LeapRate Exclusive… LeapRate has learned that Klaus Buhl (pictured above), CEO of recently-launched FCA regulated institutional FX broker True Trade Ltd, has resigned his position at the company.
Klaus Buhl’s departure follows that of COO Ashraf Agha, who left True Trade earlier this year soon before the formal launch of the company, as was also exclusively reported at LeapRate. Mr. Buhl was previously in senior institutional FX roles at both Saxo Bank and Gain Capital Holdings Inc (NYSE:GCAP).
True Trade provides direct access to ultra low latency Tier 1 pricing through FIX API connectivity to the True Trade central limit order book, or MetaTrader 4 Bridge connectivity through market standard MetaTrader 4 bridge providers.
True Trade was created by controlling shareholder and New York based entrepreneur Michael Frey, whose company designs and develops electronic trading platforms for use in Exchange / ECN environments. True Trade received its FCA license as a matched principal broker last November.
For the time being, Mr. Frey is stepping onto the board of True Trade Ltd in place of Mr. Buhl, although we understand that the company is actively looking for a replacement CEO for Mr. Buhl.
The company has made a couple of other recent hires – John Rufford has been appointed General Counsel, while Darren O’Hare was added as Head of Operations. Mr. Rufford was previously in senior counsel roles with Tesco Stores, Oppenheimer Europe, Cornhill FX, Merrill Lynch, and Renaissance Capital, and has also worked at the FCA. Mr. O’Hare previously served in key roles at UBS and JP Morgan.