The retail broker's chief executive talks to Farah Khalique about the changing nature of retail foreign exchange, the advent of tighter leverage limits in the US and Japan, and Gain Capital's recent acquisition of dbFX from Deutsche Bank When Glenn Stevens joined Gain Capital in early 2000, it was, in his own words, "just three guys who thought it'd be a cool idea". Eleven years later, that idea has become a major online brokerage offering currencies, commodities and contracts for difference to retail investors. In December 2010, it was listed on the New York Stock Exchange and is now active in more than 140 countries. On July 28, the company announced net revenues of $55.6 million in the second quarter, up 38% on the previous quarter. Before joining Gain Capital as founding partner and managing director, Stevens had been head of North American sales and trading at NatWest Bank. He has also worked previously in FX trading at Merrill Lynch. In June 2007, he became chief executive of Gain Capital and he sits on the National Futures Association's (NFA) foreign exchange advisory committee.