Company to Increase Focus on Solutions as Regulation Reshapes the FX Market
NEW YORK, Nov. 21, 2016 /PRNewswire/ -- GTX, the institutional foreign exchange trading arm of GAIN Capital Holdings Inc., today announces the appointment of Edward Brown as Chief Executive Officer (CEO) of GTX SEF, LLC, a Swap Execution Facility (SEF).
Mr. Brown joins with over 25 years' experience in the financial services industry. Previously, he headed strategic initiatives at EBS BrokerTec, having also served in a variety of senior roles in ICAP's electronic trading division. While there, Mr. Brown focused on regulatory matters related to OTC derivatives with a particular emphasis on the Dodd Frank Act and served as a Board Member of the Wholesale Market Brokers' Association Americas. Prior to ICAP, Mr. Brown headed new business development at BrokerTec, which was acquired by ICAP in 2003. A graduate of the United States Naval Academy, Mr. Brown served five years in the United States Navy as a Surface Warfare Officer.
"We are thrilled to have Ed join our team, especially at this key time when regulation is reshaping the FX markets," said Vincent Sangiovanni, Director, GTX SEF, LLC. "We look forward to supporting clients with the SEF and other solutions to enable them to compete effectively in the new trading paradigm."
GTX launched its SEF in 2013 at the request of clients seeking to trade non-deliverable forwards (NDFs) on a CFTC compliant platform. It was granted full SEF registration in May 2016 after operating under temporary registration status for over two years.
"I am excited to be joining the GTX team and work with both clients and staff to deliver highly innovative and intuitive solutions for the evolving FX trading, clearing and regulatory landscapes," said Mr. Brown. "GTX's unique ecosystem of electronic trading venues and voice agency execution services provides tremendous value to institutional FX traders and I look forward to driving the business forward."
In addition to SEF and ECN electronic venues, GTX provides anonymous, "voice" agency execution services through GAIN GTX LLC, a US CFTC provisionally registered swap dealer.
GTX operates electronic trading venues and provides agency execution and clearing services for buy and sell-side institutional FX market participants.
GTX provides an array of electronic and voice trading solutions through its various entities including an ECN, prime services, a Swap Execution Facility for NDF trading, and a Registered Swap Dealer, which facilitates trade executions on an agency basis. Clients include banks, hedge funds, CTAs, fund managers, proprietary traders, brokers, and algorithmic trading firms.
GAIN Capital (NYSE: GCAP) provides market access and trade execution services to a diverse client base of retail and institutional investors across a range of exchange-traded and OTC markets. Founded in 1999, the company today supports customers in over 180 countries via several globally recognized brands, including FOREX.com, City Index and GTX.
GAIN Capital is headquartered in Bedminster, New Jersey, with a global presence across North America, Europe and the Asia Pacific regions.