Gain Capital has hired Joseph Wald, a former senior electronic trading executive at Knight Capital Group, to oversee the online trading firm’s institutional business in the foreign exchange space.
As EVP, Institutional, Wald will be responsible for leading GTX, Gain Capital's institutional business. He will report directly to CEO Glenn Stevens and work out of Gain’s New York Offices.
Wald was most recently head of Knight Direct, KCG's institutional electronic trade execution business. Prior to joining Knight, he was co-founder and CEO of EdgeTrade, a pioneering firm that served as an agency brokerage and developer of algorithmic trading and direct market access software for equity markets. Knight Capital Group acquired Wald’s company in 2008.
"Joe is a talented visionary with the proven ability to grow trading volumes and build innovative product and service offerings for leading institutional platforms," stated Gain’s CEO Stevens in the release. "Institutional trading is an important part of our growth strategy and having Joe lead this part of the business will help us build on the success we've had to date, and achieve our goal of becoming a market leading ECN in the FX space."
According to the release, Wald shift his attention from equities to FX. "Performance and innovation are crucial to the institutional FX space, given the significant number of competing venues and platforms," comments Wald in today’s release. "I'm looking forward to leveraging almost 20 years of experience in the equity world to bring a new level of innovation to the institutional FX space and help differentiate GTX from the competition."