
Employee compensation and benefits	2,864,000	2,164,000
Selling and marketing	236,000	260,000
Referral fees	3,047,000	2,708,000
Other operating expenses	3,149,000	3,221,000
TOTAL SEGMENT PROFIT/(LOSS)	854,000	1,057,000
Corporate and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	(731,000)	866,000
Employee compensation and benefits	6,917,000	5,099,000
Selling and marketing	0	11,000
Other operating expenses	2,238,000	2,905,000
TOTAL SEGMENT PROFIT/(LOSS)	$ (9,886,000)	$ (7,149,000)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Apr. 23, 2020	Mar. 31, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Common stock dividend declared (usd per share)		$ 0.06	$ 0.06
Subsequent event
Subsequent Event [Line Items]
Common stock dividend declared (usd per share)	$ 0.06