Regulatory filings in the UK have disclosed that New York-based Diego Rotsztain (pictured above), EVP, Head of Corporate Development, General Counsel and Secretary at Gain Capital Holdings Inc (NYSE:GCAP), has become GAIN Capital’s representative on UK online trading industry body CFD & FX Association Limited.
Mr. Rotsztain’s appointment to the Association board effectively takes the place of Thomas Leyhane, who has left GAIN Capital for rival IG Group Holdings plc (LON:IGG). Mr. Leyhane was Head of Compliance, EMEA at GAIN Capital’s UK arm in London for the past three years, and has a similar title now at IG Group.
IG Group already has two representatives on the Association board – the company’s Group Company Secretary, Tony Lee, and Chief Commercial Officer Bridget Messer.
The other members of the Association are FXCM CEO Brendan Callan, LCG CFO Mukid Chowdhury, former ETX Capital and Plus500 compliance officer Gareth Derbyshire, CMC Markets COO Grant Foley, and Spreadex Managing Director Jonathan Hufford.
Saxo Bank UK recently pulled out of the Association, over a dispute with the other members on the stance the Association should take in relation to the FCA’s late 2016 proposed cap on trading leverage to 50x. That proposal has been put on ice, at least for the time being, now that pan-European regulatory body ESMA came up with its own even stricter proposal of a 30x leverage cap.